Guercino Solutions S.r.l

The principal source of payment of interest and of repayment of principal on the notes will be collections
and recoveries received by the Issuer in respect of monetary claims and connected rights arising out of
either: the collateral securities issued by Siviglia Finance S.r.l. and purchased by the Issuer; and or upon
the occurrence of the portfolio substitution event, the underlying portfolio.

The obligor is Siviglia Finance S.r.l, a company incorporated under the laws of the Republic of Italy, and
the sellers are Tulip Asset Purchase Company B.V. ("TAPCO"), a company incorporated under the laws
of The Netherlands, and Cassa di Risparmio di Cento S.p.A. (CR Cento).

CR Cento, is a local Italian savings bank based in Cento, at the crossroads of the three centre-northern
provinces of Bologna, Modena and Ferrara. As at 30 June 2008, the originator operated through a net-
work of 46 branches, distributed in the three provinces as follows: Ferrara (20 branches), Bologna (16
branches) and Modena (10 branches).

The underlaying collateral securities are a series of asset-backed notes that Siviglia Finance S.r.l. has
issued between March 2006 and August 2008. All the collateral securities of the same class but of diff-
erent series rank pari passu. As at the date of this prospectus, Siviglia Finance S.r.l. has issued the
collateral securities in an aggregate nominal amount of Eur284,429,000 and is not permitted to acquire
further portfolios or issue any further notes in the context of the securitisation of the receivables.

The originator, CR Cento sold receivables to Siviglio under the following criteria: each loan agreement is
governed by the laws of Italy; none of the debtors was employed by CR Cento; all loans denominated in
Euro; all loans granted to debtors resident in Italy as at the relevant transfer date, and secured by mort-
gage over real estate located in Italy; all loans have monthly, quarterly or semi-annual instalments; all
loans granted in relation to real estate assets already completed.

The underlaying portfolio consists of 3,734 loan agreements (as at 30 Sept o8 cut-off) with an average
current balance of Eur112,361. The largest current loan is Eur483,695 and only 19 loans are greater than
Eur300,000. The current LTV is 50.61% (original LTV 61.51%) with WA seasoning at 46.94mnths. Regional
concentration (by current balance): Emilia Romagna 96.95%.


Compare/contrast: Cordusio RMBS Securitisation S.r.l, Media Finance S.r.l
Cordusio RMBS Securitisation S.r.l Media Finance S.r.l/a>