Claris Finance 2008 S.r.l.

This annual pilgrimage to the Euro-markets by Claris sees on this occasion a securitisation of wholly
residential mortgages, as opposed to the mix of residential & commercial loans seen in the previous
five issues. The originators in this case are Veneto Banca (a constant in all previous transactions)
and Banca Popolare di Intra.

Veneto Banca S.c.p.a. was founded in 1966 as Banca Popolare di Asolo e Montebelluna by the
merger of two of the main banks in the Treviso area: Banca Popolare di Montebelluna, which was
founded in1877, and Banca Popolare del Mandamento di Asolo, which was founded in 1946. In
addition to its retail and commercial banking activities, Veneto Banca also offers financial services,
telephone and internet banking and a venture capital enterprise through its subsidiaries. Veneto
Banca is also present in the insurance business.

Banca Popolare di Intra was founded in 1873 as "popular" bank providing banking services in the
Provinces of Verbania and subsequently Novara. In the 1990s BPI started a geographical expan-
sion in the nearest areas of Varese, Milan and Como Provinces. Besides the traditional products
of deposit taking and lending to local clients including individuals, artisans and SMEs, it also offers
financial intermediation and savings management services.

Criteria for inclusion in the portfolio include: all loans governed by Italian law; at least one install-
ment has been paid in relation to each loan; each loan is secured by an economically first ranking
priority mortgage; all loans are denominated in Euros; no loan has been granted to general govern-
ment entities, other public entities or church entities; all have been granted to borrowers which are
resident within the territory of the Republic of Italy.

The static portfolio consists of 3,517 loans granted to 3,396 borrowers. The average current bal-
ance is Eur168,396 (original Eur194,313), and the WA current LTV is 75.20% . The portfolio is very
granular, with the top borrower accounting for just 0.33% of current outstandings, the top 10 for
3.10%, and the top 50 for 11.28%. The majority of loans (72.61%) have been granted at floating
rates of interest, and the WA seasoning is 1.74yrs.


Compare/contrast: Claris Finance (2007), Adriatico Finance RMBS Srl, Vela Mortgages S.r.l
Claris Finance 2007 S.r.l.Adriatico Finance RMBS SrlVela Mortgages S.r.l