AUTO ABS Italian Loans S.r.l Securitisation of Italian Auto Loans Banca PSA Italia S.p.A. INVESTOR REPORT

Transcription

1 AUTO ABS Italian Loans S.r.l Securitisation of Italian Auto Loans Banca PSA Italia S.p.A. Issue Date 26 February 2018 Legal Maturity Date 27 January 2032 INVESTOR REPORT Timetable Initial Selection Date 07/02/2018 Information Date 08/11/2018 Subsequent Selection Date 14/11/2018 Settlement Date 26/11/2018 Next Payment Date 27/12/2018 Currency EUR S.A. au capital de euros RCS PARIS Identifiant C.E FR SIEGE SOCIAL : 1, boulevard Haussmann Paris ADRESSE POSTALE : rue du Général Compans Pantin FAX Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris 1 / 43

2 AUTO ABS Italian Loans S.r.l 1 Distribution List Distribution List at "Subsequent Selection Date" and at "Calculation Date" Servicer Name Banca PSA Italia S.p.A. Via Gallarate Milano Phone Fax e.mail Sergio LINO Simone NUGNES Giulia CRISTOFARO Francesco CASTAGNINO David PRELONGE Cyril RUFENER Maria FERNANDEZ sergio.lino@psafinance.com simone.nugnes@psafinance.com giulia.cristofaro@ext.mpsa.com francesco.castagnino@psafinance.com david.prelonge@mpsa.com cyril.rufener@mpsa.com maria.fernandez@mpsa.com bpftitrisation@mpsa.com bopsagroup@mpsa.com Corporate Servicer Ivana MILANO Securitisation Services S.p.A Securitisation Services S.p.A, 1, Via Vittorio Alfieri Conegliano Name Phone Fax e.mail Distribution List at "Validation Date" Ivana.Milano@finint.com auto.abs.il20181@finint.com Servicer Name Banca PSA Italia S.p.A. Via Gallarate Milano Phone Fax e.mail Sergio LINO Simone NUGNES Francesco CASTAGNINO David PRELONGE Cyril RUFENER Maria FERNANDEZ sergio.lino@psafinance.com simone.nugnes@psafinance.com francesco.castagnino@psafinance.com david.prelonge@mpsa.com cyril.rufener@mpsa.com maria.fernandez@mpsa.com bpftitrisation@mpsa.com bopsagroup@mpsa.com Italian Account Bank BNP Paribas Securities Services 5, Via Ansperto Milan Name Phone Fax e.mail Mailing List milan_bp2s_cts_debt@bnpparibas.com Lorena SICHIERI lorena.sichieri@bnpparibas.com Pierpaolo STEFANO pierpaolo.stefano@bnpparibas.com Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris 2 / 43

3 AUTO ABS Italian Loans S.r.l 1 Distribution List Spanish Account Bank Banco Santander S.A Paseo de Pereda Santander (Spain) Name Phone Fax e.mail National Transfers International Transfers Maria Leticia Verdu Berganza soporteoperativaoficina@gruposantander.com fax1500ordpagoexterior@gruposantander.com lverdu@gruposantander.com Corporate Servicer Ivana MILANO Securitisation Services S.p.A Compartment Cash Manager Securitisation Services S.p.A, 1, Via Vittorio Alfieri Conegliano Name Phone Fax e.mail Banca PSA Italia S.p.A. Via Gallarate Milano Ivana.Milano@finint.com auto.abs.il20181@finint.com Name Phone Fax e.mail Sergio LINO Simone NUGNES Daniele CANESTRARI Francesco CASTAGNINO David PRELONGE Cyril RUFENER Maria FERNANDEZ sergio.lino@psafinance.com simone.nugnes@psafinance.com daniele.canestrari@psafinance.com francesco.castagnino@psafinance.com david.prelonge@mpsa.com cyril.rufener@mpsa.com maria.fernandez@mpsa.com bpftitrisation@mpsa.com bopsagroup@mpsa.com Paying Agent Name BNP Paribas Securities Services 5, Via Ansperto Milan Phone Fax e.mail Mailing List milan_bp2s_cts_debt@bnpparibas.com Lorena SICHIERI lorena.sichieri@bnpparibas.com Pierpaolo STEFANO pierpaolo.stefano@bnpparibas.com Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris 3 / 43

4 AUTO ABS Italian Loans S.r.l 1 Distribution List Interest Rate Swap Counterparty ING Name Phone Fax e.mail Mailing List Trade.Processing.Derivatives.AMS@INGBank.com Class A Notes Subscriber BANCO SANTANDER Name Phone Fax e.mail Class B Notes Subscriber BANCA PSA ITALIA S.P.A. Name Phone Fax e.mail Sergio LINO Simone NUGNES Daniele CANESTRARI Francesco CASTAGNINO David PRELONGE Cyril RUFENER Maria FERNANDEZ sergio.lino@psafinance.com simone.nugnes@psafinance.com daniele.canestrari@psafinance.com francesco.castagnino@psafinance.com david.prelonge@mpsa.com cyril.rufener@mpsa.com maria.fernandez@mpsa.com bpftitrisation@mpsa.com bopsagroup@mpsa.com Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris 4 / 43

5 AUTO ABS Italian Loans S.r.l Determination Date Calculation Date Payment Date 31/10/ /11/ /11/ Table of contents 0 Overview 1 1 Distribution List 2 2 Table of contents 4 3 Key figures Key figures of the transaction 6 4 Notes Information I Information about the Notes 7 5 Notes Information II Historical Data 8 6 Interest Rate Swaps Swaps informations 9 Swap Counterparties HSBC France CACIB 9 Junior Swap Counterparty 9 7 Reserves Required Levels General Reserve Required Amount 10 Commingling Reserve Required Amount 10 Additional Interest Required Amount 10 8 Compartment Expenses Compartment Expenses 11 9 Available Collections Available Collections 12 Available Principal Collections 12 Available Principal Amount 12 Maximum Receivables Purchase Amount 13 Available Purchase Amount Available Interest Amount 13 Available Distribution Amount Accounts General Collection Account 14 Interest Account 14 Principal Account 15 General Reserve Account 15 Commingling Reserve Account 16 Additional Interest Account Priority of Payments Period of the FCT 17 Interest Priority of Payments 17 Principal Priority of Payments 18 Adjsument of the General Reserve 18 Adjusment of the Commingling Reserve Deposit 18 Adjusment of the Additional Interest Account Triggers Amortisation Event 19 Accelerated Amortisation Event 19 Performance Criteria 19 Global Portfolio Revolving Criteria 19 Rating Trigger 19 Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris / 43

6 AUTO ABS Italian Loans S.r.l Determination Date Calculation Date Payment Date 31/10/ /11/ /11/ Table of contents Economic Interest of the Originator Portfolio Receivables Minimum Effective Interest Rate 20 Weighted Average Rate 20 Evolution of the Principal Oustanding Balance of the Receivables Stratification Tables Portfolio Description of the Additional Receivables 21 Portfolio Description of the Delinquent Receivables 21 Portfolio Description with Additional Receivables 22 Initial Oustanding Balance 22 Principal Oustanding Balance 22 Original Loan to Value 23 Original Term to Maturity 23 Remaining Term in Months 23 Seasoning Range in months 24 Effective Interest Rate 24 Purpose of Financing 24 Geographic Region 25 Car Make 26 Contract Type 27 Employment Type 28 Year of Origination of the Loan Amortisation Profile Amortisation Profile Balance Sheet Balance 30 Profit and Loss 30 Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris / 43

7 AUTO ABS Italian Loans S.r.l 3a Main Events Determination Date Main Events and Comments 26/02/2018 Closing date

8 AUTO ABS Italian Loans S.r.l 3b Deal summary Reference period Initial Balance Current Balance Preceding Period (a) Class A Notes , , ,00 (b) Class B Notes , , ,00 (c) Total , , ,00 (d) General Reserve Fund , , ,00 31ott18 Credit enhancement : Subordination and General Reserve Fund Closing Date (EUR) (%) Current Period (%) Preceding Period (%) (1) Subordination in EUR [ (b) + (d) ] ,00 10,00% ,00 10,00% ,00 10,00% (2) Credit enhancement General Reserve Fund in % 1,00% 1,00% 1,00% Excess Margin (EUR) Current Period Annualised Current Period (%) Preceding Period Annualised Preceding Period (%) Available Interest Amount + General Reserve Increase Amount ,24 18,11% ,40 18,01% Compartment Expenses and Servicing Fees ,94 0,12% ,97 0,12% Retention Amount 145,30 0,00% 0,00 0,00% Swap Net Amount to pay ,26 0,30% ,49 0,33% Interest on Class A Notes 0,00 0,00% 0,00 0,00% (3) Excess Margin on the Senior Notes for the period ,74 17,69% ,94 17,56% Regularisation on Negative Inetrest on Additional Interest Account 1.683,79 0,00% 1.643,41 0,00% Regularisation on Negative Inetrest on General Reserve Account 1.112,85 0,00% 989,14 0,00% Interest on Class B Notes ,99 0,13% ,83 0,14% Transfer to the credit of the General Reserve Account ,15 12,00% ,86 12,00% Principal Deficiency Amount ,59 0,12% ,31 0,15% Interest Component Purchase Price M ,73 0,07% ,32 0,05% Commingling Reserve Repayment Amount 0,00 0,00% ,20 0,15% General Reserve Repayment Amount 0,00 0,00% 0,00 0,00% (4) Total Excess Margin ,64 5,36% ,87 5,22% Total Credit enhancement on the Senior Notes for the Period [(1)+(3)] 27,69% 27,56% Total Credit enhancement [(1) +(4)] 15,36% 15,22% Available Distribution Amount (EUR) Current Period Preceding Period Available Interest Amount , ,40 Available Principal Amount , ,78 Total , ,18 Distribution (EUR) Current Period Preceding Period Principal Component Purchase Price of the Additional Receivables (EUR) , ,71 Interest Component Purchase Price of the Additional Receivables (penultimate Purchase Date) (EUR) , ,32 Net Swap Payments (EUR) , ,49 Total Interest payments (excluding residual interest) (EUR) , ,83 Total Principal Payments (EUR) 0,00 0,00 Principal Deficiency Amount , ,31 Total Expenses (EUR) , ,97 Total Variable Return , ,49 Portfolio statistics Current Period Preceding Period Performing Receivables Oustanding Balance after replenishment (EUR) , ,93 Number of Performing Receivables (including Additionnal Receivables) ,00 Weighted Average Interest Rate on the Performing Receivables (including the Additionnal Receivables) 5,25% 5,25% Weighted Average Residual Maturity of the Performing Receivables including the Additionnal Receivables (in months) 38,46 38,56 Prepayment on Performing Receivables (EUR) , ,50 Number of Delinquent Receivables ,00 Outstanding Balance of the Delinquent Receivables (EUR) , ,93 Unpaid on the Delinquent Receivables (EUR) , ,66 Defaulted Receivables New Defaulted Receivables (principal amount) (EUR) , ,31 Number of new Defaulted Receivables Number of Defaulted Receivables Recoveries on Defaulted Receivables (EUR) 1.300, ,13 Triggers and Ratios Average Delinquency Ratio 1,398% 1,311% 3M Default Ratio 0,03234% 0,03536% Constant Prepayment Rate 4,558% 3,460% Trigger Analysis Current Period Preceding Period Amortisation Event No No Accelerated Amortisation Event No No Portfolio Performance Triggers No No Account Bank Required Ratings Ok Ok Swap Provider Required Ratings Ok Ok Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris 8 / 43

9 AUTO ABS Italian Loans S.r.l 4 Notes Information I Republic of Italy Rating Fitch Rating BBB+ Period of the Compartment DBRS Rating BBB (high) Revolving Period Rating Details: Class A Notes Class B Notes Rating at Issue Date Fitch Ratings AA(sf) Unrated DBRS AA(high)(sf)) Unrated Current Rating Fitch Ratings AA(sf) Unrated DBRS AA(high)(sf)) Unrated Information on Notes Class A Notes Class B Notes Legal Final Maturity Date 27/01/ /01/2032 ISIN: IT IT Initial Nominal Amount per Note: Number of Notes: Initial Class Nominal Amount: Rate of Interest Class A Notes Class B Notes 1M Euribor 0,369% Not Applicable Base Margin 0,25% Not Applicable Rate of Interest 0,119% 1,50% Floor applicable 0,00% Not Applicable Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris / 43

10 AUTO ABS Italian Loans S.r.l 4 Notes Information I Note Balance Class A Notes Class B Notes Note Balance (Beginning of Period) , ,00 Redemption Amount Paid 0,00 0,00 Unit Redemption Amount Paid 0,00 0,00 Note Balance (End of Period) , ,00 Number of Notes (End of Period) Pool Factor 100,00% 100,00% Interest Period Class A Notes Class B Notes Next Payment Date 27 November November 2018 Previous Payment Date 29 October October 2018 Number of days Day Count Convention Act/360 Act/360 Interest Payments Class A Notes Class B Notes Interest Amounts 0, ,99 Interest Paid 0, ,99 Note Unit Interest paid 0,00 120,97 Interest Shortfall 0,00 0,00 Arrears Unit Interest 0,00 NA Additional Amount 0,00 N/A Variable Return N/A ,35 Clean Up Call Offer Possibility to exercises the clean up call Clean up call exercised NO NO Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris / 43

11 AUTO ABS Italian Loans S.r.l 5 Notes Information II (Historical Data on the previous twelve months) Class A Noteholders GLOBAL AMOUNTS in EURO UNIT AMOUNTS in EURO Payment Date Interest Rate Notional amount End of Period Interest Amortized Principal Shortfall Interest Notional amount Interest Amortized Principal Shortfall Interest 27/11/ , /10/ , /09/ , /08/ , /07/ , /06/ , /05/ , /04/ , /03/ , Class B Noteholders GLOBAL AMOUNTS in EURO UNIT AMOUNTS in EURO Payment Date Interest Rate Notional amount End of Period Interest Amortized Principal Shortfall Interest Notional amount Interest Amortized Principal Shortfall Interest 27/11/2018 1,50% , , ,97 29/10/2018 1,50% , , ,49 27/09/2018 1,50% , , ,14 28/08/2018 1,50% , , ,49 27/07/2018 1,50% , , ,14 27/06/2018 1,50% , , ,97 29/05/2018 1,50% , , ,49 27/04/2018 1,50% , , ,32 27/03/2018 1,50% , , ,97 Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris 11 / 43

12 AUTO ABS Italian Loans S.r.l 6 Interest Rate Swaps GLOBAL AMOUNTS Payment date Notional amount Floating Interest Amount due to SPV Fixed Interest Amount due to Counterparty Net Swap to receive from Counterparty Net Swap to pay to Counterparty 27 November ,00 0, ,26 0, ,26 Interest Rate Swap Counterparty : ING on the Class A Notes Information Swaps Floating Rate (receive) 0,00% Previous Payment Date 29 October month EURIBOR (*) 0,369% Monthly Payment Date 27 November 2018 Margin 0,25% Currency EUR Duration 29 Day Count Convention Act/360 Fixed Rate (paying) Notional Amount Next Period : ,00 Fixed Rate : 0,34% (*) Interpolation 1 month 2 month Euribor for the first coupon Subject to a floor at zero Interest Rate Notional amount Interest Amount Net Swap to receive from Counterparty Net Swap to pay to Counterparty Floating Interest Amount ,00 0,00 Fixed Interest Amount , ,26 0, , Posted Collateral The Swap Collateral Counterparty : ING Type of Colateral Amount in EUR Collateral Posted If Securities : Eligible Securities : Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris / 43

13 AUTO ABS Italian Loans S.r.l 7 Reserves Required Levels General Reserve Required Amount (a) on the Issue Date, Euro 7,420,000 (b) on any Calculation Date during the Revolving Period, 1% of the Principal Amount Outstanding of the Class A Notes and the Class B Notes Balance in EUR 1% (c) on any Calculation Date during the Amortisation Period, the lesser of: (i) the General Reserve Required Amount determined on the last Calculation Date of the Revolving Period; and (ii) the greater of (x) 1% of the Principal Amount Outstanding of the Class A Notes and the Class B Notes and (y) an amount equal to Euro 500,000 (d) on the General Reserve Final Utilisation Date, zero ,00 General Reserve Required Amount ,00 0,00 Commingling Reserve Required Amount Balance in EUR means, (1) on the Issue Date, Euro 18,096, (2) on the Calculation Date immediately preceding any Payment Date, the amount determined by the Calculation Agent being equal to either: (a) (i) as long as the Servicer Collection Account Bank is rated at least F2 (short term) by Fitch and R2 M (short term) by DBRS or, if there is no such public rating, an internal assessment equivalent supplied by DBRS and (ii) a Backup Servicer Implementation Event has not occurred: the sum of (x) the Monthly Scheduled Collections of the Collection Period immediately following the Payment Date multiplied by 55%; and (y) (OBPR * MPR * 120%), or ,52 (b) (i) if the Servicer Collection Account Bank is downgraded below F2 (short term) by Fitch and R2 M (short term) by DBRS or, if there is no such public rating, an internal assessment equivalent supplied by DBRS or (ii) if a Backup Servicer Implementation Event has occurred: the sum of (x) the Monthly Scheduled Collections of the Collection Period immediately following the Payment Date; and (y) (OBPR * MPR* 120%), Where: OBPR is the aggregate amount of the Outstanding Balances of the Performing Receivables taking into account, as the case may be, the Additional Receivables purchased at the Purchase Date immediately preceding such Calculation Date; ,12 MPR is the maximum of (i) 0.25% and (ii) the arithmetic mean of the Monthly Prepayment Rate calculated on the six Calculation Dates preceding such Settlement Date as calculated by the Calculation Agent. 0,33% Commingling Reserve Required Amount ,09 Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris / 43

14 AUTO ABS Italian Loans S.r.l Determination Date Calculation Date Payment Date 31/10/ /11/ /11/ Expenses Fees Beneficiaries Nominal Basis Rate Basis VAT Ratio Frequency Basis (*) Amount due Amount Paid Servicing Fee Banca PSA Italia S.p.A. Fix : ,00% 1,220 Monthly 1/ ,67 Performing Receivables not Delinquent : ,87 0,09% 1,000 1/ ,60 Outstanding Balancce of Perf. Delinquent Rec. M1 : ,11 0,09% 1,220 1/12 810, ,44 Calculation Agent BNP Paribas Securities Services Paris Calculation Agent : /year 100% 1,000 Monthly 1/ ,67 Asset Monitoring Agent : /year 100% 1,000 Monthly 1/ ,00 Modification of the legal documentation 100% 1, , ,67 Italian Account Bank BNP Paribas Securities Services Milan / year & Acc (*4) 100% 1,000 Monthly 1/12 750,00 750, /year Compartment Cash Manager Banca PSA Italia S.p.A. Preceding Cash Investment 0,01% 1,000 Monthly 1/12 0,00 0,00 Trustee Wilmington Trust SP Services Ltd / year 100% 1,000 Monthly 1/12 333,33 333,33 Reimbursable Expenses 100% 1,000 Invoice 1 0,00 0,00 Paying Agent BNP Paribas Securities Services Milan 750 / Coupon & Payment Date 100% 1,000 Monthly 1 750,00 750,00 Coupon Payment (Invoice January 2018) 100% 1,000 Invoice 1 0,00 0,00 Corporate Servicer Securitisation Services S.p.A / year (basis 365) 100% 1,220 Monthly 1/ , , per Payment Date 100% 1,220 Monthly 1/12 268,40 Additional Expenses 100% 1,220 Monthly 1/12 93,45 Retention Amount (Capital acc.) 100% 1,000 Invoice 1 0,00 0,00 Representative of Noteholders Wilmington Trust Ltd / year 100% 1,000 Monthly 1/12 458,33 458,33 Other Fees Luxembourg Stock Exchange Bourse du Luxembourg 100% 1,000 Invoice 1 300,00 300,00 DBRS Rating Limited Rating Agency 100% 1,000 Invoice 1 0,00 0,00 Way2Global S.r.l. 100% 1,000 Invoice 1 0,00 0,00 Commission de Surveillance du Secteur Financier Bourse du Luxembourg 100% 1,000 Invoice 1 0,00 0,00 Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris / 43

15 London Stock Exchange Group Monte Titoli 100% 1,000 Invoice 1 0,00 0,00 Total Expenses of the month ,28 Retention Amount Expenses (paid from the Expenses Account) 0,00 Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris / 43

16 AUTO ABS Italian Loans S.r.l Determination Date Calculation Date Payment Date 31/10/ /11/ /11/ Collections & Available Amount Available Collections Balance in EUR + (a) all Collections, including all amounts to be transferred from the Additional Interest Account in respect of the Subsidies Interest Instalment Amounts on the relevant Settlement Date; plus ,93 + (b) any NonConformity Rescission Amount paid by the Seller in connection with the rescission and indemnification procedure as set forth in the Master Receivables Transfer Agreement in respect of Affected Receivables; plus 0,00 + (c) any Repurchase Amount paid by the Seller in relation to any NonPermitted Renegotiation; plus 0,00 + (d) any amount received by the Issuer as purchase price for the sale of Performing Receivables pursuant to the Master Receivables Transfer Agreement or the Intercreditor Agreement; plus ,27 + (e) any Monthly Commingling Withdrawal Amount, if any; plus or minus, as the case may be, 0,00 + (f) any Adjusted Available Collections. 0,00 = Available Collections ,20 Available Principal Collections Balance in EUR means, in relation with any Payment Date and in respect of the immediately preceding Collection Period: + (a) all Amortisation Principal Components of the Performing Receivables with reference to such Collection Period; plus ,15 + (b) all amounts paid during such Collection Period in respect of the indemnification or the rescission of the assignment of any Receivables by the Seller; plus 0,00 (c) any principal amount received by the Debtors from the Insurance Companies and paid to the Issuer (or the Servicer on its behalf) in + respect of any Insurance Policies (to the extent these payments are not in respect of the Defaulted Receivables) in the course of such 0,00 Collection Period; plus + (d) any amount of Principal Component in respect of the repurchase of Performing Receivables pursuant to the Master Receivables Transfer Agreement or the Intercreditor Agreement; plus or minus, as the case may be, ,95 + (e) any Adjusted Available Principal Collections. 0,00 = Available Principal Collections ,10 Maximum Purchase Amount Balance in EUR means, in respect of any Payment Date during the Revolving Period, an amount calculated as follows: (i) the Principal Amount Outstanding, as at the immediately preceding Calculation Date, of the Notes; minus ,00 (ii) the Outstanding Balance, as at the immediately preceding Determination Date, of all Performing Receivables comprised in the Portfolio ,24 Maximum Purchase Amount ,76 Available Principal Amount Balance in EUR means, on any Payment Date, the sum of: + (a) the remaining amount standing to the credit of the Principal Account as of the close of the immediately preceding Payment Date (if any); 499,07 (b) the Available Principal Collections credited to the Principal Account in respect of the Collection Period immediately preceding such ,10 Payment Date; (c) any Principal Deficiency Amount to be credited into the Principal Account on such Payment Date in accordance with the applicable Priority ,59 of Payments; and (d) on the earlier of (i) the Payment Date on which the funds available to the Issuer are sufficient to redeem the Class A Notes in full and (ii) + the Legal Final Maturity Date, any amounts standing to the credit of the General Reserve Account in excess of the General Reserve Required 0,00 Amount as at such date. = Available Principal Amount ,76 Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris 16 / 43

17 AUTO ABS Italian Loans S.r.l Determination Date Calculation Date Payment Date 31/10/ /11/ /11/ Collections & Available Amount Available Interest Amount Balance in EUR means, on any Payment Date and without double counting, the sum of: + (a) the remaining amount standing to the credit of the Interest Account as of the close of the immediately preceding Payment Date (if any); 0,38 Negative Interest on General Collection Account 5.822,26 + (b) the Available Interest Collections credited to the Interest Account in respect of the Collection Period immediately preceding such Payment Date; ,97 + (c) the income generated by the Eligible Investments made in respect of the Interest Period ending on such Payment Date from the Collection Account; 0,00 + (d) the interest accrued and credited into the Issuer Accounts (other than the Additional Interest Account, the General Reserve Account and the Commingling Reserve Account); 0,00 + (e) all Net Swap Amounts received from the Swap Counterparty pursuant to the Swap Agreement; 0,00 + (f) the General Reserve Interest Amount; 0,00 + (g) the Commingling Reserve Interest Amount; 0,00 + (h) any Commingling Reserve Decrease Amount; 0,00 + (i) any Commingling Reserve Advance deposited in the Commingling Reserve Account; 0,00 + (j) any Available Principal Amounts applied in accordance with item (a) (first) of the Principal Priority of Payments; 0,00 + (k) any Collection received by the Issuer in relation to the Defaulted Receivables; and 0,00 (l) all amounts which were on the preceding Settlement Date standing to the credit of the General Reserve Account and which have been + credited on the Interest Account during the Revolving Period or the Amortisation Period or on the Principal Account during the Accelerated ,15 Amortisation Period or the PostEnforcement Period. = Available Interest Amount ,24 Available Distribution Amount Balance in EUR means: (a) during the Revolving Period and the Amortisation Period, on each Payment Date, the aggregate of the Available Principal Amounts and + the Available Interest Amounts; and + (b) during the Accelerated Amortisation Period, the aggregate of the balance standing to the credit of the Issuer Accounts (with the exception of the Commingling Reserve Account and the Additional Interest Account), ,00 0,00 it being understood that the Commingling Reserve Required Amount shall not form part of the Available Distribution Amounts as long as the Servicer meets its obligation to pay the Available Collections pursuant to the Servicing Agreement except to the extent that they have been required to be transferred to the Collection Account, as described in the definition of Commingling Reserve Account, and that no amount standing to the credit of the Additional Interest Account shall form part of the Available Distribution Amounts except to the extent that they have been required to be transferred to the Collection Account as set out in the Master Receivables Transfer Agreement. = Available Distribution Amount ,00 Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris 17 / 43

18 AUTO ABS Italian Loans S.r.l 10 Accounts Statements (A) Collection Account Payment Balance + Opening balance of the Collection Account 0,00 (h) on each Business Day from (and including) the Issue Date, credited with any amount of Available Collections received by the Servicer and to be transferred by it in accordance with the provisions of the Servicing Agreement; , ,93 (i) on each Settlement Date, credited with an amount equal to the Subsidised Interest Instalment Amounts in , ,80 respect of the immediately preceding Collection Period, by debiting the Additional Interest Account; (j) on each Settlement Date, credited with amounts debited from the Commingling Reserve Account, in an amount + 0, ,80 equal to the Monthly Commingling Withdrawal Amount; (k) on each Payment Date, credited with all Net Swap Amounts received from the Swap Counterparty (which shall + not include, for the avoidance of doubt, any amount representing Swap Collateral or any amount representing a termination payment or any premium paid by a replacement Swap Counterparty to the Issuer upon the entering 0, ,80 into of a replacement Swap Agreement, which shall each be paid into the Swap Collateral Account); (l) on each Settlement Date, credited with all interest accrued and credited into the Collection Account and by any + 0, ,80 income generated by Eligible Investments made from the Collection Account; Negative Inetrest on General Collections Account 5.822, ,54 (m) on any relevant date, credited with any amount received by the Issuer as purchase price for the sale of , ,81 Performing Receivables pursuant to the Master Receivables Transfer Agreement or the Intercreditor Agreement; (n) on each Settlement Date during the Revolving Period and the Amortisation Period, debited by any amount credited to the Collection Account representing the Available Interest Amounts (with the exception of any amounts standing to the credit of the General Reserve Account and the Commingling Reserve Account) and the Available ,81 0,00 Principal Amounts required to be transferred on such date to the Interest Account and the Principal Account (as applicable); (o) debited in full, on (A) the Settlement Date immediately preceding the first Payment Date of the Accelerated Amortisation Period or (B) the first Business Day of the PostEnforcement Amortisation Period (unless directed otherwise by the Representative of the Noteholders), by the transfer of all monies standing to the credit of the 0,00 0,00 Collection Account to the Principal Account. = Closing balance of General Collection Account 0,00 Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris / 43

19 AUTO ABS Italian Loans S.r.l 10 Accounts Statements (B) Principal Account Payment Balance + Opening balance of the Principal Account 499, , ,17 Regularization on Principal Account 0, ,17 (a) credited: (i) on each Settlement Date during the Revolving Period and the Amortisation Period, with the Available Principal Collections from the Collection Account in relation to the preceding Collection Period, provided that any Available Collections in relation to which the Calculation Agent has not received confirmation from the Servicer (whether in the Monthly Servicing Reports or otherwise) as to whether or not they constitute Available Principal Collections shall be kept to the credit of the Collection Account on the relevant Payment Date to be applied as Available Principal Collections on the following Payment Date; (ii) on each Payment Date during the Revolving Period and the Amortisation Period, with the amounts debited from the Interest Account in relation to item (h) (eighth) of the Interest Priority of Payments, as calculated by the Calculation Agent in respect of such Payment Date; (iii) on each Settlement Date during the Accelerated Amortisation Period and the Post Enforcement Amortisation Period, credited with all monies standing to the credit of the General Reserve Account; , ,76 0, ,76 (iv) on (A) the Settlement Date immediately preceding the first Payment Date of the Accelerated Amortisation Period or (B) the first Business Day of the Post Enforcement Amortisation Period (unless directed otherwise by the Representative of the Noteholders), with the credit balance of the Collection Account; (v) on each Settlement Date during the Accelerated Amortisation Period and the Post Enforcement Amortisation Period, credited with any Monthly Commingling Withdrawal Amount, any Commingling Reserve Interest Amount and any Commingling Reserve Decrease Amount to be transferred from the Commingling Reserve Account; (vi) on each Settlement Date, credited with all interest accrued and credited into the Principal Account and by any income generated by Eligible Investments made from the Principal Account; and (b) debited: (i) on each Payment Date during the Revolving Period and the Amortisation Period, by any amounts payable pursuant to the Principal Priority of Payments; (ii) on each Payment Date during the Accelerated Amortisation Period, by any amounts payable pursuant to the Accelerated Amortisation Period Priority of Payments; 0, ,76 0, ,76 0, , ,88 24,88 0,00 24,88 (iii) on each Payment Date during the PostEnforcement Amortisation Period, if directed by the Representative of the Noteholders, by any amounts payable pursuant to the PostEnforcement Priority of Payments. 0,00 24,88 = Closing balance of the Principal Account 24,88 Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris / 43

20 AUTO ABS Italian Loans S.r.l 10 Accounts Statements (C) Interest Account Payment Balance + Opening balance of the Interest Account 0,38 (i) on each Settlement Date during the Revolving Period and the Amortisation Period, credited with the Available Interest Amounts in relation to the preceding Collection Period from the Collection Account and any amounts standing to the credit of the General Reserve Account and the Commingling Reserve Account, provided that, where the Calculation Agent has not received a Monthly Servicing Report on or prior to the relevant Calculation , ,24 Date, the Calculation Agent shall estimate the amount of Available Interest Collections in accordance with the provisions of this Agreement in determining the Available Interest Amounts to the applied on the immediately following Payment Date; (ii) on each Settlement Date, with all interest accrued and credited into the Interest Account and by any income 0, ,24 generated by Eligible Investments made from the Interest Account; (b) debited: (i) on each Payment Date during the Revolving Period and the Amortisation Period, by any amounts payable ,95 1,29 pursuant to the Interest Priority of Payments; (ii) in full, on (A) the Settlement Date immediately preceding the first Payment Date of the Accelerated Amortisation Period or (B) the first Business Day of the Post Enforcement Amortisation Period (if directed by the Representative of the Noteholders) by the transfer of all monies standing to the credit of the Interest Account to 0,00 1,29 the Principal Account; and (iii) by the transfer of any amounts received by the Issuer in respect of Swap Tax Credits to the relevant Swap 0,00 1,29 Counterparty in accordance with the terms of the Swap Agreement, without regard to the Priorities of Payments. = Closing balance of the Interest Account 1,29 Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris / 43

21 AUTO ABS Italian Loans S.r.l 10 Accounts Statements (D) General Reserve Account Payment Balance + Opening balance of the General Reserve Account ,00 Negative Inetrests on General Reserve Account 1.112, ,15 (a) on each Settlement Date (i) during the Revolving Period and the Amortisation Period, all amounts standing to the credit of the General Reserve Account shall be transferred to the Interest Account; and (ii) during the Accelerated Amortisation Period and the PostEnforcement Amortisation Period, unless directed otherwise by the ,15 0,00 Representative of the Noteholders, all amounts standing to the credit of the General Reserve Account shall be transferred to the Principal Account; (b) on each Settlement Date, the General Reserve Account shall be credited with all interest accrued and credited into the General Reserve Account and by any income generated by Eligible Investments made from the General 0,00 0,00 Reserve Account; + Negative interest regularisation on General Reserve Account 1.112, ,85 (c) the General Reserve Account shall be credited on each Payment Date (taking into account any amount advanced by the General Reserve Subordinated Loan Provider in respect of a General Reserve Additional + Advance) in accordance with the Priorities of Payments, during the Revolving Period, the Amortisation Period and , ,00 the Accelerated Amortisation Period, with such amount that would ensure that the amount standing to the credit of the General Reserve Account is equal to the General Reserve Required Amount applicable on that Payment Date. = Closing balance of the General Reserve Account ,00 (E) Commingling Reserve Account Payment Balance + Opening balance of the Commingling Reserve Account ,34 (a) any Commingling Reserve Advance payable to the Issuer pursuant to the Commingling Reserve Subordinated Loan Agreement which is designated as payable to the Commingling Reserve Account on each Settlement Date during the Revolving Period, the Amortisation Period and the Accelerated Amortisation Period, respectively, is 0, ,34 paid into the Commingling Reserve Account in order to ensure that the amount standing to the credit of the Commingling Reserve Account is equal to the Commingling Reserve Required Amount; (b) if on any Calculation Date during the Revolving Period, the Amortisation Period and the Accelerated Amortisation Period, the Calculation Agent determines that there is a Commingling Reserve Increase Amount, the Issuer (acting on the instructions of the Calculation Agent) shall deliver an Utilisation Request to the Commingling Reserve Subordinated Loan Provider in accordance with the Commingling Reserve Subordinated Loan Agreement , ,09 requesting a Commingling Reserve Additional Advance in an amount equal to the Commingling Reserve Increase Amount, such amount to be paid into the Commingling Reserve Account pursuant to paragraph (a) above; (c) on each Settlement Date, the Commingling Reserve Account shall be credited with all interest accrued and credited into the Commingling Reserve Account and by any income generated by Eligible Investments made from 0, ,09 the Commingling Reserve Account; (d) on each Settlement Date (i) during the Revolving Period and the Amortisation Period, any Commingling Reserve Interest Amount and any Commingling Reserve Decrease Amount shall be transferred to the Collection Account; and (ii) during the Accelerated Amortisation Period and the PostEnforcement Amortisation Period, unless directed otherwise by the Representative of the Noteholders, any Monthly Commingling Withdrawal 0, ,09 Amount, any Commingling Reserve Interest Amount and any Commingling Reserve Decrease Amount shall be transferred to the Interest Account = Closing balance of the Commingling Reserve Account ,09 Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris / 43

22 AUTO ABS Italian Loans S.r.l 10 Accounts Statements (F) Additional Interest Account Payment Balance + Opening balance of the Additional Interest Account ,17 Negative Inetrests on Additionnal Interest Account 1.683, ,38 On each subsequent Settlement Date, the Calculation Agent will ensure that an amount equal to the Subsidised Interest Balance of the Receivables purchased on such Subsequent Purchase Date will be credited to the , ,80 Additional Interest Account. On each Settlement Date, the Additional Interest Account shall be credited with all interest accrued and credited into the Additional Interest Account and by any income generated by Eligible Investments made from the 0, ,80 Additional Interest Account; On each Settlement Date (unless directed otherwise by the Representative of the Noteholders (in accordance with the terms of the Transaction Documents) during the PostEnforcement Amortisation Period), the Calculation Agent shall transfer an amount equal to the Subsidised Interest Instalment Amounts in , ,93 relation to all the Performing Receivables from the Additional Interest Account to the Collection Account, if applicable, as reported in the Monthly Servicing Report. On each Settlement Date (unless directed otherwise by the Representative of the Noteholders (in accordance with the terms of the Transaction Documents) during the PostEnforcement Amortisation Period) the Calculation Agent shall debit the Additional Interest Account and transfer to such account of the Seller as the Seller may direct to the Calculation Agent, an amount equal to the aggregate of the Subsidised Interest Balances of the Purchased Receivables: (i) which have been prepaid in full; (ii) which have been repurchased , ,48 pursuant to the terms of the Master Receivables Transfer Agreement; or (iii) which have become Defaulted Receivables, in each case during the immediately preceding Collection Period. Any such amounts transferred pursuant to this paragraph shall not be applied in accordance with the Priorities of Payments. + Negative interest regularisation on Additionnal Interest Account 1.683, ,27 = Closing balance of the Additional Interest Account ,27 (G) Expenses Account Payment Balance + Opening balance of the Additional Interest Account ,00 The Calculation Agent will ensure that the Expenses Account shall, on the Issue Date, be credited with an amount equal to Euro 15,000 as Retention Amount by transferring such amount from the Collection Account. The Calculation Agent will ensure that the Expenses Account shall, on each Payment Date, be credited with an amount necessary to bring the balance of the Expenses Account up to (but not exceeding) Euro 20,000 as Retention Amount in accordance with the applicable Priority of Payments. 0, ,00 145, ,30 The Calculation Agent will ensure that the Expenses Account shall, on any Business Day during each Interest Period or after the redemption in full or cancellation of the Notes, as the case may be, debited by an amount equal to (i) all costs, taxes and expenses required to be paid in order to preserve the corporate existence of the Issuer or to maintain it in good standing or to comply with applicable legislation and regulations or to be paid by any applicable law to any Connected Third Party Creditor to the extent that such costs, taxes and expenses are not met by utilising the amounts standing to the credit of the Expenses Account, (ii) all costs and taxes required to be paid to maintain the rating of the Notes and in connection with the listing, registration and deposit of the Notes, or any notice to be given to the Noteholders or the other parties to the Transaction Documents 145, ,00 = Closing balance of the Expenses Account ,00 Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris / 43

23 AUTO ABS Italian Loans S.r.l 11 Priority of Payments Period of the FCT Revolving Period Amortisation Period Accelerated Amortisation Period Yes No No Interest Priority of Payments Payment due Amount Paid Arrears Balance in EUR Priority of Payments during the Revolving Period and the Amortisation Period + Available Interest Amount ,24 (a) first, pari passu and pro rata, in or towards satisfaction of (i) all costs, taxes and expenses required to be paid in order to preserve the corporate existence of the Issuer or to maintain it in good standing or to comply with applicable legislation and regulations or to be paid by any applicable law to any Connected Third Party Creditor to the extent that such costs, taxes and expenses are not met by utilising the amounts standing to the credit of the Expenses Account, (ii) all costs and taxes required to be paid to maintain the rating of the Notes and in connection with the listing, registration and deposit of the Notes, or any notice to be given to the Noteholders or the other parties to the Transaction Documents; (b) second, in or towards satisfaction of payment of the fees, expenses and all other amounts due to the Representative of the Noteholders; (c) third, pari passu and pro rata according to the respective amounts thereof, in or towards satisfaction of (i) the fees, expenses and all other amounts due and payable to the Cash Manager, the Calculation Agent, the Account Banks, the Paying Agent, the Corporate Servicer and the Stichting Corporate Servicer, (ii) the Servicing Fees due and payable to the Servicer; (d) fourth, in or towards transfer into the Expenses Account of the amount (if any) necessary to ensure that the balance standing to the credit of the Expenses Account is equal to the Retention Amount; (e) f if th, in or towards satisfaction of the payment of (i) any Net Swap Amounts due to the Swap Counterparties under the Swap Agreements and (ii) to the extent such amounts are not paid in full in accordance with the Swap Collateral Account Priority of Payments, any Swap Termination Amount(s) owing to a Swap Counterparty (other than any Swap Termination Amount referred to in item (j) below); (f) sixth, pari passu and pro rata, in or towards satisfaction of the Class A Notes Interest Amounts due and payable on such Payment Date; (g) seventh, in or towards satisfaction of the transfer to the General Reserve Account of the General Reserve Replenishment Amount; (h) eighth, in or towards satisfaction of the transfer to the credit of the Principal Account of an amount equal to the Principal Deficiency Amount as calculated in respect of such Payment Date; (i) [ninth, pari passu and pro rata according to the respective amounts thereof, in or towards payment of any amount due and payable to the Arranger and the Class A Notes Subscriber pursuant to the Class A Notes Subscription Agreement;] (j) tenth, to the extent such amounts are not paid in full in accordance with the Swap Collateral Account Priority of Payments, in or towards satisfaction of the payment of any Swap Termination Amounts due to each relevant Swap Counterparty pursuant to the Swap Agreement, if the relevant early termination results from an Event of Default in respect of which such Swap Counterparty is the Defaulting Party (each as defined in the Swap (k) eleventh, in or towards satisfaction of the payment of the Interest Component Purchase Price of the Purchased Receivables due and payable on such Payment Date or of any portion of Interest Component Purchase Price of the Purchased Receivables remaining unpaid on such Payment Date; (l) twelfth, in or towards satisfaction of the General Reserve Interest Amount due and payable to the General Reserve Subordinated Loan Provider as at such Payment Date; (m) thirteenth, in or towards satisfaction of the Commingling Reserve Interest Amount due and payable to the Commingling Reserve Subordinated Loan Provider as at such Payment Date; (n) fourteenth, in or towards repayment to the General Reserve Subordinated Loan Provider of any General Reserve Repayment Amount under the General Reserve Subordinated Loan Agreement; (o) f if teenth, in or towards repayment to the Commingling Reserve Subordinated Loan Provider of any Commingling Reserve Repayment Amount under the Commingling Reserve Subordinated Loan Agreement; (p) sixteenth, pari passu and pro rata according to the respective amounts thereof, in or towards satisfaction of any other amount due and payable to the Seller and the Other Issuer Secured Creditors pursuant to the Transaction Documents to which they are, respectively, a party, to the extent not already paid under this Interest Priority of Payment and not to be paid pursuant to the Principal Priority of Payments; 2.796, ,64 0, ,60 458,33 458,33 0, , , ,61 0, ,66 145,30 145,30 0, , , ,26 0, ,10 0,00 0,00 0, , , ,15 0, , , ,59 0, ,36 0,00 0,00 0, ,36 0,00 0,00 0, , , ,73 0, ,63 0,00 0,00 0, ,63 0,00 0,00 0, ,63 0,00 0,00 0, ,63 0,00 0,00 0, ,63 0,00 0,00 0, ,63 Document produced by Bnp Paribas Securities Services Société en Commandite par Actions whose registered office is situated 3 rue d'antin Paris23 / 43