Banco Comercial Portugues

Capital/Financing Update • Jul 24, 2019

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

July 24, 2019 Banco Comercial Português, S.A. informs about upgrade of deposits rating to investment grade, made by Moody's

Banco Comercial Português, S.A. ("BCP") informs that Moody's Investors Services ("Moody's") has improved the following rating ratings assigned to BCP:

• Deposits rating from Ba1 to Baa3 (upgraded to investment grade);
• Senior debt rating from Ba2 to Ba1;
• SNP debt rating from B1 to Ba3;
• Subordinated debt rating from B1 to Ba3;
• AT1 rating from B3 (hyb) to B2 (hyb);
• Counterparty Risk Ratings from Baa3 to Baa2;
• Counterparty Risk Assessment from Baa3 to Baa2;
• Baseline credit assessement (BCA) from ba3 to ba2;
• Adjusted BCA from ba3 to ba2.

This rating action by Moody's reflects the improvement of Portugal's Macro Profile from "Moderate" to "Moderate +", as a result, inter alia, of the significant deleveraging of the private sector, in combination with the improvement of BCP's credit profile, in particular as regards improving of asset quality.

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 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

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