Banco Comercial Portugues

Capital/Financing Update • May 23, 2017

May 23, 2017 Banco Comercial Português, S.A. informs about a new issue of covered mortgage bonds

Banco Comercial Português, S.A. ("Millennium bcp") informs that today it set the terms and conditions for a new issue of covered mortgage bonds, under its Covered Bond Program, with subscription date on May 31.

The issue, in the amount of €1.0 billion, has a term of 5 years, an issuance price of 99.386% and an annual interest rate of 0.75%, reflecting a spread of 65 basis points over 5 year swaps.

The operation was placed successfully with a very diverse group of European institutional investors. Demand for the issue was more than 180% the amount on offer, and the speed with which the placement was completed demonstrate unequivocally the confidence of the market in the Bank and its clear ability to access this important source of financing.

This issue signals Millennium bcp's return to the capital debt markets more than 7 years after its most recent mortgage bond issue, and is part of the bank's financing strategy for the coming years.

Joint leaders for the operation were Millennium bcp, Mediobanca, Natixis, Natwest, Unicredit and SocGen.

End of announcement Banco Comercial Português, S.A.

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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 5,600,738,053.72

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