Securitisation of SME Loans originated by Banca Popolare dell'alto Adige S.p.A.

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1 Voba N. 6 S.r.l. Investors Report Securitisation of SME Loans originated by Banca Popolare dell'alto Adige S.p.A. Euro Class A1 Asset Backed Floating Rate Notes duenovember 2060 Euro Class A2 Asset Backed Floating Rate Notes due November 2060 Euro Class B Asset Backed Floating Rate Notes due November 2060 Euro Class J Asset Backed Variable Return Notes due November 2060 Contacts Federico Trevisiol / Gianluca Bubola voba6@finint.com Tel.: /485 Via V.Alfieri, Conegliano (TV) Reporting Dates Collection Period 01/05/ /07/2018 Interest Period 28/05/ /08/2018 Payment Date 27/08/2018 This Investors Report is prepared by Securitisation Services in accordance with the criteria described in the Transaction Documents. Certain information included in this report is provided by the Parties. Please be advised that Securitisation Services will have no liability for the completeness or accuracy of such information.

2 1. Transaction overview Parties Issuer Originator Servicer Back-up Servicer Representative of the Noteholders Calculation Agent Account Bank and Paying Agent Cash Manager and Transaction Account Bank Corporate Servicer Arranger Joint Lead Managers for the class A2 Notes Voba N. 6 S.r.l. Banca Popolare dell'alto Adige S.p.A. Banca Popolare dell'alto Adige S.p.A. Securitisation Services S.p.A. Securitisation Services S.p.A. Securitisation Services S.p.A. BNP Paribas Securities Services, Milan branch Banca Popolare dell'alto Adige S.p.A. Securitisation Services S.p.A. Unicredit Bank AG, London Branch Unicredit Bank AG and Natixis S.A. Main definitions Payment Date means (a) prior to the delivery of a Trigger Notice, the 27th day of February, May, August and November in each year or, if such day is not a Business Day, the immediately following Business Day, and (b) following the delivery of a Trigger Notice, any day on which any payment is required to be made by the Representative of the Noteholders in accordance with the Post Trigger Notice Priority of Payments, the Conditions and the Intercreditor Agreement, provided that the First Payment Date will fall on 28 November 2016 Interest Period means each period from (and including) a Payment Date to (but excluding) the next following Payment Date. Business Day means any day on which TARGET2 is open. Page 2

3 2. Notes and Assets descritpion The Notes Issue Date 17 October 2016 Classes on Issue Currency Issue Date Final Maturity Date Listing ISIN code Common code Denomination Type of amortisation Indexation Spread Payment frequency Class A1 Notes Class A2 Notes Class B Notes Class J Notes EUR EUR EUR EUR 17 October October October October November November November November 2060 Luxembourg Luxembourg Luxembourg Luxembourg IT IT IT IT N.A Pass-through Pass-through Pass-through Pass-through Euribor 3M Euribor 3M Euribor 3M Variable Return 0,3500% 0,5800% 1,2500% N.A. Quarterly Quarterly Quarterly Quarterly The Portfolio The Receivables comprised in the Portfolio arise out of loans (i) governed by Italian Law, (ii) granted to companies or sole proprietorships (ditte individuali) or professional firms (studi professionali), (iii) classified as small and medium enterprise (SME) according to the definition published by the European Commission Initial Portfolio: Euro Transfer Date: 2 August 2016 The Originator confirms that, as at the date of this report, it continues to hold the net economic interest in the securitisation as disclosed in the Prospectus, in accordance with option (d) of Article 405 of CRR, Part II, Chapter 6, Section IV of the Bank of Italy's Circular No. 285 dated 17 December 2013 (as amended and supplemented from time to time) and article 51 of the AIFMR. Page 3

4 2.1 Class A1 Notes Interest Period Payment Date Before payments Accrued Payments After payments Unpaid Interest Spread Euribor Interest Rate Days Accrued Interest Interest Unpaid Interest 17/10/ /11/ /11/ ,00-0,350% -0,361% -0,011% , ,00-0, /11/ /02/ /02/ ,00-0,350% -0,314% 0,036% , , , ,00-0, /02/ /05/ /05/ ,00-0,350% -0,329% 0,021% , , , , /05/ /08/ /08/ ,350% -0,329% 0,021% , /08/ /11/ /11/ ,350% -0,329% 0,021% , /11/ /02/ /02/ ,350% -0,329% 0,021% , /02/ /05/ /05/ ,350% -0,328% 0,022% , /05/ /08/ /08/ ,350% -0,324% 0,026% , Pool factor Page 4

5 2.2 Class A2 Notes Interest Period Payment Date Before payments Accrued Payments After payments Unpaid Interest Spread Euribor Interest Rate Days Accrued Interest Interest Unpaid Interest 17/10/ /11/ /11/ ,00-0,580% -0,361% 0,219% , , ,00-1, /11/ /02/ /02/ ,00-0,580% -0,314% 0,266% , , ,00-1, /02/ /05/ /05/ ,00-0,580% -0,329% 0,251% , , , ,54-0, /05/ /08/ /08/ ,54-0,580% -0,329% 0,251% , , , ,42-0, /08/ /11/ /11/ ,42-0,580% -0,329% 0,251% , , , ,24-0, /11/ /02/ /02/ ,24-0,580% -0,329% 0,251% , , , ,72-0, /02/ /05/ /05/ ,72-0,580% -0,328% 0,252% , , , ,46-0, /05/ /08/ /08/ ,46-0,580% -0,324% 0,256% , , , ,78-0, Pool factor Page 5

6 2.3 Class B Notes Interest Period Payment Date Before payments Accrued Payments After payments Unpaid Interest Spread Euribor Interest Rate Days Accrued Interest Interest Unpaid Interest 17/10/ /11/ /11/ ,00-1,250% -0,361% 0,889% , , ,00-1, /11/ /02/ /02/ ,00-1,250% -0,314% 0,936% , , ,00-1, /02/ /05/ /05/ ,00-1,250% -0,329% 0,921% , , ,00-1, /05/ /08/ /08/ ,00-1,250% -0,329% 0,921% , , ,00-1, /08/ /11/ /11/ ,00-1,250% -0,329% 0,921% , , ,00-1, /11/ /02/ /02/ ,00-1,250% -0,329% 0,921% , , ,00-1, /02/ /05/ /05/ ,00-1,250% -0,328% 0,922% , , ,00-1, /05/ /08/ /08/ ,00-1,250% -0,324% 0,926% , , ,00-1, Pool factor Page 6

7 2.4 Class J Notes Interest Period Payment Date Before payments Accrued Payments After payments Unpaid Interest Accrued Interest Interest Unpaid Interest Pool factor 17/10/ /11/ /11/ , ,00-1, /11/ /02/ /02/ , ,00-1, /02/ /05/ /05/ , ,00-1, /05/ /08/ /08/ , ,00-1, /08/ /11/ /11/ , ,00-1, /11/ /02/ /02/ , ,00-1, /02/ /05/ /05/ , ,00-1, /05/ /08/ /08/ , ,00-1, Page 7

8 3. Collections and Recoveries Collection Period and Interest Instalments and Interest Prepayments Recoveries on Defaulted Receivables Repurchases Penalties Other Insurance Indemnities Adjustment (+/-) Renegotiations Indemnities Total Collected in the Period 01/08/ /10/ , , , , ,58 01/11/ /01/ , , , , ,33 01/02/ /04/ , , , , , ,66 01/05/ /07/ , , , , , ,61 01/08/ /10/ , , , , ,20 01/11/ /01/ , , , , , ,89 01/02/ /04/ , , , , , ,71 01/05/ /07/ , , , , , ,80 Page 8

9 4. Issuer Available Funds Payment Date Collections and Recoveries Any amounts received from the Originator pursuant to the Receivables Purchase Agreement and the W&I Agreement Any s standing to the credit of the the Payments Account and the Cash Reserve Account Interest and profit accrued or generated and paid on Eligible Investments Interest accrued and paid on the Accounts All the proceeds deriving from the Any other sale, if any, of the amounts received Portfolio or of by the Issuer individual Receivables Issuer Available Funds 28/11/ , , ,58 27/02/ , , , ,43 29/05/ , , ,13 28/08/ , , ,09 27/11/ , , ,24 27/02/ , , , ,68 28/05/ , , ,98 27/08/ , , ,83 Page 9

10 5.1 Pre-Enforcement Priority of Payments Payment Date Expenses, Retention and Agent Fees Interest on Class A1 Notes and on Class A2 Notes Interest on Class B Notes if Performance has no occured Target Cash Reserve Oustanding due in respect of the Class A1 Notes Oustanding due in respect of the Class A2 Notes Interest on Class B Notes if Performance has occured Oustanding due in respect of the Class B Notes Any other amount due and payable under the Transaction Documents Adjustment Purchase Price due and payable to the Originator due in respect of the Class J Notes Variable Return on the Class J Notes Class J Notes Retained 28/11/ , , , , , ,10 27/02/ , , , , , ,67 29/05/ , , , , , , ,88 28/08/ , , , , , ,64 27/11/ , , , , , ,49 27/02/ , , , , , ,05 28/05/ , , , , , ,26 27/08/ , , , , , ,09 Residual Balance Page 10

11 5.2 Post-Enforcement Priority of Payments NOT APPLICABLE Payment Date Expenses, Retention and Agent Fees Interest on Class A1 Notes and on Class A2 Notes Oustanding due in respect of the Class A1 Notes and the Class A2 Notes Interest on Class B Notes Oustanding due in respect of the Class B Notes Any other amount due and payable under the Transaction Documents Adjustment Purchase Price due and payable to the Originator due in respect of the Class J Notes Variable Return on the Class J Notes Class J Notes Retained Residual balance Page 11

12 6.1 Portfolio Situation Mortgage Pool Collection Period Instalments of the Collateral Portfolio (a) Unpaid Instalments of the Collateral Portfolio (b) Total (c)=(a)+(b) Unpaid Interest Instalments of the Collateral Portfolio (d) Total Collateral Portfolio (e) = ( c) + (d) Defaulted Receivables (Total) (f) Total Portfolio (g)=(e)+(f) 01/08/ /10/ , , , , , ,51 01/11/ /01/ , , , , , ,28 01/02/ /04/ , , , , , ,18 01/05/ /07/ , , , , , , ,72 01/08/ /10/ , , , , , , ,66 01/11/ /01/ , , , , , , ,76 01/02/ /04/ , , , , , , ,54 01/05/ /07/ , , , , , , ,71 Page 12

13 6.2 Portfolio Situation Unsecured Pool Collection Period Instalments of the Collateral Portfolio (a) Unpaid Instalments of the Collateral Portfolio (b) Total (c)=(a)+(b) Unpaid Interest Instalments of the Collateral Portfolio (d) Total Collateral Portfolio (e) = ( c) + (d) Defaulted Receivables (Total) (f) Total Portfolio (g)=(e)+(f) 01/08/ /10/ , , , , , ,35 01/11/ /01/ , , , , , , ,73 01/02/ /04/ , , , , , , ,33 01/05/ /07/ , , , , , , ,69 01/08/ /10/ , , , , , , ,52 01/11/ /01/ , , , , , , ,82 01/02/ /04/ , , , , , , ,09 01/05/ /07/ , , , , , , ,22 Page 13

14 6.3 Portfolio Situation Total Portfolio Collection Period Performing Balance >0 - <=1 months in arrears >1 - <=2 months in arrears >2 - <=3 months in arrears Delinquents Defaults Total Balance Total Balance 01/08/ /10/ , , , , , , ,83 01/11/ /01/ , , , , , , , ,35 01/02/ /04/ , , , , , , , ,00 01/05/ /07/ , , , , , , , ,69 01/08/ /10/ , , , , , , , ,38 01/11/ /01/ , , , , , , , ,66 01/02/ /04/ , , , , , , , ,18 01/05/ /07/ , , , , , , , ,13 Page 14

15 7. Portfolio performance - Ratios Delinquency Ratio Default Ratio Cumulative Gross Default Ratio Cumulative Net Default Ratio Collection Period Delinquent Receivables Collateral Portfolio Oustanding Delinquency Ratio % Defaulted Receivables Average Collateral Portfolio Oustanding Default Ratio % Cumulative Defaulted Receivables Portfolio at the effective date Cumulative Default Ratio % Cumulative Defaulted Receivables Cumulative Recoveries Portfolio at the effective date Cumulative Net Default ratio % 01/08/ /10/ , ,83 0,05% ,61 0,00% ,61 0,00% 01/11/ /01/ , ,38 0,61% , ,11 0,02% , ,61 0,02% , ,61 0,02% 01/02/ /04/ , ,08 1,35% , ,73 0,10% , ,61 0,10% , , ,61 0,10% 01/05/ /07/ , ,45 1,22% , ,77 0,31% , ,61 0,35% , , ,61 0,35% 01/08/ /10/ , ,06 0,82% , ,76 0,56% , ,61 0,76% , , ,61 0,76% 01/11/ /01/ , ,14 0,27% , ,10 0,76% , ,61 1,28% , , ,61 1,27% 01/02/ /04/ , ,54 0,72% , ,34 0,09% , ,61 1,34% , , ,61 1,33% 01/05/ /07/ , ,05 1,72% , ,30 0,06% , ,61 1,37% , , ,61 1,36% Page 15

16 8. Collateralisation Collateralisation Collection Period Class A1 Notes (a) Class A2 Notes (b) Class B Notes (c) Class J Notes (d) Notes Collateral Portfolio (e) Balance of the Cash Reserve Account (f) Total (g)=(e)+(f) 01/08/ /10/ , , , , , , , ,83 01/11/ /01/ , , , , , , , ,18 01/02/ /04/ , , , , , , ,68 01/05/ /07/ , , , , , , ,86 01/08/ /10/ , , , , , , ,36 01/11/ /01/ , , , , , , ,36 01/02/ /04/ , , , , , , ,31 01/05/ /07/ , , , , , , ,56 Page 16

17 9. Portfolio Overview Portfolio Characteristics Issue Date Portfolio Characteristics Issue Date Constant Prepayment Rate (CPR%) 10,33% 0,00% Period Repayment Rate (PPR%) 27,93% 0,00% Weighted Average Current Remaining Term to Maturity (in years) 7,24 7,90 Weighted average interest rate (for fixed rate portfolio) (%) 3,08 3,48 Weighted average spread (for floating rate portfolio) (%) 2,60 2,83 Interest Payment Type Number of Loans % By Number % of amount Number of Loans % By Number % of amount Variable ,51% ,05% ,20% ,77% Fixed 218 7,49% ,95% 281 6,80% ,23% Total ,00% ,00% ,00% ,00% Indexation Number of Loans % By Number % of amount Number of Loans % By Number % of amount not indexed portfolio 218 7,49% ,95% 281 6,80% ,23% euribor 3m portfolio 283 9,73% ,59% 362 8,76% ,12% euribor 6m portfolio ,78% ,45% ,44% ,65% Total ,00% ,00% ,00% ,00% Regional Distribution Number of Loans % By Number % of amount Number of Loans % By Number % of amount Emilia Romagna 8 0,28% ,38% 11 0,27% ,15% Friuli Venezia Giulia 72 2,48% ,05% 90 2,18% ,81% Lombardia 15 0,52% ,83% 19 0,46% ,22% Piemonte 2 0,07% ,19% 2 0,05% ,18% Trentino-Alto Adige ,29% ,78% ,56% ,93% Veneto ,27% ,57% ,34% ,55% Other 3 0,10% ,20% 6 0,15% ,17% Total ,00% ,00% ,00% ,00% Borrower Type (SAE) Number of Loans % By Number % of amount Number of Loans % By Number % of amount Natural Persons (SAE ) ,37% ,76% ,89% ,18% Other SAE ,63% ,24% ,11% ,82% 0 0,00% 0 0,00% Total ,00% ,00% ,00% ,00% LTV Ratio Number of Loans % By Number % of amount Number of Loans % By Number % of amount >=0%-<10% ,57% ,18% ,73% ,78% >=10%-<20% 190 6,53% ,71% 188 4,55% ,57% >=20%-<30% 184 6,33% ,11% 188 4,55% ,25% >=30%-<40% 161 5,53% ,22% 173 4,19% ,74% >=40%-<50% 117 4,02% ,44% 163 3,94% ,42% >=50-<60% 88 3,03% ,23% 121 2,93% ,49% >=60-<70% 43 1,48% ,09% 104 2,52% ,59% >=70-<80% 11 0,38% ,70% 48 1,16% ,87% >=80% 4 0,14% ,31% 18 0,44% ,29% Total ,00% ,00% ,00% ,00% Seasoning in Months Number of Loans % By Number % of amount Number of Loans % By Number % of amount >=0 - <12 0 0,00% 0 0,00% ,00% ,37% >=12 - <24 0 0,00% 0 0,00% ,61% ,99% >=24 - < ,22% ,98% ,36% ,55% >=36 - < ,35% ,05% ,32% ,02% >=48 - < ,05% ,87% 179 4,33% ,12% >=60 - < ,70% ,25% 65 1,57% ,59% >=72 - < ,68% ,44% 80 1,94% ,55% >= ,00% ,41% 284 6,87% ,80% Total ,00% ,00% ,00% ,00% Page 17

18 9. Portfolio Overview distribution by maturity Number of Loans % By Number % of amount Number of Loans % By Number % of amount ,07% ,01% 280 6,78% ,75% ,08% ,44% ,51% ,64% ,25% ,94% ,15% ,05% ,14% ,52% ,93% ,67% ,62% ,28% 402 9,73% ,19% ,95% ,79% 189 4,57% ,55% ,85% ,23% 172 4,16% ,38% ,81% ,51% 153 3,70% ,98% ,98% ,50% 168 4,07% ,47% ,06% ,17% 96 2,32% ,06% ,89% ,24% 56 1,36% ,59% ,13% ,11% 80 1,94% ,94% ,37% ,24% 72 1,74% ,79% ,37% ,35% 107 2,59% ,38% ,31% ,52% 34 0,82% ,85% ,21% ,34% 5 0,12% ,20% ,28% ,62% 9 0,22% ,43% ,34% ,74% 14 0,34% ,78% ,93% ,99% 28 0,68% ,05% ,21% ,18% 8 0,19% ,17% ,03% ,11% 0 0,00% 0 0,00% ,03% ,05% 0 0,00% 0 0,00% ,00% 0 0,00% 0 0,00% 0 0,00% ,07% ,13% 2 0,05% ,08% ,03% ,00% 1 0,02% ,00% ,00% 0 0,00% 0 0,00% 0 0,00% ,00% 0 0,00% 0 0,00% 0 0,00% ,00% 0 0,00% 0 0,00% 0 0,00% ,00% 0 0,00% 0 0,00% 0,00% Total ,00% ,00% ,00% ,00% Loan Size Number of Loans % By Number % of amount Number of Loans % By Number % of amount >=0 - < ,70% ,01% ,21% ,56% >= < ,72% ,51% ,92% ,47% >= < ,15% ,31% 322 7,79% ,59% >= < ,23% ,44% 183 4,43% ,97% >= < ,23% ,80% 118 2,86% ,00% >= < ,96% ,12% 72 1,74% ,76% >= < ,75% ,40% 59 1,43% ,65% >= < ,13% ,09% 47 1,14% ,33% >= < ,65% ,62% 32 0,77% ,54% >= ,47% ,70% 236 5,71% ,12% Total ,00% ,00% ,00% ,00% Mortgage Payment Frequency Number of Loans % By Number % of amount Number of Loans % By Number % of amount Monthly ,82% ,67% ,84% ,55% Bi monthly - 0,00% - 0,00% 0 0,00% 0 0,00% Quarterly 105 3,61% ,26% 158 3,82% ,78% Semi-annually 131 4,50% ,88% 176 4,26% ,53% Annually 2 0,07% ,20% 3 0,07% ,14% Total ,00% ,00% ,00% ,00% Distribution by Lien (Mortgage Pool) Number of Loans % By Number % of amount Number of Loans % By Number % of amount First Lien ,34% ,75% ,51% ,80% Second Lien ,22% ,18% ,46% ,14% Other 72 7,44% ,08% 79 7,03% ,06% Total ,00% ,00% ,00% ,00% Distribution by Loan Type Number of Loans Instalments Unpaid Instalment Unpaid Interest Instalment (A) (B) (C)=(A)+(B) (D) (E)=(C)+(D) Mortage Pool Unsecured Pool Total Portfolio Total Page 17