Vela Mortgages 2008 S.r.l

This transaction will be the 6th RMBS deal from originator Banca Nazionale del Lavoro, whuich has
issued previously as Vela ABS and Vela Homes, the last deal having closed in October 2006.

BNL was founded in 1913, and today BNL and its subsiduaries and affiliates is the 6th largest Italian
banking group. The group’s core activities consist of commercial banking, including retail banking and
payment services (including credit & debit cards, leasing and factoring).

The receivables for this transaction all arise out of residential mortgage loans. All 51,932 loans were
granted to individuals and are secured by a first-ranking mortgage, and all are denominated in Euros.
No original loan was granted at a higher LTV than 80.0%. At closing , none of the loans were in
arrears. The average current loan size is Eur107,907 with a current WA LTV of 62.61% (WA original
LTV 66.10%). Seasoning is a very respectable 2.26yrs.

Fixed rate mortgages account for 44.60% of outstandings, the rest being variable rate. The majority of
the loans are paid monthly (75.0%), with the balance paid semi-annually. Geographical concentration:
North Italy 40.5% (of outstanding amount), Southern Italy 31.9%, Central Italy 27.6%.


Compare/contrast: Vela Home 4, Asti Finance (2008), Siena Mortgages 07-5 S.r.l.
Vela Home 4 S.r.l.Siena Mortgages 07-5 S.r.l.(Series 2 )