DBRS Confirms Ratings on the Class A, Class B and Class C Notes issued by Impresa ONE S.r.l.

DBRS Ratings Limited (“DBRS”) has today confirmed the following ratings on the Notes issued by Impresa ONE S.r.l. (the “Issuer”):

• EUR 5,156,100,000 Class A Asset Backed Floating Rate Notes at AAA (sf)
• EUR 1,207,700,000 Class B Asset Backed Floating Rate Notes at A (sf)
• EUR 836,100,000 Class C Asset Backed Floating Rate Notes at BBB (sf)

The rating actions reflect the 22 December 2011 amendment which incorporates additional note holder protections.
The transaction is a cash flow securitisation collateralised by a portfolio of bank loans to Italian small and medium sized enterprises (“SMEs”) originated by UniCredit S.p.A. (“UniCredit”).

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

DBRS determined key inputs used in our analysis based on historical performance data provided for the originator and servicer as well as analysis of the current economic environment. Further information on DBRS’ analysis of this transaction will be available in a rating report on http://www.dbrs.com, or by contacting us at info@dbrs.com.

The sources of information used for these ratings include the parties involved in the rating, including but not limited to Impresa ONE S.r.l. and UniCredit S.p.A.

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

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

Lead Analyst: Simon Ross
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 20 October 2011

Notes:
All figures are in Euros unless otherwise noted.