Asset Backed Commercial Paper ("ABCP") Program

With asset-backed securities, payment claims are securitized by commercial paper that is issued by a finance company (special purpose vehicle, "SPV"). The payment claims that are securitized in this manner are normally a company´s current (e.g. trade debtors) assets, which are compiled based on certain diversification rules. The SPV is founded solely for the securitization of these receivables and the sole assets held are the risk from this diversified receivables pool. Commercial paper is issued based on this pool, which generally represents a lower risk due to the diversification of the underlying risks. The securities issued by the SPV are redeemed upon final maturity from the cash flow from the receivables collected.