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Marzio Finance Srl (Asset Backed Prog): 07 August 2017

Under this €10bln Asset Backed Notes Programme Marzio Finance S.r.l. may from time to time issue limited recourse asset-backed notes, where the aggregate nominal amount of the Notes outstanding under the Programme will not at any time exceed €10bln. The Notes may be issued in series and each Series may consist of: (i) class A limited recourse asset-backed notes; (ii) class B limited recourse asset-backed notes; and (iii) class J limited recourse asset-backed notes.

The principal source of payment of interest and Variable Return and of repayment of principal on the Notes, with reference to each Series, will be the collections and recoveries made in respect of monetary claims and connected rights arising out of the Receivables deriving from the Loan Agreements entered into by IBL - Istituto Bancario del Lavoro S.p.A. - as Originator, and the relevant Borrowers included in the relevant Portfolio purchased by the Issuer from the Originator and/or the Other Sellers in the context of each Transaction.

The Receivables which will be comprised in each Portfolio to be transferred under the Programme by the Originator and/or the Other Sellers arise out of Loan Agreements granted by the Originator to the relevant Debtors, assisted by either Salary Assignment or Payment Delegation.

CRR 405… IBL Banca, in its capacity as Originator, has undertaken that, in respect of any Transaction and any Series of Notes issued under the Programme, it will retain at the origination and maintain on an ongoing basis at least 5% of net economic interest in accordance with one of the options provided for under Article 405 of the CRR, Article 51 of the AIFMR and Article 254 of the Solvency II Regulation (or any permitted alternative method thereafter).