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Douro SME Series 1

5 Apr 2005

Douro SME Series 1 Euro 471 million Asset Backed Guaranteed Floating Rate Securitisation Notes.

We have been appointed as Common Representative for this securitisation of a portfolio of 5,465 loans to Portuguese small to medium sized enterprises ("SMEs") originated by Banco BPI SA. This is the first Portuguese SME loan cash securitisation and the first such deal to be launched by Banco BPI SA. The Notes are issued by Sagres STC SA, a special purpose vehicle incorporated under the laws of Portugal, which since its incorporation in 2003 has executed two other public securitisation transactions, including Sagres Explorer Series 1, for which we are also appointed Common representative.

The Notes are split into two tranches: a Euro 445 million Triple A Note and a slightly longer Euro 26 million Note which has the benefit of a guarantee from the European Investment Fund.

Corporate Trust

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