Banco Comercial Portugues

Earnings Release • Oct 28, 2016

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

28 October 2016 Banco Comercial Português informs about Bank Millennium (Poland) results in 9M2016

Banco Comercial Português, S.A. hereby informs that Bank Millennium in Poland, in which it has a 50.1% holding and whose accounts are fully consolidated in BCP group level, released today its results for the first nine months of 2016, whose highlights are as follows:

Consolidated net profit in 9M2016 amounted to PLN 569.8 million (€130.3 million), 15.5% higher than in the corresponding period of 2015. Such high dynamics resulted mainly from one-off income from VISA Europe transaction of PLN 283 million (€64.7 million), booked in 2Q 2016, which more than offset the negative impact of new banking tax and other one-off cost provisions. Comparable net profit for 9M2016, without one-off income or cost and banking tax, would amount to PLN 517.4 million (€118.3 million) and would be 4.8% higher year-on-year.

Net profit for 3Q 2016 amounted to PLN 138.8 million (€31.7 million). Without banking tax, net profit for 3Q 2016 would amount to PLN 186.2 million (€42.6 million), 12.4% higher than PLN 165.7 million (€37.9 million) net profit achieved in 3Q 2015. Yearly comparable profit growth was supported by growing core income (especially net interest income) accompanied by modest cost growth and lower provisions – thanks to very solid quality of assets.

ROE for 9M 2016 period reached 11.4%, 0.3 p.p. higher compared to the level for the corresponding period of 2015. ROE growth is limited by very significant growth of equity (+11.5% yearly).

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 4,094,235,361.88

INVESTOR RELATIONS Rui Coimbra Phone +351 211 131 084 investors@millenniumbcp.pt rui.coimbrafernandes@millenniumbcp.pt lmonteiro@millenniumbcp.pt

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

Main financial and business highlights of 9M2016 results are the following:

Solid net profit

• Net profit in Jan-Sep. 2016 at PLN 570 million (€130.3 million), +15.5% y/y
• 3rd quarter net profit: PLN 139 million (€31.8 million), after PLN 47 million (€10.7 million) of new banking tax
• ROE at 11.4% (7.9% without one-off items booked in 2Q'16)

Consistent growth of operating income

• Core income grew by 4% y/y and 2.3% q/q, mainly thanks to better net interest income (+8.7 y/y and +0.5% q/q)
• Second consecutive quarterly growth of net commission income : +7.4% q/q

Good and stable asset quality and cost of risk

• Impaired loans ratio at low 4.6% level; the ratio for mortgage loans at 2.4%
• Cost of risk at 45 p.b. year-to-date (over net loans)

Further improvement of capital and liquidity ratios

• Group TCR¹ grew to 18% and CET1 to 17.8%
• Comfortable fulfilment of regulatory capital thresholds
• Very strong liquidity: Loans-to-deposits ratio² at low 85%

Deposits/accounts/customers

• Net growth of active customers by 107 thousand during last 12 months (+37 thousands in 3Q 16).
• Retail deposits growth above market: +16% y/y and +2% q/q
• Growing number of transactions in corporate segment: +13% of domestic payments and +33% of FX transactions (volume)

_____________________________________________________________________________

¹ Calculated in accordance with CRR/CRD4 and partial IRB approach (with regulatory constraint).

² Deposits include Bank's debt securities sold to individuals and repo transactions with customers.

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

Loans

• Acceleration of PLN mortgage sales: PLN 691 million (€158.0 million) in 9M 2016, +44% from the same period of 2015
• Seasonally lower sales of consumer loans: PLN 512 million in 3Q (€118.5 million), YTD -8% from the same period of 2015
• Strong sales growth of leasing and factoring: +11% and +13% from the same period of 2015

Quality and Innovations

• Bank Millennium on podium in all categories of Newsweek quality ranking: 2nd in the best Internet and mortgage bank and 3rd in the traditional and mobile banking category
• Branch optimization process continued: net reduction of 13 branches during 3Q
• More than half million active users of mobile solutions (almost 50% growth yearly)

End of announcement Banco Comercial Português, S.A.