Banco Comercial Portugues

Investor Presentation • Jul 26, 2021

EARNINGS PRESENTATION 1 st HALF 2021

EXCELLING 24 MAIN GUIDELINES OF THE STRATEGIC PLAN

Banco Comercial Português

1

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 Figures for the first half of 2021 not audited.

l Due to changes in the accounting policies of Bank Millennium (Poland), the previously published financial statements were restated from 1 January 2020 for comparability.

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.

Highlights

Highlights: resilience of the business model

Highlights: resilience of the business model

Growing Customer base, mobile Customers standing out

Leading bank in Customer satisfaction with digital channels (Basef, 5 largest banks, June 2021); Closest to Customers, most innovating; Bank most recommended by Customers: leader in overall satisfaction, in the quality of service and in product quality

Main bank for companies (DataE 2020); most appropriate products; most efficient; best; closest to Customers

Customer counting criteria used in the 2018-2021 Strategic Plan.

3 Includes mobile, online and ATMs; excludes branches

2 Interactions (Millennium website and app)

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

Best Digital Bank and Leader in Customer Satisfaction in 2021

A.

NPS¹Digital Customers # 1 Jun. 2021, 5 largest banks

"Best Digital Bank"

Unaided nomination by Customers² , 1 st half

1 Top recommendation index (NPS), digital channels: BASEF 5 largest banks, Jun. 2021

²Which 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 2021 = 2,000 per quarter; 8,000 per year) 9

Digital: Constant innovation at the service of Customers

NEW APP FEATURES IN 2021

1.4 million active digital Customers

> 1.7 million logins per day

More and more a Super App and even more accessible

Now Side menu with search box – simpler and more straightforward navigation

Broad and better integration between Digital, Remote and Physical

StayOn Notifications, Documents, BancoMail (messages with attachments), Chat and Video with Account Manager

Completion via App of operations contracted remotely with Pending Operations (>15 products available)

Virtual ticket numbers for branch service now also on the App

Easier day-to-day management

Customer data update (More options now also for self-employed)

Insurance portfolio fully integrated in the app

All MBWay options; revamped MB NET

Open Banking account aggregation with App2App authentication

More 100% digital sales journeys with integrated support

Investment Hub now with Certificates, more literacy and tools to support portfolio selection and monitoring

YOLO! Life insurance for life. With immediate subscription

More support to Customers with in-app credit rescheduling solutions

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11

Net income of 12.3 million in the 1st half of 2021

(Million euros)	H1'20	H1'21	YoY	Impact on earnings
Net interest income	762 9	768 2	+0 7%	+5 3
Commissions	331 5	352 6	+6 4%	+21 1
Core income	1 094 4 ,	1 120 8 ,	+2 4%	+26 4
Operating costs	-548 6	-591 8	+7 9%	-43 2
Of which: non-recurring*	-21 2	-87 2	+311 9%	-66 0
profit Core operating	545 9	529 1	-3 1%	-16 8
Other income**	-41 0	1 8		+42 8
Operating income net	504 9	530 9	1% +5	+26 0
Impairment and other provisions	-351 3	-461 9	+31 5%	-110 5
Of which: legal risk on CHF (Poland)*** mortgages	-38 0	-214 2	+464 1%	-176 2
Net income before income tax	153 5	69 0	-55 1%	-84 5
Income taxes**** , non-controlling interests and discontinued operations	-77 6	-56 7	-26 9%	+20 8
Net income	76 0	12 3	-83 9%	-63 7
income excluding provisions for legal risk CHF (Poland)*** Net mortgages on	95 0	118 3	+24 6%	+23 3

*H1'20: compensation of 5.8 million for temporary salary cuts in Portugal, restructuring costs of 7.4 million in Portugal, Euro Bank integration costs of 7.9 million (international operations); H1'21: restructuring costs of 87.2 million in Portugal. | **Dividends from equity instruments, other net operating income, net trading income and equity accounted earnings. | ***Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale): 16.4 million in H1'21. | ****Includes impact of provisions for legal risk on CHF mortgages in Poland (amount not considered tax deductible in H1'21: 200.9 million) and of mandatory contributions (non-tax-deductible amounts in H1'21: 39.3 million in Portugal and 51.8 million in Poland).

Net interest income

Fees and commissions

199.5 208.9 32.9 38.3 232.4 247.3 H1'20 H1'21 +6.4% +16.6% +4.7% International operations (Million euros)

Other income

H1'20: other operating income includes 5.5 million losses, net of intermediation fees, on the sale of real-estate and other assets; H1'21: other operating income includes 0.8 million gains, net of intermediation fees, on the sale of real estate and other assets.

Operating costs

*H1'20: compensation of 5.8 million for temporary salary cuts in Portugal, restructuring costs of 7.4 million in Portugal, Euro Bank integration costs of 7.9 million (international operations); H1'21: restructuring costs of 87.2 million in Portugal.

Restructuring costs

In the current competitive and regulatory context of the European banking sector, efficiency and profitability are crucial to safeguarding the Bank's future

Right-sizing the bank, taking into account the context for the banking industry and the Bank's needs

Employees included in the restructuring program 800-900 800-900 Central areas: 45%-50% Branch network: 50%-55%

Cost of risk and provisions

*Cost of risk adjusted by one-off reversals of 81bp in Portugal and of 38bp in the international operations. | **Does not include provisions for legal risk on CHF mortgages of Euro Bank (guaranteed by Société Générale): 16.4 million in H1'21.

Relevant reduction of NPEs under a complex context

*By loan-loss reserves, expected loss gap and collaterals. NPE include loans to Customers only, except if otherwise indicated.

20

Customer funds keep growing

16.0 17.8

Jun 20 Jun 21

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

Continued increase of the loan portfolio

Group Capital and liquidity

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Capital above regulatory requirements

*Including expected impact of ongoing sale of operation and unaudited net income for the 1st half of 2021. **Minimum phased-in regulatory requirements from March 12, 2020.

• Total capital of 15.1%* (fully implemented) as of June 2021, above SREP requirements
• Surplus of 1.8pp between the total capital ratio and the SREP requirement not using the capital conservation and the O-SII buffers, and of 4.9pp if such buffers are used
• CET1 capital ratio of 11.8%* (fully implemented) as of June 2021
• MDA buffer at 0.8 billion above the level at which there are restrictions on the maximum distributable amount of results, in accordance with banking regulation

Capital at adequate levels

Leverage ratio

(Fully implemented, latest available data)

Leverage ratio at 6.2% as of June 2021, a comfortable and comparatively strong figure in European banking

RWA density

(RWAs as a % of assets, latest available data)

High RWA density (52% as of June 2021), compared to lower figures in most European banking markets

Pension fund

Key figures

(Million euros)

	Dec 20	Jun 21
liabilities Pension	3 658 ,	3 394 ,
Pension fund	3 751 ,	3 681 ,
Liabilities' coverage	103%	108%
Fund's profitability	+5 8%	+0 01%

Assumptions

	20 Dec	21 Jun
Discount rate	1.05%	1.45%
Salary growth rate	0.75%	0.75%
Pensions growth rate	0.50%	0.50%
Projected of of fund rate return assets	1.05%	1.45%
Mortality Tables
Men	TV 88/90	TV 88/90
Women	Tv 88/90-3 years	Tv 88/90-3 years

Pension fund

• Discount rate and projected rate of return revised upwards to 1.45%, mainly reflecting higher market rates
• Liabilities fully covered (108%)
• The level of coverage of pension fund liabilities by assets provides room to absorb adverse impacts in the pension fund of up to 287 million with no impact on capital ratios

Reinforced liquidity position

Portugal

Resilient profitability in Portugal

Net operating revenue

(Million euros)

• Net income of 45.1 million in the 1st half of 2021
• Net income impacted by stronger core income and by restructuring costs

Net interest income

(Million euros)

Net interest income stood at 409.3 million in the first half of 2021, up 7.9% from 379.2 million in the same period of 2020. The positive impacts of the lower wholesale funding cost, influenced by the TLTRO impact, and of the continued decline in the remuneration of time deposits, have more than compensated for the negative impact of the loan portfolio, with the favourable effect of a growing performing portfolio being more than offset by lower yields and by the reduction of NPEs.

Continued reduction of the cost of deposits

• Spread of the portfolio of term deposits of -0.57% in the 1st half of 2021 (-0.49% in the same period of 2020); Customer rate down to 0.03% in the 1st half of 2021 from 0.13% in the same period of 2020
• Spread on the performing loan portfolio stood at 2.65% in the 1st half of 2021, compared to 2.69% in the same period of 2020
• NIM stood at 1.46%

(vs 3m Euribor)

H1'20 H1'21

Spread on the book of term deposits

(vs 3m Euribor)

3m Euribor

Commissions and other income

(Million euros) (Million euros)

	H1'20	H1'21	YoY
Banking fees and commissions	199 5	208 9	+4 7%
Cards and transfers	46 6	50 8	+9 0%
and Loans guarantees	51 5	52 6	+2 1%
Bancassurance	42 1	42 7	+1 5%
Customer related account	55 5	58 9	+6 1%
Other fees and commissions	3 8	3 9	+2 8%
Market related fees and commissions	32 9	38 3	+16 6%
Securities operations	24 9	26 2	+5 3%
Asset management	8 0	12 2	+51 7%
Total and fees commissions	232 4	247 3	+6 4%

H1'20 H1'21

32 H1'20: other operating income includes 6.7 million losses, net of intermediation fees, on the sale of real-estate and other assets; H1'21: other operating income includes 0.7 million gains, net of intermediation fees, on the sale of real estate and other assets.

Operating costs

H1'20: compensation of 5.8 million for temporary salary cuts and restructuring costs of 7.4 million; H1'21: restructuring costs.

Continued decrease of NPEs

Non-performing exposures (NPE) NPE build-up

(Million euros)

	21 Jun	21 Jun
(Million euros)	vs.Jun 20	vs.Dec 20
Opening balance	2 908 ,	2 363 ,
Net outflows/inflows	-82	-2
Write-offs	-102	-54
Sales	-630	-212
Ending balance	2 095 ,	2 095 ,

• NPEs in Portugal total 2.1 billion at end-June 2021, 0.8 billion down from June 2020 and 0.3 billion down from end-2020
• The decrease from June 2020 results from net outflows of 0.1 billion, write-offs of 0.1 billion and sales of 0.6 billion
• The decrease of NPEs from June 2020 is attributable to a 0.5 billion reduction of NPL>90d and to a 0.3 billion decrease of other NPEs
• Cost of risk of 64bp in the 1st half of 2021 (82bp in the 1st half of 2020), with a reinforcement of NPE coverage by loan-loss reserves to 67% from 57%, respectively

NPE coverage

54% 47%

LLRs

EL gap

Real estate collateral Cash, other fin.collat.,

61% 64%

NPL>90d total coverage*

• Total coverage*>100% for both NPE categories (NPL>90d and other NPE)
• Coverage by loan-loss reserves is 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 79% for companies NPE as of June 2021, reaching 112% for companies NPL>90d (94% and 140%, respectively, if cash, financial collateral and expected loss gap are included)

5% 4% 74%

Individuals Companies Total

24%

*By loan-loss reserves, expected loss gap and collaterals.

Foreclosed assets and corporate restructuring funds

Corporate restructuring funds

(Million euros)

• Net foreclosed assets were down by 28.2% between June 2020 and June 2021. Valuation of foreclosed assets by independent providers exceeded book value by 31%
• 942 properties were sold during the 1st half of 2021 (1,010 properties in the 1st half of 2020), with sale values exceeding book values by 11 million
• Corporate restructuring funds decreased 4.8% to 805 million at end-June 2021. The original credit exposure on these funds totals 2,006 million, with total reserves (original credit, plus restructuring funds) corresponding to a 60% coverage

Growing customer funds and loans to customers

Performing credit grows in Portugal

• Performing credit portfolio in Portugal up by 1.9 billion (+5.4%) from June 2020
• Strong support to companies, which accounted for 64% of the total performing loan growth from June 2020
• ✓ Provision of 1.2 billion in European guarantees to support small and medium-sized companies affected by the pandemic
• ✓ Leading bank in State guarantees, with a 19% market share (up to May 2021)
• ✓ Leading bank in Factoring and Confirming: factoring invoicing of 3.8 billion in the 1st half of 2021 and market share of 25%*
• ✓ Leading bank in Leasing: 240 million new leasing business in the 1st half of 2021 and market share of 22%*

Supporting companies and families to tackle the challenges of the pandemic

• At the forefront in supporting the economy: the bank increased its presence, siding with companies
• Leadership in Covid-19 credit lines
• Extension of capital grace periods for State-guaranteed credit lines, supporting companies' treasury

(Million euros)

		Reduction*
Outstanding	moratoriums	Amount	%
Families	3 269 ,	-1 246 ,	-28%
Companies	4 067 ,	-1 111 ,	-21%
TOTAL	336 7 ,	-2 357 ,	-24%

• 91% of outstanding moratoriums are performing
• Mortgages account for 98% of the moratoriums granted to families
• 73% of the loans with outstanding moratoriums are covered by mortgages (48% by residential mortgages and 25% by commercial mortgages)
• Moratoriums expired from March 2021 with no significant impact on stage 3 and stage 2

International operations

Contribution from international operations to consolidated net income

(Million euros*)

	H1'20	H1'21
Poland	15 8	-112 7
Mozambique	38 5	37 9
Contribution of the Angolan operation**	8 -7	9 -4
Other	4 6	3 3
Net income international operations	51 0	-76 5
Non-controlling int (Poland+Mozambique)	-20 7	43 6
Exchange effect rate	0 4	--
Contribution from international (2) op.	30 8	-32 9

*Subsidiaries' net income presented for 2020 at the same exchange rate as of 2021 for comparison purposes. **Based on the latest available information (May 2021).

Net earnings affected by provisions for legal risk on CHF loans

392.3 394.2 H1'20 H1'21 Net operating revenue (Million euros*) +0.5%

• Adjusted net income (excluding CHF provisions) up by 87.4%, despite the 0.90pp decrease of the 3m WIBOR
• Net losses of 112.7 million, affected by 214.2 million** provisions for legal risk on CHF loans
• Continued implementation of measures to rationalise the workforce and to optimise geographic presence: reduction of 993 employees and 90 branches
• Strong franchise, as demonstrated by the increase of Customers funds by 5.9% and of loans to Customers by 6.2%
• CET1 ratio of 15.6%, with total capital of 18.7%

Significant reduction of operating costs

99.4 90.5 79.0 68.6 24.9 18.4 203.3 177.5 -12.7% -8.9% -13.2% Staff costs Other Resol. Fund and DGF Operating costs (Million euros*)

H1'20 H1'21

Commissions and other income

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

*FX effect excluded. €/Zloty constant at June 2021 levels: Income Statement 4.54; Balance Sheet 4.52.

Credit quality

*FX effect excluded. €/Zloty constant at June 2021 levels: Income Statement 4.54; Balance Sheet 4.52.

Increased Customers funds and loans to Customers

*FX effect excluded. €/Zloty constant at June 2021 levels: Income Statement 4.54; Balance Sheet 4.52.

CHF mortgages

Individual lawsuits

(Number of cases)

Cumulative provisions for legal risks

• Continuation of the reduction of the CHF mortgage portfolio, that stood at 2.8 billion as of June 2021 (13.9% of the loan portfolio). The annualised decrease stepped-up to 12.0% in the 1st half of 2021 from 10.2% in the 2nd half of 2020
• The cost of risk on the CHF mortgage portfolio is systematically below 15bp over the last years
• Following provision charges of 214.2 million in the 1st half of 2021, cumulative provisions for legal risks on the FX mortgage portfolio stood at 414.7 million. This is equivalent to 14,9% of the CHF portfolio, compared to 7.3% for the peers' average at March 2021
• 2,884 new individual lawsuits in the 1st half of 2021

Net income reflects resilience in challenging environment

Net operating revenue

(Million euros*)

• Net income of 37.9 million in the 1st half of 2021
• Customer funds grew 10.3%; loans to Customers decreased by 4.9%
• Capital ratio of 44.0%

Increased net interest income and commissions

FX effect excluded. €/Metical constant at June 2021 levels: Income Statement 81.42; Balance Sheet 75.78.

Credit quality

Business volumes

Loans to Customers (gross)

(Million euros*)

Millennium bcp Foundation Society Sustainability

Millennium bcp gallery: Inauguration of the new Millennium bcp Gallery (June 21st), with the exhibition The Path to Light Because it Passes through Light (curated by João Biscainho) and the presence of the President of the Republic and of the Minister of Culture.

Exhibition "Francis Smith. In search of lost

time" Francis Smith was the Portuguese artist with the greatest presence in the French cultural panorama of the first half of the 20th century. The exhibition opened on June 9 at the National Museum of Contemporary Art and is on display until October 3rd .

National Museum of Archaeology: Millenary looks exhibition - presents 270 pieces from national and international collections, showcasing the agro-pastoral communities of the 4 th and 3rd millenniums BC in the Centre/South of the Iberian Peninsula.

Ajuda National Palace

Recovery of the support area to the Royal Family Dining Room and of the Queen's Kitchen for the musealization of the most representative collections of objects related to "table arts", including ceramic, jewellery and textile items.

#Todos Juntos - Millennium bcp and 9 other banks in the Portuguese financial system joined ENTRAJUDA to support the most vulnerable families in the context of the pandemic crisis.

Millennium bcp once again supported the Portugal Chama national campaign, contributing to the prevention of forest fires and risky behaviour.

Back at the São Carlos Square, the Millennium Festival ao Largo once again offers the city of Lisbon democratic and inclusive access to selected classical music and dance performances.

In 2021, all electricity consumed by the Bank in Portugal is 100% green,

through a mix of energy produced by the TagusPark photovoltaic plant and energy acquired with a certificate of renewable origin.

Approval of the "Anti-Corruption and Anti-bribery corporate policy", underlining the commitment of Millennium bcp to principles of ethics, rigor, integrity and transparency.

Millennium bcp revised and updated its corporate policies on "Environment", "Social Impact", "Human Rights" and "Sustainability", reinforcing the importance of ESG themes in the company's culture.

Approval of the "Principles of Responsible Financing – approach to excluded and constrained projects", whereby Millennium bcp identifies the sectors that it does not finance and those that are subject to due diligence.

Millennium bcp is now part of the "Europe's Climate Leaders 2021" ranking by Financial Times and Statista, thus being among the European companies that have made the most progress in reducing GHG.

Awards in 2021

Millennium bcp: "PME Líder'20" programme: largest number of awards among participating banks (3 rd year in a row)

Millennium bcp: Best bank for companies in Portugal and Best digital bank Portugal (Brand Score Q2'21)

Millennium bcp: Book Runner Equity and Local market in Equity awards

Millennium bcp: Best FX Provider 2021 in Portugal

Millennium investment banking: Europe M&A deal of the year for advisory services on the acquisition of a shareholding in Brisa

Millennium bim: Best Bank 2021 in Mozambique

Millennium bim: The Innovators 2021 award, "outstanding innovations in payments" category for the Pay IZI solution

Millennium bim: Best FX Provider 2021 in Mozambique

Millennium bim: Best trade finance provider 2021 in Mozambique

Bank Millennium: Best Bank 2021 in Poland

Bank Millennium: Best FX Provider 2021 in Poland

Millennium bank: The Innovators 2021 award, "outstanding innovations in retail banking" category, for the Open Banking Services solution

Bank Millennium: ranked 2 nd in "Poland's Best Employer", banking and financial services category

Bank Millennium: Climate Leaders Poland 2021 (best ranked bank, 2 nd among all companies in reduction of greenhouse gases)

Millennium bank: CSR golden leaf award

Bank Millennium: among the 10 most digitally advanced European banks in Bain & Company's ranking

st in the "Mortgage Loans"

Bank Millennium: Best performing Polish company in the SRP Europe awards

Millennium bcp Consumer Choice 2021, "Large banks" category

Millennium bcp

Main bank for companies; most appropriate products; most efficient; best; closest to Customers

Millennium bcp

Leader of the 1st edition of the "Inovadora COTEC" program

Millennium bcp Part of Europe's Climate Leaders 2021 ranking

ActivoBank Consumer Choice 2021, "Digital banks" category

Excelling 24 Strategic Plan

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Achievements of the 2018-2021 Strategic Plan

Franchise growth		H1'21		2018-2021 Strategic Plan's targets
	Active Customers	6.0 million	✓	>6 million	Although the
	Digital Customers	67%	✓	>60%
Value creation	Mobile Customers	53%	✓	>45%
	Cost to income	53% (45% excluding non-usual items)		≈40%
	RoE	0.4% (≈4% excluding FX provisions)		≈10%
	CET1	11.6% (11.8% pro forma*)	✓	≈12%	of the previous Strategic Plan
	Loans-to-deposits	82%	✓	<100%
Asset quality	Dividend payout	--		≈40%
	NPE stock	€3.0 billion	✓	≈€3 billion Down ≈60% from 2017
	Cost of risk	55 bp**		<50 bp

achievement of some of the financial targets was hindered by exogenous factors (pandemic and FX risks), the execution of the previous Strategic Plan delivered on core initiatives and paved the way to position the bank for the future

54

*Including expected impact of ongoing sale of operation and unaudited net income for the 1st half of 2021 | **Cost of risk adjusted by one-off reversals of 68bp | Group figures | NPE include loans to Customers only.

The banking sector in core geographies facing significant challenges

Expressive operational recovery

2013 1H21

(Basis points)

*Cost of risk adjusted by one-off reversals | **Includes, on average, one organized sale per quarter, since 2016.

Previous Strategic Plan 2018-2020 prepared Millennium for the future

The successful execution of some key levers and priorities of the previous Strategic Plan was crucial in placing the Bank on a solid normalization path by strengthening the pre-provision profit, significantly reducing legacy exposures and contributing to an acceleration of the digitization process

*Achievements from 2018 to June 30, 2021 | **Off-balance sheet Customers funds including Assets under Management and distributed assets | ***BrandScore, unaided nomination by Customers, H1'21 (YTD), Portugal.

Millennium's aspiration for 2024

Achieve robust profitability and a strong balance sheet position, managing the impact of the pandemic…

… accelerating our competitive differentiation in efficiency and Customer engagement, supported by targeted human touch and mobile/digital solutions and business models, enabled by our highly skilled and effective talent base…

… addressing societal sustainability challenges focusing on climate change risks and the associated unfolding opportunities

A future-proof relationship Bank

Cyclic recovery and restructuring of the economy

Macroeconomic perspectives

The activity's recovery will be supported by the high levels of household savings, strong public and private investment and the progressive return of tourism to normality

*Source: European Commission and Portuguese Government (annual average values) | **Source: Statistics of Portugal | (P) Projections: GDP and rate of unemployment, Bank of Portugal's Economic Bulletin projections, June 2021.

Ability to adapt to new contexts

Millennium starts from a solid position to seize market opportunities through a Portugalfocused strategic update that preserves relevant priorities from the previous plan, while adding fresh elements consistent with the new market environment

Strategic priorities for the new cycle 2021-24

Addressing Customers' expectations for digital, convenient, personalized, and high-quality services through data and technology, while incorporating Customers' insights and proximity to local communities strengthening differentiation versus tech attackers

Serving Customers financial and protection needs with personalized solutions and leading mobile platform

≈150k New High-value Customers vs 2020

200 Mn Banking income vs 2020

≈3 Bn New loans* vs 2020

≈3 Bn AuMs** vs 2020

Deepen Customer relationships by increasing engagement and positioning as primary bank. Put at Customers' the distinctive capabilities and quality of the Bank's offer in the areas of investment management, bancassurance and credit solutions

Grow primary bank relationships addressing Customers daily banking transactional services, while increasing digital activation in High-value Customers

Expand existing capabilities on personal loans and enhance mortgage loans' value proposition and digital journey

Scale and strengthen investments and savings' value proposition, enhancing advice-driven and self-assisted solutions, scaling digital adoption and combining digital and human-based channels

Increase digital sales and enhance digital experience while scaling Customers' remote management, reflecting changing Customer needs and behaviours

#1 Position in

digital NPS

62

Trusted partner for Companies recovery and transformation

Support Companies pursuit of opportunities driven by EU funding to the economy (PRR and PT 2030), while enabling solutions fit for a more digitized, competitive and export-oriented corporate landscape

100 Mn Banking income vs 2020

Provide bridge financing and complementing with lending EUbacked projects. A new generation of innovative credit processes will support the servicing of these financing needs

Active promotion of tailored solutions that facilitate access to EU funding opportunities, developing a dedicated platform

Supporting Companies short-term credit, while facilitating access to state-guaranteed credit lines and launching innovative working capital finance solutions

Reinforcing digital capabilities on daily banking needs, such as offer integrated platforms, innovative digital payment solutions and deployment of a new Business and Corporate website

Capture opportunities in investment banking arising from an anticipated wave of corporate restructuring, while leveraging on the consolidated expertise on energy transition

≈3 Bn New loans to Companies vs 2020

75% Digital Customers

Capital and Risk resilience

Strengthen both risk and capital management practices to promote the reinforcement of the balance sheet and ensure readiness for the postpandemic scenario

≈ 4% NPE ratio

Discipline in capital allocation, at the Group level

Implementation and monitoring of a mitigation plan for pandemic-related distressed exposures, to ensure inflow mitigation, with a major focus on the corporate segment

Continuation of the NPEs legacy portfolio reduction (strong track record with substantial NPEs reduction over the last 7 and a half years, amounting to 10.7 billion)

≈1.8 Bn NPEs

Redesign core risk processes through technology, data analytics and organizational improvement

Best-in-class efficiency

Boosting the use of technology in process reengineering and investment in mobile and automation to improve efficiency both at the network level and at business support areas

Advance on the simplification and automation front, by reengineering and automating processes, focusing employees on high-value added tasks

Structure optimization by simplifying the organization and further centralising activities

Distribution redesign by optimizing the network configuration, formats and rightsizing the branch network

Considering outsourcing commoditised support functions to ensure focus on core banking activities

Rebalance capacity by monitoring demand fluctuations, to better match resources to Customer needs

≈30% Reduction in manual servicing

≈ 35 Mn Annual recurring costs savings

>60% Automated processes in operations

Automated cash deposits for Companies

Data and technology edge

Implementation of a next generation data platform while scaling advanced analytics models to gain differentiating mass personalization capabilities, intelligent automation and agile business management of processes. Expand the deployment of new technology foundations: cloud platform, modular IT components and new cybersecurity solutions

Data architecture readiness, continuing to scale out real-time analytical data services and building a new generation cloud based Datawarehouse, prioritizing regulatory domains to gain new levels of data-driven speed and agility. Growing advanced analytics and AI platform usage (e.g., smart pricing, personalization engine and credit risk decision)

Touchpoint platform to expand and deliver mass personalization, while allowing multichannel Customer journeys orchestration capability to drive truly relevant and increasingly customised experiences at Individual Customer level

Accelerate cloud transition increasing automation, scalability and velocity in provisioning and operations, while also enabling cost rationalization

Cybersecurity resilience with continued and focused investment to stay ahead, while increasingly positioning cybersecurity as a driver for innovation and growth

New generation credit platform aiming at leading levels in credit approval automation, greater efficiency in managing Customer and internal journeys

Capability building and talent renewal

Reinforce Millennium's ability to develop, attract and retain the best talent to embrace modern challenges and adapt working practices to reflect the new paradigm while promoting a meritocracy and an equal-opportunity environment

Acquire new capabilities in Digital, technology and analytics and strengthen other key areas, such as risk and audit

≈30%

Provide existing employees with new capabilities to facilitate their readiness for the challenges of the future, with major focus Business support employees in partial remote work (>2 remote days per week)

Enhance the career management model to provide attractive growth opportunities, while exploring the transition to an efficient post-pandemic hybrid operating model

>40%

Share of women in promotions for management positions

Ensure gender parity through a balanced hiring pipeline and consistent and comparable career progression opportunities

on digital and leadership skills

Sustainability-driven

Adapt the business models and processes to meet the community's and Customers' expectations of sustainability, benefiting from associated business opportunities as well as addressing regulatory demands

Innovate in green and social-label proprietary products for Individuals and Companies, green business model to lead lending risk appetite and funding structure

Explore partnerships to expand the ESG product offering while being able to provide consultancy/advisory services to support Companies on their green transition

Increase origination of sustainability-linked bonds and ESG bond issuance

Establish a strong communication with both internal and external stakeholders, train employees and tie incentives to ESG-aligned behaviours and results

#1 Green bond origination in Portugal

>50% Green project finance

>50% Reduction in exposure to Oil & Gas and Coal in European activities*

*Excluding green transition projects' financing and short-term financing to day-to-day cash needs | Non-exhaustive description of initiatives.

In summary: Portugal as a driver to overcome challenges

The main strategic priorities for Millennium, in Portugal, were defined preserving a balance between continuity and bolder movements that can bring competitive edge and innovation to Millennium's positioning

*Off -balance sheet and other non

Challenges and opportunities in international operations

Fast recovery of operating profitability to prepandemic levels, with double-digit RoE excluding FX provisions, supported by growth in core income and increased operating efficiency

≈10% RoE 40%-43% Cost to income

Maintain a strong position in the new production of mortgage loans, with a double-digit market share, and protection of personal loans' market share

Value generation with selective increase in loans to Companies

Increase investments' market share to a level similar to the average market share in Polish Retail, increase operational efficiency and value extraction from higher digitalization in sales and operations processes

Normalization of the Bank's risk profile, with an important reduction in the contingency of the CHF mortgage portfolio

Improve service and answer to Customer needs, maintaining a strong commitment to profitability and efficiency, anchored in a very rigorous risk management

Focus on digitalisation and increasing the range of products and services offered

Continuing to adapt the business model to better serve evolving Customer needs across different segments

Processes optimisation and creation of a value proposal to attract and retain Customers of greater economic value

≈18% RoE

40%-43% Cost to income

Millennium targets for 2024

	2020	2024
C/I ratio	47%	≈40%
Cost of risk	91 bps	≈50 bps
RoE	3.1%	≈10%
CET1 ratio	12.2%	>12.5%
NPE ratio	5.9%	≈4%
Share of mobile Customers	48%	>65%
Growth of high engagement Customers* (vs 2020)	-	+12%
Average ESG rating**	75%	>80%

Appendix

72

Sovereign debt portfolio

(Consolidated, million euros)

	Jun 20	Sep 20	Dec 20	Mar 21	Jun 21	YoY	QoQ
Portugal	8,253	8,057	7,742	8,420	9,152	+11%	+9%
T-bills and other	1,605	1,052	384	514	1,129	-30%	>100%
Bonds	6,648	7,004	7,358	7,906	8,023	+21%	+1%
Poland	5,869	5,463	4,066	4,303	4,235	-28%	-2%
Mozambique	280	302	350	431	462	+65%	+7%
Other	1,923	2,756	2,913	2,912	4,977	>100%	+71%
Total	16,325	16,578	15,072	16,066	18,827	+15%	+17%

Sovereign debt portfolio Sovereign debt maturity

✓ The sovereign debt portfolio totaled 18.1 billion, 15.3 billion of which maturing in more than 2 years

✓ The Portuguese sovereign debt portfolio totaled 9.2 billion, whereas the Polish and Mozambican portfolios amounted to 4.2 billion and to 0.5 billion, respectively; "other" includes sovereign debt from Spain (1.6 billion), Italy (1.1 billion), France (1.0 billion), Belgium (0.5 billion), Ireland (0.5 billion) and USA (0.2 billion)

Sovereign debt portfolio

(Million euros)

	Portugal	Poland	Mozambique	Other	Total
Trading book	1 123	22	0	3	1 149
1 ≤ year	1 123	2	0	0	1 125
and 1 2 year ≤ years >	0	4	0	0	4
2 and 5 > years ≤ years	0	3	0	0	3
5 and 8 > years ≤ years	0	12	0	0	12
8 and 10 > years ≤ years	0	1	0	0	1
10 > years	0	1	0	3	4
Banking book*	8 029	4 213	462	4 974	17 678
1 ≤ year	31	188	113	14	345
1 and 2 > year ≤ years	52	935 1	51	5	2 044
2 and 5 > years ≤ years	1 937	1 789	201	1 589	5 516
5 and 8 years years > ≤	5 221	298	34	1 353	6 905
and 8 10 years ≤ years >	568	2	0	828	1 398
10 years >	220	1	64	1 185	1 470
Total	9 152	4 235	462	4 977	18 827
1 ≤ year	1 154	189	113	14	1 470
and 1 2 year years > ≤	52	1 939	51	5	2 047
2 and 5 years ≤ years >	1 937	1 793	201	1 589	5 520
5 and 8 > years ≤ years	221 5	310	34	353 1	6 918
8 and 10 > years ≤ years	568	3	0	828	1 399
10 > years	220	2	64	1 188	1 474

*Includes financial assets at fair value through other comprehensive income (11,512 million) and financial assets at amortised cost (6,166 million).

Diversified and collateralised portfolio

Loans

• Loans to companies accounted for 43% of the loan portfolio as of June 2021, including 6% to construction and real-estate sectors
• Mortgage accounted for 47% of the loan portfolio, with low delinquency levels and an average LTV of 60%
• 86% of the loan portfolio is collateralised

Collaterals

• Real estate accounts for 93% of total collateral value
• 80% of the real estate collateral is residential

Consolidated net income

(Million euros)	H1'20	H1'21	YoY	Impact on earnings
Net interest income	762 9	768 2	+0 7%	3 +5
fees and commissions Net	331 5	352 6	+6 4%	+21 1
Other income*	0 -41	8 1		+42 8
Net operating revenue	1 053 4 ,	1 122 6 ,	+6 6%	+69 2
Staff costs	-317 7	-374 2	8% +17	-56 5
Other administrative and depreciation costs	-230 8	-217 5	8% -5	+13 3
Operating costs	-548 6	-591 8	+7 9%	-43 2
Profit before impairment and provisions	504 9	530 9	+5 1%	+26 0
of Loans impairment (net recoveries)	-237 3	-156 9	-33 9%	+80 4
Other and impairment provisions	-114 0	-304 9	+167 4%	-190 9
Impairment and provisions	-351 3	-461 9	+31 5%	-110 5
before Net income income tax	153 5	69 0	1% -55	-84 5
Income taxes	-58 3	-103 0	+76 7%	-44 7
Non-controlling interests	-22 8	43 0		+65 8
Net income from discontinued be discontinued operations to or	3 5	3 3	-7 7%	-0 3
Net income	76 0	12 3	-83 9%	-63 7

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

Consolidated balance sheet

(Million euros)

	30 June	30 June 2020
	2021	(restated)
ASSETS
Cash and deposits at Central Banks	4,688.4	4,302.6
Loans and advances to credit institutions repayable on demand	256.4	350.2
Financial assets at amortised cost
Loans and advances to credit institutions	671.3	1,086.0
Loans and advances to customers	53,994.8	51,210.5
Debt instruments	8,331.0	5,742.5
Financial assets at fair value through profit or loss
Financial assets held for trading	1,704.5	2,335.7
Financial assets not held for trading mandatorily at fair value through profit or loss	1,290.1	1,305.4
Financial assets designated at fair value through profit or loss	-	-
Financial assets at fair value through other comprehensive income	13,882.9	13,285.4
Hedging derivatives	55.9	133.6
Investments in associated companies	436.3	429.6
Non-current assets held for sale	905.0	1,201.7
Investment property	6.7	13.2
Other tangible assets	620.8	671.5
Goodwill and intangible assets	242.7	238.1
Current tax assets	14.3	21.0
Deferred tax assets	2,663.7	2,662.0
Other assets	1,599.7	1,529.7
TOTAL ASSETS	91,364.5	86,518.6

	30 June 2021	30 June 2020 (restated)
LIABILITIES
Financial liabilities at amortised cost
Resources from credit institutions	9,056.1	9,055.2
Resources from customers	68,101.3	62,475.2
Non subordinated debt securities issued	1,751.9	1,475.8
Subordinated debt	1,199.7	1,440.4
Financial liabilities at fair value through profit or loss
Financial liabilities held for trading	372.2	411.2
Financial liabilities at fair value through profit or loss	1,481.5	2,287.7
Hedging derivatives	173.7	265.4
Provisions	404.9	308.1
Current tax liabilities	6.6	5.7
Deferred tax liabilities	7.3	6.6
Other liabilities	1,423.1	1,337.7
TOTAL LIABILITIES	83,978.2	79,068.9
EQUITY
Share capital	4,725.0	4,725.0
Share premium	16.5	16.5
Other equity instruments	400.0	400.0
Legal and statutory reserves	259.5	254.5
Treasury shares	-	(0.1)
Reserves and retained earnings	855.5	760.8
Net income for the period attributable to Bank's Shareholders	12.3	76.0
TOTAL EQUITY ATTRIBUTABLE TO BANK'S SHAREHOLDERS	6,268.7	6,232.7
Non-controlling interests	1,117.5	1,217.0
TOTAL EQUITY	7,386.3	7,449.7
TOTAL LIABILITIES AND EQUITY	91,364.5	86,518.6

Consolidated income statement per quarter

(Million euros)

	2Q 20	3Q 20	4Q 20	1Q 21	2Q 21
Net interest income	375 6	390 7	383 4	375 8	392 4
Dividends from equity instruments	3 4	1 3	0 0	0 0	0 7
Net fees and commission income	158 9	166 7	177 7	171 1	181 5
Other operating income	-78 9	-24 1	-11 7	-23 3	-84 6
trading Net income	-25 5	63 5	46 1	41 5	38 2
accounted Equity earnings	32 1	3 11	13 5	15 4	13 9
Banking income	465 6	609 3	609 0	580 4	542 2
Staff costs	158 1	152 2	9 157	142 2	232 1
Income tax	77 5	78 3	89 6	76 8	72 4
Depreciation	34 1	33 7	33 6	34 0	34 3
Operating costs	269 7	264 2	281 0	252 9	338 8
Profit bef impairment and provisions	195 9	345 1	328 0	327 5	203 3
Loans impairment (net of recoveries)	151 4	136 9	135 7	111 0	45 9
Other impairm . and provisions	-1 7	62 4	154 9	131 8	173 1
Net income before income tax	46 2	145 8	37 3	84 7	-15 7
Income tax	-7 0	63 4	13 8	57 3	45 6
Non-controlling interests	14 1	13 1	-10 6	-28 8	2 -14
(before disc Net income . oper.)	39 1	69 4	34 1	56 1	-47 1
from discont Net income arising . operations	1 6	1 0	2 6	1 7	1 6
Net income	40 7	70 3	36 7	57 8	-45 5

Income statement

(Million euros)

For the 6-month periods ended June 30th, 2020 and 2021

	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
	Jun 2 0	Jun 2 1	Δ %	Jun 2 0	Jun 2 1	Δ %	Jun 2 0	Jun 2 1	Δ %	Jun 2 0	Jun 2 1	Δ %	Jun 2 0	Jun 2 1	Δ %	Jun 2 0	Jun 2 1	Δ %
Interest income	965	826	-14.4%	451	427	-5.4%	514	399	-22.3%	399	295	-26.0%	114	103	-9.5%	2	2	-10.7%
Interest expense	202	58	-71.3%	72	18	-75.6%	130	40	-68.9%	98	14	-85.9%	32	27	-16.9%	0	0	>100%
N et interest inco me	763	768	0.7%	379	409	7.9%	384	359	-6.5%	301	281	-6.4%	8 1	7 6	-6.6%	2	2	-10.7%
Dividends from equity instruments	3	1	-79.7%	3	0	-95.9%	1	1	-19.4%	1	1	-19.4%	0	0	--	0	0	--
Intermediatio n margin	766	769	0.3%	382	409	7.2%	384	360	-6.5%	301	282	-6.4%	8 1	7 6	-6.6%	2	2	-10.7%
Net fees and commission income	331	353	6.4%	232	247	6.4%	99	105	6.3%	84	91	8.1%	15	14	-4.1%	0	0	48.3%
Other operating income	-119	-108	9.4%	-67	-71	-6.6%	-52	-37	29.8%	-58	-41	29.6%	6	5	-11.7%	0	-1	<-100%
B asic inco me	979	1,014	3.6%	547	585	6.9%	431	428	-0.7%	327	332	1.4%	102	9 6	-6.5%	2	1	-69.8%
Net trading income	32	80	>100%	3	68	>100%	29	12	-59.1%	22	6	-74.7%	6	6	-3.1%	0	0	<-100%
Equity accounted earnings	43	29	-31.7%	40	31	-23.3%	2	-2	<-100%	0	0	--	0	0	--	2	-2	<-100%
B anking inco me	1,053	1,123	6.6%	591	684	15.8%	462	438	-5.2%	350	338	-3.4%	109	102	-6.3%	4	- 1	<-100%
Staff costs	318	374	17.8%	195	264	35.6%	123	110	-10.4%	102	91	-11.2%	21	20	-6.1%	0	0	-11.0%
Other administrative costs	162	149	-8.1%	86	85	-0.4%	77	64	-16.7%	55	45	-19.4%	21	19	-9.6%	0	0	-18.8%
Depreciation	69	68	-0.3%	38	40	5.6%	31	28	-7.5%	24	22	-8.5%	6	6	-3.7%	0	0	-22.2%
Operating co sts	549	592	7.9%	318	389	22.3%	230	202	-12.1%	181	157	-13.3%	48	45	-7.3%	1	0	-14.9%
P ro fit bef. impairment and pro visio ns	505	531	5.1%	273	295	8.2%	232	236	1.5%	168	181	7.3%	6 0	5 7	-5.5%	4	- 2	<-100%
Loans impairment (net of recoveries)	237	157	-33.9%	158	127	-19.6%	79	30	-62.2%	72	27	-63.1%	7	3	-52.8%	0	0	100.0%
Other impairm. and provisions	114	305	>100%	47	69	47.2%	67	236	>100%	54	231	>100%	1	2	>100%	13	3	-75.0%
N et inco me befo re inco me tax	154	6 9	-55.1%	6 8	9 9	46.2%	8 6		-30 <-100%	4 2	-77	<-100%	5 3	5 1	-2.6%	- 9	- 5	46.8%
Income tax	58	103	76.7%	23	54	>100%	36	49	37.5%	26	36	38.9%	10	13	34.0%	0	0	-100.0%
Non-controlling interests	23	-43	<-100%	0	0	89.0%	23	-43	<-100%	0	0	--	0	0	-34.0%	22	-44	<-100%
N et inco me (befo re disc. o per.)	7 2		9 -87.6%	4 5	4 5	-0.1%	2 7		-36 <-100%	16	-113	<-100%	4 2	3 8	-10.9%	-31	3 9	>100%
Net income arising from discont. operations	4	3	-7.7%	0	0	--	4	3	-7.7%
N et inco me	7 6		12 -83.9%	4 5	4 5	-0.1%	3 1		-33 <-100%

Glossary (1/2)

Assets placed with customers – 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 operating profit - 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 liabilities measured at amortized cost and results from derecognition of financial assets measured at fair value through other comprehensive income.

Non-performing exposures (NPE) – non-performing loans and advances to customers (loans to customers at amortized cost and loans to customers at fair value through profit or loss) more than 90 days past-due or unlikely to be paid without collateral realization, if they recognized as defaulted or impaired.

Non-performing loans (NPL) – overdue loans (loans to customers at amortized cost and loans to customers at fair value through profit or loss) 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.

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 +351 211 131 084 DEBT AND RATINGS Luís Morais +351 211 131 337

investors@millenniumbcp.pt

82 BANCO COMERCIAL PORTUGUÊS, S.A., a public company (Sociedade Aberta), having its registered office at Praça D. João I, 28, Oporto, registered at the Commercial Registry of Oporto, with the single commercial and tax identification number 501 525 882 and the share capital of EUR 4,725,000,000.00. LEI: JU1U6SODG9YLT7N8ZV32