Azor Mortgages No 2 PLC

This will be the third securitisation of prime residential loans to have been originated by Banco
Comercial dos Acores / BANIF - Banco de Investimento, which has also issued as Atlantes
Mortgage No.1 plc (closed in Jan 2003). BANIF has also originated two mixed leases trans-
actions, with Atlantes Finance No. 2 plc still outstanding.

The pool consists of 3,822 first-ranking residential loans with an average current outstanding
balance of Eur78,492. The maximum outstanding balance is Eur618,791 and only 2.35% of the
loans (by current outstanding) have a higher LTV than 90.01%. All the loans are at variable
rates, the vast majority (98.89%) referenced to either 3 or 6mnth Euribor.

The WA current LTV is 68.69 (original LTV 76.47%) and WA seasoning is 32mnths. Geograph-
ical concentration : Madeira & the Azores 94.54%.

The issue has been retained for ECB collateral purposes, hence no Investore Reports will be
available at this stage.

Compare/contrast: Azor Mortgages, Atlantes Mortgage No.1 plc, Hipototta No 8 Plc
Azor Mortgages PLC Atlantes Mortgage No. 1 plc Hipototta No 8 Plc