February 2011 - Gruppo Banca Carige

Executive SummaryBanca Carige Ratings: A2/P1 Moody’s, A/F1 Fitch, A-/A2 S&P Among the top 10 Italian banking Groups Adequate capital ratios Excellent / long standing mortgage origination and servicing historyItalian MortgageMarket Low level of indebtedness by households High home ownership of the Italian households Property values’ volatility much lower than in other European countriesOBGProgrammeCollateralCharacteristics Italian legislative covered bond: Obbligazioni Bancarie Garantite (“OBG”) Triple A expected rating (Moody’s, Fitch Ratings) Benefits from 20.7% currently committed over-collateralisation 97.2% Italian prime residential mortgages, 2.8% Italian commercialmortgages all originated by Gruppo Carige Eligible mortgage loans, as per Italian OBG law All loans are performing High concentration in the North of Italy (80%) Highly seasoned portfolio (249.6 Months Weighted Average term atmortgage granting) WA LTV: 51.36% (Residential) and 23.28% (Commercial)GRUPPO CARIGE 2