London, 13 November 2012 -- Moody's has determined that the proposed action (the "Proposal") of the account bank (Unicredit Bank AG) and the servicer (Unicredit S.p.A., both referred as the "Bank") to amend the definition of the eligibility institution being at least rated A3 by Moody's and definition of eligible investments being rated at least Baa3 or P3 and Baa2 or P-2 by Moody's for investments with a maturity of up to 1 month and between 1 month and 3 months, respectively, and the servicer trigger to identify a back-up servicer at loss of Baa3 in relation to the Master Definitions Agreement and Terms and Conditions of the Notes should not, if implemented, in and of itself at this time result in a reduction or withdrawal of the current ratings of the notes issued by Impresa ONE S.r.l.(the "Issuer"). Moody's does not express an opinion as to whether the proposal may be considered to have negative effects in any other respect.

Moody's has assessed the Proposal to amend the eligibility institution definition by lowering the transfer trigger at A3 that the Bank has decided to take as a result of the downgrade of the Account Bank to A3/P-2. Moody's has assessed the probability and impact of a default of the Bank on the ability of the Issuer to meet its obligations under the transaction, including the impact of the loss of any cash held by the Bank should it default and any loss that may be incurred after that time due to any delay in redirecting payments to a new account or taking any other appropriate action. In particular, Moody's has considered the current rating of the account bank and the transfer trigger in place as well as approx. Eur 1.9 billion currently in the principal account (excluding prepayments) resulting from the lock-up period ending however in 6 months. Based on Moody's operational risk guidelines, Moody's has also assessed the Proposal of Unicredit S.p.A. (Baa2/P-2) to identify a back-up servicer at loss of Baa3 instead of Baa2, as currently documented.

The methodologies used in this rating were Moody's Approach to Rating CDOs of SMEs in Europe published in February 2007, Refining the ABS SME Approach: Moody's Probability of Default assumptions in the rating analysis of granular Small and Mid-sized Enterprise portfolios in EMEA published in March 2009 and Moody's Approach to Rating Granular SME Transactions in Europe, Middle East and Africa published in June 2007. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Other Factors used in this rating are described in "The Temporary Use of Cash In Structured Transactions: Eligible Investment Guidelines" published on December 9, 2008 and Global Structured Finance Operational Risk Guidelines: Moody's Approach to Analyzing Performance Disruption Risk, June 2011.

Moody's noted that on 2 July 2012, it released a Request for Comment, in which the rating agency has requested market feedback on potential changes to its rating implementation guidance for the temporary use of cash in structured finance transactions. If the revised rating implementation guidance is implemented as proposed, the rating on the notes should not be negatively affected. Please refer to Moody's Request for Comment, entitled "The Temporary Use of Cash in Structured Finance Transactions: Eligible Investment and Bank Guidelines: Request for Comment" for further details regarding the implications of the proposed methodology changes on Moody's ratings.

Moody's will continue to monitor the ratings. Any change in the ratings will be publicly disseminated by Moody's through appropriate media.

Sebastian Hoepfner Analyst Structured Finance Group Moody'sInvestors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Thorsten Klotz MD - Structured Finance Structured Finance Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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