Banco Comercial Portugues

Capital/Financing Update • Oct 16, 2018

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

October 16, 2018 Banco Comercial Português, S.A. informs about ratings upgrade by Moody's

Moody's upgraded by one-notch BCP's long-term deposit and senior unsecured debt ratings to Ba3 from B1, reflecting, essentially, the upgrade of the bank's BCA to b1 from b2 and an unchanged moderate government support for BCP.

Moody's kept the positive outlook on BCP ratings.

The upgrade of BCA reflects the bank's improvement credit fundamentals demonstrated by:

• i) declining NPA ratio;
• ii) enhanced risk-absorption capacity; and
• iii) improving domestic bottom-line profitability, which is enhanced by the positive contribution from bank's international operations.

Besides the deposits and senior unsecured rating the following ratings were also upgraded: Counterparty risk assessment upgraded from Ba1 (cr) to Baa3 (cr); Counterparty risk ratings upgraded from Ba2 to Ba1; Subordinated debt upgraded from B3 to B2; Subordinated MTN Program upgraded from (P)B3 to (P)B2; Preferred Stock non-cumulative upgraded from Caa2 (hyb) to Caa1 (hyb).

End of announcement Banco Comercial Português,S.A.

1/1

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