Banco Comercial Português S.A. Covered Bonds (Obrigações Cobertas - Mortgages)

The Millennium BCP covered bond programme was established by BCP in June 2007 under Portuguese covered bond law to issue up to EUR 12.5 billion 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 issuance.