Banco Comercial Portugues

Capital/Financing Update • Oct 16, 2018

BANCO BPI, S.A. Public Company

Registered office: Rua Tenente Valadim, 284, Porto Registered at Commercial Registry of Porto under Unique taxpayer reference number 501 214 534 Share capital: € 1 293 063 324.98

Announcement

Moody's upgrades Banco BPI's rating by 2 notches to Investment Grade Baa2

BPI has now investment grade ratings from three rating agencies

The international rating agency Moody's has upgraded today Banco BPI's long-term debt rating by 2 notches, from Ba1 to Baa2, reaching investment grade level. Moody's has also upgraded the long-term deposits rating, already classified as investment grade, by two notches, from Baa3 to Baa1. The Outlook for both long-term deposits and debt ratings is "Stable". Moody's has also upgraded the short-term debt rating from "Not Prime" to "Prime-2" and the short-term deposits rating from "Prime-3" to "Prime-2".

The improvement in the rating notations by Moody's reflects an improvement in Portuguese banks' operating environment, as a consequence of the continued economic recovery, in combination with the Bank's strengthened risk profile. Moody's highlights the bank's enhanced capital levels, the good credit quality indicators, significantly better than the Portuguese system average, and the improving profitability levels in the domestic activity. Moody's also mentions that the credit rating reflects the Bank's sound market position in Portugal and its adequate liquidity profile.

Following this rating action by Moody's, Banco BPI's long-term debt is now rated as investment grade by the three agencies – Fitch, Moody's and S&P.

Banco BPI, S.A.

Porto, 16 October 2018