Banco Comercial Portugues

Capital/Financing Update • Feb 5, 2019

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

January 24, 2019 Banco Comercial Português, S.A. informs about issue of perpetual subordinated notes

Banco Comercial Português, S.A. ("Millennium bcp") informs that it has fixed, today, the terms of an issue of perpetual subordinated notes intended to be qualified as Additional Tier 1.

The issue, in the amount of €400 million and with no defined tenor, foresees a call option from the end of the fifth year and an interest rate of 9.25% per year during the first 5 years, and is expected to settle on 31 January 2019.

The transaction was placed with a very diversified group of European institutional investors. The demand, which exceeded 160% of the amount of the issue, and the promptness with which the transaction was executed attest Millennium bcp's capacity to successfully access the various segments of international capital markets.

The issue, being the first Euro denominated Additional Tier 1 issue executed in the European capital markets in 2019, is part of Millennium bcp's strategy for the reinforcement and diversification of its capital base and MREL eligible liabilities and for the strengthening of its presence in capital markets.

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 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