CHAVES SME CLO No. 1 CLASS C NOTEHOLDERS MEETING

CHAVES SME CLO No. 1 CLASS C NOTEHOLDERS MEETING NOTICE OF MEETING THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF NOTEHOLDERS. IF NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD CONSULT THEIR OWN INDEPENDENT LEGAL AND/OR FINANCIAL ADVISORS IMMEDIATELY. 38,050,000 Class C Asset-Backed Floating Rate Notes due 2034 (the Chaves SME CLO No. 1 Class C Notes ) Common Code ISIN Class C Notes 027689299 XS0276892998 Sagres Sociedade de Titularização de Créditos, S.A. (the Issuer ) Registered with the Commercial Registry Office of Lisbon, holder of registry number and tax number 506 561 461 Share capital: 250,000 Registered Office: Rua Barata Salgueiro, 30, 4 th floor, Lisbon, Portugal Pursuant to Articles 65.7 of the Portuguese Securitisation Law and 355.2 of the Portuguese Companies Code, the Common Representative hereby convenes the Chaves SME CLO No. 1 Class C Noteholders Meeting for the Chaves SME CLO No. 1 Class C Notes to be held on 17 November 2017, at 8:30 am, at Avenida da Liberdade, 224, 1250-148 Lisboa (the First Meeting ), or, in case of adjournment, the Chaves SME CLO No. 1 Class C Noteholders Meeting is to be held on 5 December 2017, at 11:00 am, at Avenida da Liberdade, 224, 1250-148 Lisboa (the Adjourned Meeting and together with the First Meeting, the Meeting ). The Meeting will be held to consider the points of the Agenda set out in Annex 1 (the Proposed Resolution ): The Proposed Resolution was requested by Noteholders holding together, at least 5% of the Principal Amount Outstanding of the CHAVES SME CLO No. 1 Class C Notes, which, in accordance with Condition 15 (Meetings of Noteholders), may request the Common Representative to convene a meeting of Noteholders. 1

The Common Representative has not been involved in the formulation or negotiation of the proposals set out in the Proposed Resolution. The Common Representative does not express any view or make any recommendation as to the merits of the matters set out in the Proposed Resolution or any view on whether the Chaves SME No. 1 Class C Noteholders, whether individually or as a class, would be acting in their best interest in voting for or against the Proposed Resolution. However, the Common Representative has authorised it to be stated, on the basis of the information set out in this Notice and the documents available for inspection, including the Amendment Agreement, as defined below (the Documents ), all of which the Chaves SME No. 1 Class C Noteholders should read carefully, that the Common Representative has no objection to the Proposed Resolution being put to Chaves SME No. 1 Class C Noteholders for their consideration. Interpretation Unless defined herein or the context requires otherwise, capitalized terms used in this Notice bear the meaning ascribed to them in the Terms and Conditions of the Notes. References herein to Meeting are to the meeting of the Chaves SME CLO No. 1 Class C Noteholders convened hereby. Documents Available The Documents, including the Amendment Agreement, as defined below, will be available for inspection by the Chaves SME CLO No. 1 Class C Noteholders or an authorised representative thereof during normal business hours on any weekday (Saturdays, Sundays and public holidays excluded) up to and including the business day prior to the date of the Meeting at the Specified Office of any Paying Agent and the registered office of the Issuer of Chaves SME CLO No. 1 Class C Notes. Each Chaves SME CLO No. 1 Class C Noteholder will be required to produce evidence satisfactory to the Chaves SME CLO No. 1 Class C Notes Issuer or to the relevant Paying Agent, as applicable, of its status as a Chaves SME CLO No. 1 Class C Noteholder or, in the case of a corporation, that he or she is a duly authorised representative of a Chaves SME CLO No. 1 Class C Noteholder before being permitted to inspect and, upon written request addressed to the Issuer at the address given below, collect or receive a copy of the Documents. Copies of the Documents will be available for inspection at the Meeting. Quorum and Voting The relevant provisions governing the convening and holding of the Meeting are set out in Condition 15 (Meetings of Noteholders) of the Terms and Conditions of the Notes (copies of which are available for inspection as referred above) and in article 355 of the Portuguese Companies Code. Being this a Reserved Matter, the quorum required for the First Meeting to pass the Proposed Resolution will be any person or persons holding or representing in the aggregate 75 per cent. of the Principal Amount Outstanding of the Chaves SME CLO No. 1 Class C Notes then outstanding so held or represented or, at the Adjourned Meeting, any two or more persons being or representing 25 per cent. of the Principal Amount Outstanding of the Chaves SME CLO No. 1 Class C Notes then outstanding. The majority required to pass the Proposed Resolution is 75 per cent. of the votes cast at the Meeting. A Resolution passed at the Meeting will be binding 2

on all Chaves SME CLO No. 1 Class C Noteholders, whether or not they are present at the Meeting or have voted against the Resolution. For the avoidance of doubt, this will also apply to any future holders of the Chaves SME CLO No. 1 Class C Notes who acquire such Chaves SME CLO No. 1 Class C Notes after the date on which the Resolution is passed. Voting Procedures Chaves SME CLO No. 1 Class C Noteholders shall pay attention to the provisions of Condition 15 (Meetings of Noteholders) of the Terms and Conditions of the Notes, to article 355 of the Portuguese Companies Code and to Schedule 6 of the Common Representative Appointment Agreement in respect of the procedures applicable to Chaves SME CLO No. 1 Class C Noteholders attendance at, and voting in, the Meeting. Noteholders attention is drawn to the following: (a) Each voter shall have one vote in respect of each 50,000 of Principal Amount Outstanding of the Class C Notes held; (b) The Chaves SME CLO No. 1 Class C Notes are currently represented by a Global Note held by Citibank N.A., London Branch, as agent of the common depositary (Citibank Europe PLC) for Euroclear and Clearstream, Luxembourg (the Clearing Systems and each a Clearing System ); (c) A Chaves SME CLO No. 1 Class C Noteholder wishing to attend the Meeting in person must produce at the Meeting a valid Voting Certificate issued by the Principal Paying Agent relating to the Class C Notes which he wishes to vote. Voting Certificates are available on request from the Principal Paying Agent and shall be substantially in the form set out in Annex II to this Notice. (d) A Chaves SME CLO No. 1 Class C Noteholder not wishing to attend the Meeting in person may either (i) submit an Electronic Instruction Notice (as defined below) to the relevant Clearing System in which case the respective Paying Agent shall record such instructions on a Block Voting Instruction and attend the Meeting to cast such votes or (ii) apply for a Voting Certificate and deliver such Voting Certificate to the person who he wishes to attend on his behalf or (iii) apply for a Voting Certificate and deliver such Voting Certificate to the person who he wishes to attend on his behalf together with a Proxy Voting Certificate (substantially in the form set out in Annex III to this Notice) where they must confirm the appointment of such proxy to attend the meeting on their behalf, as a requirement under Portuguese law. An Electronic Instruction Notice (as defined below) must also be submitted to the relevant Clearing System, outlining the name, passport or ID number of the proxy who will be attending the meeting on their behalf, in order for the Principal Paying Agent to reconcile their Proxy Voting Certificate with this Electronic Instruction Notice received for the relevant Clearing System, as a requirement under Portuguese law. 3

(e) A Chaves SME CLO No. 1 Class C Noteholder may obtain a Voting Certificate or require the issue of a Block Voting Instruction by depositing his Chaves SME CLO No. 1 Class C Notes with or arrange for his Chaves SME CLO No. 1 Class C Notes to be held to the order of the Principal Paying Agent not less than two (2) Business Days before the date fixed for the Meeting. Electronic Instruction Notice means any of an authenticated SWIFT message or any other form of electronic message accepted by the Clearing Systems. The deadline by which Chaves SME CLO No. 1 Class C Noteholders must provide any Electronic Instruction Notice to the Principal Paying Agent or obtain a Voting Certificate from a Paying Agent shall be 10 am (London time) on 15 November 2017. Chaves SME CLO No. 1 Class C Noteholders are reminded that the Clearing Systems and their bank, securities intermediary or broker through which they hold the Chaves SME CLO No. 1 Class C Notes will apply earlier deadlines than those set out above. The receipt of Electronic Instructions will be acknowledged in accordance with the standard practices of the Clearing Systems and will result in the Chaves SME CLO No. 1 Class C Notes being blocked in the relevant Clearing System so that no transfers may be effected in relation to the Chaves SME CLO No. 1 Class C Notes. Any Chaves SME CLO No. 1 Class C Notes so held and blocked will be released to the Chaves SME CLO No. 1 Class C Noteholder by the relevant Clearing System on the conclusion of the Meeting. Only those entities holding Chaves SME CLO No. 1 Class C Notes directly in the Clearing Systems ( Direct Participants ) may submit Electronic Instruction Notices or request Voting Certificates. If a Chaves SME CLO No. 1 Class C Noteholder is not a Direct Participant, it must arrange for the Direct Participant through which it holds the Chaves SME CLO No. 1 Class C Notes to undertake such acts on its behalf on or prior to the relevant deadline. The Proxy Voting Certificates issued by the Noteholders not wishing to attend the Meeting in person, and having followed the procedures set out in point (d) above, shall be addressed to the Principal Paying Agent with a copy being sent to the chairman of the Meeting and be received at least 1 (one) business day prior to the date of the Meeting. For the avoidance of doubt, Chaves SME CLO No. 1 Class C Noteholders other than individuals shall be represented by their legal representative or whomever they may appoint, in accordance with point (d) above, and by sending a duly signed letter to the chairman of the Meeting which shall be received by the Chaves SME CLO No. 1 Class C Notes Issuer at least 1 (one) business day prior to the date of the Meeting. CONTACT DETAILS: Issuer: Sagres Sociedade de Titularização de Créditos, S.A. 4

Address: Rua Barata Salgueiro, No. 30-4th floor 1269-056 Lisbon Portugal Telephone: +351 21 311 6300 Fax: +351 21 311 6392 Attention: Raquel Pacheco E-mail : raquel.pacheco@citi.com Principal Paying Agent: Citibank, N.A. (London Branch) Address: Citigroup Center, Canada Square, Canary Wharf London E14 5LB Telephone: +44 207 500 15 05 Fax: +44 207 500 58 77 Attention: Alexandru Sturzu E-mail: alexandru.sturzu@citi.com Luxembourg Paying Agent: Banque Internationale à Luxembourg S.A. Address: 69 route d'esch L-2953 Luxembourg Telephone: 00352 4590 1 Fax: 00352 4590 4227 E-mail: contact@bil.com Attention: Corporate Actions Common Representative: The Law Debenture Trust Corporation p.l.c. Address: Fifth Floor 100 Wood Street London E2CV 7EX United Kingdom Fax: +44 207 606 0643 Attention: The Manager Trust Administration 5

This Notice was issued in Portuguese and English versions. In the event of discrepancies between the two versions the English version shall prevail. Unless otherwise defined herein, capitalised terms used in this Notice shall have the meaning ascribed to them in the Documents. London, 18 October 2017. The Law Debenture Trust Corporation p.l.c. The Common Representative 6

Annex I SAGRES SOCIEDADE DE TITULARIZAÇÃO DE CRÉDITOS, S.A. (the Issuer) (Incorporated under the laws of Portugal with registered number 506 561 461) PROPOSED RESOLUTION to the holders of those of the Chaves SME CLO No. 1 Class C Notes due November 2034 of the Issuer presently outstanding (the Class C Noteholders and the Class C Notes respectively) Issue by Sagres - Sociedade de Titularização de Créditos, S.A. of 38,050,000 Class C Asset Backed Floating Rate Notes due November 2034 The Meeting is to resolve on the following items ( Agenda ): (A) (B) (C) (D) (E) To approve that all amounts standing to the credit of the Cash Reserve Account and recorded on the Senior Reserve ledger on the the Interest Payment Date immediately following the Meeting, such date being 20 November 2017 (the Relevant Payment Date ) (such amounts being EUR 12,265,000) shall be added to the Excess Available Principal Account and that all such amounts also be made immediately available to be used as Principal Component Available Funds on such date; To approve that the Senior Reserve Required Amount shall be EUR 0 with effect from the Relevant Payment Date; To approve that any payment which could be made on the Relevant Payment Date under item (c) of the proviso of the Interest Priorities of Payments set out in Condition 4.7 shall not be made; To approve receipt by the Issuer of an extraordinary payment by the holder of the Class D Notes, the Class E Notes and the Class F Notes of EUR7,000,000 to the Issuer s Excess Available Principal Account and that this amount also be made immediately available to be used as Principal Component Available Funds on the Relevant Payment Date; To approve that, limited to the Relevant Payment Date, the definitions of Senior Reserve Required Amount and Principal Component Available Funds be read in accordance with the Proposed Resolutions passed under paragraphs (A), (B) and (D) above for the purposes of the Conditions 4.7 and 4.8; (F) To amend the definition of General Reserve Required Amount so as to read as follows means 2,405,000 while the Principal Amount Outstanding of any of the Notes is greater than zero. 7

(G) (H) (I) (J) (K) (L) To acknowledge that the Proposed Resolution shall only come into effect pursuant to the necessary consent of (i) the holders of Class D Notes, Class E Notes and Class F Notes by Written Resolutions (the Junior Noteholder Consent ) and (ii) to the consent of the other Transaction Creditors by means of an amendment agreement (the Amendment Agreement ) being obtained in a timely manner to implement the Proposed Resolutions above on the Relevant Payment Date; To acknowledge that in the event either the Junior Noteholder Consent given by means of Written Resolutions and/or the other Transaction Creditors consent in the Amendment Agreement is not forthcoming, the Issuer will return in full to the payor(s) any payment made to the Issuer pursuant to paragraph (D) above prior to any application of Principal Component Available Funds on the Relevant Payment Date. To expressly acknowledge that the implementation of the Proposed Resolutions above may potentially have a negative impact on, or result in the withdrawal of, the Ratings of the Rated Notes and to waive any prior consent or written confirmation request to the Rating Agencies for the execution of the Proposed Resolution; Subject to the terms of the resolution passed under (G) above, to instruct the Issuer to notify the Rating Agencies of the implementation of the Proposed Resolution on the Relevant Payment Date; To authorise, request and (in the case of the Common Representative) direct each of the Transaction Parties to concur in taking all steps considered by it in its sole discretion to be necessary, desirable or expedient to carry out and give effect to the Proposed Resolution; To expressly acknowledge that the implementation of the Proposed Resolution taken pursuant to (A) to (G) above shall not give rise to an Event of Default or Potential Event of Default by the Issuer under the Terms and Conditions of the Notes and that the Common Representative is hereby authorised and instructed not to consider a Potential Event of Default to have occurred and to expressly waive any Potential Event of Default which may have arisen thereunder; (M) To expressly acknowledge that the Common Representative is hereby discharged and exonerated for any and all liability which it may or may not incur, or for which it may become liable or responsible in, for acting upon the Proposed Resolution to be taken even though it may be subsequently found there is a defect in the passing of such Proposed Resolution or that for any reason such Resolution is not valid or binding on the Chaves SME CLO No. 1 Class C Noteholders and we hereby release and discharge the Common Representative in relation to any liabilities or responsibilities arising from the implementation of the Proposed Resolution; (N) To irrevocably waive any claim that the Class C Noteholders may have against the Common Representative arising as a result of any loss or damage which the Class C Noteholders may suffer or incur as a result of the Common Representative acting upon this Proposed Resolution and/or its entry into and performance under the Amendment Agreement, and the Class C Noteholders further confirm that they will not seek to hold the Common Representative liable for such loss or damage. 8

Unless otherwise defined herein or amended hereby, capitalised terms used in the Notice convening the Meeting shall have the meanings ascribed to them in the Master Framework Agreement. 9

Annex II Form of Voting Certificate This is a Voting Certificate for the meeting of the holders of the Chaves SME CLO No. 1 Class C Notes (the Notes ), issued by Sagres Sociedade de Titularização de Créditos, S.A. (the Issuer ) to be held on 17 November 2017, at 8:30 am, at Avenida da Liberdade, 224, 1250-148 Lisboa, and any adjournment thereof. We, the undersigned, hereby certify that, on or prior to the date hereof, Notes (not being Notes in respect of which a block voting instruction has been issued and is outstanding in respect of the meeting specified above or any adjournment thereof) forming part of the above mentioned issue, with an aggregate Principal Amount Outstanding specified below, have been deposited with us or (to our satisfaction) are held to our order or under our control, and that such Notes will not be released until the conclusion of such meeting (or any adjournment thereof) or the result of any poll taken on any resolution proposed at such meetings being determined or the surrender of this Voting Certificate to us (whichever is the first to occur). We also certify that until the release of such Notes the bearer of this Voting Certificate is entitled to attend and vote at such meeting or any adjournment thereof in respect of the Notes represented by this Voting Certificate. Any capitalised term used but not otherwise defined herein shall have the meaning given to it in the Master Framework Agreement made between, inter alios, the Issuer and The Law Debenture Trust Corporation, as Common Representative of the Noteholders. Name: Date: Institution: Address: Passport Number/ ID Number: Aggregate Principal Amount Outstanding of Class C Chaves SME CLO No. 1 Notes: Signed by: by: For and on behalf of the Principal Paying Agent 10

Annex III Form of Proxy Voting Certificate To: C/C: Principal Paying Agent /Mr. Alexandru Sturzu Common Representative or any Authorised Representative thereof as Chairman of Noteholders Meeting Dear Principal Paying Agent / Mr. Alexandru Sturzu, Regarding the Proposed Resolution relating to: 38,050,000 Class C Asset Backed Floating Rate Notes due November 2034 (the Chaves SME CLO No. 1 Class C Notes or the Notes ) issued by Sagres Sociedade de Titularização de Créditos, S.A. In my/our capacity as Noteholder(s) of [Principal Amount Outstanding] of the Class C Chaves SME CLO No. 1 Notes (Participant no. [ ]), I/we hereby provide you with Proxy to attend the Meeting (or appoint proxies on your behalf to that effect) and any adjournment of any such Meeting on our behalf to abstain / vote in respect of such Notes FOR / AGAINST the Proposed Resolution set out in the Notice of Meeting. I/We hereby: (i) (ii) (iii) confirm we have instructed the [relevant Clearing System / Custodian] through whom we hold these Notes to block the Notes which are the subject of such instruction; confirm that we will not instruct the [relevant Clearing System / Custodian] to unblock the Notes which are the subject of this notice; acknowledge and accept to be represented in the Meeting by the relevant agent as the relevant proxy holder and undertake not to attend the Meeting. Signatures / Contacts of relevant Noteholder 11