Santander Totta S.A. Covered Bonds (Obrigações Hipotecárias - Mortgages - BPP Programme)

The BPP Covered Bond Programme was established by BPP in June 2010 under the Portuguese Covered Bond Law to issue up to €1,500,000,000 of Covered Bonds. In case of Issuer default, the assets of the cover pool are available to repay principal and interest of the Covered Bonds subject to the Final Terms of each issue.