Appendix 2: Recent takeovers in the Italian banking market.

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Appendices for thesis “Residential Mortgage

Securitisation in the Italian market” by L.W. Hiemstra.

S1167715

Appendix 1: Example mortgage underwriting criteria

Maximum Loan to Foreclosure Value of 125%

Maximum interest only part of 90% (of foreclosure value) Maximum loan is based on a 30 year annuity

Mortality risk insurance obliged (from 90% and higher Loan-to- foreclosure-values)

Only first (and consecutive) ranking mortgage right

Appraisal report not older than six months. Only reports from independent certified appraiser who have a licence from one of three national appraisers association (which are endorsed by the Dutch Bankers Association) are recognised

Property must be owner occupied Maximum legal maturity of 30 years Maximum fixed rate term of 20 years

Only a limited number of property types are allowed. Examples of property types which are not allowed:

Non-owner occupied Recreational homes

Commercial property (e.g. shop-house) Foreclosure values of EUR 60,000 and less

Credit history is checked at BKR (central Dutch credit check bureau)

No ‘negative’ BKR-registration allowed (for instance, no

‘arrears’ code is allowed neither is a ‘remedied arrears’ code).

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Appendix 2: Recent takeovers in the Italian banking market.

(Source: mergermarket.com)

Ann. Date Bidder Company Target Company Target type Value

€M

Seller Company

15/09/2005 NL ABN Amro Banca Antonveneta SpA (77.00% stake)

Commercial Bank

6267

12/9/2005 NL Allianz SE (formerly Allianz AG)

Riunione Adriatica di Sicurta SpA (RAS) (45.00% stake)

Insurance group 5696

31/05/2006 S Banco Bilbao Vizcaya Argentaria SA

Advera SpA (50.00%

stake)

consumer credit services

BNP Paribas SA

29/03/2005 S Banco Bilbao Vizcaya Argentaria SA

Banca Nazionale del Lavoro SpA (BNL) (85.00% stake)

Commercial Bank

6655

5/12/2005 Sc Bank of Nova Scotia (Scotiabank)

Banco Wiese Sudameris 55 Banca Intesa SpA (formerly IntesaBci SpA)

28/10/2006 UK Barclays Private Equity Ltd (BPE)

Euro Fiditalia SpA (60.00% stake)

4/2/2006 F BNP Paribas SA Banca Nazionale del Lavoro SpA (BNL)

Commercial Bank

9025

10/11/2004 F CNP Assurances SA FinecoVita S.p.A. Life insurance 575 FinecoGroup SpA

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3

15/02/2002 D Commerzbank AG La Fondiaria SpA (5.9%

stake)

Insurance 209 Societa Assicuratrice Industriale SpA (SAI)~

11/10/2006 F Credit Agricole SA Cassa di Risparmio di Parma e Piacenza SpA

Savings Bank 3800 Banca Intesa SpA (formerly IntesaBci SpA)

11/10/2006 F Credit Agricole SA Banca Popolare Friuladria Scarl (76.05% stake)

Co-operative Bank

837 Banca Intesa SpA (formerly IntesaBci SpA)

11/10/2006 F Credit Agricole SA Banca Intesa (193 Branches)

Commercial Bank

24/07/2006 F Credit Agricole SA; Fiat Auto Spa

Fiat Auto Financial Services

1000

24/07/2000 D Deutsche Bank AG Enel Real Estate (or Ere, formerly known as SEI)

Real Estate 343 Enel SpA

24/07/2000 D Deutsche Bank AG Immobiliare Rio Nuovo SpA (IRN)

Real Estate Enel Real Estate (or Ere, formerly known as SEI)

10/5/2002 D Deutsche Bank AG Immobiliare Rio Nuovo SpA (IRN) (remaining 49% stake)

Real Estate 44 Enel Real Estate (or Ere, formerly known as SEI)

7/10/2002 D Deutsche Bank AG Banca Carime Commercial Bank

13/06/2003 D Deutsche Bank AG (Real Estate Opportunities Group)

Sansedoni S.p.A (55%

stake)

Real Estate 78 Fondazione Monte dei Paschi di Siena

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16/05/2002 D Deutsche Bank AG London Sanpaolo Imi SpA (4.99%

stake)

Real Estate 771 Banca Monte dei Paschi Siena SpA (BMPS)

19/06/2002 D Deutsche Bank Private Equity, GE Capital and Bonaparte SpA

Impresol SpA Real Estate 106 Banco Popolare di Verona e Novara Scrl (formerly Banca Popolare di Verona - Banco S. Geminiano e S. Prospero (BPVR))

20/01/2000 NL Dexia Securities CREDIOP Mutual Bank 413 Sanpaolo IMI SpA

30/04/2003 NL Fenice BV Antonveneta Immobiliare SpA (50% stake)

Real Estate 349 Banca Antonveneta SpA

3/2/2002 US JPMorgan Chase & Co La Fondiaria

Assicurazioni SpA (9%

stake)

Insurance 329 Edison (formerly known as Montedison SpA)

5/8/2002 US Lehman Brothers Holdings Inc

Bipielle Real Estate S.p.A (BPLRE)

Real Estate 150 BPI (Banca Popolare Italiana-Banca Popolare di Lodi Scrl)

20/06/2005 US Lehman Brothers; Pirelli &

C Real Estate SpA

Immobiliare Serico Srl Real Estate 150 Banche Popolari Unite SpA (BPU)

5/7/2002 US Mirtus (controlled by goldman sachs)

Telemaco Immobiliare SpA

Real Estate 1001 Beni Stabili SpA; Lehman Brothers Real Estate Partners; Telecom Italia SpA 17/01/2000 US Morgan Stanley Dean Witter Credito Fondiario &

Industriale SpA (Fonspa)

Real Estate / Corporate lender

52 Banca Commerciale Italiana SpA &

UniCredito Italiano SpA 29/03/2002 US/I Morgan Stanley Real Estate

Funds (MSREF); Pirelli & C SpA

Immobiliare San Babila SpA

Real Estate 275 Investimenti e Gestioni SpA

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5

28/03/2002 US/I Morgan Stanley Real Estate Funds (MSREF); Pirelli & C SpA

Proprieta Immobiliari SpA

Real Estate 1666 Riunione Adriatica di Sicurta SpA (RAS)

30/04/2004 US/I Morgan Stanley; Pirelli & C Real Estate SpA

Conforama Italia Investimenti SpA

Real Estate 145

19/04/2006 UK Oakwood Group LLP Ktesios SpA personal finance 8 28/12/2001 F Societe Generale de France

SA

Fiditalia SpA consumer credit 40 UniCredito Italiano SpA

20/06/2004 AU Uniqa Versicherungen AG Claris Vita (80.00%

stake)

Life insurance 120 Veneto Banca s.c.p.a.

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Appendix 3: recent Italian RMBS transactions

DATE ISSUER

SER IES

Amount (€M)

BOOKRUNNE R1

BOOKRU

NNER2 SELLER SERVICER SPONSOR

TRUS TEE

01/15/04

Siena Mortgages SpA

2003

-4 1,469.0 Morgan Stanley

MPS Finance

Banca Monte dei Paschi di Siena

Securiti sation Service s 03/15/04

Berica Residential

MBS Srl 1 588.5 Morgan Stanley

Banca Popolare di Vicenza

04/07/04 Vela Home Srl 2 1,261.5

Royal Bank of Scotland

Banca Nazionale del Lavoro

Finanzi aria Interna zionale 06/11/04

Credico Finance

Srl 3 384.9

Societe

Generale BCC Monastier BCC Monastier BCC Monastier

Banker s Trust

07/19/04 Argo Mortgage Srl 2 864.7 IXIS Securities UBS Banca Carige SpA Banca Carige SpA

Banca Carige SpA

Deutsc he Bank 10/18/04 Apulia Finance Srl 3 235.1 BNP Paribas BancApulia SpA BancApulia SpA

BancApulia

SpA

11/30/04 Berica Residential 5 675.9 Morgan Stanley Banca Popolare di Banca Popolare di Banca Popolare Deutsc

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7

MBS Srl Vicenza Vicenza di Vicenza he

Bank

01/25/05 Media Finance Srl 1 314.4 BNP Paribas

Banca Popolare di Puglia e Basilicata

Banca Popolare di Puglia e

Basilicata 03/18/05 F-E Mortgages Srl 2005 1,028.7 ABN Amro MCC Fin-Eco Leasing Banca Fin-Eco Banca Fin-Eco

BNP Paribas 04/11/05 Castoro RMBS Srl 1 655.0 ABN Amro Unipol Banca Unipol Banca Unipol Banca

ABN Amro

04/22/05

Cordusio RMBS

Srl 2,990.1 Morgan Stanley

UniCredit BancaMobil

iare UniCredit Banca UniCredit Banca

UniCredit Banca

Securiti sation Service s

04/22/05

Credico Finance

Srl 4 392.8

Societe

Generale BCC Monastier BCC Monastier BCC Monastier

Deutsc he Bank

07/07/05 Claris Finance Srl 2005 476.0

Societe

Generale Veneto Banca Veneto Banca Veneto Banca

Deutsc he Bank

10/13/05 Mars 2600 Srl 323.3 BNP Paribas Banca Sella Banca Sella Banca Sella

Securiti sation Service

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s

12/12/05

Sestante Finance

SRL 3 890.9

Lehman Brothers

Meliorbanc

a Meliorbanca SpA Meliorbanca SpA

Meliorbanca SpA

J.P.

Morgan Chase

12/14/05 Asti Finance Srl 1 527.4 Citigroup

Cassa di Risparmio di Asti

Cassa di

Risparmio di Asti

Cassa di Risparmio di Asti

Citiban k

12/15/05

Credico Finance

Srl 5 456.0 IXIS Securities BCC Monastier BCC Monastier

Banca di Creditor Coopertivo

Deutsc he Bank 12/21/05

Cairoli Finance Srl

(Non performing) 88.0 Citigroup Localto

New Credit

Servicing Localto

TMF Trustee

02/07/06

Berica Residential

MBS Srl 6 1,436.2

Lehman Brothers

Dresdner Kleinwort

Banca Popolare di Vicenza

Banca Popolare di

Vicenza Banca Popolare

Deutsc he Bank

02/10/06 Vela ABS Srl 1 674.6

Royal Bank of Scotland

Banca Nazionale del Lavoro

Banca Nazionale del

Lavoro

06/02/06

BCC Mortgages

PLC 1,038.5

Societe

Generale Iccrea Banca Iccrea Banca Iccrea Banca

Deutsc he Bank 06/21/06 BPM 2 2,015.3 ABN Amro Citigroup Banca Popolare di Banca Popolare di Banca Popolare Citiban

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9

Securitisation Srl Milano Milano k

06/30/06

Cordusio RMBS

Srl 2 2,500.0

Banc of America

UniCredit BancaMobil

iare UniCredit Banca UniCredit Banca

UniCredit

Banca

07/26/06 Claris Finance Srl 2006 299.9 BNP Paribas Veneto Banca Veneto Banca Veneto Banca

Securiti sation Service s