banif finance, ltd.

SUMMARY OF THE PROGRAMMEThe following summary does not purport to be complete and is qualified in its entirety by theremainder of this Offering Circular. Words and expressions defined in “Forms of the Notes” or “Terms andConditions of the Notes” below shall have the same meanings in this summary.Issuers:Guarantor:Substitute Guarantor:Arrangers:Dealers:Banif – Banco Internacional do Funchal, S.A., Banif Finance, Ltd.and Banif – Banco Internacional do Funchal, S.A., SucursalFinanceira ExteriorBanif – Banco Internacional do Funchal, S.A., Sucursal FinanceiraExterior, as Guarantor of Notes issued by Banif FinanceBanif-Banco Internacional do Funchal, S.A., Sucursal FinanceiraExterior may be substituted in its capacity as Guarantor by Banif-Banco Internacional do Funchal, S.A.Banif – Banco de Investimento, S.A., Caixa – Banco deInvestimento, S.A. and Citigroup Global Markets LimitedBanif – Banco de Investimento, S.A., Barclays Bank PLC, BNPParibas, Caixa – Banco de Investimento, S.A., Citigroup GlobalMarkets Limited, Credit Suisse First Boston (Europe) Limited,Deutsche Bank AG London, J.P. Morgan Securities Ltd., MerrillLynch International and any other Dealer appointed from time totime by the Issuers and the Guarantor either generally in respect ofthe Programme or in relation to a particular Tranche of Notes.Trustee: Citicorp Trustee Company Limited pursuant to a trust deed dated 28October 2003 as supplemented by a supplemental trust deed dated13 December 2004 (the “Trust Deed”) a copy of which will beavailable for inspection (during normal office hours) at the specifiedoffice of the Principal Paying Agent and at the registered office ofthe Trustee.Principal Paying Agent:Luxembourg Listing Agent:ListingClearing Systems:Initial Programme Amount:Issuance in Series:Citibank, N.A.Dexia Banque Internationale à LuxembourgApplication has been made to list the Notes on the LuxembourgStock Exchange during the 12 months from the date of this OfferingCircular. Each Series may be listed on the Luxembourg StockExchange and/or admitted to listing, trading and/or quotation byany other listing authority, stock exchange and/or quotation systemas may be agreed between the relevant Issuer and the relevantDealer and specified in the relevant Pricing Supplement or may beunlisted.Euroclear and/or Clearstream, Luxembourg and/or, in relation toany Tranche of Notes, any other clearing system as may bespecified in the relevant Pricing Supplement.Up to Euro 1,000,000,000 (or its equivalent in other currencies)aggregate principal amount of Notes outstanding and guaranteed atany one time.Notes will be issued in Series. Each Series may comprise one ormore Tranches issued on different issue dates. The Notes of eachSeries will all be subject to identical terms, except that the issue6