DBRS Confirms Ratings on Series A Notes of PYMECAT 3 FTPYME, F.T.A.

DBRS Ratings Limited (“DBRS”) has today confirmed the following ratings to the Notes issued by PYMECAT 3 FTPYME, F.T.A. (the “Issuer”):

• EUR 240 million Series A1(G): AAA (sf)
• EUR 50 million Series A2: AAA (sf)
• EUR 109.7 million Series A3: AAA (sf)

The ratings of the Series A1(G), the Series A2 and the Series A3 address the timely payment of interest and principal payable on each payment date during the transaction.

The principal methodology is Master European Granular Corporate Securitisations (SME CLOs), which can be found on our website under Methodologies.

The sources of information used for this rating include the parties involved in the rating, including but not limited to Catalunya Banc, S.A., J.P. Morgan Securities, Ltd., and PYMECAT 3 FTPYME, F.T.A. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

For additional information on DBRS European SME CLO(s), please see European Disclosure Requirements, located at www.dbrs.com/research/235269.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Mike Moriarty
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 9 November 2010

Note:
All figures are in Euros unless otherwise noted.