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Ulisses Finance No.3: 12 June 2022

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 under auto loans, passenger vehicle loans, commercial vehicle loans and other vehicle loans originated by 321Crédito – Instituição Financeira de Crédito SA.

321Crédito - IFIC SA was incorporated in Portugal in 2003. Headquartered in Lisbon, since 2015 the company operates exclusively in the financing of the purchase of used cars, fully secured by a property reserve clause on the vehicles financed. 321Crédito has relationships with over 1,300 used car dealers in Portugal, 500 of which actively submit used car finance proposals to 321Crédito on a regular basis.

The initial portfolio consists of 17,855 auto loans, where the average current balance is Eur11,201 and the largest is for Eur60,715. Borrower Type: individual – 96.87%, company – 3.13%. Borrower concentration (by current balances): top obligor – 0.03%, top 5 – 0.15%, top 10 – 0.27%. Interest Rate type: fixed – 93.26%, floating – 6.74%. The WA seasoning is 20.64 months. Regional concentration: Porto – 27.27, Lisbon - 16.85%, Braga – 11.21% and Aveiro - 8.83%.

EU & UK Risk Retention: With regard to the EU Retained Interest and the UK Retained Interest, Article 6 of the EU Securitisation Regulation and Article 6 of the UK Securitisation Regulation, the Originator will retain on an ongoing basis during the life of the transaction a material net economic interest of not less than 5% in the securitisation.

US Risk Retention: The transaction will not involve the retention by the Originator of at least 5% of the credit risk of the Issuer for the purposes of the US Risk Retention Rules. The Originator intends to rely on the exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions that meet certain requirements.

STS: The securitisation transaction is intended to qualify as a simple, transparent and standard securitisation under the Regulation (EU) no. 2017/2402 of the European Parliament.

Compare/contrast: Ulisses Finance No. 2, Pelican Finance No. 2