Banco Comercial Portugues

Capital/Financing Update • Jun 3, 2019

ANNOUNCEMENT Reuters>bcp.Is Exchange>BCP Bloomberg>bcp pl ISIN PTBCP0AM0015

June 3, 2019 Banco Comercial Português, S.A. informs about upgrade of issuer rating to investment grade, made by DBRS

Banco Comercial Português, S.A. ("BCP") informs that DBRS Ratings GmbH (DBRS) has upgraded the following rating ratings assigned to BCP:

• Intrinsic Assessment to BBB (low), from BB (high);
• Issuer rating to BBB (low) / R-2 (middle), from BB (high) / R-3;
• Senior debt to BBB (low) / R-2 (middle), from BB (high) / R-3;
• Deposits to BBB / R-2 (high), from BBB (low) / R-2;
• Critical obligations rating to BBB (high) / R-1 (low), from BBB / R-2 (high);
• Senior non-preferred to BB (high), from BB;
• Subordinated debt to BB, from BB (low);
• AT1 to B, from B (low).

The trend on these ratings, after this rating decision, is Stable.

This action by DBRS reflects BCP's profitability improvement, supported by improving results in Portugal, maintenance of good efficiency levels, reduction of cost of risk and BCP accelerated reduction of NPEs.

End of announcement Banco Comercial Português, S.A.

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: JU1U6S0DG9YLT7N8ZV32

INVESTOR RELATIONS Bernardo Collaço Phone +351 211 131 084 investors@millenniumbcp.pt bernardo.collaco@millenniumbcp.pt lmonteiro@millenniumbcp.pt

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MEDIA CONTACT Erik T. Burns Phone +351 211 131 242 Mobile +351 917 265 020 erik.burns@millenniumbcp.pt cintia.barbas@millenniumbcp.pt