Hipototta No. 5 plc

Another RMBS transaction from originator Banco Santander Totta, although the last deal came as
far back as Dec05. The pool comprises of 28,370 amortizing first-ranking mortgages secured over
residential properties in Portugal. The pool was originated between 1989 and 2006, with over 63%
originated more than 12 months ago. The weighted-average seasoning is 1 1/2yrs, and has a current
weighted-average LTV ratio of 63.23%.

The average loan size is Eur77,404, with a range of Eur1,339 to Eur1.9mln. However, the portfolio is
not static, as during the life of the transaction the originator can modify the terms and conditions of
some of the loans on a limited basis, or substitute some loans. These changes may obviously affect
the risk profile of the pool.

The fund manager is Navegator, SGFTC, SA. The creation of the fund manager was incorporated
under the laws of the Portuguese Republic to manage the fund on behalf of the noteholders under the
Securitisation Law and the Fund Regulation. The fund manager represents and defends the interests
of the noteholders.

All the junior tranches were retained.