KMU Portfolio S.A., Compartment 2015-1 (TAP-1): 12 April 2017

The Class A Notes, the Class B, the Class C and the Class D Notes of the Issuer are backed by a portfolio of auto, ship, other vehicle and equipment loan receivables acquired by the Issuer, and secured by certain vehicles, ships and equipment and certain other collateral more specifically described in the prospectus.

The Issuer will apply the proceeds from the issue of the Further Notes to purchase on the Further Purchase Date (being identical with the Further Issue Date) the Further Purchased Receivables secured by the Financed Collateral.

Initially, the Further Notes will be partly purchased and retained by the Seller on the Further Issue Date. However, the retained Notes may be resold to any third party investors at any time in one or more negotiated transactions or via a bookbuilding process at varying prices to be determined at the time of sale. It is intended to resell the Further Notes to third party investors as promptly as market conditions allow.