F.T.A. SANTANDER HIPOTECARIO 2 I. COLLATERAL Mortgage transmission certificates (MTC´s) corresponding to loans granted by Banco Santander Central Hispano (the “Bank”) to individuals with legal address in Spain, with the sole purpose of financing residential properties. The MTC’s are derived from mortgage loans which have LTV ratios over 80% (97% of the Pool). The MTC’s represented, as at 28th April 2006, the following outstanding principal amounts: Outstanding balance L.T.V. ” 80% 80< L.T.V.” 90% 90< L.T.V. ” 100% 100