DBRS Takes Rating Actions on the Notes Issued by IM Grupo BANCO POPULAR EMPRESAS 3, F.T.A.

DBRS Ratings Limited (“DBRS”) has today confirmed and placed Under Review with Negative Implications the ratings of AAA (sf) on the EUR 500 million Series A1 Notes and AAA (sf) on the EUR 1,142.50 million Series A2 Notes issued by IM GRUPO BANCO POPULAR EMPRESAS 3, F.T.A. (the “Issuer”). DBRS has upgraded and placed Under Review with Negative Implications the rating on the EUR 607.50 million Series B Notes from CCC (high) (sf) to BB (sf). The ratings on the Series A1 and Series A2 Notes address the timely payment of interest and ultimate payment of principal on or before the Final Maturity Date on 4 February 2049. The rating on the Series B Notes addresses the ultimate payment of interest and principal on or before the Final Maturity Date.

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

The rating action reflects the following analytical considerations:

• The impact of the May 3, 2012 downgrade by DBRS, Inc. of the long term foreign and local currency debt of the Kingdom of Spain to A (high) from AA (low) with trends remaining Negative (see press release “DBRS Downgrades Spain to A (high), Trend Remains Negative”), including the incorporation of a sovereign related stress component related to the A (high) rating on trend Negative.

• The impact of the May 22, 2012 rating action by DBRS, Inc. placing the long term foreign and local currency debt of the Kingdom of Spain Under Review with Negative Implications (see “DBRS Places Spain’s Ratings Under Review with Negative Implications”).

• Heightened concern with respect to the stress certain transaction parties may come under to perform transaction obligations (servicers and collection account banks domiciled in Spain).

• Increased uncertainty surrounding the impact of macroeconomic variables on collateral performance.

For a more detailed discussion of sovereign risk impact on Structured Finance ratings, please refer to DBRS commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area”, located at http://dbrs.com/research/239786.

The sources of information used for these ratings include parties involved in the rating, including but not limited to IM GRUPO BANCO POPULAR EMPRESAS 4, F.T.A, Intermoney Titulización SGFT, S.A. and Banco Popular Español, S.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 CLOs, 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: Simon Ross
Surveillance Analyst: Ryan O’Shea
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 9 February 2011

Note:
All figures are in Euro unless otherwise noted.