Claris Finance 2007 S.r.l.

This will be the first transaction off the Claris series to originate residential mortgages,as
all previous transactions have been a mix of residential and commercial. The originators
and arranger SocGen have also tweeked the structure, incorporating a rare structural
feature by splitting its portfolio into three sub-pools, representing the three divisions of the
Veneto Banca Group responsible for the originations (Veneto Banca SCPA, Banca di
Bergamo SpA, and Banca Meridiana SpA).

The collateral pool consists of performing residential mortgages originated by the three banks
and secured over Italian residential properties. The size of the loans range from Eur4,436 to
Eur1,151,275,with the average loan size being Eur112,000. There is a weighted average
seasoning of 15mnths, with a current LTV of 67.87%. Geographically, the deal is heavily
skewered towards Northern Italy (77.07%), with Southern Italy (21.26%) and Central Italy
(1.67%)making up the balance.

Strengths of the deal is that the portfolio is static, with no revolving period and despite the
multioriginator nature of the transaction, all the receivables are cross-collateralized.However
the portfolio does have a relatively high current LTV ratio and 22.80% of the loans have an
LTV ratio between 80.00% and 98.50%.

The 3mE+13bps print on the 6.29yr AAAs offer a small pick up to recent Bancaja 10 blended
5.78yr wal. The deal attracted fairly strong interest following on from roadshows in the UK and
Dublin. Over 50 accounts participated in the AAA tranche which was 3x over-subscribed. UK
accounts took 40% of the paper, followed by Germany (14%, France, Benelux and Ireland (all
at 10%). Other countries participating included Austria, Greece and Italy.


Compare/contrast: Claris 2 & 3 (multiple originators), Bancaja 10, Asti Finance S.r.l.