ABEST 10 Investor Presentation 8Oct2014 Final Version Market

October 2014

ASSET-BACKED EUROPEAN SECURITISATION TRANSACTION TEN S.R.L. “A -BEST 10” Securitisation of Italian Auto Loans Receivables

Euro 500 MILLION PORTFOLIO OF PRIME ITALIAN AUTO LOANS

For the internal use of Qualified Investors. This document should be read in conjunction with the Preliminary Prospectus. All of the information contained herein and in the Preliminary Prospectus will be superseded by the Final Prospectus. Any decision to subscribe must only be made on the basis of the information in the Final Prospectus

arranged by:

Disclaimer ° Crédit Agricole Corporate and Investment Bank, Milan Branch (“CA-CIB Milan”), and UniCredit Bank AG, London Branch (“UniCredit London”) (together with CA-CIB Milan the “Arrangers”), and Crédit Agricole Corporate and Investment Bank (“CA-CIB”), Citigroup Global Markets Limited, J.P. Morgan Securities plc and UniCredit Bank AG (“UniCredit”) (together, the “Managers”) have been mandated by FGA Capital S.p.A. (together with its affiliates, “FGAC”) in connection with the proposed issue of Class A asset backed floating rate notes and the Class B asset backed fixed rate notes (the “Notes”) by ASSET-BACKED EUROPEAN SECURITISATION TRANSACTION TEN S.r.l. (“A-BEST 10”). This presentation (the “Investor Presentation”) has been prepared solely for informational purposes and is a summary of certain proposed terms of an offering of the Notes as currently contemplated in connection with preliminary discussions with potential investors in the Notes and does not purport (i) to be a complete description of all material terms or of the terms (which may be different from the ones referred to herein) of an offering that may be finally consummated or (ii) to contain all of the information that a prospective investor may require to make a full analysis of the transaction and the matters referred to herein. Any assumptions, data, projections, forecasts or estimates are forward looking statements and based upon information furnished by FGAC or publicly available information and reflect subjective estimates and assumptions concerning circumstances and events that have not yet taken place. Accordingly, there can be no assurance or guarantee that any projected or forecasted results will be attained. Actual results may vary from such projections and forecasts, past performance is not necessarily indicative of future performance, and such variations may be material. ° In connection with any placement of the Notes, A-BEST 10 will prepare and deliver to potential investors a prospectus relating to an investment in the Notes, which will contain material information not contained herein, including a description of A-BEST 10, the definitive terms of the transaction and information concerning the manner in which the Notes will be offered. Any decision to invest in such Notes should be made solely in reliance upon such prospectus. Under no circumstances shall the information presented herein constitute and should not be considered as an offer to sell or the solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such jurisdiction. The information presented herein does not comprise a prospectus for the purposes of EU Directive 2003/71/EC, as amended from time to time (the “Prospectus Directive”). The information herein has not been reviewed or approved by any rating agency, government entity, regulatory body or listing authority and does not constitute listing particulars in compliance with the regulations or rules of any stock exchange. The information herein is preliminary, limited in nature and subject to completion and amendment, and will be superseded by the prospectus relating to this transaction (the “Final Prospectus”). When available, the Final Prospectus will be published on the website of the Luxembourg Stock Exchange and may be obtained from the Managers, the paying agent or A-BEST 10 following the preparation thereof. All opinions and estimates included in this document speak as of the date of this document and are subject to change without notice. This document addresses only certain aspects of the applicable securities characteristics and thus does not provide a complete assessment: as such it may not reflect the impact of all structural characteristics of the securities . Receipt of this Investor Presentation involves no obligation or commitment of any kind . Prospective investors are not to construe information contained herein, in any preliminary prospectus, prospectus or other offering materials or in any prior or subsequent communication from A-BEST 10 or any of its representatives, including the Arrangers and the Managers, as a recommendation that any recipient of this Investor Presentation invest in the Notes or A-BEST 10, or that the Notes are a suitable investment for such recipient or any other person or as legal, accounting or tax advice. None of the Arrangers or the Managers make any representation nor give any advice (including but not limited to advice concerning the appropriate regulatory treatment, accounting treatment or possible tax consequences in connection with the proposed transaction). ° This Investor Presentation is based on information provided by FGAC, A-BEST 10 and publicly available information. The information in this Investor Presentation has not been independently verified by the Arrangers or the Managers. None of the Arrangers or the Managers makes any representation or warranty, express or implied, as to the accuracy, fairness or completeness of such information, the assumptions on which it is based, the reasonableness of any projections or forecasts contained herein or any further information supplied, or the suitability of any investment for your purpose. None of the Arrangers or the Managers will be responsible or liable for the consequences of reliance upon any statement, opinion or information contained herein or any omission there from. The Arrangers or the Managers therefore disclaim, to the extent permitted by applicable law, any and all liability relating to this Investor Presentation including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the information herein. None of the Arrangers or the Managers nor any of their respective employees, directors, subsidiaries or affiliates and any of their respective employees, directors, officers, advisers, agents or subcontractors accept any liability or responsibility in respect of the information herein and shall not, to the extent permitted by applicable law, be liable for any loss of any kind which may arise from reliance by you, or others, upon such information. The information contained herein is subject to change without notice, and is qualified in its entirety by the information in the Final Prospectus for this transaction and in particular, each reader is directed to the section therein headed "Risk Factors". ° This Investor Presentation is only directed at and has only been sent to (i) (if you are located in the United Kingdom) professional clients or eligible counterparties as defined in the rules of the Financial Conduct Authority and is not intended for distribution to, or use by, retail clients or (ii) “investment professionals” falling within Article 19(5) of the Financial and Services Markets Act 2000 (Financial Promotions) Order 2005, as amended (iii) (if you are located in France) qualified investors acting for their own account or persons providing portfolio management financial services, all as defined and in accordance with Article L. 411-2 and Article D. 411-2 of the French Monetary and Financial Code or (iv) (if you are located outside the United Kingdom or France) persons to whom this Investor Presentation can be sent lawfully in accordance with applicable securities laws. By your receipt of this Investor Presentation you are confirming to the Arrangers and the Managers that you are such a person. If this is not the case, then you must return this Investor Presentation to the Arrangers and the Managers immediately. This Investor Presentation must not be acted on or relied on by, nor are the Notes referred to herein available to any other persons. Furthermore, the information herein is confidential and may be price sensitive and you must not publish, reproduce, redistribute, disclose or pass on this Investor Presentation to anybody else, in whole or in part, for any purpose. Failure to comply with this may violate applicable laws.

1 ° If the information relates to any investment subject to the Prospectus Directive it is sent to you on the basis that you are a Qualified Investor for the purposes of such directive or any relevant implementing legislation of a European Economic Area (“EEA”) Member State which has implemented the Prospectus Directive and it must not be given to any person who is not a Qualified Investor. By being in receipt of this you undertake that you will only offer or sell any investment referred to in the information in circumstances which do not require the production of a prospectus under the Prospectus Directive or any relevant implementing legislation of an EEA Member State which has implemented the Prospectus Directive. ° The securities discussed herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”). Such securities may not be offered or sold, pledged or otherwise transferred, directly or indirectly, and this document may not be disseminated, in the United States or to any U.S. person, except to the extent mentioned in the Final Prospectus. A-BEST 10 has not been registered under the US Investment Company Act of 1940, as amended. ° None of the Arrangers or the Managers owes any duty to any person who receives this Investor Presentation (except as required by law or regulation) to exercise any judgement on such person’s behalf as to the merits or suitability of any transaction or securities. Prior to making an investment decision, investors should conduct such investigations as they deem necessary to verify the information contained in the Final Prospectus that will be prepared at a later date and to determine if their interest in investing in the Notes is appropriate and suitable for them. In addition investors should consult their own legal, accounting, regulatory and tax advisors in order to determine the consequences of an investment or possible investment in the notes issued by A-BEST 10 and to make an independent evaluation of such investment. None of the Arrangers or the Managers is a legal, tax, regulatory or accounting advisor. The Arrangers and the Managers may currently and from time to time provide investment banking services (including without limitation corporate finance services) for the companies mentioned in this document and may from time to time participate or invest in commercial banking transactions (including without limitation loans) with the companies mentioned in this document. Accordingly, information may be available to the Arrangers or the Managers which is not reflected in this document. Any Arranger or Manager may make a market in the Notes described in this document. Accordingly, any Arranger or Manager may actively trade these Notes or related derivatives for its own account and those of its customers and, at any time, may have a long or short position in these Notes or derivatives related hereto. In addition, the Arrangers and the Managers may possess or come to possess public or confidential information concerning FGAC, A-BEST 10 or their affiliates without providing or being under any obligation to provide such information to such investors or prospective investors. ° Certain statements in this document are forward-looking statements and, by their nature, involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future . Actual results could differ materially from those stated or implied by such forward -looking statements . ° This presentation contains certain tables and other statistical analyses (the "Statistical Information") which have been prepared in reliance on information provided by FGAC. Numerous assumptions have been used in preparing the Statistical Information, which may or may not be reflected in this presentation or be suitable for the circumstances of any particular recipient. As such, no assurance can be given as to the Statistical Information's accuracy, appropriateness or completeness in any particular context, or as to whether the Statistical Information and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Statistical Information should not be construed as either projections or predictions or as legal, tax, financial, investment or accounting advice. The average life of or the potential yields on any security cannot be predicted, because the actual rate of repayment on the underlying assets, as well as a number of other relevant factors, cannot be determined. No assurance can be given that the assumptions on which the possible average lives of or yields on the financial instruments are made will prove to be realistic. Therefore information about possible average lives of, or yields on, the securities must be viewed with considerable caution. ° United Kingdom: Crédit Agricole Corporate and Investment Bank is authorised by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and supervised by the ACPR and the Autorité des Marchés Financiers (AMF) in France and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and the Prudential Regulation Authority are available from us on request. Crédit Agricole Corporate and Investment Bank is incorporated in France with limited liability and registered in England and Wales. Registration number: FC008194. Registered office: Broadwalk House, 5 Appold Street, London, EC2A 2DA Italy: Crédit Agricole Corporate and Investment Bank is authorised by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and supervised by the ACPR and the Autorité des Marchés Financiers (AMF) in France and subject to limited regulation in Italy by the Bank of Italy and Consob. CA CIB is incorporated in France and registered in Italy. Registered office: Piazza Cavour, 2 - 20121 Milan. ° UniCredit Bank AG London Branch, Moor House, 120 London Wall, London, EC2Y 5ET, is authorised by Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation authority are available from us on request. ° Citigroup Global Markets Limited is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority ° J.P. Morgan Securities plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. ° Your receipt and use of these materials constitutes notice and acceptance of the foregoing.

2 Table of Contents

Page 1. Executive Summary 4 2. Transaction Highlights 6 3. Portfolio Overview 11 4. FGA Capital Group Overview 16 5. FGA Capital Italy – Products, Originations, Credit and Collection Processes 29 6. Transaction Structure 46

7. Historical Performance Data 53 8. Contact Details 57

Appendix 1: Detailed Portfolio Breakdown 59 Appendix 2: Comparable Auto Loan Securitisation Transactions & Timetable 68

3 Table of Contents

7. Historical Performance Data 53 8. Contact Details 57

Appendix 1: Detailed Portfolio Breakdown 59 Appendix 2: Comparable Auto Loan Securitisation Transactions & Timetable 68

4 Executive Summary

° Class A Notes Euro 437.5 mln, rated AA+sf/AAA(sf) by Fitch/DBRS offered with a WAL of 1.65 years* ° Class B Notes Euro 22.5 mln, rated Asf/A(sf) by Fitch/DBRS offered with a WAL of 3.85 years* ° Transaction originated by FGA Capital S.p.A. (“FGAC”), a joint stock company rated BBB-/BB+/Baa3 by Fitch, S&P and Moody's respectively, ultimately owned at 50% by FIAT S.p.A. (“FIAT”) rated BB-/BB-/B1 by Fitch, S&P and Moody's respectively, and at 50% by Crédit Agricole S.A. (“CASA”), rated A/A/A2 by Fitch, S&P and Moody's respectively ° Static portfolio, comprising prime auto loan receivables due by Italian residents ° No residual value risk or balloon exposure. Fully sequential pass-through structure ° The Credit Enhancement available for the benefit of the Class A Noteholders - equal to 12.5% - is provided by: • Subordination of the Class B Notes 4.5%, Class C Notes 2.0% , Class D Notes 1.0% and Class M Notes 5.0% ° The Credit Enhancement available for the benefit of the Class B Noteholders - equal to 8.0% - is provided by: • Subordination of the Class C Notes 2.0% , Class D Notes 1.0% and Class M Notes 5.0% ° Euro 7.0 mln Cash Reserve non-amortizing fully funded at closing (equal to approx. 1.4% of the Portfolio), primarily available to cover Interest Shortfall and to the extent not needed for Interest Shortfall, will form part of Principal Available Funds on the Payment Date in which the Rated Notes are redeemed in full ° Euro 17.5 mln Commingling Reserve non-amortizing and fully funded at closing ° Excess spread of approximately 3.93% p.a. at closing via a discount mechanics on the portfolio purchase price** ° The Originator will retain on an ongoing basis a material net economic interest of at least 5 per cent in the Securitisation, in accordance with article 405 of the CRR

* Please refer to slide 51 for the relevant assumptions 5 ** Please refer to slide 47 for more details Table of Contents

7. Historical Performance Data 53 8. Contact Details 57

Appendix 1: Detailed Portfolio Breakdown 59 Appendix 2: Comparable Auto Loan Securitisation Transactions & Timetable 68

6 Transaction Highlights

Experienced originator/servicer Straightforward Securitisation Structure

° FGAC is one of the largest car finance and leasing companies in Europe, ° Standard structure 50% owned by Fiat Group Automobiles and 50% by CACF, the consumer ° Two rating agencies : Fitch, DBRS finance arm of Crédit Agricole S.A. ° Static portfolio ° Experienced Originator and Servicer of its 7th Italian Autoloan securitisation transaction that would be the 22nd transaction originated by ° Fully funded Cash Reserve and non amortizing until full the FGAC Group, its 13 th public deal and the 10 th out of the A-Best repayment of the Rated Notes Programme ° Fully funded and non amortising Commingling Reserve ° Fully sequential amortisation of the Notes with no pro-rata Good quality of prime assets triggers ° Separate Pre -Enforcement waterfalls for interest and principal ° Fully performing loans with at least one paid instalment ° Standard Italian Law 130 security package ° Prime auto loan receivables due by Italian residents ° Swap agreement in place to hedge interest rate risk ° Very granular portfolio (≥44,000 borrowers with top 10 / 20 obligors Daily sweep of collections to A-Best 10 representing 0.15% and 0.26% respectively ° ° Appointment of Back-Up Servicer at loss of BB- by Fitch ° No residual value risk or balloon transferred to the SPV ° Back-Up Servicer Facilitator appointed at closing ° No Balloons ° Discount purchase mechanics enhancing the transaction yield * ° Only Private Borrowers (Households) ° Retail borrowers represent 100% of the Net Present Value of the Portfolio ° New cars represent 92.72% of the Net Present Value of the Portfolio ° Fixed interest rate loans with monthly instalments

* Please refer to slide 47 for more details 7 ABS Notes

Class A Notes Class B Notes Class C Notes Class D Notes Class M Notes

Initial Outstanding Euro 437.5 mln Euro 22.5 mln Euro 10 mln Euro 5 mln Euro 25 mln Amount Expected rating AA+sf / AAA(sf) Asf / A(sf) BBBsf / BBB(sf) BBB-sf / BBB(low) (sf) NR / NR (Fitch / DBRS)

Ranking Senior Mezzanine Mezzanine Mezzanine Junior

First Payment Date 10 December 2014 10 December 2014 10 December 2014 10 December 2014 10 December 2014

Legal Final Maturity December2028 December2028 December2028 December2028 December 2028

Monthly pass- Monthly pass- Monthly pass- Monthly pass-through, Monthly pass- Repayment through, sequential through, sequential through, sequential sequential through, sequential

Minimum Euro 100,000 Euro 100,000 Euro 100,000 Euro 100,000 Euro 100,000 Denomination

Listing LuxSE LuxSE LuxSE LuxSE LuxSE

Euroclear and Euroclear and Euroclear and Euroclear and Euroclear and Clearing System Clearstream Clearstream Clearstream Clearstream Clearstream

WAL* 1.65 years 3.85 years - - -

Interest 1m Euribor + [ •] 1m Euribor + [ •] 3.00% 4.50% 2.30%

Status Offered Offered Retained Retained Retained

Source: FGAC

* Please refer to slide 51 for the relevant assumptions 8 Transaction Diagram

Cash Manager, Principal Paying Representative Corporate Agent, Listing of the Calculation Agent Account Bank Administrator Agent Noteholders

Purchase Price

Originator Class A notes Subordinated Loan Sale of Receivables

Class B notes Notes interest and Collections principal Servicer A-BEST 10 s.r.l. Class C notes Issuance Proceeds

Class D notes

Collections Class M notes

Borrowers Eligible Swap Counterparty

Source: FGAC

9 Involved Parties

Issuer A-BEST 10 s.r.l. - a company incorporated under Italian Law 130

Originator, Servicer and Corporate Servicer FGAC

RON US Bank Trustees Limited Account Bank, Cash Manager, Calculation Elavon Financial Services Limited Agent, Principal Paying Agent Corporate Administrator and Securitisation Services S.p.A. Back -Up Servicer Facilitator

Rating Agencies Fitch, DBRS

Crédit Agricole Corporate and Investment Bank, Milan Branch (“CA-CIB Milan”) Joint Arrangers UniCredit Bank AG, London Branch (“UniCredit London”) Crédit Agricole Corporate and Investment Bank (“CA-CIB”) Citigroup Global Markets Limited (“Citigroup”) Joint Lead Managers J.P. Morgan Securities plc (“J.P.Morgan”) UniCredit Bank AG (“UniCredit”)

Swap Counterparty UniCredit

Source: FGAC

10 Table of Contents

7. Historical Performance Data 53 8. Contact Details 57

Appendix 1: Detailed Portfolio Breakdown 59 Appendix 2: Comparable Auto Loan Securitisation Transactions & Timetable 68

11 Pool Summary – Key Characteristics of the Portfolio (cut-off 4 October 2014)

Total Net Present Value at Discount Rate Euro 499,997,357

Discount Rate 5.85%

Number of Loans 44,235

Average Loan Net Present Value 11,303

Largest Borrower concentration 0.02 % / 93,069

New cars / Used cars 92.72% / 7.28%

WA Nominal Interest Rate (TAN) 1.465%

WA original maturity (months) 54.71

WA seasoning (months) 6.89

WA remaining term (months) 47.82

Excess spread 3.93%

Source: FGAC

12 Pool Summary – Key Characteristics of the Portfolio (cut-off 4 October 2014)

Distribution by type of vehicle Distribution by borrower type

Used VAT Borrower Non VAT Borrower 7.28% 0.00% 100.00%

New 92.72%

Distribution by geographical distribution Distribution by brand / model

Other car models Panda 2012 South 26.69% 21.72% 25.68% North 46.78%

500L Centre 500 14.91% 11.41% 27.55%

Nuova Ypsilon Grande Punto 11.50% 13.77%

Source: FGAC

13 Pool Summary – Key Characteristics of the Portfolio (cut-off 4 October 2014)

Distribution by Nominal Interest Rate (TAN) Distribution by region of debtors

Net Present Value % N. Contracts Net Present Value % N. Contracts 80% 25% 70% 20% 60% 15% 50% 40% 10% 30% 5% 20% 0% 10% 0% Lazio Friuli Sicilia Emilia Puglia Molise Veneto Liguria Marche Umbria Toscana Abruzzo Calabria Trentino Basilicata 1% 2% 3% 4% 5% 6% 7% 8% Sardegna Piemonte >8% Campania 0% to 1% to 2% to 3% to 4% to 5% to 6% to 7% to Lombardia Valle Aosta Valle

Distribution by remaining loan maturity (months) Distribution by seasoning (months)

Net Present Value % N. Contracts Net Present Value % N. Contracts 25% 60% 20% 50% 15% 40% 10% 30% 5% 20% 0% 10% 0% 0 6 to 6 12 to 18 >18 12 18 to 18 24 to 24 30 to 30 36 to 36 42 to 42 48 to 48 54 to 54 60 to 60 66 to 66 72 to 72 78 to 12 to 0 6 to 78 to Over 6 12 to

Source: FGAC

14 Key Eligibility Criteria (cut-off 4 October 2014)

° The vehicle has been delivered to the relevant Borrower

° Residual term less than or equal to 84 months

° At least one instalment paid and no instalments are due but unpaid

° Borrowers are resident in Italy

° Borrower is not an employee of FGAC

° Loans provide for an amortisation on a monthly basis and in pre-determined fixed monthly instalments

° Loans denominated in Euro and with a fixed rate of interest

° No balloon loans

° Only Private Borrowers (Households)

15 Table of Contents

7. Historical Performance Data 53 8. Contact Details 57

Appendix 1: Detailed Portfolio Breakdown 59 Appendix 2: Comparable Auto Loan Securitisation Transactions & Timetable 68

16 FGA Capital: A JV between CA and FGA

° Key Elements of the Partnership ° 50 / 50 Joint Venture between FGA, a top tier car manufacturer, and CACF, a leader in the consumer credit industry ° Long-Term Partnership initially signed in Dec. 2006, with a minimum duration of 8 years. In July 2013 the term of the agreement was extended until Dec. 2021 , with the possibility of further renewals ° A unique business model, combining commercial effectiveness of an industrial partner, with risk discipline and financial strength of a banking partner

Source: FGAC

17 FGA Capital Highlights

° FGA Capital SpA (“FGAC”) is one of the largest specialized car finance and lease companies operating in Europe, diversified across products, geographies and brands

° FGAC provides retail, wholesale and rental financial services in Europe to the brands of: Fiat Group Automobiles: Fiat, Alfa Romeo, Lancia, Fiat Professional, Abarth Chrysler Group: Chrysler and Jeep Maserati Jaguar and Land Rover

° FGAC is regulated by the Bank of Italy. Its subsidiaries in Germany, Poland, Austria, France, Spain, Portugal and Ireland are subject to national authority supervision

BBB- Stable Long-term / F3 Short-term by FITCH RATINGS Baa3 Stable Long-term by MOODY’S BB+ Stable Long-term / B Short-term by STANDARD&POOR’S

Source: FGAC

18 Financial Services at Fiat - History

Source: FGAC

19 New Joint Venture agreement

° The JV agreement between FGA and CACF has been renewed – with effective date from January 2015 - for 7 years for the first period hence up to 31 st December 2021; subsequent renewals of the JV shall occur automatically for additional 3–year periods starting from any relevant maturity date, unless a notice of termination is served 3 years before such relevant maturity date

7 YEARS 8 YEARS 3 YEARS 3 YEARS

2006 2013 2021 2024 …+3

Inception Amendment Initial Maturity 3 years extensions December and Extension Date December foreseen by mutual 28 th , 2006 July 30 th , 2013 31 st , 2021 agreement

Termination notices to be sent 3 years in advance , during the month of December of each relevant year Source: FGAC

20 FGA Capital Group – Business Overview

Multi-Brand

Multi-Business

Dealer Financing ¢ 3 Business lines ¢ OEM Dealer Networks ¢ 10 Brands ¢ Outstanding (avg.): 3.5 €/Bn ¢ 26 Legal Entities ¢ 24% of total assets ¢ 1.909 Employees ¢ 14 Countries Retail Financing ¢ Private customers ¢ Channel: Dealerships ¢ Outstanding (avg): 9.8 €/Bn ¢ 67% of total assets

Rental ¢ Corporate customers ¢ Channel: Dealerships/Direct ¢ Outstanding (avg.): 1.3 €/Bn Source: FGAC ¢ 9% of total assets Figures as at 30/06/2014

21 Performance Indicators

2007 2008 2009 2010 2011 2012 2013 1H 2014

Avg. Managed Outstanding (€/Bn) 14.6 15.515.5 16.4 15.8 14.9 14.6 14.7

200 4.1% 4.0% 3.9% 3.9% 3.7% 3.7% 3.5% 3.5% 172 Net Banking Income150 % 167 on Avg. Outstanding 147 153 137 100 119 Return on 105 Assets % 91 50 1.72% 1.70% 1.73% 1.45% Net Profit (€/M) 1.30% 1.22% 1.18% 1.30% 0

Source: FGAC

22 2013

Performance Indicators

2007 2008 2009 2010 2011 2012 2013 1H 2014

Avg. Managed Outstanding (€/Bn) 14.6 15.515.5 16.4 15.8 14.9 14.6 14.7

11.8% 200 10.6% 11.0% 8.8% 9.2% 8.2% 8.0% 167 172 150 7.2% 147 153 137 100 119 105 Core Tier 1 91 50

Net Profit (€/M) 0

Source: FGAC

23 Average Outstanding Overview

Per Year & Brand (€/Bn & %) Overview per Year (€/Bn)

JLR FGA 1.7 1.5 2.1 1.9 1.3 1.3 1.3 1.6 1.3 0.4 1.9 3.7 3.8 3.8 3.6 3.8 3.7 3.7 2.3 3.8 2.9 2.9 Rental Dealer 14.6 15.5 15.1 15.1 13.9 10.9 10.6 9.2 9.6 10.0 9.8 9.5 9.8 12.6 11.7 11.8 Retail

2007 2008 2009 2010 2011 2012 2013 1H 2014 2007 2008 2009 2010 2011 2012 2013 1H 2014

1H 2014 by Country (%) 4 Major Markets – All Brands (€/Bn)

Other, 11% 4 1H 2014 Spain , 4% 3 Retail Financing

France, 8% 2 Dealer Financing Italy, 40% Rental 1 Germany, 19% 0 Italy Germany UK France Source: FGAC UK, 18%

24 Key Financial Indicators

Net Banking Income (€/M) & Percentage on Cost of Risk (€/M) & Ratio over Average Average Outstanding Outstanding

700 609 608 5.00% 576 596 587 160 145 145 144 2.50% 600 536 517 140 4.50% 117 116 500 120 109 4.08% 2.00% 4.03% 87 400 3.86% 100 284 4.00% 300 3.71% 3.65% 80 1.50% 3.53% 3.46% 3.87% 60 0.93% 44 200 0.89% 0.91% 3.50% 40 0.75% 0.78% 0.75% 1.00% 100 20 0 3.00% 0 0.60% 0.50% 2007 2008 2009 2010 2011 2012 2013 1H 2014 2007 2008 2009 2010 2011 2012 2013 1H0.60% 2014 Net Banking Income NBI / Average Outstanding Provisions Cost of Risk / Average Outstanding

Net Operating Expenses (€/M) & Percentage Net Income (€/M) & Percentage on Average on Average Outstanding Outstanding

300 2.50% 200 2.50% 240 247 239 236 235 2.30% 167 172 250 230 231 180 153 2.10% 160 147 137 2.00% 200 1.64% 1.90% 140 119 1.59% 1.57% 120 105 1.48% 1.46% 1.50% 1.59% 1.70% 90 150 100 1.50% 113 1.50% 1.18% 80 1.12% 0.97% 100 1.55% 1.30% 60 0.88% 0.90% 1.10% 0.67% 1.23% 1.00% 50 40 0.90% 20 0.81% 0 0.70% 0 0.50% 2007 2008 2009 2010 2011 2012 2013 1H 2014 2007 2008 2009 2010 2011 2012 2013 1H 2014 Source: FGAC Net Operating Expenses NOE / Average Outstanding Net Income Net income / Average Outstanding

25 Capitalization

10,6% 11,0% 11,8% Core Tier 1 Equity 9,2% Ratio 8,8% 1,56 1,64 1,42 1,28 1,33 Core Tier 1 Equity (€/Bn )

Note: Net of distributed dividends 2010 2011 2012 2013 1H 2014

° High quality of capital (common equity only)

° FGAC subsidiaries not needing additional capital

° FGAC regulated legal entities well above Minimum Capital Requirement "MCR"

Source: FGAC

26 Historical Funding Sources Evolution

° Securitisation is a strategic funding source for FGAC Group, providing diversification towards the funding provided by the CA Group and the unsecured issuances on the debt capital markets through the FGAC Group EMTN programme

16 TP BANKS SECURITIZATIONS BONDS 14 CA GROUP 3.5 3.2 3.1 4.8 2.4 12 3.9 2.1 3.0

10 3.0 3.5 3.8 4.1 3.9 3.5 3.3 8 4.3 0.5 0.5 6 1.5 2.3 0.5 3.3

4 8.4 8.0 7.1 6.4 5.2 5.2 5.1 2 4.1

(€/Bn) 0 2007 2008 2009 2010 2011 2012 2013 1H 2014 Source: FGAC

27 Securitizations – Public deals of the Group

Source: FGAC

28 Table of Contents

7. Historical Performance Data 53 8. Contact Details 57

Appendix 1: Detailed Portfolio Breakdown 59 Appendix 2: Comparable Auto Loan Securitisation Transactions & Timetable 68

29 Business Unit ITALY - “SAVA” Profile

° Sava was established in 1925 and is market leader in the Italian motor vehicle finance market

° In 2003 SAVA ownership was transferred to Fidis Retail Italia, a company owned by Fiat (49%) and a pool of Italian banks (51%)

° In December 2006 SAVA was merged by incorporation into Fiat Auto Financial Services (new company name of Fidis Retail Italia, today FGA Capital), after the creation of the new joint-venture between Fiat and Crédit Agricole

° SAVA is now the commercial brand of the motor vehicle financing activity of FGA Capital S.p.A. in Italy

Source: FGAC

30 FGA CAPITAL – Business Unit Italy

Business Unit Italy

RETAIL DEALER FINANCING

SECURITIZATION PERIMETER

Source: FGAC

31 Italian Car Market Overview

FGA Sales Trend in Italy 2003-2013 – Cars + LCV

° The Italian car market remained relatively stable up to 2009, when volumes peaks were driven by scrapping campaign incentive schemes, which remained in place up to Q1 2010 ° FGA market share increased to 32% during the scrapping campaign (FGA brands being leader in ecological fuel and producing a range of model with the lowest CO 2 emissions) ° Under the scrapping campaign, the upsize of SAVA’s portfolio was notably led by the retail new auto loans, with the other sub-pools broadly stable ° Since 2011, the Italian market faced shrinking volumes ° Signs of recovery are evident in the first quarter of 2014

Source: FGAC

32 Financed Volumes split by Product

Units/K €/Mln

180 PCP 2.500 160 Leasing 140 Retail 2.000 120 100 1.500 80 60 1.000 40 20 500 0 0 2010 2011 2012 2013 I° Half '14 2010 2011 2012 2013 I° Half '14

Volumes Financed Amount

200.000

150.000 Alfa ° New business focused on auto Fiat 100.000 loans Jeep JLR Fiat remains the most important 50.000 Lancia ° Maserati Brand of FGA for retail financing 0 2010 2011 2012 2013 I° Half '14

Source: FGAC

33 Overview of FGA Capital - Italian Retail Portfolio

2,539 2,198 1,491 1,412 2,119

2,031 2,169 1,808 1,984 1,315

Dec-10 Dec-11 Dec-12 Dec-13 June-14

On-book Portfolio Securitized Portfolio (Autoloans only)

Source: FGAC

34 Financial Products Features

Product Description Typology Down Payment Tenor

Standard: financing constant 12-84 Retail New / Used cars >= 0 instalments months Financing consisting of an initial downpayment, a subsequent period 25 APP with no monthly instalments and an New / Used cars 50% months optional final balloon.

Financing constant instalments with a final Balloon. 4 different options at contract maturity 25 - 37 In 2013 launch of a new Structure New cars PCP 0 - 60% months 50/50 with 50% downpayment, no installment and final Baloon (50%) after 24 months 24 -60 New cars 10% - 40% LRV: Financial leasing with residual months value of 1% - 15% for 60 months 24 -48 Used cars 10% - 30% Leasing months MRV: Financial leasing with residual 24 -60 value 20 - 30% or higher with FGA BUY New cars 10% - 30% months BACK

° Only Retail Standard loans will be included in the securitised portfolio ° Loan to Value (LTV) always below 100% of the retail price of the car

Source: FGAC

35 Analysis of New Business: Ticket and Tenor

No. of Contracts Average Ticket (Euro) 30,000 16,000 15,000 25,000 14,000 20,000 13,000 12,000 15,000 11,000 10,000 10,000 9,000 5,000 8,000 0 7,000 12 13 09 10 11 12 12 13 13 13 14 14 09 09 09 10 10 10 11 11 11 12 ------Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Apr Apr Oct Oct Apr Apr Oct Oct Apr Apr Apr Apr Oct Oct Apr Apr Oct Oct Apr Apr Oct Oct Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan

No. of Contracts Average Tenor (Months) 30,000 54.0 52.0 25,000 50.0 20,000 48.0 46.0 15,000 44.0 10,000 42.0 40.0 5,000 38.0 0 36.0 12 13 09 10 11 12 12 13 13 13 14 14 09 09 09 10 10 10 11 11 11 12 ------Jul Jul Jul Jul Jul Apr Oct Apr Oct Apr Apr Oct Apr Oct Apr Oct Jan Jan Jan Jan Jan Jan

Source: FGAC

36 FGAC – Italian Portfolio Origination Process

° Loans are originated through the brands’ dealer network (FGA Brands, Jaguar Land Rover and Maserati)

° Dealers are separate commercial entities, independent from both the brand and FGAC (and namely, its commercial brand SAVA)

° Dealers are appointed on the basis of a number of parameters, including: ° Financial strength ° Managerial ability ° Operational capability ° Premises ° Business plan

° FGAC monitors very closely dealers’ compliance with loan underwriting procedure and performance of the receivables originated through them: ° Good performance awarded with incentives and increased co-operation ° Underperformance leading to reduced co-operation with FGAC Source: FGAC

37 FGAC - Credit Process Management

CREDIT CREDIT DEFAULT UNDERWRITING MANAGEMENT MANAGEMENT

° Customer assessment / scoring ° Financing ° Overdue management

° Credit Scoring ° Pay out ° Phone Collection ° Credit Bureau ° Collection ° Direct Collection ° CRM Activities ° Legal Collection ° Credit Rules ° End of contract ° Assessment by underwriter management

° Approval Flow ° Performance management ° Provisioning Policies management

° Automatic decision ° New Business Analysis ° Bad Debts sale ° Manual Decision ° Vintage Analysis ° Write-off Management ° Aging Summary ° Credit Review Process

Source: FGAC

38 TO APPLY Retail Underwriting: Credit Evaluation Process CREDIT RULES

UNDERWRITING AGENTS

FIN2000 AS400

CREDIT BUREAU: - Experian - CRIF (positive and negative) SCORECARD

¢ Strategy One addresses our underwriting activities allowing - by using data and ¢ 65 Underwriters information, both internal and external - to reach a decision in line with FGAC credit policies ¢ Highly granular delegation of authority ¢ Strategy One processes over 97% of applications, of which around 70% are automatically evaluated ¢ ~ 14,000 applications analysed each month ¢ The goals of Strategy One are: ° service quality with “live” feedbacks in ca. 15 minutes (ca. 30 in case of manual ¢ ~ 8% resulting Below Cut-Off underwriting) ° assumption of risks controls aligned to our expectations Source: FGAC

39 The Credit Scoring System

° Financial variables ° 8 score cards (+1 fraud prevention scorecard) ° Specific for customer – target ° Socio-demographic variables ° Differentiated between new and used cars Variables related to the product to be ° ° Setting of the cut-off level according to the purchased Expected Losses ° Credit Bureau Score

NEW CARS USED CARS ° First time introduction: 1988 PRIVATE ° Quarterly monitoring Yearly Nominal Critica Not Critical Age of vehicle Age of vehicle Rate 0 Area Area <= 2 years > 2 years of performances

PARTNERSHIP ° Every 3/4 years, COMPANIES according to the result of monitoring process, scorecards CORPORATIONS are reviewed (Critical and Non-Critical

LEASING newly developped in 2014) Source: FGAC

40 Credit Strategies

SCORECARD O Fraud Credit K RESULT Credit Dealers Approval Prevention Bureau R ~ 60 % Rules Segmentation V Area Scorecard Check K Cut-off O

INVESTIGATION Fraud Credit R ~ 30 % ManualAREA Credit Dealers V Prevention Bureau > Downpayment / Revision Rules Segmentation Scorecard Check K Guarantor Area O Cut -off

Fraud Credit K Credit Dealers ~ 10 % Rejected Prevention Bureau O Rules Segmentation Area Scorecard Check

° The automatic process of evaluation starts from the scorecards ° The score level defines if the request belongs to ° the approval area ° the manual revision area ° the rejected area ° For each area there is a specific credit strategy with a specific set of controls. Source: FGAC

41 The collection process

ROLL RATE

BAND From To 2H 2013 1H 2014 0 1 1,50% 1,50% 1 2 0,32% 0,32% 2 3 0,18% 0,19% 3 4 0,15% 0,14% 4 5 0,13% 0,12% 5 W/OFF 0,10% 0,11%

Note: DBT = “Decadenza Beneficio del Termine” Source: FGAC

42 Composition of doubtful (Total Business)

8,0% 5.500 5.143 7,5% 5.250 5.000 7,0% 4.750 4.392 6,5% 4.500 4.105 4.250 6,0% 3.957 3.824 3.800 4.000 5,5% 3.750 3.500 5,0% 4,56% 3.250 4,22% 4,5% 4,04% 3.000 4,0% 2.750 3,39% 3,45% 1,73% 3,22% 2.500 3,5% €/000 1,76% 2,83% 2.250 3,0% 2,07% 2,45% 2.000 2,5% 0,36% 1,84% 1.750 1,96% 2,08% 0,50% 1,92% 1.500 2,0% 1,55% 1.250 0,42% 1,37% 1,30% 1,5% 1.000 2,47% 0,51% 1,0% 1,95% 0,46% 0,37% 750 1,54% 500 0,5% 1,04% 0,91% 0,94% 250 0,0% 0 Dec-10 Dec-11 Dec-12 Dec-13 Mar-14 Jun-14 % Compromised Doubtful (>240 days) % Uncompromised Doubtful (90-240 days) % Sensitive (1-90 days) % NPL Ratio (Doubtful on Outstanding) Source: FGAC % Total Arrears Oustanding

43 Delinquency Rates

Sensitive (1-3)

New Cars Rateale Used Cars Rateale 6.00%

5.00% Retail New 4.00% substantially stable 3.00% around 2% 2.00%

1.00% Retail Used 0.00% increased at the end of 2008 (impact of economic crisis) Doubtful (>3) but improving since New Cars Rateale Used Cars Rateale 2nd half 2011 2.50% (introduction of 2.00% new credits and commercial 1.50% policies) . In the last two years is stable 1.00% at 3% 0.50%

0.00%

Source: FGAC

44 TTD (“Through The Door”) of Frauds: Trend and prevention policies

Internal prevention effect ° Specific Information Bureau and scorecard ° Different underwriting policies depending on channel 1,200 4,000 3,500 ° Targeted analysis and actions to dealers 1,000 and sales force 3,000 800 ° Specific training 2,500 ° Continuous focus and consciousness on 600 2,000 Contracts Contracts frauds problem °

N 1,500 400 ° Circulation of information and cases 1,000 200 ° People specific know-how to support 500 judicial authorities in their investigation - 0 activity

Total Fraud Ctr Fraud Financed Financed Amount

Rejection 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H 2014 Rate 63% 74% 78% 86% 80% 84% 74% 81% 87% 84% 85% 98% Worst performances in 2009 and 2010 due to exceptional TTD volumes (scrapping campaigns) and consequent increase of automatic credit decision to maintain service level

Source: FGAC

45 Table of Contents

7. Historical Performance Data 53 8. Contact Details 57

Appendix 1: Detailed Portfolio Breakdown 59 Appendix 2: Comparable Auto Loan Securitisation Transactions & Timetable 68

46 Overview of the Securitisation Structure

° The purchase price of the Receivables to be paid by A-BEST 10 will be the Net Present Value (“NPV”) of the future instalments of the loans calculated applying a discount rate equal to 5.85% ° A-BEST 10 will fund the purchase price of the Receivables (true sale) through the issuance of the ABS Notes ° Static Portfolio: no additional receivables will be transferred to the SPV after closing ° The SPV will enter into an hedging transaction with the Swap Counterparty to hedge interest rate risk deriving from the mismatch between fixed rate assets and floating rate liabilities ° The Swap Agreement envisages the SPV receiving Euribor1M on the Amount Outstanding of the Class A and B Notes while paying to the Swap Counterparty a fixed rated on the Amount Outstanding of the Class A and B Notes

Source: FGAC

47 Credit Structure

Credit protection provided through: ° Class A Notes subordination enhancement: 12.5% ° Class B Notes subordination enhancement: 8.0% ° Estimated excess spread per year of 3.93% p.a. circa via a discount mechanics on the portfolio purchase price

Structural features ° Fully sequential pass -through redemption ° Euro 7.0 mln Cash Reserve fully funded at closing via the Subordinated Loan, primarily available to cover Interest Shortfall and to the extent not needed for Interest Shortfall, will form part of Principal Available Funds on the Payment Date in which the Rated Notes are redeemed in full ° Euro 17.5 mln non-amortising Commingling Reserve fully funded at closing via the Subordinated Loan ° Principal Deficiency Ledger mechanism to cover defaults and delinquent loans with more than 6 due but unpaid instalments ° Following a FGAC downgrade below BB- by Fitch, the Issuer will procure the appointment of a Back-Up Servicer ° A Back-Up Servicer Facilitator is appointed at the Issue Date

Source: FGAC

48 Waterfall – Key aspects of the Pre-Trigger Interest Priority of Payments Proceeds Use of Proceeds 1

1. Senior Expenses

2. Swap Counterparty Interest Available Funds 3. Servicing Fees All interest collections received during the immediately preceding collection period 4. Class A Notes interest amount due and payable

5. Class B Notes interest amount due and payable Relevant amounts received from the Swap Counterparty 6. Class C Notes interest amount due and payable

7. Class D Notes interest amount due and payable Income from Eligible Investments 8. Replenishment Cash Reserve

9. Principal Funds Account: Principal Shortfall amount as at the preceding Calculation Date Interest accrued on the Issuer Accounts 10. Principal Funds Account: amount paid under item (i) of Principal Priority of Payments on any preceding Payment Date and not yet repaid Recoveries in respect of interest amounts and all other amounts received or recovered in connection with the Receivables other than 11. Termination payment to Swap Counterparty following Swap Trigger Principal Collections 12. Interest to Cash Reserve Subordinated Loan 1 The Prospectus will contain a full description of the Pre-Trigger Notice Interest Priority of Payments 13. All amounts due and payable to the Originator pursuant to Receivables Purch Agreem’t and/or the Warranty&Indemnity Agreem’t Source: FGAC 14. Interest and Variable Return on Junior Notes

49 Waterfall - Key aspects of the Pre-Trigger Principal Priority of Payments Proceeds Use of Proceeds 1

Principal Available Funds 1. Amounts not paid under items (1) to (10) of Interest Priority of All principal collections received during the immediately preceding Payments collection period 2. Principal Amount Outstanding of Class A Notes

Amount paid by the Originator to the Issuer under the Warranty and Indemnity Agreement 3. Principal Amount Outstanding of Class B Notes

4. Principal Amount Outstanding of Class C Notes Amounts received in respect of the Insurance Policies 5. Principal Amount Outstanding of Class D Notes

6. Termination payments not paid to Swap Counterparty under the Recoveries in respect of Principal Collections Interest Priority of Payments

7. Principal amounts to Cash Reserve Subordinated Loan Other amounts paid by the Originator to the Issuer pursuant to Receivables Purchase Agreement 8. Amounts to the Originator pursuant to the Receivables Purchase Agreement and/or the Warranty & Indemnity Agreement

Amounts paid to the Issuer by the Servicer pursuant of Servicing 9. Principal Amount Outstanding of Junior Notes until Euro 100,000 Agreement being indemnities in relation to renegotiated Loan 10. Principal Amount Outstanding of the Junior Notes

Principal deficiency ledger (PDL) 11. Variable Return on the Junior Notes Source: FGAC 1 The Prospectus will contain a full description of the Pre-Trigger Notice Principal Priority of Payments 50 Class A and Class B Notes WAL Sensitivity

° Expected WAL of the Class A and B Notes calculated based on the relevant CPR assumptions indicated in the table below ° Assumptions: ° No Event of Default has occurred in respect to the Notes ° Repayment of Principal on the Notes occurs from the Payment Date on the 10 December 2014 ° 0% delinquencies, 0% defaults and no margin compression on the Portfolio ° Issue Date is 27 October 2014 ° Cut-off Date is 4 October 2014 ° Exercise of the 10% clean-up call

CPR 0% 5% 15% Class A WAL (years) 1.80 1.65 1.38

CPR 0% 5% 15% Class B WAL (years) 4.01 3.85 3.51 Source: Preliminary Prospectus dated 8 October 2014

51 Risk Mitigants

° At closing, A-BEST 10 will enter into the Swap Agreement with the Swap Counterparty ° The Swap Agreement will provide hedging for the Class A and B Notes against a mismatch between the floating Interest rate risk rate Class A and B Notes and the fixed rate Receivables ° Notional amount of the Swap Agreement will be equal to the Outstanding Amount of the Class A and B Notes ° Standard downgrading language for Swap Counterparty replacement and collateral posting

° Commingling Reserve fully funded at closing and non-amortising Commingling risk ° Daily sweeps of collections from the Originator to the Issuer accounts

Liquidity risk ° Cash Reserve fully funded at closing and non-amortizing, available to cover Interest Shortfall

Set-off risk ° No deposits of the borrowers with FGAC or loans to FGAC employees

Residual value risk ° No residual value risk in the transaction

Fully performing assets, static pool, granular portfolio, historical performance of assets stressed to calculate Credit risk ° required credit enhancement by Rating Agencies

Source: FGAC

52 Table of Contents

7. Historical Performance Data 53 8. Contact Details 57

Appendix 1: Detailed Portfolio Breakdown 59 Appendix 2: Comparable Auto Loan Securitisation Transactions & Timetable 68

53 Vintage Loss Analysis

° The data below represents the historic losses as of May 2014 on all Loan Agreements originated by FGAC from 2004 to May 2014 for loans to purchase new and used cars. The tables show the development of losses over 1 month from the end of the quarter in which the loans were originated ° The data below is expressed as gross losses borne by FGAC and excludes any recoveries made on the defaulted receivables. Gross losses are defined as total principal and interest payments due on loans that are more than 240 days overdue expressed as a percentage of total principal and interest due on all contracts originated in the quarter

Source: FGAC

54 Delinquencies Static Analysis

° The tables below show delinquency rates (expressed as percentages of the outstanding amount at each relevant date) for the loans relating to new and used cars. ° The series of the tables are represented by the number of instalments due but unpaid by the borrowers. After eight unpaid instalments (240 days) the whole outstanding amount related to the contract is classified as write-off

Source: FGAC

55 Recovery Rates Analysis

° The data below represents the recovery rates as of May 2014 on all loan agreements classified as write-off by FGAC from 2004 to May 2014 for loans to purchase new and used cars. ° The tables show the development of recoveries over 1 month from the end of the quarter in which the loans were written-off

Source: FGAC

56 Table of Contents

7. Historical Performance Data 53 8. Contact Details 57

Appendix 1: Detailed Portfolio Breakdown 59 Appendix 2: Comparable Auto Loan Securitisation Transactions & Timetable 68

57 Key Contact Details

Marco Casalino Riccardo Mesturino Gennaro Migliozzi Treasurer Head of Capital Markets Capital Markets FGA Capital Telephone: +39 011 0033 370 Telephone: +39 011 0034 910 Telephone: +39 011 0064 638 [email protected] [email protected] [email protected]

Fabio Reali Enzo Morgese Pierre Mouradian Structuring Structuring ABS Syndicate CA-CIB Telephone: +39 02 7230 3283 Telephone: +39 02 7230 3518 Telephone: +44 20 7214 6216 [email protected] [email protected] [email protected]

Robert Liao Enrico Orlandi Tim Michael Janusz James Nelson Structuring Structuring Debt Syndicate Debt Syndicate Citigroup Telephone: +44 20 7986 9234 Telephone: +44 20 7986 4732 Telephone : +44 20 7986 9000 Telephone: +44 20 7986 9000 [email protected] [email protected] [email protected] [email protected]

Alessandro Gatto James Crispin Tristan Cheesman Structuring ABS Syndicate ABS Syndicate J.P. Morgan Telephone: +44 20 7134 7716 Telephone: +44 20 7134 2468 Telephone: +44 20 7134 2468 [email protected] [email protected] [email protected]

Paolo Montresor Akinade Dada Biagio Cottone Caterina Tamborra Structuring Structuring Structuring Debt Syndicate Italy UniCredit Telephone: +44 20 7826 6502 Telephone: +44 20 7826 1319 Telephone: +44 20 7826 1304 Telephone: +39 02 8862 0628 [email protected] [email protected] [email protected] [email protected]

58 Table of Contents

7. Historical Performance Data 53 8. Contact Details 57

Appendix 1: Detailed Portfolio Breakdown 59 Appendix 2: Comparable Auto Loan Securitisation Transactions & Timetable 68

59 Stratification Tables of the Portfolio (cut-off 4 October 2014)

Portfolio statistics Number of Loans 44,235 Total Net Present Value at Discount Rate (Euro) 499,997,357 Weighted Average Nominal Interest Rate (T.A.N.) 1.465% Weighted Average Discount Rate (%) 5.850% Weighted Average Original Maturity (Months) 54.71 Weighted Average Remaining Maturity (Months) 47.82 Weighted Average Seasoning (Months) 6.89 Average Loan Net Present Value (Euro) 11,303 Largest Borrower Concentration (Euro) 93,069 Largest Borrower Concentration (%) 0.02% Weighted average original LTV 86,04%

Distribution by New and Used Cars Number of Contracts % by Total Number Net Present Value % by Net Present of Contracts (Euro) Value New 39,691 89.73% 463,611,370.12 92.72% Used 4,544 10.27% 36,385,986.56 7.28% Total 44,235 100.00% 499,997,356.68 100.00%

Source: FGAC

60 Stratification Tables of the Portfolio (cut-off 4 October 2014)

Distribution by Loans with Credit Number of Contracts % by Total Number Net Present Value % by Net Present Protection Insurance (CPI) of Contracts (Euro) Value

Loan without CPI 25,607 57.89% 296,161,375.65 59.23 % Loan with CPI 18,628 42.11% 203,835,981.03 40.77% Total 44,235 100.00% 499,997,356.68 100.00%

Distribution by Nominal Number of Contracts % by Total Number Net Present Value % by Net Present Interest Rate (T.A.N.) of Contracts (Euro) Value

>=0% to <=1% 30,407 68.74% 338,160,183.82 67.63 % 1% to 2% - 0.00% - 0.00% 2% to 3% 4,781 10.81% 66,715,678.95 13.34% 3% to 4% 3,760 8.50% 36,231,539.82 7.25% 4% to 5% 866 1.96% 10,878,505.61 2.18% 5% to 6% 1,216 2.75% 12,384,218.18 2.48% 6% to 7% 1,309 2.96% 14,086,032.77 2.82% 7% to 8% 1,051 2.38% 9,620,867.86 1.92% 8% to 9% 246 0.56% 2,581,480.26 0.52% 9% to 10% 82 0.19% 886,085.42 0.18% 10% to 11% 86 0.19% 1,235,203.40 0.25% 11% to 12% 346 0.78% 5,989,329.70 1.20% 12% to 13% 85 0.19% 1,228,230.89 0.25% Total 44,235 100.00% 499,997,356.68 100.00%

Source: FGAC

61 Stratification Tables of the Portfolio (cut-off 4 October 2014)

Distribution by payment method Number of Contracts % by Total Number Net Present Value % by Net Present of Contracts (Euro) Value SEPA Direct Debit 39,396 89.06% 448,695,762.74 89.7 4% Postal SEPA Direct Debit 4,839 10.94% 51,301,593.94 10.26% Total 44,235 100.00% 499,997,356.68 100.00%

Distribution by Number of Contracts % by Total Number Net Present Value % by Net Present Original Loan Maturity of Contracts (Euro) Value

12 to 18 10 0.02% 53,044.44 0.01% 18 to 24 20 0.05% 142 ,847.33 0.03% 24 to 30 917 2.07% 5,768,676.95 1.15% 30 to 36 319 0.72% 1,930,705.38 0.39% 36 to 42 10,350 23.40% 90,775,468.32 18.16% 42 to 48 482 1.09% 3,622,632.29 0.72% 48 to 54 9,204 20.81% 101,923,387.1 20.38% 54 to 60 296 0.67% 2,959,169.36 0.59% 60 to 66 19,270 43.56% 238,241,297.1 47.65% 66 to 72 97 0.22% 1,399,735.91 0.28% 72 to 78 1,572 3.55% 24,497,992.57 4.90% 78 to 84 39 0.09% 585,377.61 0.12% 84 to 96 1,107 2.50% 19,177,798.74 3.84% Over 96 552 1.25% 8,919,223.52 1.78% Total 44,235 100.00% 499,997,356.68 100.00%

Source: FGAC

62 Stratification Tables of the Portfolio (cut-off 4 October 2014)

Distribution by Number of Contracts % by Total Number Net Present Value % by Net Present Remaining Loan Maturity of Contracts (Euro) Value

0 to 6 152 0.34% 181,981.08 0.04% 6 to 12 325 0.73% 949,628.43 0.19% 12 to 18 878 1.98% 4,450,227.72 0.89% 18 to 24 1,253 2.83% 7,894,442.30 1.58% 24 to 30 7,274 16.44% 62,121,792.84 12.42% 30 to 36 3,694 8.35% 36,157,101.94 7.23% 36 to 42 2,609 5.90% 28,027,603.18 5.61% 42 to 48 6,952 15.72% 81,374,375.84 16.27% 48 to 54 9,251 20.91% 111,932,640.83 22.39% 54 to 60 8,736 19.75% 115,358,927.19 23.07% 60 to 66 834 1.89% 12,791,065.38 2.56% 66 to 72 730 1.65% 12,206,552.02 2.44% 72 to 78 592 1.34% 9,407,491.52 1.88% 78 to Over 955 2.16% 17,143,526.41 3.43% Total 44,235 100.00% 499,997,356.68 100.00%

Source: FGAC

63 Stratification Tables of the Portfolio (cut-off 4 October 2014)

Distribution by Number of Contracts % by Total Number Net Present Value % by Net Present Seasoning of Contracts (Euro) Value

0 to 6 19,142 43.27% 239,317,210.93 47.86% 6 to 12 20,215 45.70% 219,536,699.08 43.91% 12 to 18 2,457 5.55% 25,059,093.62 5.01% 18 to 24 1,044 2.36% 8,988,993.42 1.80% 24 to 30 921 2.08% 5,258,949.15 1.05% 30 to 36 283 0.64% 1,206,208.68 0.24% 36 to 42 137 0.31% 499,104.74 0.10% 42 to 48 34 0.08% 117,142.63 0.02% >=48 2 0.00% 13,954.43 0.00% Total 44,235 100.00% 499,997,356.68 100.00%

Distribution by Borrower Type Number of Contracts % by Total Number Net Present Value % by Net Present of Contracts (Euro) Value Non VAT borrower 44,235 100.00% 499,997,356.68 100.00% VAT borrower - 0.00% - 0.00% Total 44,235 100.00% 499,997,356.68 100.00%

Distribution by Top 5 Number of Contracts % by Total Number Net Present Value % by Net Present Car Models of Contracts (Euro) Value Panda 2012 11,117 25.13% 108,600,168 21.72% 500L 5,220 11.80% 74,572,011 14.91% Grande Punto 7,080 16.01% 68,863,815 13.77% NUOVA YPSILON 5,642 12.75% 57,493,700 11.50% 500 5,475 12.38% 57,070,600 11.41% Total 34,534 78.07% 366,600,293.64 73.32% Source: FGAC

64 Stratification Tables of the Portfolio (cut-off 4 October 2014)

Distribution by Number of Contracts % by Total Number Net Present Value % by Net Present Geographic Area of Contracts (Euro) Value

North 20,346 46.00% 233,885,414.61 46.78% Centre 12,608 28.50% 137,732,561.73 27.55% South 11,281 25.50% 128,379,380.34 25.68% DistributionTotal by Number 44,235of Contracts % by Total 100.00% Number Net 499,997,356.68 Present Value % by Net 100.00% Present Region of Contracts (Euro) Value Lombardia 8,586 19.41% 97,509,023.99 19.50% Toscana 4,454 10.07% 47,453,459.03 9.49% Emilia Romagna 3,892 8.80% 45,027,498.88 9.01% Lazio 3,940 8.91% 42,971,161.60 8.59% Campania 3,553 8.03% 40,737,037.14 8.15% Piemonte 3,078 6.96% 37,176,806.93 7.44% Veneto 3,069 6.94% 35,691,912.46 7.14% Puglia 2,450 5.54% 29,080,429.04 5.82% Sicilia 2,589 5.85% 28,335,726.88 5.67% Marche 2,047 4.63% 23,705,727.45 4.74% Calabria 1,218 2.75% 13,717,962.03 2.74% Abruzzo 1,249 2.82% 13,531,415.92 2.71% Sardegna 1,001 2.26% 11,069,556.71 2.21% Umbria 918 2.08% 10,070,797.73 2.01% Liguria 925 2.09% 9,415,459.52 1.88% Friuli Venezia Giulia 480 1.09% 5,397,548.08 1. 08% Basilicata 340 0.77% 3,959,003.82 0.79% Trentino Alto Adige 253 0.57% 2,869,935.94 0.57 % Molise 130 0.29% 1,479,664.72 0.30% Valle d'Aosta 63 0.14% 797,228.81 0.16% Source: FGAC Total 44,235 100.00% 499,997,356.68 100.00%

65 Stratification Tables of the Portfolio (cut-off 4 October 2014)

Distribution by Number of Contracts % by Total Number Net Present Value % by Net Present Top 20 Province in Italy of Contracts (Euro) Value

Roma 2,867 6.48% 31,535,493.03 6.31% Milano 2,289 5.17% 25,820,951.02 5.16% Torino 1,829 4.13% 22,884,340.28 4.58% Napoli 1,923 4.35% 21,327,719.73 4.27% Brescia 1,101 2.49% 13,719,994.92 2.74% Bari 1,088 2.46% 13,042,694.98 2.61% Bergamo 1,142 2.58% 12,219,951.44 2.44% Monza e Brianza 949 2.15% 10,910,083.05 2.18% Bologna 913 2.06% 10,722,015.26 2.14% Firenze 889 2.01% 9,580,500.65 1.92% Perugia 787 1.78% 8,742,966.34 1.75% Ancona 720 1.63% 8,390,251.74 1.68% Palermo 811 1.83% 8,222,197.60 1.64% Salerno 653 1.48% 7,978,399.53 1.60% Padova 628 1.42% 7,300,473.72 1.46% Vicenza 646 1.46% 7,290,334.11 1.46% Como 646 1.46% 7,279,007.64 1.46% Varese 643 1.45% 7,273,988.34 1.45% Pisa 681 1.54% 7,099,441.04 1.42% Modena 613 1.39% 6,926,481.34 1.39% Total 21,818 49.32% 248,267,285.76 49.65%

Source: FGAC

66 Stratification Tables of the Portfolio (cut-off 4 October 2014)

Distribution by Number of Contracts % by Total Number Net Present Value % by Net Present Top 20 Obligors of Contracts (Euro) Value

1 1 0.002% 93,068.87 0.02% 2 1 0.002% 83,195.51 0.02% 3 1 0.002% 73,512.61 0.01% 4 1 0.002% 72,317.63 0.01% 5 1 0.002% 71,919.21 0.01% 6 1 0.002% 68,718.95 0.01% 7 1 0.002% 67,826.73 0.01% 8 1 0.002% 67,350.12 0.01% 9 1 0.002% 64,839.29 0.01% 10 1 0.002% 62,630.10 0.01% 11 1 0.002% 60,474.85 0.01% 12 1 0.002% 60,402.00 0.01% 13 1 0.002% 60,136.09 0.01% 14 1 0.002% 58,896.29 0.01% 15 1 0.002% 58,012.23 0.01% 16 1 0.002% 57,921.68 0.01% 17 1 0.002% 57,846.17 0.01% 18 1 0.002% 57,335.03 0.01% 19 1 0.002% 56,855.28 0.01% 20 1 0.002% 56,457.46 0.01% Total 20 0.05% 1,309,716.10 0.26%

Source: FGAC

67 Table of Contents

7. Historical Performance Data 53 8. Contact Details 57

Appendix 1: Detailed Portfolio Breakdown 59 Appendix 2: Comparable Auto Loan Securitisation Transactions & Timetable 68

68 Comparable transactions

E-CARAT SA Compartment SC Germany Auto 2014-1 Globaldrive Auto Transaction Driver Tw elve GmbH 6 UG Receivables 2014-A BV Pricing Date 24-Jan-2014 13-Mar-2014 16-Apr-2014 21-May-2014 Originator GMAC Bank GmbH Santander Consumer Bank VW Bank FCE Bank Size (AAA) €400.0mn €553.5mn €1,250.0mn €500.0mn Summary German Auto ABS German Auto Loan ABS German Auto Loan ABS German Auto Loan ABS WAL (years) 1.7 1.57 1.9 1.94 Spread (bps) 40 42 35 35 WA Seasoning (years) 0.69 1.13 0.92 0.68 Revolving Period (years) 0 0 0 0 CE 10.90% 8.75% 9.00% 8.70%

Asset-Backed European Bavarian Sky SA E-CARAT SA Compartment Silver Arrow SA Transaction Securitisation Transaction Compartment German 7 Compartment 5 Nine Srl (A-BEST 9) Auto Loans 2 Pricing Date 27-May-2014 11-Jul-2014 11-Jul-2014 05-Sep-2014 Originator FGA Bank SpA / GmbH GMAC Bank GmbH BMW Bank Mercedes-Benz Bank AG Size (AAA) €437.5mn €325.0mn €946.2mn €1,000.0mn Summary Italian Auto ABS German Auto ABS German Auto ABS German Auto ABS WAL (years) 1.27 1.82 1.24 1.31 Spread (bps) 75 33 28 27 WA Seasoning (years) 0.87 0.58 1.27 1.43 Revolving Period (years) 0 0 0 CE 12.50% 10.40% 9.00% 8.00%

VCL Multi-Compartment SA Comp Transaction Bilkreditt 6 Ltd SC Germany Auto 2014-2 UG VCL 20 Pricing Date 05-Sep-2014 17-Sep-2014 24-Sep-2014 Originator Santander Consumer Bank Santander Consumer Bank VW Leasing Size (AAA) €715.0mn €2,895.0mn €1,000.0mn Summary Norw egian Auto AbS German Auto ABS German Auto ABS WAL (years) 1.71 5.59 1.24 Spread (bps) 37 1.209% (CPN) 27 WA Seasoning (years) 0.43 1.33 0.73 Revolving Period (years) 0 0 CE 15.50% 4.50% 7.80%

Source: FGAC

69 Indicative Timetable for the transaction

Announcement of the deal 8 October

RED Offering Circular and Rating Agency Presale Reports Available 8 October

Price Guidance / Books Open [14 October]

Settlement and Closing [27 October]

Source: FGAC

70 Q & A SESSION