Chaves Funding No. 5 Limited

The source of funds for the payment of principal and interest on the Notes will be the right of the
Issuer to receive payments in respect of receivables arising from a portfolio of consumer loans
and leases originated by BPN Crédito – Instituição Financeira de Crédito, S.A

BPN Crédito was formed in 2003 through the merger of four specialised credit companies. The
parent company of BPN Crédito is BPN, a bank 100%-owned by the Portuguese Republic and as
of 31 December 2007, BPN was the tenth Portuguese largest bank by total assets. The commer-
cial banking is focused on the small and medium enterprises market in Portugal, providing full fin-
ancial support for the clients’ activities. As of September 2008, the distribution network of BPN
consisted of 215 retail branches and 13 business centres in Portugal, 5 branches in Paris and
subsidiaries in the Cayman Islands, Brazil and Cape Verde. Besides commercial banking, the Bank
has developed activities in other areas such as specialised lending, investment banking, asset
management and life insurance.

At the cut-off date, the pool consisted of 14,046 credit agreements (representing 63.94% of curr-
ent value), 2,221 leasing contracts (31.66%), and 616 long-term rental agreements (4.40%). For
a full explanation of each, please see the relevant section in the offering circular. The average
current balance per contract/lease is Eur11,964 (WA original balance Eur70,929). Some 12,476
of the contracts (54.50% by current value) were granted at fixed rates of interest, and 4,407 at
floating rates.

Seasoning; WA 15mnths. Credit, 16.27mnths, Leasing 14.26mnths, LTR 11.24mnths. Geographical
concentration (by current balances): Porto 26.51%, Lisboa 17.64%, Braga 9.24%, and Leiria 8.95%.

Compare/contrast: Chaves Funding No. 4 Limited, Chaves SME CLO No.1, Nova Finance 4 Ltd
Chaves Funding No.4 Limited Chaves SME CLO No.1 Nova Finance 4 Ltd