Società di Cartolarizzazione Italiana Crediti Società di Cartolarizzazione Italiana Crediti a responsabilità limitata - - S.C.I.C. a r.l. S.C.I.C. a r.l. a responsabilità limitata Securitisation of Securitisation of Performing Performing Corporate Corporate Loans Loans Granted Granted for for the the Funding Funding of of Research Research and and Development Development Programmes Programmes SCIC Research Research SCIC Investor Presentation Presentation � � September 2004 September 2004 Investor
�������������������������������������������������� Notice to All Potential Investors This document is not a complete description of the notes to be i ���������������������������������������������������������������� issue. Accordingly, investors should refer to and rely solely on the terms of the final Offering Circular describing the Notes for any investment decision and should pay particular attention to t ���������������������������������������������������������������� contained in the Offering Circular. A copy of the Offering Circular will be available from the Managers of the Notes. Information herein is believed to be reliable but none of the Managers nor S.C.I.C. a r.l. warrant its completeness or accuracy and it should not be relied upon as such. The information contained herein is subject to change without notice. Past performance is not indicative of future results. This document does not constitute and should not be considered as an offer or solicitation for the purchase or sale of any security or other financial instrument. Before entering into any transaction, investors should consider the suitability of the transaction to their particular circumstances and independently review (with professional advisers as necessary) the specific financial risks as well as the legal, regulatory, credit, tax and accounting consequences. The Managers do not act as an adviser or fiduciary to any of their investors unless otherwise agreed in writing. Certain analysis is presented herein and is intended solely for purposes of indicating a range of outcomes that may result from changes in market parameters. It is not intended to suggest that any outcome is more likely than another, and it does not include all possible outcomes or the range of possible outcomes, one of which may be that the investment value declines to zero. The analysis may be derived using proprietary models, and may rely on historical data and subjective interpretation. Each Manager and / or their affiliates may hold positions or act as market makers in the financial instruments of any issuer referred to herein or act as advisors or lenders to such issuer. Dresdner Kleinwort Wasserstein and Lehman Brothers are ������������� ���� ���������� ��������� ���������� ��������� ������ ��� is regulated by the Bank of Italy and CONSOB. The information included herein has certain inherent limitations, will be affected by any structural changes or changes in the assets in this transaction, and investors should not rely on this information in making their investment decisions. Investors should make their own independent evaluation of the Notes before deciding whether to invest. None of the Managers will be responsible for the consequences of reliance upon any statement or information contained herein or any omission therefrom. This is confidential and is being submitted to selected recipients only, and may not be reproduced. It is not intended for persons who would be classified as private investors under the F ���������������������������������������������������������� All figures and data in square brackets are preliminary and subject to changes. 1
� � � � � � � � � � Table of Contents 1. Transaction Overview 3 2. Portfolio Description 13 3. Transaction Structure 17 4. Description of FSRA, FAR and FIT Loans 26 5. Secondary Market and Investor Reporting 36 6. Appendices: I - Origination, Servicing and Collection Mechanics by Fund 42 II - Additional Portfolio and Historical Data 49 III - Legal and Tax Framework 59 IV - Contact Details 62 2
1. Transaction Overview
� ����������������������� ��������������� �� ���������� ����� ������������ ������ ���� �������������� � � � ��������������������� � �������������������������������������������� � Transaction Rationale Società di Cartolarizzazione Italiana Crediti a responsabilità limitata - S.C.I.C. a r.l. presents the first securitisation of performing corporate loans granted to fund research and development The Loans have been granted by or on behalf of the Ministry for Education, University and ���������������������������������������������������������������� volazioni alla Ricerca and ���������������������������������������������������������������� tively) and by the Ministry The transaction is sponsored by the Italian Ministry of Economy ����������������������� ���� context of its strategy to privatise public assets and achieve best business practice in all related portfolio management activities through securitisation. The specific objectives of this transaction are to: provide the MIUR and the MAP with additional resources for the funding of R&D programmes; upgrade ����� and ������ data management and procedures to the best business practice, in order to ensure efficiency in the management and monitoring of the securitised portfolios. 4
� � � � Transaction Rationale (Cont.d) The S.C.I.C. Securitisation Programme, along with the already established INPS-SCCI and SCIP Programmes, represents the set of instruments designed and continuously used by the MEF to implement its strategy of securitising public assets on a regular basis using ���������������������������������������������������������������� lysis, broaden the investor base and further develop secondary market liquidity. ����� ��� ����������� ������������ ����������� ����� ��� ����������� ��� m all other assets of the company as well as from each other. Substantial benefits are expected to derive from each securitisation as a result of improved discipline from streamlining market scrutiny and upgraded management of securitised assets. Incentive schemes, high reporting standards and competitive tendering for third party services are the tools used by the MEF to achieve its goals. 5
��������������������� Notes Issued Note Class Class Credit Expected Expected Exp. Ratings Note Class Class Credit Expected Expected Exp. Ratings Class Size Size Enhancement Weighted Average Maturity (S&P, Fitch, Class Size Size Enhancement Weighted Average Maturity (S&P, Fitch, (% collateral) (Euro million) Life (years) (years) Moody's) (% collateral) (Euro million) Life (years) (years) Moody's) Class A1 19 300.0 19.00% 1.4 1.4 AAA/AAA/Aaa Class A1 19 300.0 19.00% 1.4 1.4 AAA/AAA/Aaa Class A2 62 979.0 19.00% 3.7 6.0 AAA/AAA/Aaa Class A2 62 979.0 19.00% 3.7 6.0 AAA/AAA/Aaa Total Issuance 1279.00 Total Issuance 1279.00 Issuer S.C.I.C. a r.l. � a multi-purpose securitisation company established in Italy Originators Italian Ministries of Education, University and Research (MIUR), and Productive Activities (MAP) Portfolio Amount ������� mm Initial Portfolio plus Max ������������������������� Collateral Portfolio of loans to 1,864 Italian corporate entities granted for Research and Development projects Credit Enhancement Overcollateralisation (19%) Coupon Frequency Semi-annual on 22 September and 22 March of each year Legal Final Maturity Class A1: March 2006 � Class A2: September 2023 Tax Treatment Equivalent to Eurobonds: no WHT for non-Italian investors Ratings Servicers MAP and MIUR Sponsor Italian Ministry of Economy and Finance (MEF) Swap Counterparty Banca IMI, Lehman Brothers Special Financing Transaction Administrator Securitisation Services Cash Manager Citibank 6
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