Milano, 24 February 2003

Banca Intesa launched on international markets a securitization of performing residential mortgage loans for a total amount of 2,026,000,000 euro. The transaction – structured by Intesa acting as Sole Arranger and placed by Caboto IntesaBci, Crédit Agricole and Morgan Stanley acting as Lead Managers and Bookrunners – will be based on four tranches with the following characteristics:

 

• Class A1: €405 million with ratings Aaa assigned by Moody’s and AAA by Standard and Poor’s and Fitch Ratings, legal maturity on 2023, expected average life of about 1.5 years, 100% issue price and a three-month floating rate coupon- Spread three-month Euribor +17 bps,
  
  Class A2: €1,519.6 million with ratings Aaa assigned by Moody’s and AAA by Standard and Poor’s and Fitch Ratings, legal maturity on 2023, expected average life of about 4.6 years, 100% issue price and a three-month floating rate coupon- Spread three-month Euribor +28 bps,
  
• Class B: €40.6 million with ratings Aa2 assigned by Moody’s and AA by Standard and Poor’s and Fitch Ratings, legal maturity on 2023, expected average life of about 8.5 years, 100% issue price and a three-month floating rate coupon- Spread three-month Euribor +51 bps,
  
• Class C: €60.8 million with ratings Baa2 assigned by Moody’s and BBB by Standard and Poor’s and Fitch Ratings, legal maturity on 2023, expected average life of about 8.5 years, 100% issue price and a three-month floating rate coupon- Spread three-month Euribor +145 bps.

Conditions applied to each tranch: re-offering price: 100%. Payment date and closing February 27^th 2003; clean-up call: 10%. Italian Law.

 

The issuer of the notes is IntesaBci Sec.2 S.r.l., a special purpose vehicle established pursuant to Law 130 of 30^th April 1999. The loans securitized are approximately 67,000 performing mortgage loans, granted mainly in Northern Italy (around 76%).

 

This is the third securitization of mortgage loans of Banca Intesa, the second regarding performing mortgage loans (after that of 2000) and so far the largest securitization of performing residential mortgage loans ever carried out in the Italian banking system.

 

All the four tranches will be listed in the Luxembourg Stock Exchange and cleared with Montetitoli (also on behalf of Euroclear and Clearstream). The notes shall be traded both on the domestic market and on the EuroMarket.