Asti Finance S.r.l.

Originator Cassa di Risparmio di AstiSpa, the Italian commercial bank that targets mainly
small private investors and SMEs in northern Italy marks its emergence into the securitisation
world with Asti Finance, where the deal is a hybrid mix of RMBS and CMBS.

The underlaying portfolio comprises of 6,645 performing loans with an average balance
of Eur80,500 with the ten largest loans making up some 3.8% of the pool. As mentioned, the
mixed use portfolio is mostly made up of loans to individuals (58.24%) and to SMEs
(25.46%) with the remainding loans being made to single person firms. Some 71.32% of the
properties backing the loans are residential

The portfolio has an initial average LTV of 62%, with an average 31 mnths of seasoning.
As the Bank is based in Piedmont, the portfolio is naturally skewed geographically to
this district with only 0.25% of the loans to borrowers from outside the north of Italy.

Initial price guidance of 22-25/60a/95a guidance was under presure from the outset,and
at 3mE+25bps Asti's 5.76yr triple-A priced 3bps wide of Sestante-3's equivalent, being the
most recent Italian RMBS to be launched. The 5yr AAA tranche offered a generous +11bp pick
up against other Italian RMBS issues. Further down the curve and capital structure, the BBB
tranche at 3mE+95bps priced 15bps outside Sestante-3's 17.4yr triple-B+. This looks more than
reasonable given the much shorter maturity and greater granularity for the
current deal.