DBRS Confirms AAA Rating on Series A Notes Issued by IM SABADELL EMPRESAS 5, F.T.A.

DBRS Ratings Limited (“DBRS”) has today confirmed the rating of AAA (sf) on the remaining EUR 111,404,415 Series A2 Notes (the “Notes”) issued by IM SABADELL EMPRESAS 5, F.T.A. (the “Issuer”). The transaction is a cash flow securitisation collateralised primarily by a portfolio of bank loans originated by Banco de Sabadell, S.A. to Spanish small and medium-sized enterprises (“SMEs”). The rating on the Notes addresses the timely payment of principal and interest payable to the Notes on or before the Final Date of 16 July 2045.

The principal methodology is Master European Granular Securitisations (SME CLOs), which can be found on www.dbrs.com.

The sources of information used for this rating include parties involved in the rating, including but not limited to IM SABADELL EMPRESAS 5, F.T.A., Intermoney Titulizaæion, S.G.F.T., S.A. and Banco de Sabadell, S.A. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

Further information on DBRS’s analysis of this transaction will be available in a rating report on http://www.dbrs.com, or by contacting us at info@dbrs.com.

For additional information on DBRS European SME CLOs, please see European Disclosure Requirements, located at http://www.dbrs.com/research/235269.

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

Lead Analyst: Simon Ross
Surveillance Analyst: Ryan O’Shea
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 29 March 2011

Notes:
All figures are in Euros unless otherwise noted.