Paul Hastings represents Intesa Sanpaolo on €5.9 billion securitisation

Milan, Italy (24 July 2009) – Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, announced today that the firm represented Intesa Sanpaolo on the launch of a €5.9 billion securitisation of performing residential mortgage loans through the Adriano Finance vehicle.

The transaction consists of one senior tranche (class A) of €5.297 million – WAL 5 years approximately, listed on the Luxembourg Stock Exchange and rated AAA by Fitch – as well as one junior tranche (class B) of €563 million.

The Notes are issued at a price equal to 100% of their nominal amount and pay a floating rate coupon based on the 6 month Euribor rate. Both classes of Notes have been fully underwritten by the Intesa Sanpaolo Group.

This transaction further implements the plan aimed at prudently increasing the already broad availability of eligible assets with Central Banks announced in the press release issued on 11 November 2008.

The Paul Hastings team was led by London finance partner Lorenza Talpo, assisted by associates Stefania Cane and Marc Courtejoie. Tax aspects of the transaction were undertaken by the head of the Milan’s tax department, partner Bernadette Accilli with London Of Counsel Tom O’Riordan advising on English law aspects.

Paul, Hastings, Janofsky & Walker LLP is one of the world’s leading law firms, with 1,200 lawyers in 18 international offices. Our practice breadth enables us to deliver innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.

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