Banco Comercial Portugues

Investor Presentation • Oct 30, 2023

Disclaimer

l The information in this presentation has been prepared under the scope of the International Financial Reporting Standards ('IFRS') of BCP Group for the purposes of the preparation of the consolidated financial statements under Regulation (CE) 1606/2002, as amended.

l The figures presented do not constitute any form of commitment by BCP in regard to future earnings.

l The figures for the first nine months of 2023 and 2022 were not audited.

l In the fourth quarter of 2022, the Bank proceeded to the restatement of the amount related to potential costs resulting from credit holidays policy in Poland, enacted in July 2022, previously booked in other impairments and provisions. These costs are now booked in results on modification item. This item also started to include contractual modifications, in accordance with IFRS9, namely those negotiated with Customers holding foreign exchange mortgage loans. The amounts regarding 2022 quarters were restated.

l The information in this presentation is for information purposes only, and should be read in conjunction with all other information made public by the BCP Group.

l The Group owns 49% of Millenniumbcp Ageas Grupo Segurador, S.G.P.S., S.A. (Mbcp Ageas), accounted for under the equity method, as Investments in associated companies. On 1 January 2023 Millenniumbcp Ageas adopted simultaneously IFRS9 - Financial Instruments and IFRS17 - Insurance Contracts. Taking into account that the initial adoption of IFRS 17 and IFRS 9 requires comparative information, Millenniumbcp Ageas Grupo Segurador made the transition exercise on 1 January 2022. The impacts resulting from this implementation by Mbcp Ageas led to the restatement of the accounts of the Group referring to 2022.

Highlights

Highlights: A Bank prepared for the future

• Net income of 650.7 million in 9M23
• Group's core operating profit increase 38.2% to 1,841.3 million, supported by the increase of 27.2% on core income and by the strict management of operating costs, which grew 8.5% compared to 9M22
  • ➢ Effects related with Bank Millennium: 589.6 ¹ million of costs related with CHF mortgage loan portfolio, out of which 482.5 ² million related with provisions, resulting from the application of more conservative adjustments to the provisioning model after the European Court of Justice ruling; Results benefited, in Q1'23, from 127³ million related with the sale of Millennium Financial Services stake (80%) as a result of the strategic partnership in the bancassurance business
  • ➢ Net profit of 556.8 million in Portugal in 9M23

Profitability

Business model

• Substantial strengthening of capital ratios. CET1 ⁴ ratio stood at 14.9% and total capital ratio⁴ at 19.4%, representing an increase of 357bp and 431bp compared with the same period of last year, reflecting the strong capacity to generate organic capital
• Liquidity indicators, well above regulatory requirements: LCR⁵ at 244%, NSFR⁵ at 160% and LtD⁵ at 73%. Eligible assets available to discount at ECB of 24.4 billion
• Group's on-balance sheet Customer funds grew 2.3% year on year to 76.9 billion
• Significant decrease of non-performing assets compared with September 2022: 398 million in NPEs, 149 million in foreclosed assets and 404 million in restructuring funds
• Despite the challenging environment, the cost of risk stood at 50bp at the group and 53bp in Portugal, which compares with 55bp and 57bp in 9M22 respectively
• Continued growth of the Customer base, highlighting the increase in mobile Customers, which represent 66% of total Customers
• Investment grade by the 4 rating agencies: The consecutive upgrade revisions reflect BCP's normalisation path

1 Includes provisions for legal risk, costs with out-of-court settlements and legal advice (before taxes and non-controlling interests) Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale) ² Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale). Before taxes and non-controlling interests

³ Before taxes and non-controlling interests

⁴ Fully implemented ratio including unaudited net income for 9M23

⁵ Liquidity Coverage Ratio (LCR); Net Stable Funding Ratio (NSFR); Loans to Deposits Ratio (LtD)

Customer base growth Based on the quality of the Teams and distinctive digital skills

'000 Customers

Customer counting criteria used in the Strategic Plan.

¹ Which bank do you choose as the 'Best Digital Bank'? (Unaided reply) | Sample: Banking sector, total number of banking Customers, aged> 15 years - 70 years, Portugal (N 2022 = 2,000 per quarter; 8,000 per year))

2 Interactions (Millennium website and app), individuals includes AB

3 Includes mobile, online and ATMs, excludes branches and contact center that counts for 0.4% of total transactions

4 Digital sales (Millennium website and app) in number of operations

Net income of 650.7 million in the first nine months of 2023

(Million euros)	9M22	9M23	%	D
Net interest income	1 545 8 ,	2 117 5 ,	+37 0%	+571 6
Commissions	573 8	578 5	+0 8%	+4 7
Core income	2 119 6 ,	2 695 9 ,	+27 2%	+576 3
Operating costs	-787 4	-854 6	+8 5%	-67 2
Core operating profit	332 2 1 ,	841 3 1 ,	+38 2%	+509 1
1 Other income	-55 0	96 7		+151 7
Of which: sale of 80% of Millennium Financial Services	-	127 0		+127 0
Of which: Regulatory contributions	-209 8	-85 8	-59 1%	+124 0
Operating net income	1 277 2 ,	1 938 0 ,	+51 7%	+660 8
2 Results on modification	-318 6	-14 8		+303 8
and other Impairment provisions	-773 6	-813 9	+5 2%	-40 3
Of which: Loans impairment	-241 2	-211 4	-12 3%	+29 8
3 Of which: legal risk on CHF (Poland) mortgages	-292 4	-482 5	+65 0%	-190 1
Of which: Bank Millennium goodwill	-102 3	-		+102 3
before Net income income tax	185 0	1 109 3 ,	+499 6%	+924 3
Income non-controlling interests and discontinued operations taxes,	-95 2	-458 6	+381 8%	-363 4
Net income	89 8	650 7	+624 4%	+560 9

¹ Dividends from equity instruments, other net operating income, net trading income and equity accounted earnings. | 2 Includes the result of contract changes from the renegotiation of CHF mortgages loans (previously booked on other Income) as well as the cost with PLN mortgage loans moratoria booked by Bank Millennium in 2022. | ³ Does not include provisions for legal risks on CHF mortgages of Euro Bank (guaranteed by Société Générale). Includes more conservative adjustments to provisioning model following the European Court of Justice decision in July 2023.

9

Net interest income

Fees and commissions

International operations (Million euros) 354.6 355.4 63.1 64.5 417.7 419.8 9M22 9M23 140.7 144.4 15.4 14.2 156.1 158.6 +0.5% +1.6%

9M22 9M23

Other income

Net trading income includes -69.9 million in 9M22 and -42.8 million in 9M23 of costs related to out-of-court settlements with Customers related with CHF loans portfolio. Other operating income includes +31.4 million in 9M22 and +34 million in 9M23 related with the compensation for provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale). Positive one-off effect of 127 million in Q1'23 (117.8 million booked in net trading income and 9.2 million booked in other operating income) related with the sale of Millennium Financial Services stake (80%) as a result of the strategic partnership in the bancassurance business. ⁴Includes 59.1 million in 9M22 related with the IPS contribution.

Operating costs

¹Adjusted cost to income: without the positive one-off effect related with the sale of 80% of Millennium Financial Services stake (international operations) and without costs mainly related with the compensation for the temporary reduction of remuneration in the period 2014/2017 in Portugal. In international operations these effects only have impact in 2023. | ² Includes mainly costs related with the compensation for the temporary reduction of remuneration in the period 2014/2017.

Cost of risk and provisions

14

¹ Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale): 31.4 million in 9M22 and 34 million in 9M23. Includes the application of more conservative adjustments to the provisioning model following the ECJ decision in July 2023.

Relevant reduction of NPEs

*By loan-loss reserves and collaterals.

NPE include loans to Customers only, except if otherwise indicated.

16

Customer funds

Total Customers Funds* international operations (Billion euros) Total Customers Funds* Portugal (Billion euros) 33.68 29.51 17.59 20.89 1.34 1.34 14.56 13.90 67.17 65.64 Sep 22 Sep 23 -2.3%

*Deposits, debt securities, assets under management, assets placed with Customers and insurance products (savings and investments).

Loan portfolio

18

NPE include loans to Customers only, except if otherwise indicated.

Group Capital and liquidity

19

Robust capital ratios

• Significant strengthening of capital ratios. CET1 ratio stood at 14.9% and total capital ratio at 19.4%, representing an increase of 357bp and 431bp compared with the same period of last year, reflecting the strong capacity to generate organic capital

• Surplus of 5.4pp between the total capital ratio and the SREP requirements without the capital conservation and the O-SII buffers, and of 8.9pp if such buffers are considered
• Buffers for which there are limitations to results distribution: 554bp to CET1, 481bp to T1 and 545bp to total capital

Stronger capital position

Leverage ratio

(Fully implemented, latest available data)

Leverage ratio in comfortable levels (6.5% as of September 2023) higher when comparing to European banks

RWAs density in conservative values (44% as of September 2023), comparing favourably with the values registered by most of the European markets

MREL requirements and execution of the Funding Plan

(Million euros)

• Resolution strategy: MPE (Multi Point of Entry)² .
• BCP Resolution Group : Perimeter centred in Portugal
• Preferred Resolution Measure: Bail-in
• No subordination requirements have been applied to the BCP Resolution Group
• As of September 30, 2023, BCP complied with MREL requirement applicable from January 1, 2024 (with a buffer of 3.5%, if considered the SP issue with settlement on October 2)
• Funding Plan execution
  • 500 million SP on 5 February 2021 6NC5
  • 500 million Social SP on 29 September 2021 6.5NC5.5
  • 300 million Subordinated on 10 November 2021 10.5NC5.5
  • 350 million SP on 25 October 2022 3NC2
  • Exchange offer on 5 December 2022 on the Issue of T2 due December 27 (issue of 133.7 million of Subordinated debt 10.25NC5.25)
  • 500 million SP on 2 October 2023 3NC2

MREL - Minimum Requirement for own funds and Eligible Liabilities | TREA – Total Risk Exposure Amount; LRE - Leverage Ratio Exposure. *Preliminary data, iincluding unaudited net income for 9M23 and issue of 500 million SP 3NC2 on 2 October 2023.

1 Requirements covered by the 2022 Resolution Planning Cycle. MREL requirements are subject to periodic review by the SRB and changes in the regulatory framework.

2 In addition to the resolution perimeter centered in Portugal, BIM in Mozambique and Bank Millennium in Poland were established as additional groups. With regard to Mozambique, as European rules do not apply, no minimum MREL requirement has been set. With regard to Bank Millennium the reference date of 31 December 2023 was set, minimum requirements of MREL - TREA of 18.89% and MREL - TEM of 5.91%.

Robust liquidity position

Portugal

Profitability in Portugal

Net operating revenue

(Million euros)

• Net income of 556.8 million in 9M23 an increase of 93.1% from last year same period
• Net income was driven by the increase in net interest margin, strict management of operating costs and loans impairment decrease

Net interest income

The normalization of interest rate provided a positive effect on the repricing of the loan book that together with the higher yield from securities portfolio, more than compensated the negative effects related with cost of deposits and the wholesale funding, resulting in a net interest income increase of 63.6% (+426.9 million) year-on-year

Commissions and other income

Commissions Other income

	9M22	9M23	YoY
Banking fees and commissions	354.6	355.4	+0.2%
Cards and transfers	110.7	120.9	+9.2%
Loans and guarantees	71.8	60.2	-16.1%
Bancassurance	64.1	64.0	-0.1%
Customer account related	104.5	106.8	+2.2%
Other fees and commissions	3.5	3.4	-2.1%
Market related fees and commissions	63.1	64.5	+2.1%
Securities operations	25.4	25.3	-0.5%
Asset management and distribution	37.7	39.2	+3.9%
Total fees and commissions	417.7	419.8	+0.5%

(Million euros) (Million euros)

9M22 9M23

27

Operating costs

1 Includes mainly costs related with the compensation for the temporary reduction of remuneration in the period 2014/2017

Continued decrease of NPEs

NPE build-up

(Million euros)	Sep 23 Sep 22 vs.	Sep 23 Dec 22 vs.
balance Opening	1 537 ,	1 361 ,
Net outflows/inflows	9	6
Write-offs	-175	-103
Sales	-179	-72
Ending balance	1 192 ,	1 192 ,

• NPEs in Portugal total 1,192 million at end of September 2023, a decrease of 344 million from September 2022
• The decrease from September 2022 results from net inflows of 9 million, write-offs of 175 million and sales of 179 million
• The decrease of NPEs from September 2022 is attributable, mainly, to a 292 million reduction of other NPE
• Cost of risk of 53bp in 9M23 (57bp in 9M22), with a NPE coverage by loanloss reserves of 81% and 66%, respectively

NPE coverage

NPL>90d total coverage*

• Total coverage* ≥100%, for both individuals and companies, and for both NPE categories (NPL>90d and other NPE)
• Coverage by loan-loss reserves are stronger in loans to companies, where real-estate collateral, usually more liquid and with a more predictable market value, accounts for a lower coverage than in loans to individuals: coverage by loan-losses was 103% for companies NPE as of September 2023, reaching 163% for companies NPL>90d

NPE include loans to Customers only. *By loan-loss reserves and collaterals.

Foreclosed assets and corporate restructuring funds

Corporate restructuring funds

(Million euros)

• Net foreclosed assets were down by 56.0% between September 2022 and September 2023. Valuation of foreclosed assets by independent providers exceeded book value by 56%
• 686 properties were sold during the 9M23 (1,149 properties in the same period of 2022), with sale values exceeding book value by 9 million
• Significant reduction of restructuring funds with the conclusion of project Crow in Q4'22

Customer funds and loans to Customers

19.93 18.33 2.18 2.24 18.92 18.82 41.03 39.40 Sep 22 Sep 23 (Billion euros) Companies Personal and other Mortgage NPE: -22.4% (-0.3 billion) Performing: -3.3% (-1.3 billion) -3.97%

Performing loans in Portugal

• The Bank maintains a prominent position in the corporate segment:
• ✓ Leadership in PME Leader programme for the 5 th consecutive year with a 31% market share, supporting more than 3,200 companies to achieve this award in 2022 and leadership of PME Leader 2023 programme with 4,300 applications submitted (33% market share)
• ✓ Leadership in the Inovadora COTEC programme for the 3 rd consecutive year, supporting more than 420 companies to submit their application for this important business distinction, which represents a market share of 54%
• ✓ Best Bank for companies, Most innovative Bank, Most efficient Bank and with More Adequate Products (Data-E 2023)
• ✓ Most Productive Bank and most profitable in all business segments with +24% than the national financial system average (FINALTA Empresas, Mckinsey 2023)
• ✓ Leading Bank in Factoring and Confirming, with factoring invoicing of 7.4 billion euros until September 2023 and market share of 24%*
• ✓ Leading Bank in Leasing, with 437 million euros of new leasing business until September 2023 and market share of 22%*
• ✓ Leading Bank in Trade Finance, with a 26%** market share until June 2023
• ✓ Leading in the placement of loans with State Guarantees for the 3 rd consecutive year, with 17% of market share, in partnership with Banco Português de Fomento (BPF) and Mutual Guarantee Companies
• ✓ Leadership in the placement of European Investment Fund Guarantees, with the execution of the largest European FEI EGF deal

International operations

Contribution from operations to consolidated net income

(Million euros*)

	9M22	9M23
Poland	-276 1	100 7
Mozambique	69 0	67 2
Other	-6 1	-2 5
international Net income operations	-213 2	165 4
Operations1 Discontinued	1 5	0 0
Non-controlling int (Poland+Mozambique)	114 8	-71 5
Exchange effect rate	0 7	--
Contribution from international operations	-96 2	93 9
Bank Millennium goodwill impairment	-102 3	--

*Subsidiaries' net income presented for 9M22 the same exchange rate as of 9M23 for comparison purposes. 1 Includes the results from the discontinued operations namely, the sale of Banque Privée's capital and the sale of SIM by Millennium bim. ²Excludes FX-mortgage legal risk provisions, costs of litigations and settlements with Clients, credit holidays related with PLN mortgage moratoria, profit from the sale of 80% stake in Millennium Financial Services, linear distribution of BFG resolution fund fee and hypothetical bank tax. Not including in 9M22 Bank Millennium impairment.

Positive evolution of net income

¹ FX effect excluded. €/Zloty constant at September 2023 levels: Income Statement 4.58; Balance Sheet 4.62.

• Net income of 100.7 million in 9M23 which compares with -276.1 million in 9M22
• Bank Millennium delivers a positive net income for the 4 th consecutive quarter
• Net income influenced by costs related with CHF mortgage loan portfolio (which include the impact of the application of a more conservative adjustments to the provisioning model for legal risks), by the positive one-off effect related with the sale of Millennium Financial Services stake (80%), by the contribution to the Institutional Protection Scheme in H1'22 and by the cost related with credit moratoria in Q3'22
• Adjusted² net income up by 43.6% (+149.5 million) compared with the same period of last year
• Net operating revenue growth influenced by 16.4% increase in net interest income and the sale of the 80% stake in Millennium Financial Services
• CET1 ratio of 13.5% and total capital ratio of 16.6%, above the minimum requirements (8.3% and 12.7% respectively)

Net interest income increase significantly

(Million euros*; does not include tax on assets and contribution to the resolution fund and to the DGF)

*FX effect excluded. €/Zloty constant at September 2023 levels: Income Statement 4.58; Balance Sheet 4.62. **Includes a profit of 127 million from the sale of 80% stake in Millennium Financial Services ***Institutional Protection Scheme

139.3 Corrigir CA

Credit quality

• Cost of risk of 44bp, compared to 40bp in 9M22

*FX effect excluded. €/Zloty constant at September 2023 levels: Income Statement 4.58; Balance Sheet 4.62.

Customers funds and loans to Customers

Loans to Customers (gross)

CHF mortgages

(Number of cases)

Excludes Euro Bank. | *FX effect excluded. €/Zloty constant at September 2023 levels: Income Statement 4.58; Balance Sheet 4.62.|**Actual outstanding B/S provisions differ from the sum of P&L charges due to FX movements and utilizations among others | ***Out of court settlements mainly booked in net trading income

Net income reflects resilience in challenging environment

Net operating revenue

• Net income of 67.2 million in 9M23, a 2.6% reduction when compared with same period of last year
• Loans to Customers decreased by 0.8%; Customer funds decreased by 2.0%
• Capital ratio of 34.0%

Increased net interest income

Credit quality

Business volumes

Loans to Customers (gross)

(Million euros*)

Key figures

Strategic Plan: Excelling 24

	9M23		2024
C/I ratio	32%*	✓	≈40%
Cost of risk	50 bp	✓	≈50 bp
RoE	16.7%	✓	≈10%
CET1 ratio	14.9%	✓	>12.5%
NPE ratio	3.6%	✓	≈4%
Share of mobile Customers	66%	✓	>65%
Growth of high engagement Customers** (vs 2020)	+12.6%	✓	+12%
Average ESG rating***	69%		>80%

*Adjusted cost to income: without the positive one-off effect related with the sale of 80% of Millennium Financial Services stake (international operations) and without the charge regarding mainly the compensation for the temporary reduction of remuneration in the period 2014/2017 in Portugal. | **Active Customers with card transactions in the previous 90 days or funds > €100 (>MZM 1,000 in Mozambique) | ***Average of Top 3 indices (DJSI, CDP and MSCI) | NPE include loans to Customers only.

Millennium bcp Foundation Society Sustainability

National Museum Soares dos Reis: Portreto de la animo exhibition, which presents portraits and self-portraits that are part of the Treger Saint Silvestre Collection, one of the most important and extensive Brut Art collections in the world.

Francisco de Lacerda/Fundação Millennium bcp 2023 Composer Prize: attributed to the "Ecos de Trovas" play by the composer Luís Neto da Costa. The work was presented by the Lisbon Metropolitan Orchestra at the end of the "Encontro Sonoros Atlânticos Francisco de Lacerda 3rd edition".

VERÃO CLÁSSICO 2023 Festival: initiative that presents, annually in Lisbon, concerts and masterclasses. In this 9th edition, between July 17th and 29th, it presented major musical repertoire works from the 18th to 21st centuries.

AR&PA – Iberian Biennial Cultural Heritage: Initiative that aims to bring ordinary citizens to Cultural Heritage and attract future professionals to the sector. It celebrates 10 years of existence in Portugal with this Edition in Angra do Heroísmo, from October 12th to 15th.

Millennium bcp is a signatory of the "Pacto Mais e Melhores Empregos para os Jovens", on a commitment with recent graduates and working conditions maintaining the Bank as reference in valuing its professionals.

Millennium bcp supports Centro Hospitalar do Oeste (CHOeste), through the donation of IT equipment, furniture and various office supplies, in a contribution to improve its working conditions.

Millennium Volunteers with Bipp/SEMEAR, in another presential proximity action and involvement in supporting inclusion and employability of people with intellectual difficulties.

Millennium Volunteers support ENTRAJUDA, digitally, on the "Visitas Virtuais" action within the "Conhecer +" program, helping to improve the allocation and distribution of goods by the beneficiary institutions.

Millennium bcp sees its green financing highlighted as "boa prática" in the 2 nd "Observatório dos ODS nas Empresas Portuguesas" Report, from the Center for Responsible Business & Leadership at Católica Lisbon School.

BCP Group is part of Carbon Disclosure Project "Supplier Engagement" for the 1 st time, in recognition of the work carried out with its suppliers in promoting climate/environmental action in the supply chain.

Millennium bcp is, according to Global Finance magazine, "Best Bank for Sustainable Finance in Portugal" in 2023, recognizing the leadership in financing projects that fights climate change and improve people's quality of life.

Millennium bcp creates a bicycle parking lot (BIKE Park) on Taguspark, promoting smooth and sustainable mobility for its workers.

Awards

Millennium bcp: "Best Digital Bank 2023" in Portugal

Millennium bcp: "Best Investment Banking 2023" in Portugal

Millennium bcp: Distinguished at the 12th edition of Euronext Lisbon Awards with "Local Market Member in Equity" award

Millennium bcp integrates, for 4th consecutive year, the Bloomberg Gender-Equality Index

Millennium bcp: winner on "Banca e Finanças" category, for the 5 th time

Millennium bcp: Winner on "Grandes Bancos" and "Apps Bancárias" categories

Millennium bcp: Consumer Choice 2023, on the "Large Banks" category for 3rd consecutive year

ActivoBank: Consumer Choice 2023, on the "Digital Bank" category for the 5 th time

Millennium bcp

study

Status

in Poland

Bank Millennium: Distinguished with the "Golden Bank 2023" title

Bank Millennium: "Best Bank" in Poland

Main Bank of Companies by the DATA E 2023

Bank Millennium:"Best Digital Bank 2023"

Bank Millennium highlighted on the Polish

Contact Center Awards 2023

Millennium bcp: Number 1 bank for Innovative Comapnies supporting 421 companies to achieve the COTEC Innovative

App Millennium: "2023 Product of the Year",

on the "Banking App" category

Bank Millennium: Awarded with the "Service Quality Star", being the Millennium brand recommended by consumers

Bank Millennium: Second place on the Forbes "Poland´s Best Employers 2023" ranking, on Banks and Financial Services category

Bank Millennium: Distinguished with the CSR Golden Leaf Award for corporate social responsibility practices

Bank Millennium: 1st place in categories of Best Distributor in Poland and Best Distributor in Eastern Europe in an international competition for the structured products industry

Bank Millennium: 1 st place in the Summary of macroeconomic forecasts for 2022, from the Refinitiv ranking

2023" in Mozambique Millennium bim: "The Best Consumer Digital Bank for Innovation and Transformation in

Millennium bim: "Best Consumer Digital Bank 2023" and "Best Consumer Mobile App

Millennium bim: "Best Digital Bank 2023"

Africa for 2023"

48 Millennium bim: "Best Bank" in Mozambique; "Best Private Bank" in Mozambique

new

new

Appendix

49

Sovereign debt portfolio

(Consolidated, million euros)

	Sep 22	Dec 22	Mar 23	Jun 23	Sep 23	YoY	QoQ
Portugal	6,882	6,295	6,908	6,534	6,188	-10%	-5%
T-bills and other	461	310	810	421	109	-76%	-74%
Bonds	6,421	5,985	6,098	6,113	6,079	-5%	-1%
Poland	3,185	3,320	3,204	3,461	3,881	+22%	+12%
Mozambique	464	526	527	530	533	+15%	+0%
Other	5,897	6,390	8,206	9,216	8,963	+52%	-3%
Total	16,427	16,531	18,844	19,741	19,564	+19%	-1%

Sovereign debt portfolio Sovereign debt maturity

✓ The sovereign debt portfolio totalled 19.6 billion, 15.3 billion of which maturing in more than 2 years

✓ The Portuguese sovereign debt portfolio totalled 6.2 billion, the Polish and Mozambican portfolios amounted to 3.9 billion and to 0.5 billion, respectively; "other" includes, among other, sovereign debt from France (3.4 billion), Spain (2.6 billion), Belgium (1.6 billion), Germany (0.5 billion), Ireland (0.5 billion) and Austria (0.4 billion)

Sovereign debt portfolio

(Million euros)

	Portugal	Poland	Mozambique	Other	Total
Trading book	188	51	0	413	652
1 ≤ year	135	1	0	408	543
1 and 2 year ≤ years >	4	2	0	0	6
2 and 5 years ≤ years >	39	4	0	5	48
and 8 5 years ≤ years >	6	7	0	0	12
8 and 10 years years > ≤	2	2	0	0	4
10 > years	3	35	0	1	38
Banking book*	6 000 ,	3 830 ,	533	8 550 ,	18 912 ,
1 ≤ year	1	583	78	1 486 ,	2 149 ,
1 and 2 > year ≤ years	36	185 1 ,	152	203	576 1 ,
2 and 5 > years ≤ years	3 893 ,	505 1 ,	230	243 1 ,	6 871 ,
5 and 8 years ≤ years >	560 1 ,	208	0	446 4 ,	6 213 ,
8 and 10 years ≤ years >	217	136	72	172 1 ,	597 1 ,
10 years >	293	213	0	0	506
Total	6 188 ,	3 881 ,	533	8 963 ,	19 564 ,
1 ≤ year	136	584	78	1 894 ,	2 692 ,
1 and 2 > year ≤ years	39	1 187 ,	152	203	1 582 ,
2 and 5 > years ≤ years	3 932 ,	1 509 ,	230	1 248 ,	6 919 ,
5 and 8 > years ≤ years	566 1 ,	214	0	446 4 ,	6 226 ,
8 and 10 > years ≤ years	219	139	72	172 1 ,	601 1 ,
10 years >	296	248	0	1	544

*Includes financial assets at fair value through other comprehensive income (4,805 million) and financial assets at amortized cost (14,107 million). 51

Diversified and collateralised portfolio

Loan portfolio

▪ Loans to companies accounted for 40% of the loan portfolio as of September 2023, including 6% to construction and real-estate sectors

• Mortgage accounted for 49% of the loan portfolio, with low delinquency levels and an average LTV of 60%
• 85% of the loan portfolio is collateralised

Consolidated net income

(Million euros)	9M22	9M23	YoY	Impact on earnings
Net interest income	1 545 8 ,	2 117 5 ,	+37 0%	+571 6
Net fees and commissions	573 8	578 5	+0 8%	+4 7
Other income*	0 -55	96 7		+151 7
Net operating revenue	2 064 7 ,	2 792 7 ,	+35 3%	+728 0
Staff costs	-431 8	-468 0	+8 4%	-36 2
Other administrative and depreciation costs	-355 6	-386 6	+8 7%	-31 0
Operating costs	-787 4	-854 6	+8 5%	-67 2
Profit before impairment and provisions	1 277 2 ,	1 938 0 ,	+51 7%	+660 8
Results modification on	-318 6	8 -14		+303 8
Loans impairment (net of recoveries)	-241 2	-211 4	-12 3%	+29 8
Other impairment and provisions	-532 4	-602 4	+13 2%	-70 0
Results modification and of Impairment provisions ,	-1 092 2 ,	-828 7	-24 1%	+263 5
Net income before income tax	185 0	1 109 3 ,	+499 6%	+924 3
Income taxes	-208 6	-387 4	+85 7%	-178 7
from discontinued be discontinued Net income operations to or	1 5	0 0	-100 6%	-1 5
Non-controlling interests	112 0	-71 2	-163 6%	-183 2
Net income	89 8	650 7	+624 4%	+560 9

*Includes dividends from equity instruments, other net operating income, net trading income and equity accounted earnings

Consolidated balance sheet

(Million euros)

	30 September	30 September 2022		30 September	30 September 2022
	2023 (restated)			2023	(restated)
ASSETS			LIABILITIES
Cash and deposits at Central Banks	3,525.8	3,122.9	Financial liabilities at amortised cost
Loans and advances to credit institutions repayable on demand	188.0	346.0	Resources from credit institutions	1,240.2	8,967.3
Financial assets at amortised cost			Resources from customers	73,373.8	73,842.8
Loans and advances to credit institutions	1,116.1	7,751.5	Non subordinated debt securities issued	2,056.9	1,091.6
Loans and advances to customers	52,921.3	54,902.2	Subordinated debt	1,354.5	1,331.9
Debt instruments	17,036.1	12,585.8	Financial liabilities at fair value through profit or loss
Financial assets at fair value through profit or loss			Financial liabilities held for trading	269.0	246.7
Financial assets held for trading	1,098.5	1,047.7	Financial liabilities at fair value through profit or loss	3,502.6	1,331.5
Financial assets not held for trading mandatorily at fair value through profit or loss	492.1	914.9	Hedging derivatives	137.3	2,258.2
Financial assets designated at fair value through profit or loss	30.7	-	Provisions	662.0	567.2
Financial assets at fair value through other comprehensive income	8,673.9	7,574.1	Current tax liabilities	173.5	8.5
Hedging derivatives	82.1	799.5	Deferred tax liabilities	9.0	11.2
Investments in associated companies	335.3	398.7	Other liabilities	1,542.5	1,641.5
Non-current assets held for sale	81.6	605.9	TOTAL LIABILITIES	84,321.3	91,298.5
Investment property	15.1	12.2
Other tangible assets	596.2	575.0	EQUITY
Goodwill and intangible assets	197.2	157.4	Share capital	3,000.0	4,725.0
Current tax assets	9.7	12.9	Share premium	16.5	16.5
Deferred tax assets	2,723.4	2,970.1	Other equity instruments	400.0	400.0
Other assets	2,046.0	3,358.4	Legal and statutory reserves	316.4	268.5
TOTAL ASSETS	91,169.2	97,135.3	Treasury shares	-	-
			Reserves and retained earnings	1,551.1	(368.0)
			Net income for the period attributable to Bank's Shareholders	650.7	89.8
			TOTAL EQUITY ATTRIBUTABLE TO BANK'S SHAREHOLDERS	5,934.7	5,131.9
			Non-controlling interests	913.2	704.9
			TOTAL EQUITY	6,847.9	5,836.8
			TOTAL LIABILITIES AND EQUITY	91,169.2	97,135.3

Consolidated income statement per quarter

(Million euros)	Quarterly
	3Q 22	4Q 22	1Q 23	2Q 23	3Q 23
Net interest income	560.7	603.9	664.6	709.8	743.1
Dividends from equity instruments	-3.6	0.8	0.0	1.1	0.0
Net fees and commission income	186.2	198.1	195.4	191.6	191.4
Other operating income	-1.5	-6.2	-6.4	-65.8	15.7
Net trading income	32.7	-25.0	131.6	-7.1	-20.1
Equity accounted earnings	17.2	21.0	14.9	14.5	18.2
Banking income	791.7	792.7	1,000.1	844.2	948.3
Staff costs	147.7	149.0	144.3	163.6	160.0
Other administrative costs	89.2	101.2	90.3	94.7	98.5
Depreciation	34.4	35.4	33.9	34.7	34.6
Operating costs	271.2	285.6	268.5	293.0	293.1
Profit bef. impairment and provisions	520.5	507.1	731.6	551.2	655.2
Results on modification	-316.7	8.7	-5.9	-5.6	-3.2
Loans impairment (net of recoveries)	61.7	59.4	80.4	65.1	65.9
Other impairm. and provisions	160.5	223.1	237.7	165.2	199.5
Net income before income tax	-18.5	233.3	407.5	315.2	386.6
Income tax	52.9	95.7	156.2	89.8	141.4
Net income (before disc. oper.)	-71.4	137.6	251.3	225.5	245.2
Net income arising from discont. operations	0.0	4.1	0.0	0.0	0.0
Non-controlling interests	-99.0	34.1	35.1	18.4	17.8
Net income	27.6	107.6	216.1	207.1	227.5

(Million euros)

For the 9-month periods ended September 30th, 2022 and 2023

	Internatio nal o peratio ns
	Gro up			P o rtugal		T o tal		B ank M illennium (P o land)			M illennium bim (M o z.)			Other int. o peratio ns
	Sep 2 2	Sep 2 3	Δ %	Sep 2 2	Sep 2 3	Δ %	Sep 2 2	Sep 2 3	Δ %	Sep 2 2	Sep 2 3	Δ %	Sep 2 2	Sep 2 3	Δ %	Sep 2 2	Sep 2 3	Δ %
Interest income	1,878	3,191	69.9%	713	1,587	>100%	1,165	1,604	37.6%	954	1,381	44.8%	210	223	6.0%	1	0	<-100%
Interest expense	332	1,073	>100%	42	489	>100%	290	584	>100%	224	514	>100%	66	70	6.0%	0	0	<-100%
N et interest inco me	1,546	2,117	37.0%	671	1,098	63.6%	875	1,020	16.5%	730	867	18.8%	144	152	6.0%	1	0	<-100%
Dividends from equity instruments	9	1	-86.9%	9	0	-94.1%	1	1	-1.9%	1	1	-1.9%	0	0	--	0	0	--
Intermediatio n margin	1,555	2,119	36.2%	679	1,098	61.7%	876	1,020	16.5%	731	868	18.8%	144	152	6.0%	1	0	<-100%
Net fees and commission income	574	578	0.8%	418	420	0.5%	156	159	1.6%	130	129	-0.4%	26	29	11.4%	0	0	-100.0%
Other operating income	-177	-56	68.0%	-71	-67	6.4%	-105	10	>100%	-107	8	>100%	2	2	7.3%	0	0	>100%
B asic inco me	1,952	2,641	35.3%	1,026	1,451	41.5%	926	1,189	28.4%	753	1,006	33.5%	172	184	6.8%	1	0	<-100%
Net trading income	75	104	39.4%	99	-18	<-100%	-24	122	>100%	-39	110	>100%	15	12	-16.5%	0	0	-100.0%
Equity accounted earnings	38	48	26.5%	39	45	17.1%	-1	2	>100%	0	0	--	1	1	-0.6%	-2	1	>100%
B anking inco me	2,065	2,793	35.3%	1,163	1,479	27.1%	901	1,314	45.8%	715	1,116	56.1%	188	197	4.9%	- 1	1	>100%
Staff costs	432	468	8.4%	252	264	5.0%	180	204	13.0%	145	167	14.9%	34	37	7.5%	1	0	-100.0%
Other administrative costs	252	283	12.6%	134	141	5.3%	118	143	20.8%	81	101	24.4%	37	42	13.5%	0	0	-100.0%
Depreciation	104	103	-0.6%	59	55	-6.8%	45	48	7.6%	33	35	3.5%	11	13	19.8%	0	0	<-100%
Operating co sts	787	855	8.5%	444	460	3.5%	343	395	15.0%	260	303	16.4%	82	92	11.8%	1	0	<-100%
P ro fit bef. impairment and pro visio ns	1,277	1,938	51.7%	719	1,019	41.7%	558	919	64.7%	455	813	78.8%	106	105	-0.5%	- 2	1	>100%
Results on modification	-319	-15	95.3%	0	0	--	-319	-15	95.3%	-319	-15	95.3%	0	0	--	0	0	--
Loans impairment (net of recoveries)	241	211	-12.3%	174	158	-9.4%	67	54	-19.9%	58	45	-21.6%	9	8	-9.7%	0	0	15.4%
Other impairm. and provisions	532	602	13.2%	100	74	-25.6%	433	528	22.1%	323	522	61.5%	1	3	>100%	109	3	-96.8%
N et inco me befo re inco me tax	185	1,109	>100%	445	787	76.7%	-260	323	>100%	-245	231	>100%	9 6	9 4	-1.7%	-111	- 2	97.8%
Income tax	209	387	85.7%	157	230	46.5%	51	157	>100%	26	130	>100%	26	27	4.2%	0	0	--
N et inco me (befo re disc. o per.)	-24	722	>100%	288	557	93.2%	-312	165	>100%	-270	101	>100%	7 0	6 7	-3.9%	-111	- 2	97.8%
Net income arising from discont. operations	1	0	<-100%	0	0	--	1	0	-100.0%	0	0	--	0	0	-100.0%	0	0	--
Non-controlling interests	-112	71	>100%	0	0	27.8%	-112	71	>100%	0	0	--	0	0	--	-112	71	>100%
N et inco me	9 0	651	>100%	288	557	93.1%	-199	9 4	>100%	-270	101	>100%	7 0	6 7	-4.0%	1	-74	<-100%

Glossary (1/2)

Assets placed with Customerss – amounts held by Customers in the context of the placement of third-party products that contribute to the recognition of commissions.

Balance sheet Customer funds – deposits and other resources from Customers and debt securities placed with Customers.

Business Volumes - corresponds to the sum of total Customer funds and loans to Customers (gross).

Commercial gap – loans to Customers (gross) minus on-balance sheet Customer funds.

Core income - net interest income plus net fees and commissions income.

Core net income - net interest income plus net fees and commissions income deducted from operating costs.

Cost of risk, net (expressed in basis points) - ratio of loans impairment (P&L) accounted in the period to loans to Customers at amortized cost and debt instruments at amortized cost related to credit operations before impairment at the end of the period.

Cost to core income - operating costs divided by core income.

Cost to income – operating costs divided by net operating revenues.

Coverage of non-performing exposures by impairments – loans impairments (balance sheet) divided by the stock of NPE.

Coverage of non-performing loans by impairments – loans impairments (balance sheet) divided by the stock of NPL.

Coverage of overdue loans by impairments - loans impairments (balance sheet) divided by overdue loans.

Coverage of overdue loans by more than 90 days by impairments - loans impairments (balance sheet) divided by overdue loans by more than 90 days.

Debt instruments – non-subordinated debt instruments at amortized cost and financial liabilities measured at fair value through profit or loss (debt securities and certificates).

Debt securities placed with Customers - debt securities issued by the Bank and placed with Customers.

Deposits and other resources from Customers – resources from Customers at amortized cost and Customer deposits at fair value through profit or loss.

Dividends from equity instruments - dividends received from investments classified as financial assets at fair value through other comprehensive income and from financial assets held for trading.

Equity accounted earnings - results appropriated by the Group related to the consolidation of entities where, despite having some influence, the Group does not control the financial and operational policies.

Insurance products – includes unit linked saving products and retirement saving plans ("PPR", "PPE" and "PPR/E").

Loans impairment (balance sheet) – balance sheet impairment related to loans to Customers at amortized cost, balance sheet impairment associated with debt instruments at amortized cost related to credit operations and fair value adjustments related to loans to Customers at fair value through profit or loss.

Loans impairment (P&L) – impairment (net of reversals and net of recoveries - principal and accrual) of financial assets at amortized cost for loans to Customers and for debt instruments related to credit operations. Loans to Customers (gross) – loans to Customers at amortized cost before impairment, debt instruments at amortized cost associated to credit operations before impairment and loans to Customers at fair value through profit or loss before fair value adjustments.

Loans to Customers (net) - loans to Customers at amortized cost net of impairment, debt instruments at amortized cost associated to credit operations net of impairment and balance sheet amount of loans to Customers at fair value through profit or loss.

Loan to Deposits ratio (LTD) – loans to Customers (net) divided by deposits and other resources from Customers.

Loan to value ratio (LTV) – mortgage amount divided by the appraised value of property.

Net commissions - net fees and commissions income.

Net interest margin (NIM) - net interest income for the period as a percentage of average interest earning assets.

Net operating revenues - net interest income, dividends from equity instruments, net commissions, net trading income, other net operating income and equity accounted earnings.

Glossary (2/2)

Net trading income – results from financial operations at fair value through profit or loss, results from foreign exchange, results from hedge accounting operations, results from derecognition of financial assets and financial not measured at fair value through profit or loss.

Non-performing exposures (NPE) non-performing loans and advances to Customers (includes loans to Customers at amortised cost, loans to Customers at fair value through profit or loss and, from 2023, debt instruments at amortised cost associated to credit operations before impairment ) more than 90 days past-due or unlikely to be paid without collateral realisation, if they recognised as defaulted or impaired.

NPE Specific coverage - NPE impairments (balance sheet) divided by the stock of NPE.

NPE total coverage - Impairments (balance sheet) and NPE collaterals divided by the stock of NPE.

NPE total specific coverage - NPE impairments (balance sheet) and NPE collaterals divided by the stock of NPE.

Non-performing loans (NPL) – overdue loans (loans to Customers at amortised cost, loans to Customers at fair value through profit or loss and, from 2023, debt instruments at amortised cost associated to credit operations before impairment) more than 90 days past due including the non-overdue remaining principal of loans, i.e. portion in arrears, plus non-overdue remaining principal.

Off-balance sheet Customer funds – assets under management, assets placed with Customers and insurance products (savings and investment) subscribed by Customers.

Operating costs - staff costs, other administrative costs and depreciation.

Other impairment and provisions – impairment (net of reversals) for loans and advances of credit institutions classified at amortized cost, impairment for financial assets (classified at fair value through other comprehensive income and at amortized cost not associated with credit operations), impairment for other assets, namely assets received as payment in kind, investments in associated companies and goodwill of subsidiaries and other provisions.

Other net income – dividends from equity instruments, net commissions, net trading income, other net operating income and equity accounted earnings.

Other net operating income – net gains from insurance activity, other operating income/(loss) and gains/(losses) arising from sales of subsidiaries and other assets.

Overdue loans – total outstanding amount of past due loans to Customers (loans to Customers at amortized cost, debt instruments at amortized cost associated to credit operations and loans to Customers at fair value through profit or loss), including principal and interests.

Overdue loans by more than 90 days – total outstanding amount of past due loans to Customers by more than 90 days (loans to Customers at amortized cost, debt instruments at amortized cost associated to credit operations and loans to Customers at fair value through profit or loss), including principal and interests.

Profit before impairment and provisions – net operating revenues deducted from operating costs.

Resources from credit institutions – resources and other financing from Central Banks and resources from other credit institutions.

Return on average assets (Instruction from the Bank of Portugal no. 16/2004) – net income (before tax) divided by the average total assets (weighted average of the average of monthly net assets in the period).

Return on average assets (ROA) – net income (before minority interests) divided by the average total assets (weighted average of the average of monthly net assets in the period).

Return on equity (Instruction from the Bank of Portugal no. 16/2004) – net income (before tax) divided by the average attributable equity + non-controlling interests (weighted average of the average of monthly equity in the period).

Return on equity (ROE) – net income (after minority interests) divided by the average attributable equity, deducted from preference shares and other capital instruments (weighted average of the average of monthly equity in the period).

Securities portfolio - debt instruments at amortized cost not associated with credit operations (net of impairment), financial assets at fair value through profit or loss (excluding the ones related to loans to Customers and trading derivatives), financial assets at fair value through other comprehensive income and assets with repurchase agreement.

Spread - increase (in percentage points) to the index used by the Bank in loans granting or fund raising.

Total Customer funds - balance sheet Customer funds and off-balance sheet Customer fund.

Total Customer funds - balance sheet Customer funds and off-balance sheet Customer funds.

INVESTOR RELATIONS DIVISION Bernardo Collaço, Head

EQUITY Alexandre Moita +351 211 131 321 DEBT AND RATINGS Luís Morais +351 211 131 337

59

investors@millenniumbcp.pt

BANCO COMERCIAL PORTUGUÊS, S.A. Registered Office: Praça D. João I, 28, Oporto, Share Capital: EUR 3,000,000,000.00. Registered at the Commercial Registry of Oporto, with the single commercial and tax identification number 501 525 882 and the. LEI: JU1U6SODG9YLT7N8ZV32