IM AURIGA PYMES EUR 1

Fax: 91 597 11 05

info@imtitulizacion.com

C/ Principe de Vergara, 131

Tfno: 91 432 64 88Planta 3, 28002 Madrid

Investment Report

InterMoney Titulización S.G.F.T., S.A.

December 2015

2

Residual Maturity 9

Discount over Nominal 10

Deferred Price (% over Nominal) 8

Definitions 17

Downpayment Price (% over Nominal) 7

Debtor Province 11

Price Adjustments 15

Days in Arrears 16

Debtor Concentration 14

Debtor Country 12

Debtor NACE Code 13

Insurance Claims 3

Coverage & Limits 4

Credit Rights Information 3

Nominal Amount 6

Contents 2

General Concentration 4

Additional Credit Rights Purchase 5

Distribution Charts 6

Asset Return 4

Seller Concentration 4

Debtor Concentration 4

Page

Contents

3

CREDIT RIGHTS INFORMATION

IM AURIGA PYMES EUR 1

Price Adjustments - 146.773 37.757 - 81.679 23.950

% over Purchase - 1,67 % 4,15 % - 1,91 % 4,12 %

Deferred Price 6.161.275 1.175.825 119.197 6.585.442 625.130 81.092

% over Purchase 14,73 % 13,34 % 13,10 % 14,87 % 14,62 % 13,96 %

Discount Amount 1.006.671 101.291 15.823 929.395 81.744 5.315

Average Initial Maturity (days) 121,14 81,22 109,11 112,42 97,54 82,48

Average Seasoning (days) 70,57 128,36 231,95 65,37 153,14 205,67

% Discount over Nominal 2,41 % 1,15 % 1,74 % 2,10 % 1,91 % 0,91 %

Average Residual Maturity (days)

50,57 - - 47,05 - -

Average Debtor Amount 164.642 37.830 60.640 113.867 33.660 58.107

Number of Debtors 254 233 15 389 127 10

Average Nominal Amount 26.468 14.569 37.900 22.203 12.042 34.181

% over Purchase 82,86 % 83,85 % 81,01 % 83,03 % 81,55 % 81,01 %

Number of Credit Rights 1.580 605 24 1.995 355 17

% over Nominal 97,59 % 98,85 % 98,26 % 97,90 % 98,09 % 99,09 %

Downpayment Price 34.651.148 7.390.573 736.825 36.779.615 3.486.225 470.718

Total Nominal Amount 41.819.094 8.814.463 909.602 44.294.453 4.274.778 581.075

Total Purchase Price 40.812.423 8.713.172 893.779 43.365.057 4.193.034 575.760

Current Month (31/12/2015)

Previous Month (30/11/2015)

Portfolio Not Due

Portfolio in Arrears

Insurance Pending Claims

Portfolio Not Due

Portfolio in Arrears

Insurance Pending Claims

Insurance Claims

Denied Claims 0 0 0,00 % 0 0 0,00 %

Debtor Claims Effective Recovery

- - 0,00 % - - 98,45 %

Insurance Claims Effective Recovery

- - 0,00 % - - 1,40 %

Claims Indemnity 0 0 0,00 % 350 1.917.011 67,56 %

Number of Filed Claims 7 328.527 0,52 % 374 2.829.592 0,62 %

Number of Debtors Filed Claims 5 321.200 1,00 % 51 2.837.582 8,70 %

Total PortfolioNumber Amount % Total

Current Month

Number Amount % Total

Cumulative since the Constitution Date

4

Top 3 2.938.223 5,70 % 2.829.658 5,76 %

Top 2 10.697.261 20,75 % 10.344.668 21,05 %

Top 1 14.903.948 28,92 % 11.987.328 24,39 %

Seller Concentration

Total Portfolio Amount % Amount %

Top 10 29.500.565 57,23 % 25.642.079 52,17 %

Top 5 25.561.152 49,59 % 20.893.307 42,51 %

Top 1 10.838.348 21,03 % 6.279.068 12,78 %

Debtor Concentration

Total Portfolio Amount % Amount %

Period Average Effective Rate over Downpayment Price (CRs paid during month)

10,72 % 10,83 %

Cumulative Average Effective Rate over Downpayment Price (CRs paid since inception)

10,91 % 10,94 %

Period Arrears Occurrence Rate 13,65 % 6,75 %

Period Arrears Recoveries Occurrence Rate

26,58 % 37,34 %

Average Discount Rate over Downpayment Price

9,79 % 9,96 %

Average Discount Rate over Nominal

8,13 % 8,25 %

Asset Return

Total Portfolio % %

Insurer Cancelled Limits - Debtors

2,99 % 1,90 %

Debtors full limits usage (%) (ex insurer cancelled limits)

9,16 % 11,79 %

Insurer Cancelled Limits - Credit Rights

2,14 % 1,46 %

Debtor Limits Average Usage (%)

66,56 % 65,85 %

Current Month (31/12/2015)

Previous Month (30/11/2015)

Total Portfolio % %

Coverage & Limits

Number of Debtors 502 526

Number of Sellers 67 71

Number of Credit Rights 2.209 2.367

General Concentration

Total Portfolio Number Number

Note: most receivables have a minimum additional payment period of 15 days from its maturity date, during which they continue to accrue ordinary interest. It is considered that a receivable is in arrears when this additional term has been exceeded and a grace period does not apply. If a receivable does not include such additional period, it has been considered for reporting purposes this period exists.

5

Credit Rights Purchases in the Period

14.41578.778344.51147.61218.791

16,9710,208,7118,4011,34

76,7443,99158,6784,2887,74

59,7733,79149,9665,8876,40

1,34 %0,77 %3,07 %1,48 %1,80 %

5.03440.119190.58312.64325.385

14,50 %17,49 %18,96 %16,31 %15,50 %

54.350909.5881.175.984139.780218.390

84,16 %81,73 %77,96 %82,21 %82,70 %

315.4154.249.6594.834.640704.6011.165.545

98,66 %99,23 %96,93 %98,52 %98,20 %

369.7655.159.2476.010.624844.3811.383.934

374.7995.199.3666.201.207857.0241.409.319

6.04535.131114.83719.0459.925

2666181875

8179918

621485445142

Average Debtor Amount

Average Seasoning (days)

Average Initial Maturity (days)

Average Residual Maturity (days)

% Discount over Nominal

Discount Amount

% over Purchase

Deferred Price

% over Purchase

Downpayment Price

% over Nominal

Total Purchase Price

Total Nominal Amount

Average Nominal Amount

Number of Debtors

Number of Sellers

Number of Credit Rights

30/12/201523/12/201517/12/201510/12/201503/12/2015

6

Nominal Amount

(7.500 - 10.000] 98 21 2 840.031 179.653 17.028

> 50.000 123 30 3 30.954.527 4.374.415 537.918

(20.000-50.000] 135 63 7 4.348.213 1.884.243 238.484

(10.000 - 20.000] 172 82 5 2.432.091 1.179.006 79.997

[0 - 500] 10 3 0 2.962 393 0

(5.000 - 7.500] 169 61 5 1.029.005 370.505 32.870

(1.000 - 5.000] 869 345 2 2.209.098 826.248 3.305

(500 - 1.000] 4 0 0 3.166 0 0

Total 1.580 605 24 41.819.094 8.814.463 909.602

Current Arrears Defaults Current (€) Arrears (€) Defaults (€)

Note: most receivables have a minimum additional payment period of 15 days from its maturity date, during which they continue to accrue ordinary interest. It is considered that a receivable is in arrears when this additional term has been exceeded and a grace period does not apply. If a receivable does not include such additional period, it has been considered for reporting purposes this period exists.

7

Downpayment Price (% over Nominal)

> 90 % 0 0 0 0 0 0

(80% - 85 %] 748 326 24 24.347.390 3.671.262 909.602

(85% - 90 %] 830 279 0 13.395.031 5.143.201 0

(75% - 80 %] 2 0 0 4.076.673 0 0

< 70 % 0 0 0 0 0 0

(70% - 75 %] 0 0 0 0 0 0

Total 1.580 605 24 41.819.094 8.814.463 909.602

Current Arrears Defaults Current (€) Arrears (€) Defaults (€)

Note: most receivables have a minimum additional payment period of 15 days from its maturity date, during which they continue to accrue ordinary interest. It is considered that a receivable is in arrears when this additional term has been exceeded and a grace period does not apply. If a receivable does not include such additional period, it has been considered for reporting purposes this period exists.

8

Deferred Price (% over Nominal)

(17,5% - 20 %] 261 23 0 6.441.339 115.635 0

> 25 % 0 0 0 0 0 0

(22,5% - 25 %] 0 0 0 0 0 0

(20% - 22,5 %] 1 0 0 4.065.600 0 0

< 10 % 0 11 2 0 114.152 19.954

(15% - 17,5 %] 450 175 4 6.278.648 1.226.125 92.479

(12,5% - 15 %] 480 349 11 7.523.837 6.909.937 584.989

(10% - 12,5 %] 388 47 7 17.509.670 448.615 212.180

Total 1.580 605 24 41.819.094 8.814.463 909.602

Current Arrears Defaults Current (€) Arrears (€) Defaults (€)

Note: most receivables have a minimum additional payment period of 15 days from its maturity date, during which they continue to accrue ordinary interest. It is considered that a receivable is in arrears when this additional term has been exceeded and a grace period does not apply. If a receivable does not include such additional period, it has been considered for reporting purposes this period exists.

9

Residual Maturity

+180 days 23 1 0 4.249.529 24.727 0

120-149 days 286 46 2 6.419.973 988.288 71.264

149-179 days 94 12 3 13.134.714 341.908 261.954

60-89 days 564 209 11 8.260.076 4.737.880 375.097

90-119 days 505 245 8 5.040.812 2.240.090 201.287

1-29 days 0 0 0 0 0 0

30-59 days 108 92 0 4.713.989 481.570 0

Total 1.580 605 24 41.819.094 8.814.463 909.602

Current Arrears Defaults Current (€) Arrears (€) Defaults (€)

Note: most receivables have a minimum additional payment period of 15 days from its maturity date, during which they continue to accrue ordinary interest. It is considered that a receivable is in arrears when this additional term has been exceeded and a grace period does not apply. If a receivable does not include such additional period, it has been considered for reporting purposes this period exists.

10

Discount over Nominal

1,5-2% 333 33 7 3.931.577 306.700 84.125

>3% 268 42 1 21.648.138 1.107.190 242.000

2,5-3% 220 89 1 3.375.554 976.895 7.009

2-2,5% 286 46 4 2.969.894 448.438 111.344

1-1,25% 115 15 6 1.229.226 135.523 141.521

0-0,5% 1 67 1 3.533 583.647 244.244

1,25-1,5% 264 45 4 4.076.524 243.918 79.358

0,75-1% 68 109 0 521.959 1.422.928 0

0,5-0,75% 25 159 0 4.062.690 3.589.225 0

Total 1.580 605 24 41.819.094 8.814.463 909.602

Current Arrears Defaults Current (€) Arrears (€) Defaults (€)

Note: most receivables have a minimum additional payment period of 15 days from its maturity date, during which they continue to accrue ordinary interest. It is considered that a receivable is in arrears when this additional term has been exceeded and a grace period does not apply. If a receivable does not include such additional period, it has been considered for reporting purposes this period exists.

11

Debtor Province

Cadiz 30 6 0 348.177 210.405 0

Other 303 81 3 1.820.678 422.868 26.649

Desconocido 1 0 0 491.893 0 0

Alicante 8 6 1 21.532 62.595 15.000

Castellón 14 7 0 203.923 251.622 0

Pontevedra 11 8 0 754.967 156.037 0

Madrid 449 206 13 29.597.578 4.574.542 482.433

Vizcaya 61 28 0 389.649 443.718 0

Foreign 327 65 0 5.285.039 1.264.701 0

Valencia 71 22 1 827.545 419.093 7.009

Barcelona 305 176 6 2.078.113 1.008.882 378.511

Total 1.580 605 24 41.819.094 8.814.463 909.602

Current Arrears Defaults Current (€) Arrears (€) Defaults (€)

Note: most receivables have a minimum additional payment period of 15 days from its maturity date, during which they continue to accrue ordinary interest. It is considered that a receivable is in arrears when this additional term has been exceeded and a grace period does not apply. If a receivable does not include such additional period, it has been considered for reporting purposes this period exists.

12

Debtor Country

Suecia 10 0 0 479.986 0 0

Desconocido 1 0 0 491.893 0 0

Resto 95 3 0 1.227.410 50.452 0

Qatar 0 2 0 0 59.151 0

Marruecos 20 5 0 168.422 138.080 0

Italia 35 9 0 299.751 96.730 0

Francia 92 24 0 899.875 401.901 0

España 1.253 540 24 36.043.625 7.549.762 909.602

Portugal 20 1 0 529.085 2.000 0

Dinamarca 7 1 0 498.183 65.348 0

Alemania 21 1 0 723.556 34.171 0

Bélgica 26 19 0 457.306 416.867 0

Total 1.580 605 24 41.819.094 8.814.463 909.602

Current Arrears Defaults Current (€) Arrears (€) Defaults (€)

Note: most receivables have a minimum additional payment period of 15 days from its maturity date, during which they continue to accrue ordinary interest. It is considered that a receivable is in arrears when this additional term has been exceeded and a grace period does not apply. If a receivable does not include such additional period, it has been considered for reporting purposes this period exists.

13

Debtor NACE Code

Retail trade, except of motor vehicles and motorcycles

146 55 1 2.039.402 607.148 24.977

Other 1.144 435 14 14.162.833 3.739.188 200.235

Services to buildings and landscape activities

67 24 2 1.317.230 773.134 79.602

Scientific research and development 7 2 1 66.192 9.334 242.000

Manufacture of beverages 12 2 1 577.223 71.189 244.244

Air transport 3 0 0 10.838.348 0 0

Manufacture of chemicals and chemical products

119 43 4 2.051.974 1.196.894 111.534

Telecommunications 44 21 1 4.583.578 353.911 7.009

Manufacture of coke and refined petroleum products

14 15 0 2.101.059 1.756.056 0

Electricity, gas, steam and air conditioning supply

24 8 0 4.081.256 307.610 0

Total 1.580 605 24 41.819.094 8.814.463 909.602

Current Arrears Defaults Current (€) Arrears (€) Defaults (€)

Note: most receivables have a minimum additional payment period of 15 days from its maturity date, during which they continue to accrue ordinary interest. It is considered that a receivable is in arrears when this additional term has been exceeded and a grace period does not apply. If a receivable does not include such additional period, it has been considered for reporting purposes this period exists.

14

Debtor Concentration

Top 25 36.174.259 70,18 %

Top 15 32.015.217 62,11 %

Top 20 34.396.462 66,73 %

Top 10 29.500.565 57,23 %

Top 1 10.838.348 21,03 %

Top 5 25.561.152 49,59 %

Total Portfolio %

15

Price Adjustments

Early Payment Adjustments 2.262.634 19,42 %

Arrears Adjustments 4.334.977 37,21 %

No Adjustments 5.051.250 43,36 %

Total Portfolio * %

* Total Portfolio: start of period Nominal of CRs paid in the period.

16

Days in Arrears

90-119 days 0 54 5 0 579.476 68.323

+180 days 0 0 7 0 0 150.460

149-179 days 0 14 3 0 378.916 325.918

120-149 days 0 22 1 0 394.843 6.956

Current 1.580 0 0 41.819.094 0 0

60-89 days 0 53 5 0 649.028 69.219

30-59 days 0 332 3 0 5.258.221 288.726

1-29 days 0 130 0 0 1.553.979 0

Total 1.580 605 24 41.819.094 8.814.463 909.602

Current Arrears Defaults Current (€) Arrears (€) Defaults (€)

Note: most receivables have a minimum additional payment period of 15 days from its maturity date, during which they continue to accrue ordinary interest. It is considered that a receivable is in arrears when this additional term has been exceeded and a grace period does not apply. If a receivable does not include such additional period, it has been considered for reporting purposes this period exists.

17

Definitions

Number of Debtors' Filed Claims Number of Debtors Filed Claims during the period over the total number of debtors at the beginning of the period.

Number of Filed Claims Number of Filed Claims during the period over the total number of credit rights at the beginning of the period.

Period Arrears Recoveries Occurrence Rate

Recovery rate of the credit rights in arrears paid during the relevant period measured by nominal amount.

Nominal Amount For each credit right, the amount that must be paid by the debtor.

Insurance Pending ClaimsNumber and amount (nominal amount) of claims having any amount recovered during the relevant period. In addition it is shown as a percentage over total claims outstanding at the beginning of period.

Insurer Cancelled Limits - Credit Rights

Percentaje of credit rights whose debtors' insured limit have been cancelled due to default as measured by total Downpayment Price.

Insurer Cancelled Limits - Debtors Percentaje of Debtors whose insured limit has been cancelled due to default.

Purchase Price For each credit right, the price agreed for its purchase by the Fondo. It is the sum of the Downpayment Price and the Deferred Price.

Residual Maturity Average term from the current date to the maturity date for each credit right weighted by its downpayment price.

Seller Each of the companies that have entered into master purchase agreements with Finalter.

Price Adjustments Adjustments to the Purchase Price in the event that the debtor delays payment beyond the Initial Extension or exercises payment before maturity .

Period Average Effective Rate over Downpayment Price (CRs paid during month)

Average effective return over downpayment price amount for each credit right paid during the period.

Portfolio in Arrears Total credit rights portfolio in arrears excluding filed claims.

Portfolio Not Due Total credit rights portfolio excluding arrears and claims.

Claims Indemnity Indemnities paid during the relevant period over total claims outstanding at the beginning of period measured by nominal amount.

Claims Recovery RateRecovery rate of claims with indemnities paid during the relevant period measured by nominal amount. Recoveries from payments by debtors are distinguished from payments by the Insurer.

Debtor The obligor who must satisfy the payment under the credit right in return for the goods or services purchased from the seller.

Claims Effective Recovery Recovery rate of claims with indemnities paid during the relevant period measured by nominal amount.

Average Discount Rate over Downpayment Price

Average interest discount rate over downpayment price amount for each credit right outstanding.

Average Discount Rate over Nominal

Average interest discount rate over nominal amount for each credit right outstanding.

Average Seasoning Average time from the date of issue to the current date for each of the credit rights weighted by its Downpayment Price.

Discount Amount For each credit right purchased, the difference between its nominal amount and the purchase price.

Downpayment Price Part of the Purchase Price paid initially when the credit right is purchased by the Fondo.

Initial Maturity Average term between issue date and maturity of each credit right weighted by its downpayment price.

Denied Claims Denied claims during the relevant period over total claims outstanding at the beginning of period measured by nominal amount.

Debtor Limits Average Usage (%) Average insurance limits usage by debtor weighted by each debtor's total nominal amount.

Debtors full limits usage (%) (ex insurer cancelled limits)

The number of debtors that have reached their maximum insured limit excluding those cases where the limit has been cancelled due to default by the debtor.

Deferred Price Part of the Purchase Price paid once the credit right is fully paid by the Debtor.