Voba N. 6 S.r.l. Investors Report Securitisation of SME Loans originated by Banca Popolare dell'alto Adige S.C.p.A. Euro 100.000.000 Class A1 Asset Backed Floating Rate Notes duenovember 2060 Euro 257.400.000 Class A2 Asset Backed Floating Rate Notes due November 2060 Euro 59.600.000 Class B Asset Backed Floating Rate Notes due November 2060 Euro 124.545.000 Class J Asset Backed Variable Return Notes due November 2060 Contacts Federico Trevisiol / Alessandro Folino E-mail: voba6@finint.com Tel.: +39 0438 360445/686 Via V.Alfieri, 1-31015 Conegliano (TV) www.securitisation-services.com Reporting Dates Collection Period 01/08/2016 31/10/2016 Interest Period 17/10/2016 28/11/2016 Payment Date 28/11/2016 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.
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.C.p.A. Banca Popolare dell'alto Adige S.C.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.C.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
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 Rating Moody's on Issue Date Rating Moody's up to date Rating DBRS on Issue Date Rating DBRS up to date Class A1 Notes Class A2 Notes Class B Notes Class J Notes 100.000.000 257.400.000 59.600.000 124.545.000 EUR EUR EUR EUR 17 October 2016 17 October 2016 17 October 2016 17 October 2016 27 November 2060 27 November 2060 27 November 2060 58.772 Luxembourg Luxembourg Luxembourg Luxembourg IT0005212805 IT0005212813 IT0005212821 IT0005215774 149636897 149637559 149637893 N.A. 100.000 100.000 100.000 100.000 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 Aa2(sf) Aa2(sf) A3(sf) N.R. Aa2(sf) Aa2(sf) A3(sf) N.R. AAA (sf) AA (sf) BBB (high) (sf) N.R. AAA (sf) AA (sf) BBB (high) (sf) N.R. 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 528.611.985 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
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 17/10/2016 28/11/2016 28/11/2016 100.000.000,00-0,350% -0,361% -0,011% 42-34.828.940,00-65.171.060,00-0,65171060 Pool factor Page 4
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 17/10/2016 28/11/2016 28/11/2016 257.400.000,00-0,580% -0,361% 0,219% 42 65.765,70-65.765,70 257.400.000,00-1,00000000 Pool factor Page 5
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 17/10/2016 28/11/2016 28/11/2016 59.600.000,00-1,250% -0,361% 0,889% 42 61.817,12-61.817,12 59.600.000,00-1,00000000 Pool factor Page 6
2.4 Class J Notes Interest Period Payment Date Before payments Accrued Payments After payments Unpaid Interest Accrued Interest Interest Unpaid Interest Pool factor 17/10/2016 28/11/2016 28/11/2016 124.545.000,00 - - - - 124.545.000,00-1,00000000 Page 7
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 01/08/2016 31/10/2016 28.493.099,55 6.517.706,13 - - 3.583,41 44.663,49 - - - 35.059.052,58 Page 8
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 sale, if any, of the Portfolio or of individual Receivables Any other amounts received by the Issuer Issuer Available Funds 28/11/2016 35.059.052,58-12.000.000,00 - - - - 47.059.052,58 Page 9
5.1 Pre-Enforcement Priority of Payments Payment Date Expenses, Retention and Agent Fees Interest on Interest on Class A1 Notes Class B Notes if and on Class A2 Performance Notes 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 28/11/2016 102.528,66 65.765,70 61.817,12 12.000.000,00 34.828.940,00 - - - - - - - - 1,10 Residual Balance Page 10
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
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) 01/08/2016 31/10/2016 258.109.489,09 118.809,95 258.228.299,04 30.530,47 258.258.829,51-258.258.829,51 Page 12
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) 01/08/2016 31/10/2016 238.815.957,66 153.768,13 238.969.725,79 27.518,56 238.997.244,35-238.997.244,35 Page 13
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 >3 - <=4 months in arrears >4 - <=5 months in arrears >5 - <=6 months in arrears 6+ months in arrears Delinquents Defaults Total Balance Total Balance 01/08/2016 31/10/2016 489.903.530,57 2.187.966,35 4.376.242,80 485.739,82 - - - - 244.545,29-497.198.024,83 497.198.024,83 Page 14
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 % 01/08/2016 31/10/2016 244.545,29 497.198.024,83 0,05% - - - - 528.611.984,61 0,00% - - 528.611.984,61 0,00% Page 15
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) 01/08/2016 31/10/2016 65.171.060,00 257.400.000,00 59.600.000,00 124.545.000,00 506.716.060,00 497.198.024,83 12.000.000,00 509.198.024,83 Page 16
9. Portfolio Overview Portfolio Characteristics Issue Date Portfolio Characteristics Issue Date Constant Prepayment Rate (CPR%) 4,83% 0,0% Period Repayment Rate (PPR%) 0,00 0,00 Weighted Average Current Remaining Term to Maturity (in years) 7,70 9,35 Weighted average interest rate (for fixed rate portfolio) (%) 3,47 5,36 Weighted average spread (for floating rate portfolio) (%) 2,81 1,98 Interest Payment Type Number of Loans % By Number % of amount Number of Loans % By Number % of amount Variable 3.772 93,2% 465.429.381,61 93,6% 3.851 93,2% 495.698.517 93,8% Fixed 276 6,8% 31.768.643,22 6,4% 281 6,8% 32.913.468 6,2% Total 4.048 100,0% 497.198.024,83 100,0% 4.132 100,0% 528.611.984,61 100,0% Indexation Number of Loans % By Number % of amount Number of Loans % By Number % of amount not indexed portfolio 276 6,82% 31.768.643,22 6,39% 281 6,80% 32.913.467,76 6,2% euribor 3m portfolio 357 8,82% 119.604.795,92 24,06% 362 8,76% 127.522.809,61 24,1% euribor 6m portfolio 3.415 84,36% 345.824.585,69 69,55% 3.489 84,44% 368.175.707,24 69,6% Total 4.048 100,00% 497.198.024,83 100,00% 4.132 100,00% 528.611.984,61 100,0% Regional Distribution Number of Loans % By Number % of amount Number of Loans % By Number % of amount Emilia Romagna 11 0,27% 6.026.026,51 1,21% 11 0,3% 6.076.962,49 1,1% Friuli Venezia Giulia 90 2,22% 8.895.165,79 1,79% 90 2,2% 9.546.788,15 1,8% Lombardia 19 0,47% 11.262.984,42 2,27% 19 0,5% 11.742.052,16 2,2% Piemonte 2 0,05% 849.948,43 0,17% 2 0,0% 933.241,58 0,2% Trentino-Alto Adige 1.642 40,56% 260.731.033,41 52,44% 1.676 40,6% 274.488.255,41 51,9% Veneto 2.279 56,30% 208.611.764,77 41,96% 2.328 56,3% 224.925.811,76 42,6% Other 5 0,12% 821.101,50 0,17% 6 0,1% 898.873,06 0,2% Total 4.048 100,00% 497.198.024,83 100,00% 4.132 100,0% 528.611.984,61 100,0% Borrower Type (SAE) Number of Loans % By Number % of amount Number of Loans % By Number % of amount Natural Persons (SAE 614-615) 1.435 35,4% 85.357.778,32 17,2% 1.483 35,9% 90.805.522 17,2% Other SAE 2.613 64,6% 411.840.246,51 82,8% 2.649 64,1% 437.806.463 82,8% Total 4.048 100,0% 497.198.024,83 100,0% 4.132 100,0% 528.611.984,61 100,0% 9. Portfolio Overview LTV Ratio Number of Loans % By Number % of amount Number of Loans % By Number % of amount >=0%-<10% 3.066 75,7% 255.150.615,94 51,3% 3.129 75,7% 273.694.452 51,8% >=10%-<20% 189 4,7% 26.222.706,92 5,3% 188 4,5% 29.466.143 5,6% >=20%-<30% 188 4,6% 40.841.924,98 8,2% 188 4,5% 38.341.660 7,3% >=30%-<40% 168 4,2% 47.769.215,81 9,6% 173 4,2% 51.495.864 9,7% >=40%-<50% 168 4,2% 46.784.970,58 9,4% 163 3,9% 44.490.919 8,4% >=50-<60% 117 2,9% 35.775.491,86 7,2% 121 2,9% 34.285.513 6,5% >=60-<70% 96 2,4% 26.857.301,66 5,4% 104 2,5% 34.855.557 6,6% >=70-<80% 42 1,0% 13.863.578,40 2,8% 48 1,2% 15.160.243 2,9% >=80% 14 0,3% 3.932.218,68 0,8% 18 0,4% 6.821.635 1,3% Total 4.048 100,0% 497.198.024,83 100,0% 4.132 100,0% 528.611.984,61 100,0% Seasoning in Months Number of Loans % By Number % of amount Number of Loans % By Number % of amount >=0 - <12 895 22,1% 104.474.973,33 21,0% 909 22,0% 112.956.944 21,4% >=12 - <24 1280 31,6% 145.366.526,29 29,2% 1.306 31,6% 153.232.268 29,0% >=24 - <36 782 19,3% 87.499.406,38 17,6% 800 19,4% 92.791.469 17,6% >=36 - <48 494 12,2% 54.274.193,12 10,9% 509 12,3% 58.272.269 11,0% >=48 - <60 175 4,3% 25.775.693,46 5,2% 179 4,3% 27.081.171 5,1% >=60 - <72 63 1,6% 17.933.935,11 3,6% 65 1,6% 18.954.421 3,6% >=72 - <84 80 2,0% 13.134.098,93 2,6% 80 1,9% 13.493.153 2,6% >=84 279 6,9% 48.739.198,21 9,8% 284 6,9% 51.830.290 9,8% Total 4.048 100,0% 497.198.024,83 100,0% 4.132 100,0% 528.611.984,61 100,0% Page 17
distribution by maturity Number of Loans % By Number % of amount Number of Loans % By Number % of amount 2017 271 6,7% 9.800.164,30 2,0% 280 6,8% 14.518.543 2,7% 2018 624 15,4% 25.741.650,10 5,2% 641 15,5% 29.800.590 5,6% 2019 731 18,1% 43.570.248,51 8,8% 750 18,2% 47.835.589 9,0% 2020 838 20,7% 61.752.391,20 12,4% 865 20,9% 66.954.733 12,7% 2021 397 9,8% 46.131.518,07 9,3% 402 9,7% 48.584.587 9,2% 2022 188 4,6% 28.047.588,31 5,6% 189 4,6% 29.362.369 5,6% 2023 170 4,2% 27.387.804,11 5,5% 172 4,2% 28.420.985 5,4% 2024 154 3,8% 46.500.232,25 9,4% 153 3,7% 47.492.973 9,0% 2025 167 4,1% 43.571.061,03 8,8% 168 4,1% 44.762.683 8,5% 2026 93 2,3% 29.933.191,64 6,0% 96 2,3% 32.050.411 6,1% 2027 56 1,4% 18.665.924,29 3,8% 56 1,4% 18.977.931 3,6% 2028 79 2,0% 23.957.076,64 4,8% 80 1,9% 26.116.129 4,9% 2029 72 1,8% 24.906.210,80 5,0% 72 1,7% 25.343.886 4,8% 2030 107 2,6% 33.178.680,81 6,7% 107 2,6% 33.712.016 6,4% 2031 35 0,9% 15.033.761,02 3,0% 34 0,8% 15.090.833 2,9% 2032 5 0,1% 1.056.981,09 0,2% 5 0,1% 1.070.714 0,2% 2033 9 0,2% 2.232.603,63 0,4% 9 0,2% 2.268.374 0,4% 2034 13 0,3% 3.906.011,26 0,8% 14 0,3% 4.109.671 0,8% 2035 28 0,7% 10.536.593,83 2,1% 28 0,7% 10.838.884 2,1% 2036 8 0,2% 871.374,27 0,2% 8 0,2% 879.980 0,2% 2037 0 0,0% 0,00 0,0% 0 0,0% 0 0,0% 2038 0 0,0% 0,00 0,0% 0 0,0% 0 0,0% 2039 0 0,0% 0,00 0,0% 0 0,0% 0 0,0% 2040 2 0,0% 404.275,83 0,1% 2 0,0% 407.304 0,1% 2041 1 0,0% 12.681,84 0,0% 1 0,0% 12.800 0,0% 2042 0 0,0% 0,00 0,0% 0 0,0% 0 0,0% 2043 0 0,0% 0,00 0,0% 0 0,0% 0 0,0% 2044 0 0,0% 0,00 0,0% 0 0,0% 0 0,0% 2045 0 0,0% 0 0,0% 0,0% Total 4048 100,0% 497.198.024,83 100,0% 4.132 100,0% 528.611.985 100,0% 9. Portfolio Overview Loan Size Number of Loans % By Number % of amount Number of Loans % By Number % of amount >=0 - <50.000 2.375 58,7% 53.153.213,66 10,7% 2.364 57,2% 55.837.738 10,6% >=50.000 - <100.000 648 16,0% 46.484.730,53 9,3% 699 16,9% 50.035.464 9,5% >=100.000 - <150.000 319 7,9% 39.471.342,81 7,9% 322 7,8% 40.144.889 7,6% >=150.000 - <200.000 175 4,3% 30.331.406,31 6,1% 183 4,4% 31.538.565 6,0% >=200.000 - <250.000 109 2,7% 24.555.796,75 4,9% 118 2,9% 26.449.482 5,0% >=250.000 - <300.000 62 1,5% 17.062.825,68 3,4% 72 1,7% 19.886.685 3,8% >=300.000 - <350.000 60 1,5% 19.502.648,60 3,9% 59 1,4% 19.304.601 3,7% >=350.000 - <400.000 49 1,2% 18.311.967,17 3,7% 47 1,1% 17.626.211 3,3% >=400.000 - <450.000 47 1,2% 20.069.096,96 4,0% 32 0,8% 13.444.632 2,5% >=450.000 204 5,0% 228.254.996,36 45,9% 236 5,7% 254.343.717 48,1% Total 4.048 100,0% 497.198.024,83 100,0% 4.132 100,0% 528.611.984,61 100,0% Mortgage Payment Frequency Number of Loans % By Number % of amount Number of Loans % By Number % of amount Monthly 3.716 91,8% 373.838.577,98 75,2% 3.795 91,8% 399.366.094 75,5% Bi monthly - 0,0% - 0,0% 0 0,0% 0 0,0% Quarterly 155 3,8% 64.504.938,22 13,0% 158 3,8% 67.571.960 12,8% Semi-annually 175 4,3% 58.178.477,47 11,7% 176 4,3% 60.950.375 11,5% Annually 2 0,0% 676.031,16 0,1% 3 0,1% 723.555 0,1% Total 4.048 100,0% 497.198.024,83 100,0% 4.132 100,0% 528.611.984,61 100,0% Distribution by Lien (Mortgage Pool) Number of Loans % By Number % of amount Number of Loans % By Number % of amount First Lien 854 76,5% 198.446.032,48 76,8% 860 76,5% 206.571.873 76,8% Second Lien 183 16,4% 36.008.478,41 13,9% 185 16,5% 38.040.942 14,1% Other 79 7,1% 23.773.788,15 9,2% 79 7,0% 24.370.488 9,1% Total 1116 100,0% 258.228.299,04 100,0% 1124 100,0% 268.983.303 100,0% Distribution by Loan Type Number of Loans Instalments Unpaid Instalment Unpaid Interest Instalment (A) (B) (C)=(A)+(B) (D) (E)=(C)+(D) Residential to SAE 600 1.116 258.109.489,09 118.809,95 258.228.299,04 30.530,47 258.258.829,51 Residential to SAE 614 615 2.932 238.815.957,66 153.768,13 238.969.725,79 27.518,56 238.997.244,35 Total Portfolio 4.048 496.925.446,75 272.578,08 497.198.024,83 58.049,03 497.256.073,86 Total Page 17