Securitisation of leasing contracts originated by Banca IFIS S.p.A. (formerly IFIS Leasing S.p.A.)

Transcription

1 Indigo Lease S.r.l. Investors Report Securitisation of leasing contracts originated by Banca IFIS S.p.A. (formerly IFIS Leasing S.p.A.) Euro 609,500,000 Class A Asset-Backed Floating Rate Notes due 2029 Euro 169,700,000 Class B Asset-Backed Variable Return Notes due 2029 Contacts Federico Trevisiol / Ivana Milano indigolease@finint.com Tel.: / 595 Via V.Alfieri, Conegliano (TV) Reporting Dates 01/10/ /10/2018 Interest Period 25/10/ /11/2018 Payment Date 26/11/2018 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 Transaction overview Parties Issuer Originator Servicer Representative of the Noteholders Calculation Agent Back-Up Servicer Corporate Servicer Account Bank Paying Agent Agent Bank Interest Rate Hedging Counterparty Quotaholder Co-obligor Restructuring Arranger Junior Notes Subscriber Retention Holder for the purposes of the CRR, AIFM Regulation and Solvency II Regulation Indigo Lease S.r.l. Banca IFIS S.p.A. (formerly IFIS Leasing S.p.A.) Banca IFIS S.p.A. (formerly IFIS Leasing S.p.A.) Securitisation Services S.p.A. Securitisation Services S.p.A. Securitisation Services S.p.A. Securitisation Services S.p.A. BNP Paribas Securities Services S.A. BNP Paribas Securities Services S.A. BNP Paribas Securities Services S.A. Citibank, N.A. London Branch Stichting Antigua Banca IFIS S.p.A. Fisg S.r.l. Banca IFIS S.p.A. (formerly IFIS Leasing S.p.A.) Banca IFIS S.p.A. (formerly IFIS Leasing S.p.A.) Issuer's LEI code ED B048 Main definitions Payment Date Interest Period Business Day Clean Up Option Date Unpaid Installment Delinquent Claim Defaulted Claim Portfolio Cumulative Net Default Ratio Oustanding Installment Revolving Period means: (a) prior to the service of an Issuer Acceleration Notice, the 25th calendar day of each month, the first of such dates being25/01/2017; and (b) following the service of an Issuer Acceleration Notice, the day falling 3 Business Days after the Accumulation Date (if any) or any other Business Day nominated by the Representative of the Noteholders. means each period beginning on (and including) an Interest Payment Date (or, in the case of the first Interest Period, the Issue Date) and ending on (but excluding) the next (or, in the case of the first Interest Period, the first) Interest Payment Date means a day on which banks are open for business in Milan, Luxembourg and London and which is a Target2 Day means any date on which the Portfolio is equal to or lower than 10 per cent of the Portfolio at the Valuation Date means any Components of due but unpaid at such date means any Claim arising out of a Lease Contract in respect of which there are 3(three) monthly which are unpaid by the relevant Lessee after the scheduled instalment date under the relevant Lease Contract means any Claim (i) arising out of a Lease Contract in respect of which (a) there have been at least 6 (six) Unpaid, (b) the relating Asset has been stolen, (c) termination of the contract and repossession of the Asset has occurred, (d) a legal proceeding has started or (e) the Asset has not been redeemed 9 (nine) months after the related termination date, or (ii) which has been classified as defaulted (crediti in sofferenza) by the Servicer on behalf of the Issuer in accordance with the Bank of Italy Supervisory Regulations. means, in relation to any Interest Payment Date, the percentage, calculated on the immediately preceding Calculation Date on the basis of the relevant Servicer Report, equivalent to the fraction between: (i) (1) the sum of the Defaulted as at the Default Date in relation to the Defaulted Lease Contracts from Migration Date up to the immediately preceding Collection Date (excluded) minus (2) the aggregate amount of the Collections and of the indemnity amounts under the Warranty and Indemnity Agreement received by the Issuer in respect of all Defaulted Lease Contracts from the relevant Default Date up to the immediately preceding Collection Date (excluded); and (ii) the aggregate of the of the Portfolio sold as at the Migration Date and (2) the of each Additional Portfolio as means, on any date and in respect of each Claim, the aggregate of all Components of scheduled to be paid after such date and not yet paid and any Components of due but unpaid at such date means all Components of scheduled to be paid after such date and not yet paid means the period beginning from the Second Execution Date and ending on the earlier of: (i) the occurrence of a Purchase Termination Event and; (ii) the Revolving Period End Date Revolving Period End Date means the Interest Payment Date falling on July 2019

3 Notes and Assets descritpion The Notes Classes on Issue after increase Currency Issue Date Increase Date Final Maturity Date Listing ISIN code Common code Denomination Indexation Spread / Fixed Rate Payment frequency Class A Notes Class B Notes 366,300, ,000, ,500, ,700,000 EUR EUR 15 December December July July July July 2029 Luxembourg Not listed IT IT Euribor 1M 0,800% Monthly Monthly The Portfolio Securitisation of leasing contracts originated by IFIS Leasing S.p.A. Initial Portfolio (Euro): ,64 Second Portfolio (Euro): ,04 Transfer Date: 01 December 2016 Second Transfer Date: 14 July 2017 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 2

4 1. Class A Notes Payment Date Before payments Accrued Payments After payments Unpaid Interest Rate of Interest Days Accrued Interest Interest Unpaid Interest Pool factor 25/01/ ,00-0,450% , , , ,73-0, /02/ ,73-0,450% , , , ,83-0, /03/ ,83-0,450% , , , ,06-0, /04/ ,06-0,450% , , , ,20-0, /05/ ,20-0,450% , , , ,75-0, /06/ ,75-0,450% , , , ,87-0, /07/ ,87-0,450% , , , ,48-0, /08/ ,18-0,426% , , ,18-0, /09/ ,18-0,429% , , ,18-0, /10/ ,18-0,427% , , ,18-0, /11/ ,18-0,427% , , ,18-0, /12/ ,18-0,428% , , ,18-0, /01/ ,18-0,431% , , ,18-0, /02/ ,18-0,431% , , ,18-0, /03/ ,18-0,430% , , ,18-0, /04/ ,18-0,429% , , ,18-0, /05/ ,18-0,428% , , ,18-0, /06/ ,18-0,429% , , ,18-0, /07/ ,18-0,430% , , ,18-0, /08/ ,18-0,431% , , ,18-0, /09/ ,18-0,429% , , ,18-0, /10/ ,18-0,429% , , ,18-0, /11/ ,18-0,431% , , ,18-0, Page 3

5 2. Class B Notes Payment Date Before payments Payments Interest After payments Pool factor 25/01/ , , ,00 1, /02/ , , ,00 1, /03/ , , ,00 1, /04/ , , ,00 1, /05/ , , ,00 1, /06/ , , ,00 1, /07/ , , ,00 1, /08/ , , ,00 1, /09/ , , ,00 1, /10/ , , ,00 1, /11/ , , ,00 1, /12/ , , ,00 1, /01/ , , ,00 1, /02/ , , ,00 1, /03/ , , ,00 1, /04/ , , ,00 1, /05/ , , ,00 1, /06/ , , ,00 1, /07/ , , ,00 1, /08/ , , ,00 1, /09/ , , ,00 1, /10/ , , ,00 1, /11/ , , ,00 1, Page 4

6 3. Collections and Recoveries Repurchased Transferred Collections Recoveries Prepayments Other Total Claim by the Originator (I) Collections and (II) Recoveries Interest and Interest and Fees Interest and Fees Interest and Fees Interest and Fees Interest and Fees Fees Interest and Fees 01/11/ /12/ , , , , , , , , , , , , , ,56 01/01/ /01/ , , , , , , , , , , , , ,11 401,73 01/02/ /02/ , , , , , , , , , , , , ,65-767,89 01/03/ /03/ , , , , , , , , , , , , , ,57 01/04/ /04/ , , , , , , , , , , , , , ,57 01/05/ /05/ , , , , , , , , , , , , , ,88 01/06/ /06/ , , , , , , , , , , , , , ,88 01/07/ /07/ , , , , , , , , , , , , , ,70 01/08/ /08/ , , ,11 957, , , , , , , , , ,99-307,50 01/09/ /09/ , , , , , , , , , , , , , ,37 01/10/ /10/ , , , , , , , , , , , , , ,85 01/11/ /11/ , , , , , , , , , , , , , ,85 01/12/ /12/ , , , , , , , , , , , , ,72 317,27 01/01/ /01/ , , , , , , , , , , , , , ,27 01/02/ /02/ , , , , , , , , , , , , , ,39 01/03/ /03/ , , , , , , , , , , , , , ,38 01/04/ /04/ , , , , , , , , , , , , ,51-866,64 01/05/ /05/ , , , , , , , , , , , , , ,93 Post Servicer IT migration Indemnities and other payments due to t he SPV (III) Any proceed from the sale of the Defaulted Claim (IV) Interest and Fees Total Available Cash (I + II + III + IV) Interest and Fees s not due to the SPV (VI) Interest and Fees Adjustments (VII) of the Collateral Portfolio Prepayments Repurchases from the Originator Recoveries on Defaulted Receivables Others Total Interest and Fees Interest and Fees Interest and Fees Interest and Fees Interest and Fees Interest and Fees 01/06/ /06/ , , , , , , , , ,24 01/07/ /07/ , , , , , , , , , ,81 01/08/ /08/ , , , , ,64 635, , , , ,26 01/09/ /09/ , , , , ,67-321, , , ,43 01/10/ /10/ , , , , ,83 442, , ,69 578, , , ,16 Page 5

7 4. Overpayments Suspended Monthly Positive/ Negative Difference of Overpayments and the Suspended Collections* Ammount of aggregate Overpayments as at the end of the (DEP.CAUZ. DA RESTITUIRE) Suspended Collections not yet reconciled and invoiced by the Servicer as at the end of the Collection Period DEP. CAUZ. CAPARRA RISCATTO ANTICIPATO DEP. CAUZ. ACCREDITO NRD DEP. CAUZ. CESSIONI DEP. CAUZ. FALLIMENTI DEP. CAUZ. FURTI/SINISTRI DEP. CAUZ. TRANSITORIO 01/11/ /12/ , , , , , ,92 01/01/ /01/ , , , ,84-890, ,76 01/02/ /02/ , , , , , ,55 01/03/ /03/ , , , , ,00 01/04/ /04/ , , , ,37-472, ,48 01/05/ /05/ , , , , , ,13 01/06/ /06/ , , , , , ,60 01/07/ /07/ , , , , , ,23 01/08/ /08/ , , , , , ,59 01/09/ /09/ , , , , , , , ,51 01/10/ /10/ , , , ,91 369, , ,57 01/11/ /11/ /12/ /12/ , , , ,27 369, , ,71 01/01/ /01/ , , , , ,37 369, , ,38 01/02/ /02/ , , , ,45 369, , ,06 01/03/ /03/ , , , , ,64 369, , ,28 01/04/ /04/ , , , , , , , ,72 01/05/ /05/ , , , , , ,08 01/06/ /06/ , *Positive figures indicate payments from the Servicer to the Issuer (not part of the Issuer Available Funds). Negative figures indicate payments from the Issuer to the Servicer (not subjects to the applicable Priority of Payments). Page 6

8 5. Issuer Available Funds pre restructuring Collections, Recoveries and insurance proceeds Cash Reserve as at the relevant Calculation Date Monies invested in Eligible Investments Revenue Eligible Investments Any refund or repayment obtained by the Issuer from any tax authority in respect of the Claims All amounts of interest accrued and paid on the Accounts other than the Collateral Accounts during the immediately preceding Any amount due and payable, although not yet paid, to the Issuer by the Interest Rate Hedging Counterparty On the Calculation Date immediately preceding the Final Redemption Date and on any Calculation Date thereafter, the amount standing to the credit of the Expenses Account Proceeds arising from the sale of the Portfolio or of individual Claims Any indemnity amount received by the Issuer under the Warranty and Indemnity Agreement Any other amount received by the Issuer under any of the Transaction Documents during the relevant Upon the occurrence of a breach of any of the Servicer Financial Covenant and/or the Banca IFIS Financial Covenants, all amounts standing to the credit of the Overpayments and Suspended Payments Account Issuer Available Funds 01/11/ /12/ , ,00-3, ,09 01/01/ /01/ , , ,84 01/02/ /02/ , , ,05 01/03/ /03/ , , ,13 01/04/ /04/ , , ,28 01/05/ /05/ , , ,83 01/06/ /06/ , ,00-0, ,84 post restructuring Collections, Recoveries and insurance proceeds Cash Reserve as at the relevant Calculation Date Monies invested in Eligible Investments Revenue Eligible Investments the amount standing to the credit of the Payment Account as at the immediately preceding Payment Date (after payments) Any refund or repayment obtained by the Issuer from any tax authority in respect of the Claims All amounts of interest accrued and paid on the Accounts other than the Collateral Accounts during the immediately preceding Any amount due and payable, although not yet paid, to the Issuer by the Interest Rate Hedging Counterparty On the Calculation Date immediately preceding the Final Redemption Date and on any Calculation Date thereafter, the amount standing to the credit of the Expenses Account Proceeds arising from the sale of the Portfolio or of individual Claims Any indemnity amount received by the Issuer under the Warranty and Indemnity Agreement Any other amount received by the Issuer under any of the Transaction Documents during the relevant Upon the occurrence of a breach of any of the Servicer Financial Covenant and/or the Banca IFIS Financial Covenants, all amounts standing to the credit of the Overpayments and Suspended Payments Account Issuer Available Funds 01/07/ /07/ , , ,91-0, ,49 01/08/ /08/ , , ,05-0, ,94 01/09/ /09/ , , ,93-0, ,89 01/10/ /10/ , , , , ,93 01/11/ /11/ , , , ,71 01/12/ /12/ , , , , ,25 01/01/ /01/ , , , ,88 01/02/ /02/ , , ,91-0, ,01 01/03/ /03/ , , , ,56 01/04/ /04/ , , , , ,29 01/05/ /05/ , , , ,51 01/06/ /06/ , , , , ,06 01/07/ /07/ , , ,33-0, , ,56 01/08/ /08/ , , , , ,09 01/09/ /09/ , , , ,11 01/10/ /10/ , , , , ,53 Page 7

9 6.1 Pre-Enforcement Priority of Payments pre restructuring Payment Date Expenses, Retention and Agent Fees All amounts due and payable to the Interest Rate Hedging Counterparty except where the Interest Rate Hedging Counterparty is the Defaulting Party or the Sole Affected Party Interest due and payable on the Class A Notes Replenish of the Cash Reserve Following the occurrence of a Servicer Report Delivery Failure Event, to credit the remainder to the Collection Account In or towards repayment, pro rata and pari passu, the Class A Notes Formula Redemption in respect of the Class A Notes Any and all outstanding fees, costs, liabilities and any other expenses to be paid to fulfil obligations to any Other Issuer Creditor incurred in the course of the Issuer s business Any amounts due and payable under the Interest Rate Cap Agreement All amounts due and payable to the Arrangers under the terms of the Senior Notes Subscription Agreement All amounts due and payable to the Originator, in respect of the Originator s Claims The of the Junior Notes in an aggregate amount equal to the Class B Notes Formula Redemption in respect of the Junior Notes Variable Return (if any) due and payable on the Junior Notes On the Final Maturity Date and on any Interest Payment Date thereafter, in or towards repayment, of the of the Junior Notes Residual balance 25/01/ , , , , , /02/ , , , , , /03/ , , , , , /04/ , , , , , /05/ , , , , , /06/ , , , , , /07/ , , , , , post restructuring Payment Date Expenses, Retention and Agent Fees All amounts due and payable to the Interest Rate Hedging Counterparty except where the Interest Rate Hedging Counterparty is the Defaulting Party or the Sole Affected Party Interest due and payable on the Class A Notes Replenish of the Cash Reserve Following the occurrence of a Servicer Report Delivery Failure Event, to credit the remainder to the Collection Account During the Revolving Period all amounts due and payable to the Originator as Purchase Price for the Claims included in any Additional Portfolio to be purchased on such Payment Date An amount equal to the Cash Collateral (equal to the difference, if positive, between the Target and the Collateral Portfolio ) In or towards repayment, pro rata and pari passu, the Class A Notes Formula Redemption in respect of the Class A Notes Any and all outstanding fees, costs, liabilities and any other expenses to be paid to fulfil obligations to any Other Issuer Creditor incurred in the course of the Issuer s business Any amounts due and payable under the Interest Rate Cap Agreement All amounts due and payable to the Arrangers under the terms of the Senior Notes Subscription Agreement All amounts due and payable to the Originator, in respect of the Originator s Claims The of the Junior Notes in an aggregate amount equal to the Class B Notes Formula Redemption in respect of the Junior Notes Variable Return (if any) due and payable on the Junior Notes On the Final Maturity Date and on any Interest Payment Date thereafter, in or towards repayment, of the of the Junior Notes to retain in the Payment Account any residual amount Residual balance 25/08/ , , , , , ,94 25/09/ , , , , , ,21 25/10/ , , , , , ,70 27/11/ , , , , , ,58 27/12/ , , , , , ,71 25/01/ , , , , , ,33 26/02/ , , , , , ,74 26/03/ , , , , , ,52 26/04/ , , , , , ,89 25/05/ , , , , ,39 25/06/ , , , , ,21 25/07/ , , , , , ,43 28/08/ , , , , , ,98 25/09/ , , , , , ,91 25/10/ , , , , , ,54 26/11/ , , , , , ,10 Page 8

10 6.2 Post-Enforcement Priority of Payments NOT APPLICABLE Payment Date Expenses, Retention and Agent Fees All amounts due and payable to the Interest Rate Hedging Counterparty except where the Interest Rate Hedging Counterparty is the Defaulting Party or the Sole Affected Party Interest due and payable on the Class A Notes The of the Class A Notes Any and all outstanding fees, costs, liabilities and any other expenses to be paid to fulfil obligations to any Other Issuer Creditor incurred in the course of the Issuer s business Any amounts due and payable under the Interest Rate Cap Agreement All amounts due and payable to the Arrangers under the terms of the Senior Notes Subscription Agreement All amounts due and payable to the Originator, in respect of the Originator s Claims The of the Junior Notes until the of each Junior Note is equal to 100 (one hundred) Variable Return (if any) due and payable on the Junior Notes The of the Junior Notes until the Junior Notes have been repaid in full Residual balance Page 9

11 7. Cash Reserve Payment Date Initial balance of the Cash Reserve Account Issuer Acceleration Notice of the Class A Notes of the Class A Notes as % of the of the Class A Notes as at the Issue Date Following the delivery of an Issuer Acceleration Notice or on the Interest Payment Date on which the Class A Notes will be redeemed in full, zero Target Cash Reserve Cash Reserve credited into the Cash Reserve Account Shortfall 25/01/ ,00 Not Occurred ,00 100,00% Not Applicable , ,00-27/02/ ,00 Not Occurred ,73 89,03% Not Applicable , ,00-27/03/ ,00 Not Occurred ,83 85,05% Not Applicable , ,00-26/04/ ,00 Not Occurred ,06 80,39% Not Applicable , ,00-26/05/ ,00 Not Occurred ,20 75,52% Not Applicable , ,00-26/06/ ,00 Not Occurred ,75 71,03% Not Applicable , ,00-25/07/ ,00 Not Occurred ,87 66,37% Not Applicable , ,00-25/08/ ,75 Not Occurred ,18 103,09% Not Applicable , ,75-25/09/ ,75 Not Occurred ,18 103,09% Not Applicable , ,75-25/10/ ,75 Not Occurred ,18 103,09% Not Applicable , ,75-27/11/ ,75 Not Occurred ,18 103,09% Not Applicable , ,75-27/12/ ,75 Not Occurred ,18 103,09% Not Applicable , ,75-25/01/ ,75 Not Occurred ,18 103,09% Not Applicable , ,75-26/02/ ,75 Not Occurred ,18 103,09% Not Applicable , ,75-26/03/ ,75 Not Occurred ,18 103,09% Not Applicable , ,75-26/04/ ,75 Not Occurred ,18 103,09% Not Applicable , ,75-25/05/ ,75 Not Occurred ,18 103,09% Not Applicable , ,75-25/06/ ,75 Not Occurred ,18 103,09% Not Applicable , ,75-25/07/ ,75 Not Occurred ,18 103,09% Not Applicable , ,75-28/08/ ,75 Not Occurred ,18 103,09% Not Applicable , ,75-25/09/ ,75 Not Occurred ,18 103,09% Not Applicable , ,75-25/10/ ,75 Not Occurred ,18 103,09% Not Applicable , ,75-26/11/ ,75 Not Occurred ,18 103,09% Not Applicable , ,75 - Page 10

12 8. Additional Portfolios Payment Date Unpaid (A) Unpaid Interest (B) (excluding RV) (C) Accrued interest (D) Unpaid Fees (E) (A + C) Total (A + B + C + E) Additional Portfolio Purchase Price 25/08/ , , , , , ,89 25/09/ , , , , , ,74 25/10/ , , , , , ,45 27/11/ , , , , , ,73 27/12/ , , , , ,59 25/01/ , , , , ,27 26/02/ , , , , ,80 26/03/ , , , , ,77 26/04/ , , , , ,58 25/05/ /06/ /07/ , , , ,66 28/08/ , , , ,58 25/09/ , , , ,17 25/10/ , , , ,30 26/11/ , , , ,75 Page 11

13 9. Additional Portfolios Purchase Price and Purchase Termination Events Payment Date Target Additional Portfolio Additional Total Additional Additional Portfolio Purchase Price Portfolio Portfolio Purchase Purchase Price unpaid after the adjustment Price to be paid (a) previous Purchase Price [d = a + b + c] Payment Date (c) (b) IAF allocated as Additional Portfolio Purchase Price (e) Shortfall (Further Portfolio Purchase Price unpaid after the next Payment Date) [f = d - e] Cash Collateral Unlawfulness Breach of Obligations Failure to transfer Servicer Termination Event Incorrect representations Insolvency proceedings relating to the Originator Purchase Termination Events Auditors' negative Change of Event of Default opinion Business Portfolio Trigger Event Portfolio Delinquency Trigger Portfolio Cumulative Net Default Ratio Dynamic Gross Default Trigger Value Limit Occurred? Value Limit Occurred? Value Limit Occurred? 25/08/ , , , , ,05 Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred 0,27% 1,50% NO 0,15% 0,32% NO 0,15% 1,00% NO 25/09/ , , , , ,93 Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred 0,26% 1,50% NO 0,16% 0,74% NO 0,05% 1,00% NO 25/10/ , , , , , ,48 Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred 0,25% 1,50% NO 0,16% 1,12% NO 0,10% 1,00% NO - 27/11/ , , , , ,80 Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred 0,25% 1,50% NO 0,18% 1,38% NO 0,09% 1,00% NO 27/12/ , , , , ,83 Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred 0,24% 1,50% NO 0,30% 1,56% NO 0,08% 1,00% NO 25/01/ , , , , ,93 Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred 0,33% 1,50% NO 0,30% 2,02% NO 0,09% 1,00% NO 26/02/ , , , , ,91 Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred 0,36% 1,50% NO 0,34% 2,46% NO 0,12% 1,00% NO 26/03/ , , , , ,22 Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred 0,36% 1,50% NO 0,39% 2,84% NO 0,12% 1,00% NO 26/04/ , , , , ,75 Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred 0,32% 1,50% NO 0,46% 3,14% NO 0,14% 1,00% NO 25/05/ , ,39 Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred 0,33% 1,50% NO 0,48% 3,38% NO 0,07% 1,00% NO 25/06/ , ,30 Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred 0,60% 1,50% NO 0,48% 1,80% NO 0,13% 1,00% NO 25/07/ , , , , ,33 Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred 0,00% 1,50% NO 0,00% 0,16% NO 0,00% 1,00% NO 28/08/ , , , , ,75 Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred 0,00% 1,50% NO 0,00% 0,37% NO 0,00% 1,00% NO 25/09/ , , , , ,30 Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred 0,04% 1,50% NO 0,02% 0,56% NO 0,01% 1,00% NO 25/10/ , , , , ,37 Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred 0,27% 1,50% NO 0,02% 0,69% NO 0,01% 1,00% NO 26/11/ , , , , ,31 Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred Not Occurred 0,38% 1,50% NO 0,04% 0,78% NO 0,05% 1,00% NO Page 12

14 10.1 Portfolio Breakdown after purchase- Collateral Portfolio and Delinquent Claims Collateral Portfolio Unpaid (A) Unpaid Interest (B) (excluding RV) (C) Accrued interest (D) Unpaid Fees (E) (A + C) Total (A + B + C + E) 01/11/ /12/ , , , , , ,73 01/01/ /01/ , , , ,11 275, , ,83 01/02/ /02/ , , , ,09 300, , ,06 01/03/ /03/ , , , ,33 372, , ,20 01/04/ /04/ , , , ,44 459, , ,75 01/05/ /05/ , , , ,06 508, , ,87 01/06/ /06/ , , , ,54 531, , ,48 01/07/ /07/ , , , ,56 668, , ,52 01/08/ /08/ , , , ,60 798, , ,94 01/09/ /09/ , , , ,78 956, , ,37 01/10/ /10/ , , , ,13 953, , ,43 01/11/ /11/ , , , , , , ,93 01/12/ /12/ , , , , , , ,91 01/01/ /01/ , , , , , , ,75 01/02/ /02/ , , , , , , ,79 01/03/ /03/ , , , , , , ,61 01/04/ /04/ , , , , , , ,79 01/05/ /05/ , , ,84 284, , , ,03 01/06/ /06/ , , , , ,67 01/07/ /07/ , , , , , ,45 01/08/ /08/ , , , , , ,70 01/09/ /09/ , , , , , ,65 01/10/ /10/ , , , , , ,32 Delinquent Claims Unpaid (A) Unpaid Interest (B) (excluding RV) (C) Accrued interest (D) Unpaid Fees (E) (A + C) Total (A + B + C + E) 01/11/ /12/ , , ,02 787, , ,44 01/01/ /01/ , , , ,07 14, , ,93 01/02/ /02/ , , , ,85 56, , ,46 01/03/ /03/ , , , ,20 47, , ,39 01/04/ /04/ , , , ,29 15, , ,64 01/05/ /05/ , , , ,63 26, , ,62 01/06/ /06/ , , , ,90 43, , ,39 01/07/ /07/ , , , ,55 28, , ,40 01/08/ /08/ , , , ,07 33, , ,69 01/09/ /09/ , , , ,64 221, , ,82 01/10/ /10/ , , , ,55 194, , ,97 01/11/ /11/ , , , ,37 116, , ,32 01/12/ /12/ , , , ,17 162, , ,25 01/01/ /01/ , , , ,00 242, , ,81 01/02/ /02/ , , , ,42 230, , ,74 01/03/ /03/ , , , ,22 307, , ,09 01/04/ /04/ , , , ,05 292, , ,44 01/05/ /05/ , , , ,70 354, , ,47 01/06/ /06/ /07/ /07/ /08/ /08/ , , , , ,23 01/09/ /09/ , , ,01-13, , ,70 01/10/ /10/ , , ,08-22, , ,01 Page 13

15 10.2 Portfolio Breakdown after purchase - Defaulted Claims Cumulative Gross Defaulted Claims Unpaid I nstalments (A) Unpaid Interest (B) I nstalments (excluding RV) (C) Accrued interest (D) Unpaid Fees (E) (A + C) Total (A + B + C + E) 01/11/ /12/ , , ,02 259, , , ,37 01/01/ /01/ , , ,02 508, , , ,71 01/02/ /02/ , , ,03 788, , , ,92 01/03/ /03/ , , ,79 867, , , ,25 01/04/ /04/ , , , , , , ,25 01/05/ /05/ , , , , , , ,75 01/06/ /06/ , , ,94 993, , , ,65 01/07/ /07/ , , , , , , ,83 01/08/ /08/ , , , , , , ,56 01/09/ /09/ , , , , , , ,26 01/10/ /10/ , , , , , , ,38 01/11/ /11/ , , , , , , ,75 01/12/ /12/ , , , , , , ,54 01/01/ /01/ , , , , , , ,61 01/02/ /02/ , , , , , , ,72 01/03/ /03/ , , , , , , ,85 01/04/ /04/ , , , , , , ,07 01/05/ /05/ , , , , , , ,91 Cumulative Net Defaulted Claims Unpaid I nstalments (A) Unpaid Interest (B) I nstalments (excluding RV) (C) Accrued interest (D) Unpaid Fees (E) (A + C) Total (A + B + C + E) 01/11/ /12/ , , ,02 259, , , ,40 01/01/ /01/ , , ,02 508, , , ,15 01/02/ /02/ , , ,03 788, , , ,52 01/03/ /03/ , , ,79 867, , , ,12 01/04/ /04/ , , , , , , ,90 01/05/ /05/ , , , , , , ,92 01/06/ /06/ , , ,94 993, , , ,91 01/07/ /07/ , , , , , , ,54 01/08/ /08/ , , , , , , ,89 01/09/ /09/ , , , , , , ,44 01/10/ /10/ , , , , , , ,60 01/11/ /11/ , , , , , , ,23 01/12/ /12/ , , , , , , ,06 01/01/ /01/ , , , , , , ,76 01/02/ /02/ , , , , , , ,77 01/03/ /03/ , , , , , , ,87 01/04/ /04/ , , , , , , ,01 01/05/ /05/ , , , , , , ,69 01/06/ /06/ /07/ /07/ , , , ,69 01/08/ /08/ ,07 351, , , , ,74 01/09/ /09/ ,04 543, , , ,83 01/10/ /10/ , , , , ,33 Page 14

16 10.3 Portfolio Breakdown after purchase - Total Portfolio and Portfolio Total Portfolio Unpaid (A) Unpaid Interest (B) Princi pal (excluding RV) (C) Accrued interest (D) Unpaid Fees (E) (A + C) Total (A + B + C + E) 01/11/ /12/ , , , , , , ,33 01/01/ /01/ , , , , , , ,91 01/02/ /02/ , , , , , , ,04 01/03/ /03/ , , , , , , ,72 01/04/ /04/ , , , , , , ,29 01/05/ /05/ , , , , , , ,41 01/06/ /06/ , , , , , , ,78 01/07/ /07/ , , , , , , ,46 01/08/ /08/ , , , , , , ,52 01/09/ /09/ , , , , , , ,63 01/10/ /10/ , , , , , , ,00 01/11/ /11/ , , , , , , ,48 01/12/ /12/ , , , , , , ,22 01/01/ /01/ , , , , , , ,32 01/02/ /02/ , , , , , , ,30 01/03/ /03/ , , , , , , ,57 01/04/ /04/ , , , , , , ,24 01/05/ /05/ , , , , , , ,19 01/06/ /06/ , , , , ,67 01/07/ /07/ , , , , , ,14 01/08/ /08/ , , , , , ,67 01/09/ /09/ , , , , , ,18 01/10/ /10/ , , , , , ,66 Portfolio Unpaid I nstalments (A) Unpaid Interest (B) Princi pal (excluding RV) (C) Accrued interest (D) Unpaid Fees (E) (A + C) Total (A + B + C + E) 01/11/ /12/ , , , , , , ,54 01/01/ /01/ , , , , , , ,47 01/02/ /02/ , , , , , , ,44 01/03/ /03/ , , , , , , ,84 01/04/ /04/ , , , , , , ,64 01/05/ /05/ , , , , , , ,24 01/06/ /06/ , , , , , , ,52 01/07/ /07/ , , , , , , ,75 01/08/ /08/ , , , , , , ,19 01/09/ /09/ , , , , , , ,45 01/10/ /10/ , , , , , , ,78 01/11/ /11/ , , , , , , ,00 01/12/ /12/ , , , , , , ,70 01/01/ /01/ , , , , , , ,17 01/02/ /02/ , , , , , , ,25 01/03/ /03/ , , , , , , ,55 01/04/ /04/ , , , , , , ,30 01/05/ /05/ , , , , , , ,41 Page 15