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Bugio Finance No.1: 27 November 2023

The source of funds for 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 originated by Bicredit, Sociedade Financeira de Crédito, S.A. and assigned to the Issuer.

Bicredit, Sociedade Financeira de Crédito, S.A. is a credit finance company incorporated under the laws of Portugal. The Originator has relationships with over 1,000 car dealers in Portugal, 600 of which actively submit car finance proposals to the Originator on a regular basis. As at June 2023, 92% of the portfolio was originated by car dealers. The remaining 8% was originated in partnerships with brokers and retained clients.

The Receivables Portfolio (as at cut-off 31 October 2023) comprises 32,280 Receivables (advanced to 31,824 primary borrowers) where the average balance is Eur8,674 and the largest is for Eur53,523. Borrower type: individual – 93.72%, company – 6.28%. Borrower concentration: top 1 – 0.03%, top 10 – 0.19%. Amortization: French – 100.0%. Interest rate type : mixed – 47.37%, fixed – 36.40%, floating – 16.23%. Vehicle type: used – 96.54%, new – 3.46%. The WA seasoning is 29.74 months. Regional concentration: Lisboa – 18.67%, Porto – 12.38%, Setubal – 9.74% and Faro – 9.27%.

EU Risk Retention: The Originator will retain on an ongoing basis during the life of the transaction a material net economic interest of not less than 5% of the nominal amount of the securitised exposures as required by Article 6(1) of the EU Securitisation Regulation. Such retention requirement will be satisfied by the Originator retaining the Class D Notes.

STS: The securitisation transaction is intended to qualify as a simple, transparent and standard securitisation under Regulation (EU) No. 2017/2402 of the European Parliament and of the Council of 12 December 2017.

Compare/contrast: Thetis Finance No. 2, Ulisses Finance No.3