Banco Comercial Portugues

Investor Presentation • May 5, 2023

CONSOLIDATED RESULTS

1Q23 BANCO BPI CONSOLIDATED RESULTS

0 5 M A Y 2 0 2 3

DISCLAIMER

• The purpose of this presentation is purely informative and should not be considered as a service or offer of any financial product, service or advice, nor should it be interpreted as, an offer to sell or exchange or acquire, or an invitation for offers to buy securities issued by Banco BPI ("BPI") or any of the companies mentioned herein. The information contained herein is subject to, and must be read in conjunction with, all other publicly available information. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information set out in the relevant documentation filed by the issuer, having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in this presentation.
• BPI cautions that this presentation might contain forward-looking statements concerning the development of its business and economic performance. While these statements are based on BPI's current projections, judgments and future expectations concerning the development of the Bank's business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from BPI's expectations. Such factors include, but are not limited to the market general situation, macroeconomic factors, regulatory, political or government guidelines and trends, movements in domestic and international securities markets, currency exchange rates and interest rates, changes in the financial position, creditworthiness or solvency of BPI customers, debtors or counterparts.
• Statements as to historical performance or financial accretion are not intended to mean that future performance or future earnings for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast. In addition, it should be noted that although this presentation has been prepared based on accounting registers kept by BPI and by the rest of the Group companies it may contain certain adjustments and reclassifications in order to harmonize the accounting principles and criteria followed by such companies with those followed by BPI.
• In particular, regarding the data provided by third parties, BPI does not guarantee that these contents are exact, accurate, comprehensive or complete, nor it is obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents by any means, BPI may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in case of any deviation between such a version and this one, BPI assumes no liability for any discrepancy.
• In relation to Alternative Performance Measures (APMs) as defined in the guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415), this report uses certain APMs, which have not been audited, for a better understanding of the company's financial performance. These measures are considered additional disclosures and in no case replace the financial information prepared under the International Financial Reporting Standards (IFRS). Moreover, the way the Group defines and calculates these measures may differ to the way similar measures are calculated by other companies. Accordingly, they may not be comparable. Please refer to the Annexes section for a list of the APMs used along with the relevant reconciliation between certain indicators.
• This document has not been submitted to the Comissão do Mercado of Valores Mobiliários (CMVM) (Autoridade Portuguesa do Mercado of Capitais) for review or for approval. Its content is regulated by the Portuguese law applicable at the date hereto, and it is not addressed to any person or any legal entity located in any other jurisdiction. For this reason it may not necessarily comply with the prevailing norms or legal requisites as required in other jurisdictions.
• Notwithstanding any legal requirements, or any limitations imposed by BPI which may be applicable, permission is hereby expressly refused for any type of use or exploitation of the content of this presentation, and for any use of the signs, trademarks and logotypes contained herein. This prohibition extends to any kind of reproduction, distribution, transmission to third parties, public communication or conversion by any other mean, for commercial purposes, without the previous express consent of BPI and/or other respective proprietary title holders. Any failure to observe this restriction may constitute a legal offence which may be sanctioned by the prevailing laws in such cases.

Support to Families and Businesses: loans grew by 4% yoy

Net profit of 73 M.€ (+164% yoy) in Portugal and 85 M.€ (+75% yoy) consolidated

Sustainable finance: 285 M.€ of ESG emissions in 1Q23

Opening of the largest commercial banking space in the country: BPI All in One

BPI 1ST QUARTER 2023 RESULTS

Commercial activity in Portugal	Loans  YoY +1.0 Bn.€ +4%	Deposits  YoY -1.3 Bn.€ -4% Total customer -6% resources	 YoY +48% Gross income +82% Net interest income Fee and commission +3% income	Digital Banking Regular users 881 th. BPI app users +107 th.  YoY
Risk, liquidity and capitalisation	NPE ratio 1.6% (EBA criteria) 156% Coverage (by impairments and collaterals)	Cost of Risk 0.20% (as % of loans and guarantees; last 12 months)	Loan to deposit ratio 98% (loans as % of deposits)	14.3% CET1 15.8% T1 18.3% Total (Phasing-in)
Profit and profitability	Net profit in Portugal  YoY 73 M.€ +164%	Recurrent ROTE in Portugal 9.5% (last 12 months)	Cost-to-core income in Portugal 46.8% (last 12 months)	Consolidated net profit  YoY 85 M.€ +75%

CONSOLIDATED NET PROFIT OF 85 M.€ IN 1Q23 (+75%)

Net profit in Portugal grew to 73 M.€ (+164%)

In M €	22 Mar	23 Mar	Δ%
profit in Portugal Net	28	73	164%
contribution BFA	14	1	-95%
contribution BCI	7	11	+49%
Consolidated profit net	49	85	+75%

	 YoY
Commercial banking gross income ▪	+95 M.€
▪ Recurrent costs	-12 M.€
▪ Loan impairments net of recoveries	-2 M.€
▪ Income tax and other	-34 M.€
YoY net profit in Portugal 	+46 M.€

Activity in Portugal
	22 Mar	23 Mar
Recurrent ROTE (last 12 months)	7% 5	9 5%

COMMERCIAL BANKING GROSS INCOME INCREASED 50%

6 1) "Gains/(losses) on financial assets & liabilities" and "Other operating income and expenses". Includes regulatory costs with banking sector contribution and additional solidarity levy of 25 M.€ in 1st quarter 2022 and 26 M.€ in 1st quarter 2023.

LOAN PORTFOLIO GREW 4% YOY

Loans to Customers by segments
Gross portfolio, in Bn.€	Mar 22	Mar 23	YoY	YtD
I. Loans to individuals	15.3	16.1	5%	1%
Mortgage loans	13.4	14.3	6%	1%
Other loans to individuals	1.8	1.8	-2%	-1%
II. Loans to companies	10.8	10.9	1%	0%
III. Public sector	2.2	2.3	5%	1%
Total loans	28.2	29.2	4%	0%
Note:
Loan portfolio net of impairments	27.7	28.7	4%	0%

Market share
of total loan portfolio	11.5% +0.3 p.p. YoY
	(Feb. 2023)

MARKET SHARE GAINS IN MORTGAGE LOANS

8

CUSTOMER RESOURCES DECREASED 6% YOY

Customer Resources	Market shares
€ In Bn	Mar 22	23 Mar	YoY	YtD
I Customer deposits	29 7	28 4	-4%	-6%
Off-balance sheet II resources	0 11	10 0	-10%	2%
Mutual funds	6 0	5 4	-9%	2%
Capitalisation insurance	4 5	4 5	-1%	4%
Public offerings	0 6	0 1	-	-
Total	40 7	38 4	-6%	-4%

9

Structured products placed with Customers rose by 0.5 Bn.€ YoY in Mar.23.

Feb 23	YoY 
11 4%	-0 0 p.p.
10 6%	-0 3 p.p.
11 5%	+0 6 p.p.
18 5%	-0 1 p.p.
4% 11	-0 6 p.p.

1) Deposits, mutual funds and capitalisation insurance.

COST-TO-CORE INCOME OF 46.8%

10

REGULATORY COSTS OF 26.4 M.€ IN 1ST QUARTER 2023

STABLE COST OF CREDIT RISK

BPI MAINTAINS LOW RISK PROFILE AND HIGH COVERAGE

ADEQUATELY COVERED PENSIONS

Employee pension liabilities M.€ Dec 22 Mar 23 Total past service liability 1 514 1 541 Pension funds net assets 1 714 1 756 Level of coverage of pension liabilities 113% 114% Pension fund return (YTD, non-annualised) -8.7% 3.3% Discount rate 3.8% 3.7%

Actuarial deviations	12
Other	1
Change the discount in rate	-29
from portfolio Income investment	41

HIGH CAPITALISATION

BPI meets MREL requirements for the start of 2024

18.9% Consolidated (phasing-in)	18.3%	Capital requirements (SREP)
Total capital 16.4% Tier 1	15.8%	Total capital	2023
14.8% Common Equity Tier 1	14.3%	T1	12.90% 10.43%
Capital requirements net of dividend distribution		CET1	8.57%
Dec 22	Mar 23
Risk-weighted assets (RWA) 17.3 Bn.€	18.1 Bn.€ +4.9% 
MDA buffer (Maximum Distributable Amount) 5.9%	5.4%
Leverage ratio 7.1%	7.1%	Leverage	3.0%
MREL RATIOS		MREL requirement	≥1Jan.24 ≥1Jan.22
MREL as % of RWA 25.6%	24.6%	MREL / RWA	19.18% 1) 22.43% 1)
MREL as % of LRE 11.1%	11.1%	MREL / LRE	5.91%

15 1) Includes combined capital buffer requirement RWA – Risk Weighted Assets; LRE – Leverage Ratio Exposure.

BALANCED FUNDING AND COMFORTABLE LIQUIDITY

ECB funding of 0.4 Bn.€

16

1) 12-month average, in accordance with the EBA guidelines. Average value (previous 12 months) of the calculation components: Liquidity reserves (9 225 M.€); Total net outflows (4 378 M.€). 2) High Quality Liquid Assets (HQLA) of 5.1 Bn.€ and other assets eligible as collateral with ECB of 4.9 Bn.€

A BANK COMMITTED TO SUSTAINABILITY

2022-2024 Sustainability Master Plan

• BPI becomes a signatory of the Principles for Sustainable Banking (March 2023)
• Banco BPI and BPI Gestão de Ativos participate in United Nations Global Compact's new Business & Human Rights Accelerator programme

	2022-2024 TARGET
Global
Sustainable business	4 Bn.€
▪ in Loans	2 Bn.€
▪ in Investment	2 Bn.€
Social
Beneficiaries	200 th.
Investment by BPI "la Caixa" Foundation	120 M.€
Governance
Women in management positions1	43%

¹Percentage of women in management positions in branches with more than 10 Employees and in all central service.

COMMITMENT TO PEOPLE, SOCIETY AND THE ENVIRONMENT

▪ BPI signed the "Pact for More and

Better Jobs for Young People".

▪ Better Employee remuneration

Commitment to People Commitment to Society Commitment to the Environment

BPI VOLUNTARY SERVICE PROGRAMME

Main initiatives

• Financial literacy and entrepreneurship in schools;
• Tutoring of children and young people in vulnerable situations;
• "Serve The City" dinner.

BPI Volunteers, "Serve The City" initiative

5 453 direct beneficiaries in 1st Quarter 2023

75% employees registered in the Voluntary service platform

▪ New Benefits Programme

NEW INITIATIVES

COMMITMENT TO PEOPLE, SOCIETY AND THE ENVIRONMENT

Commitment to People Commitment to Society Commitment to the Environment

50 M.€ in 2023

"la Caixa" Foundation initiative with the collaboration of BPI

• Social Programmes
• Health Research and Innovation
• Culture
• Education and Scholarships

MAIN INITIATIVES

▪ 2023 Edition of BPI "la Caixa" Foundation Capacitar, Solidário, Seniores and Infância Awards: 4.6 M.€

• Decentralised Social Initiative (DSI) 2023 to support social institutions' projects with a local impact: 1.5 M.€

▪ Ceremony to award the post-doctoral grants for Junior Leader 2022 and PhD INphINIT2022

▪ CaixaImpulse Innovation, a new aid programme for innovation in biomedicine and health in Portugal and Spain

▪ Launch of the 1st TUMO Center - Center for Creative Technologies (free courses for students)

COMMITMENT TO PEOPLE, SOCIETY AND THE ENVIRONMENT

Commitment to People Commitment to Society Commitment to the Environment

ESG BOND LOANS

• 100 M.€ MC Retail
• 75 M.€ NOS
• 50 M.€ LIDL
• 40 M.€ Sodecia
• 10 M.€ Cork Supply
• 10 M.€ TUB

BPI, A BANK FOR FAMILIES

With new proposals and solutions at every step new of your life

1st Quarter Highlights:

• New 2024 Bonds Fund
• New structured products
• Guaranteed Income Products

• Promotion of BPI Impacto Clima Funds (Art. 9 of EU Regulation 2019/2088*)

• Strengthening of position in Mortgage Loans

• Launch of Prestige Products

• Launch of Benefits Programme

• Family Life Insurance campaign

• Non-Life Insurance discounts

*) Sustainable Finance Disclosure Regulation

BPI, BANK FOR COMPANIES

The partner for all companies at the various stages of their lives

PARTNERSHIPS AND AWARDS TO SUPPORT THE ECONOMY

Main initiatives

Partnerships

BPI/Galp Solar Protocol Financing and sale of photovoltaic panels for self-consumption

Partnership with John Deere

BPI and John Deere celebrate 20 years of partnership with a special financing campaign with advantageous conditions

23

OPENING OF BPI ALL IN ONE

The goal is to completely transform the banking customer experience

• 2 300 square metres commercial space in Edifício Monumental in Lisbon
• Extended opening hours from 8:30 am to 5:30pm
• 100 employees, including account managers specialised in Retail, Corporate, Small Businesses, Premier and Private Banking
• Ubiquitous technology, including a robot concierge
• Metaverse dedicated area with immersive experience of banking services presentation in first Virtual Reality (VR) branch - BPI VR
• The Bank reinforces its commitment to sustainability and accessibility

DIGITAL BANKING INCREASINGLY RELEVANT AT BPI

More Clients, more sales with digital contribution, and prominent position

RECOGNITION IN 1ST QUARTER 2023

CONSOLIDATED RESULTS

Unaudited accounts

ANNEXES

01 BPI Ratings versus peers

Income Statements and Balance sheet in accordance with IAS / IFRS and consolidated indicators

03

02

Reconciliation between BPI reported figures and BPI Segment contribution to CaixaBank Group

04

Alternative Performance Measures

BPI RATINGS VS. PEERS On 30th April 2023

	(Long Term Debt/ Issuer Credit Rating)		(Long Term Debt/	Issuer rating)			(Issuer Default Rating)		(Long-Term Debt/ Issuer Rating)
	…AA+ e AAA		…Aa1, e Aaa		…AA, AA+ e	AAA		…AA, AA (high), AAA
	AA		Mortgage bonds Aa2		AA			AA
t	AA-		Aa3		AA			AA (low)	Mortgage bonds
n e e	A+	A1			A+			A (high)
m d st a r	A	A2			A			A	Bank 1
e G v n	A	A3	Deposits		A	Bank 1		A (low)
I	Bank 1 BBB+		Baa1		BBB+		Deposits Senior debt	BBB (high)
	BBB		Bank1 Baa2	Bank3	BBB			BBB	Bank 3
	BBB		Bank 2 Baa3		BBB	Bank 3		BBB (low)	Bank 2
	Bank 2 BB+		Ba1		BB+	Bank 2		BB (high)
t	BB		Ba2		BB			BB
n e m	BB		Bank 5 Ba3		BB			BB (low)	Bank 5
st e d	B+	B1			B+			B (high)	Bank 4
e a v r n g	B	B2	Bank 4		B	Bank 4		B
I - n	B	B3			B			B (low)
o N	CCC+	Caa1			CCC+			CCC (high)
	CCC		Caa2		CCC			CCC
S&P (16th Sep.22) upgraded in 1 notch the rating of BPI and its long term senior debt to BBB+, with Stable outlook.			Moody's (21st Sep.21) upgraded the rating on BPI long term deposits to A3 and maintained the rating on BPI and its LT senior debt at Baa2. The outlook on ratings is Stable.				Fitch		(8th Jul.22) upgraded the standalone rating to bbb- (investment grade) and reaffirmed the ratings of BPI (BBB), with Stable outlook, and its senior debt and deposits (BBB+).

INCOME STATEMENT OF THE ACTIVITY IN PORTUGAL

€ In M	Mar 22	Mar 23	%
Net interest income	113 1	206 4	82%
Dividend income	0 0	0 0	-
accounted Equity income	5 2	4 7	-8%
fee and commission income Net	71 2	73 0	3 %
Gains/(losses) financial and liabilities and other assets on	8 6	5 5	-36%
Other operating income and expenses	-20 1	-26 3	-31%
Gross income	178 1	263 4	48%
Staff expenses	-57 5	-61 9	8 %
Other administrative expenses	-38 3	9 -45	20%
and Depreciation amortisation	-16 6	-17 1	2 %
Recurring operating expenses	-112 4	-124 9	11%
Non-recurrent costs
Operating expenses	-112 4	-124 9	11%
Net operating income	65 7	138 5	111%
losses and other Impairment provisions	-23 3	-23 5	1 %
and losses other Gains in assets	0 1	-1 4	-
income before income Net tax	42 4	113 6	168%
Income tax	-14 6	-40 1	175%
income Net	27 8	73 5	164%

BALANCE SHEET OF THE ACTIVITY IN PORTUGAL

30

LOAN PORTFOLIO AND CUSTOMER RESOURCES

portfolio Gross in M € ,	22 Mar	23 Mar	YoY	YtD
individuals I Loans to	261 15	16 071	5%	1%
loans Mortgage	13 441	282 14	6%	1%
Other loans individuals to	820 1	788 1	-2%	-1%
companies II Loans to	10 821	10 908	1%	0%
Public III sector	2 166	2 264	5%	1%
Total loans	28 247	29 243	4%	0%
Note:
portfolio of Loan net impairments	27 710	28 689	4%	0%

Loan portfolio					Customer resources
portfolio in Gross M € ,	Mar 22	Mar 23	YoY	YtD	In M €	22 Mar	23 Mar	YoY
I Loans individuals to	15 261	16 071	5%	1%	deposits I Customer	29 666	28 415	-4%
Mortgage loans	13 441	14 282	6%	1%	Off-balance sheet II resources	11 028	9 955	-10%
Other loans individuals to	1 820	1 788	-2%	-1%	Mutual funds	5 953	5 411	-9%
II Loans companies to	10 821	10 908	1%	0%	Capitalisation insurance	520 4	465 4	-1%
III Public sector	2 166	2 264	5%	1%
Total loans	28 247	29 243	4%	0%	Public offerings	555	80	-
Note:					Total	40 695	38 370	-6%
portfolio of Loan net impairments	27 710	28 689	4%	0%	▪ Additionally, the placement of structured products

increased by 0.5 Bn.€ in March 23 YoY.

CONSOLIDATED INCOME STATEMENT

€ In M	Mar 22	Mar 23	%
Net interest income	116 2	208 1	79%
Dividend income	0 0	0 0	-
Equity accounted income	13 0	16 0	24%
fee and Net commission income	71 2	73 0	3 %
Gains/(losses) financial and liabilities and other assets on	24 2	4 8	-80%
Other and operating income expenses	-20 1	-26 3	-31%
income Gross	204 6	275 7	35%
Staff expenses	-57 5	-61 9	8 %
Of which: Recurrent staff expenses Non-recurrent costs	-57 5	-61 9	8%
Other administrative expenses	-38 3	9 -45	20%
and Depreciation amortisation	-16 6	-17 1	2 %
Operating expenses	-112 4	-124 9	11%
operating income Net	92 2	150 9	64%
Impairment losses and other provisions	-23 3	-23 5	1 %
and losses other Gains in assets	0 1	-1 4	-
income before income Net tax	68 9	126 0	83%
Income tax	-20 4	3 -41	102%
income Net	48 5	84 7	75%

CONSOLIDATED BALANCE SHEET

33

In M.€	Dec 22 restated 1	Mar 23
ASSETS
Cash and cash balances at central banks and other demand deposits	2 466	2 259
Financial assets held for trading, at fair value through profit or loss and at fair value through other comprehensive income	1 613	1 655
Financial assets at amortised cost	33 753	34 247
Of which: Loans to Customers	28 630	28 689
Investments in joint ventures and associates	278	225
Tangible assets	198	192
Intangible assets	108	103
Tax assets	184	169
Non-current assets and disposal groups classified as held for sale	26	63
Other assets	288	305
Total assets	38 914	39 219
LIABILITIES
Financial liabilities held for trading	87	86
Financial liabilities at amortised cost	34 436	34 769
Deposits - Central Banks and Credit Institutions	1 494	2 929
Deposits - Customers	30 326	29 228
Debt securities issued	2 339	2 335
Of which: subordinated liabilities	431	427
Other financial liabilities	276	277
Provisions	49	49
Tax liabilities	125	161
Other liabilities	343	421
Total Liabilities	35 040	35 486
Shareholders' equity attributable to the shareholders of BPI	3 874	3 733
Non controlling interests	0	0
Total Shareholders' equity	3 874	3 733
Total liabilities and Shareholders' equity	38 914	39 219

CONSOLIDATED INDICATORS

Profitability Efficiency and Liquidity Indicators , (Bank of Portugal Instruction no. 16/2004 with the amendments of Instruction 6/2018)	Mar 22	Mar 23
/ Gross income ATA	2 0%	2 9%
before and attributable non-controlling / Net income income tax income to interests ATA	0 7%	1 3%
before and attributable non-controlling / Net income income tax income to interests shareholders' equity (including non-controlling interests) average	7 5%	13 0%
income 1 ) Staff / Gross expenses	28 1%	22 4%
income 1 ) Operating / Gross expenses	9% 54	3% 45
Loans (net) deposits ratio to	93%	101%
ratio and forborne NPE (according the criteria) to EBA	Mar 22	Mar 23
Non-performing (M €) - NPE exposures	652	590
NPE ratio	6% 1	6% 1
by impairments NPE coverage	85%	96%
NPE by impairments and collaterals coverage	150%	156%
NPE 2) of forborne included Ratio in not	0 4%	0 8%
"Crédito duvidoso" (non-performing loans) (according Bank of Spain criteria) to	Mar 22	Mar 23
€) 3) "Crédito duvidoso" (M	698	594
"Crédito duvidoso" ratio	2 3%	9% 1
"Crédito duvidoso" by impairments coverage	80%	96%
"Crédito duvidoso" by impairments and collaterals coverage	140%	154%

34

2) Forborne according to EBA criteria. On March 2023, the forborne was 561 M.€ (forborne ratio of 1.4%), of which 349 M.€ was performing loans (0.8% of the gross credit

exposure) and 212 M.€ was included in NPE (0.5% of the gross credit exposure).

3) Includes guarantees provided (recorded off-balance sheet).

¹⁾ Excluding early-retirement costs.

RECONCILIATION BETWEEN BPI REPORTED FIGURES AND BPI SEGMENT CONTRIBUTION TO CAIXABANK GROUP

Profit & loss account
	As	Adjustments	BPI	Business segment
(M.€) Mar 23	reported by BPI	1)	contribution to CABK Group	BPI	Corporate Center
Net interest income	208	( 1)	207	203	4
Dividends	0	0	0	0
accounted Equity income	16	0	16	5	11
Net fees and commissions	73	0	73	73
Trading income	5	1	6	7	( 1)
Other & operating income expenses	( 26)	0	( 26)	( 26)	( 0)
Gross income	276	1	277	262	14
Recurrent operating expenses	( 125)	( 2)	( 126)	( 126)
Extraordinary operating expenses
Pre-impairment income	151	( 1)	150	136	14
[Pre-impairment income without extraordinary expenses]	151	( 1)	150	136	14
losses on financial Impairment assets	( 22)	0	( 22)	( 22)
Other impairments and provisions	( 1)	( 0)	( 1)	( 1)	( 0)
Gains/losses on disposals others &	( 1)	0	( 1)	( 1)	0
income Pre-tax	126	( 1)	125	111	14
Income tax	( 41)	0	( 41)	( 39)	( 2)
Profit for the period	85	( 0)	84	72	12
Minority interests & other
Net income	85	( 0)	84	72	12

Loan portfolio & customer resources

March (M.€) 2023	As reported by BPI	Adjustments	contribution BPI to (BPI segment) CABK Group
Loans and advances to customers, net	28 689	( 69)	28 620
Total funds customer	38 370	(4 511)	33 859

Profit & loss account

The difference between the earnings released by BPI and the earnings attributable to CaixaBank Group is largely a result of consolidation adjustments and the net change in the fair value adjustments generated from the business combination.

Additionally, BPI contribution to CaixaBank Group results is broken down into BPI segment and Corporate Center segment, the latter including the contributions from BFA and BCI.

Loan portfolio & customer funds

The difference between BPI reported figures and those reported by CaixaBank for the BPI segment can largely be explained by:

• In loans and advances to customers, net, by the fair value adjustments generated by the business combination at 31st March 2023 and consolidation adjustments (elimination of intra-group balances);
• In total customer funds, by the liabilities under insurance contracts and their fair value adjustments at 31st March 2023, as generated by the business combination, which have been reported in the banking and insurance business segment of CaixaBank following the sale of BPI Vida to VidaCaixa de Seguros y Reaseguros.

1) Consolidation, standardisation and net fair value adjustments in the business combination.

Reconciliation of the profit & loss account structure

• The European Securities and Markets Authority (ESMA) published on 5th October 2015 a set of guidelines relating to the disclosure of Alternative Performance Measures by entities (ESMA/2015/1415). These guidelines are mandatory to issuers with effect from 3rd July 2016.
• In addition to the financial information prepared in accordance with the International Financial Reporting Standards (IFRS), BPI uses a set of indicators for the analysis of performance and financial position, which are classified as Alternative Performance Measures, in accordance with the abovementioned ESMA guidelines. The information relating to those indicators has already been object of disclosure, as required by ESMA guidelines.
• In the current presentation, the information previously disclosed is included by way of cross-reference and a summarized list of the Alternative Performance Measures is presented next.

The following table shows, for the consolidated profit & loss account, the reconciliation of the structure used in this document (Results' Presentation) with the structure adopted in the financial statements and respective notes of the Report and Accounts.

Adopted acronyms and designations			Units, conventional sings and abbreviations
YtD		Year-to-date change		€, Euros, EUR		euros
YoY		Year-on-year change		th.€, th.euros		thousand euros
QoQ		quarter-on-quarter change		M.€, M.euros		million euros
ECB		European Central Bank		Bn.€, Bi.€		billion euros
BoP		Bank of Portugal				change
CMVM		Securities Market Commission		n.a.		not available
APM		Alternative Performance Measures		0, –		null or irrelevant
MMI		Interbank Money Market		vs.		versus
T1		Tier 1		b.p.		basis points
CET1		Common Equity Tier 1		p.p.		percentage points
RWA		Risk weighted assets		E		Estimate
TLTRO		Targeted longer-term refinancing operations		F		Forecast
LCR		Liquidity coverage ratio
NSFR		Net stable funding ratio

Reconciliation of the consolidated profit & loss account structure

Structure used in the Results' Presentation	Mar 23	Mar 23	financial Structure presented in the statements and respective notes
Net interest income	208.1	208.1	Net interest income
Dividend income	0.0	0.0	Dividend income
Equity accounted income	16.0	16.0	Share of the profit or (-) loss of investments in subsidiaries, joint and associates accounted for using the equity method ventures
fee and Net commission income	73.0	80.3	and Fee commission income
		-7.2	and commission Fee expenses
on financial Gains/(losses) assets and liabilities and	4.8	0.0	of financial fair profit Gains or (-) losses on derecognition assets and liabilities not measured at value through or loss, net
other		2.3	Gains or (-) losses on financial and liabilities held for trading, assets net
		-1.2	financial fair profit Gains or (-) losses on non-trading mandatorily value through or loss, assets at net
		1.0	Gains or (-) losses from hedge accounting, net
		2.7	Exchange differences [gain or (-) loss], net
Other and operating income expenses	-26.3	5.4	Other operating income
		-31.7	Other operating expenses
Gross income	275.7	275.7	GROSS INCOME
Staff expenses	-61.9	-61.9	Staff expenses
Other administrative expenses	-45.9	-45.9	Other administrative expenses
Depreciation and amortisation	-17.1	-17.1	Depreciation
Operating expenses	-124.9	-124.9	Administrative expenses and depreciation
Net operating income	150.9	150.9
losses and other Impairment provisions	-23.5	-0.2	or (-) reversal of Provisions provisions
		-23.2	Impairment or (-) reversal of impairment on financial measured fair value through profit or loss assets not at
and losses other Gains in assets	-1.4	-1.6	or (-) reversal of of subsidiaries, and Impairment impairment investments in joint ventures associates
			Impairment or (-) reversal of impairment on non-financial assets
		0.0	or (-) losses on derecognition of non financial Gains assets, net
		0.1	Profit or (-) loss from and disposal groups classified as held for sale qualifying as discontinued operations non-current assets not
income before income Net tax	126.0	126.0	(-) PROFIT OR LOSS BEFORE TAX FROM CONTINUING OPERATIONS
Income tax	-41.3	-41.3	Tax expense or income related profit or loss from continuing operations to
income from continuing operations Net	84.7	84.7	(-) PROFIT OR LOSS AFTER TAX FROM CONTINUING OPERATIONS
Net income from discontinued operations			Profit or (-) loss after from discontinued operations tax
attributable non-controlling Income to interests			Profit or (-) loss for the period attributable non-controlling to interests
income Net	84.7	84.7	PROFIT OR (-) LOSS FOR PERIOD TO OWNERS OF THE ATTRIBUTABLE THE PARENT

EARNINGS, EFFICIENCY AND PROFITABILITY INDICATORS	The following earnings, efficiency and profitability indicators are defined by reference to the above structure of the profit and loss account used in this document.
Gross income	Net interest income + Dividend income + Net fee and commission income + Equity accounted income + Gains/(losses) on financial assets and liabilities and other + Other operating income and expenses
Commercial banking gross income	Net interest income + Dividend income + Net fee and commission income + Equity accounted income excluding the contribution of stakes in African banks
Operating expenses	Staff expenses + Other administrative expenses + Depreciation and amortisation
Net operating income	Gross income – Operating expenses
Net income before income tax	Net operating income – Impairment losses and other provisions + Gains and losses in other assets
Cost-to-income ratio (efficiency 1) ratio)	Operating expenses / Gross income
Cost-to-core income ratio (core efficiency ratio)1)	[Operating expenses, excluding costs with early-retirements and voluntary terminations and (only in 2016) gains with the revision of the Collective Labour Agreement (ACT) – Income from services rendered to CaixaBank Group (recorded under Other operating income and expenses)] / Commercial banking gross income
Return on Equity (ROE)1)	Net income for the period, less the interest cost of AT1 capital instruments recorded directly in shareholders' equity / Average value in the period of shareholders' equity attributable to BPI shareholders, excluding AT1 capital instruments
Return on Tangible Equity (ROTE)	1) Net income for the period, less the interest cost of AT1 capital instruments recorded directly in shareholders' equity / Average value in the period of shareholders' equity attributable to BPI shareholders (excl. AT1 capital instruments) after deduction of intangible net assets and goodwill of equity holdings
Return on Assets (ROA)1)	(Net income attributable to BPI shareholders + Income attributable to non-controlling interests - preference shares dividends paid) / Average value in the period of net total assets
Unitary intermediation margin	Loan portfolio average interest rate, excluding loans to employees – Deposits average interest rate
BALANCE SHEET AND FUNDING INDICATORS
On-balance sheet Customer resources2)	Deposits + Capitalisation insurance of fully consolidated subsidiaries + Participating units in consolidated mutual funds ▪ Deposits = Demand deposits and other + Term and savings deposits + Interest payable + Retail bonds (Fixed rate bonds placed with Customers) ▪ Capitalisation insurance of fully consolidated subsidiaries (BPI Vida e Pensões sold on Dec.17)
Off-balance sheet Customer resources3)	Mutual funds + Capitalisation insurance + Pension plans + Subscriptions in public offerings ▪ Mutual funds = Unit trust funds + Real estate investment funds + Retirement-savings and equity-savings plans (PPR and PPA) + Hedge funds + Assets from the funds under BPI Suisse management + Third-party unit trust funds placed with Customers. ▪ Capitalisation insurance4) = Third-party capitalisation insurance placed with Customers ▪ Pension plans4) = Pension plans under BPI management (includes BPI pension plans) ▪ Subscriptions in public offerings = Customers subscriptions in third parties' public offerings

⁽¹⁾ Ratio referring to the last 12 months, except when indicated otherwise. The ratio can be computed for the cumulative period since the beginning of the year, in annualised terms.

customers" and pension funds management is excluded from BPI's consolidation perimeter.

(3) Amounts deducted from participating units in the Group banks' portfolios and from off-balance sheet products investments (mutual funds and pension plans) in other off-balance sheet products. (4) Following the sale of BPI Vida e Pensões in Dec.17, the capitalisation insurance placed with BPI's Customers are recorded off balance sheet, as "third-party capitalisation insurance placed with

⁽²⁾ The amount of on-balance sheet Customer resources is not deducted from the applications of off-balance sheets products (mutual funds and pension plans) in on-balance sheet products.

BALANCE SHEET AND FUNDING INDICATORS (continuation)
Total Customer resources	On-balance sheet Customer resources + Off-balance sheet Customer resources
Gross loans to customers	Gross loans and advances to Customers (financial assets at amortised cost), excluding other assets (guarantee accounts and others) and reverse repos + Gross debt securities issued by Customers (financial assets at amortised cost) Note: gross loans = performing loans + loans in arrears + receivable interests
Net loans to Customers	Gross loans to Customers – Impairments for loans to Customers
Loan-to-deposit ratio (CaixaBank criteria)	(Net loans to Customers - Funding obtained from the EIB, which is used to provide credit) / Deposits and retail bonds
ASSET QUALITY INDICATORS
Impairments and provisions for loans and guarantees (income statement)	Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss relative to loans and advances to Customers and to debt securities issued by Customers (financial assets at amortised cost), before deduction of recoveries of loans previously written off from assets, interest and others + Provisions or reversal of provisions for commitments and guarantees
Cost of credit risk	Impairments and provisions for loans and guarantees - Recoveries of loans previously written off from assets, interest and other
	Cost of credit risk as % of loan portfolio1) (Impairments and provisions for loans and guarantees - Recoveries of loans previously written off from assets, interest and other) / Average value in the period of the gross loans and guarantees portfolio.
Performing loans portfolio	Gross Customer loans - (Overdue loans and interest + Receivable interests and other)
NPE and NPL ratios	Ratio of non-performing exposures (NPE) and ratio of non-performing loans (NPL) in accordance with the EBA criteria (prudential perimeter)
Coverage of NPE or NPL	[Impairments for loans and advances to Customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments] / [Non-performing exposures (NPE) or Non-performing loans (NPL)]
Coverage of NPE or NPL by impairments and associated collaterals	[Impairments for loans and advances to Customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments + Collaterals associated to NPE or NPL] / [Non-performing exposures (NPE) or Non-performing loans (NPL)]
Non-performing loans ratio ("credito dudoso", Bank of Spain criteria)	Non performing loans ("credito dudoso", Bank of Spain criteria) / (Gross Customer loans + guarantees)
Non-performing loans coverage ratio	[Impairments for loans and advances to Customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments] / Non performing loans ("credito dudoso", Bank of Spain criteria)
Coverage of non-performing loans by impairments and associated collaterals	[Impairments for loans and advances to Customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments + Collateral associated to credit] / Non performing loans ("credito dudoso", Bank of Spain criteria)
Impairments cover of foreclosed properties	Impairments for real estate received in settlement of defaulting loans / Gross value of real estate received in settlement of defaulting loans

39

BANCO BPI, S.A. Registered office: Avenida da Boavista 1117, Porto, Portugal Share capital: € 1 293 063 324.98 Registered at Commercial Registry of Porto under registration number PTIRNMJ 501 214 534 and tax identification number 501 214 534