Banco Comercial Portugues

Earnings Release • Dec 31, 2013

• This document is not an offer of securities for sale in the United States. Canada. Australia. Japan or any other jurisdiction. Securities may not be offered or sold in the United States unless they are registered pursuant to the US Securities Act of 1933 or are exempt from such registration. Any public offering of securities in the United States. Canada. Australia or Japan would be made by means of a prospectus that will contain detailed information about the company and management. including financial statements
• The information in this presentation has been prepared under the scope of the International Financial Reporting Standards ("IFRS") of BCP Group for the purposes of the preparation of the consolidated financial statements under Regulation (CE) 1606/2002
• The figures presented do not constitute any form of commitment by BCP in regard to future earnings
• The figures for Millennium bank in Greece, Banca Millennium Romania and Millennium Gestão Activos (Millennium Asset Management) was restated in 2012 and aggregated into a single income statement item defined as "Income arising from discontinued operations
• Figures for 2012 and 2013 not audited

Agenda

• Main Highlights
• Group
• Liquidity
• Capital
• Profitability
• Portugal
• International Operations
• Conclusions

Highlights

Capital reinforced and above requirements	Core tier I ratio reaches 13.8% according to BoP, above 12.4% on 31 December 2012. Core tier I ratio of 10.8% according to EBA (12.8% adjusted for 31 December 2013 buffer values)
	Consolidated net income at -740 million euros, comparing with -1,219 million euros in 2012, in line with macroeconomic environment and with the restructuring plan
	Progressive improvement of core income
Profitability in line with macroeconomic	Agreement with the unions for the implementation of the restructuring plan (to be implemented st at the end of the 1 half of 2014) which includes a reduction of salaries (temporary) and the structure in Portugal in order to comply with DG Comp agreement. Costs related to the early retirement programme and mutual agreement rescissions booked in 2013 in the amount of 126 million euros
environment	Reduction in operating costs by 15.1%* in Portugal year-on-year
	New entries in NPL in Portugal decreases 53% compared to 2012, confirming the target of a sustained reduction in the cost of risk, but maintaining an high level of provisioning
	Contribution of international operations (excluding Greece and Romania) to consolidated net income of 178 million euros, an increase of 6.5% compared to 2012
	Commercial gap improvement: reduction by 5.4 billion euros from December 2012, with net loans to deposits ratio (BoP) at 117%, below the recommended level of 120%, and net loans to balance sheet customer funds at 108%
Liquidity strengthening	Increase of 5.2%** in customer deposits year-on-year, with a growth in deposits of 4.0% in Portugal
	Focus on new funding to companies in Portugal, despite the lower demand for credit
	Reduction in ECB net usage to 10.0 billion euros

* Excludes non-recurring specific items: restructuring costs (+69.3 M€ in 2012 and +126.5 M€ in 2013 and the impact of the legislative change related to mortality allowance (-64.0 M€ in 2012 and -7.5 M€ in 2013) ** On a comparable basis: excluding Greece (following the sale of that operation), Romania and Millennium bcp Gestão de Activos (following the discontinuation processes)

Highlights 2013

Customer deposits (Billion euros) 32.6 33.9 13.6 14.7 46.2 48.6 Dec 12 Dec 13 +5.2% Portugal International op. +4.0% +8.3%

** On a comparable basis: excluding Greece (following the sale of that operation), Romania and Millennium bcp Gestão de Activos (following the discontinuation processes)

Highlights 2013

Agenda

• Main Highlights
• Group
• Liquidity
• Capital
• Profitability
• Portugal
• International Operations
• Conclusions

Focus on the increase in customer deposits…

On a comparable basis: excluding Greece (following the sale of that operation), Romania and Millennium bcp Gestão de Activos (following the discontinuation processes)

… and credit evolution in line with the macroeconomic environment

Significant improvement in liquidity position, expressed by the reduction of commercial gap and ECB net usage

• Commercial gap improves by 5.4 billion euros over the last year
• Loans to deposit ratio (BoP criteria) of 117% and 108% if including all balance sheet customer funds
• Net usage of ECB of 10.0 billion euros versus 12.7 billion euros as at September 2013
• 19.9 billion euros of eligible assets (net of haircuts) available for refinancing with ECB, with a buffer of 9.9 billion euros

Lower refinancing needs on the short, medium and long term

(Billion euros)

Refinancing needs of medium-long term debt

Significant improvement of the funding structure

• Reduction of funding needs, benefitting from the deleveraging process which proceeds at a good pace
• Deposits are the main source of funding

11

Lower short-term refinancing needs than in the past

* Includes repurchase of own debt amounting to 0.5 billion euros

** Includes repayment of 1.6 billion euros related to liability management transactions

Agenda

• Main Highlights
• Group
• Liquidity
• Capital
• Profitability
• Portugal
• International Operations
• Conclusions

Core tier I ratio complying comfortably with all regulatory requirements

Consolidated

Pension Fund

Main indicators

(Million euros)

	2012	2013
Pension liabilities	2,293	2,533
Pension fund	2,432	2,547
Liabilities' coverage	119%	112%
Fund's profitability	1.6%	4.4%
Actuarial differences	(164)	(212)

Pension Fund

Assumptions

	2011		2012	2013
Discount rate	5.50%	4.50%		4.00%
		1.00%		until 2016
Salary growth rate	2.00%	1.75%		after 2017
	1.00%	0.00%		until 2016
Pensions growth rate		0.75%		after 2017
Projected rate of return of fund assets	5.50%		4.50%
Mortality Tables
Men TV 73/7 -1 year
Women Tv 88/90 -2 years

• Coverage of pension liabilities at 112%
• Actuarial differences in 2013 of -212 M€ penalised by the change in the discount rate to 4% (-200M€)

Agenda

• Main highlights
• Group
• Liquidity
• Capital
• Profitability
• Portugal
• International operations
• Conclusions

Net income in line with the plan, reflecting the macreoeconomic scenario

			Consolidated
(million euros)	2012	2013	Δ
Net interest income	998.0	848.1	-149.9
Of which: costs related with hybrids instruments (CoCo's)	-134.9	-269.0	-134.1
Net fees and commissions	655.1	663.0	7.9
Of which: State guarantee costs	-69.2	-60.1	9.1
Other operating income	448.4	258.2	-190.2
Of which: Piraeus Bank (Greece)	0.0	167.6	167.6
Of which: banking tax contribution and guarantee/resolution funds	-40.8	-50.9	-10.1
Of which: sale of loans portfolio	-25.6	-59.4	-33.8
Of which: Portuguese public debt (trading portfolio)	58.8	7.7	-51.1
Of which: debt repurchase	184.3	0.0	-184.3
Banking income	2,101.5	1,769.3	-332.2
Operating costs	1,321.2	1,295.2	-26.0
Of which: mortality allowance	-64.0	-7.5	56.5
Of which: reestruturing costs	69.3	126.5	57.2
Impairment and provisions	1,319.2	1,286.6	-32.6
Of which: impairment on Piraeus Bank (Greece) participation	0.0	80.0	80.0
Income tax and non-controlling interests	-50.2	-117.1	-66.9
Net income from discontinued or to be discontinued operations	-730.3	-45.0	685.3
Net income	-1,219.1	-740.5	478.6

Net income affected by relevant factors

Net interest income reduction as a result of cost of CoCo's and credit effect, despite the improvement on cost of deposits

Total fees and commissions increase driven by international operations

Fees and commissions
Consolidated
	2012	2013	YoY
Banking fees and commissions	614.3	598.6	-2.5%
Cards and transfers	178.4	181.1	1.5%
Loans and guarantees	170.2	154.5	-9.2%
Bancassurance	60.5	72.5	19.8%
Current account related	116.6	105.1	-9.9%
Other fees and commissions	88.5	85.4	-3.6%
Market related fees and commissions	110.0	124.4	13.1%
Securities operations	83.7	91.4	9.2%
Asset management	26.3	33.1	25.7%
Total fees and comm. excluding State guarantee	724.3	723.1	-0.2%
State guarantee	-69.2	-60.1	-13.1%
Total fees and commissions	655.1	663.0	1.2%

(Million euros)

Lower contribution of net trading income

Significant reduction of costs in Portugal

Provisioning in line with strategic plan

Net new entries in NPL allow the improvement in credit quality ratios

• Credit at risk ratio reduced to 11.8% compared to September 13 (12.3%) and coverage (by BS impairments and real and financial guarantees) above 100%
• Net new entries in non-performing loans in Portugal, decreased 53.1% year-on-year

3,300 3,381

Dec 12 Dec 13

Diversified and collateralized credit portfolio

• Loans to companies represents 50% of total loan portfolio, with a reduction of the weight on construction and real estate sectors (11.6% in Dec. 13)
• 93% of the loan portfolio is collateralized
• Mortgage loans represent 44% of total loan portfolio, with a low delinquency level and an average LTV of 67%

Agenda

• Main Highlights
• Group
• Liquidity
• Capital
• Profitability
• Portugal
• International Operations
• Conclusions

Portugal: deleveraging effort with increase in deposits and reduction of loans

(Million euros)

Net income affected by the cost of CoCo's and lower net trading income despite the significant cost reduction

-656.1 -873.6 2012 2013 (Million euros) Net income

• Net income substantially penalised by the decrease in banking income, despite the strong decrease in operating costs
• Banking income affected by the cost of CoCo"s and lower net trading income
• Significant operating costs savings as a result of the implementation of the restructuring plan started at the end of 2012 and of the projects developed in 2013

Banking income Operating costs*

Reduction of net interest income in Portugal with the cost of CoCo's and volume effect of loans, despite deposits cost improvement

Net interest income (Million euros) 64.0 77.3 105.8 95.8 1Q13 2Q13 3Q13 4Q13 vs.3Q13 Cost of CoCo"s -1.5 Customer funds margin +9.6 2013 vs. 2012 Cost of CoCo"s -134.1 Customer funds margin +26.1 493.3 343.0 134.9 269.0 628.2 612.0 2012 2013 -2.6% -30.5% Real CoCo"s Past due loans effect in 4Q13 (-10.8M€) versus quarterly average of 2013 (-16.3M€)

Volume effect of loans -109.1

Past due loans and recovery effect +37.7

Other +29.1

Total -150.3

4Q13

Total -10.0

Volume effect of loans -5.7

Past due loans and recovery effect -8.7

Other -3.7

Continuation of strong efforts to reduce the cost of deposits, in line with the strategic plan

Evolution of term deposits spreads in Portugal

Credit portfolio rate

• Continuous effort to reduce the cost of deposits, new production with rates substantially lower when compared with the precious year
• Perfectly in line with the strategic plan target of term deposit"s spread reduction
• Interest rate of companies"s credit portfolio remains at a high level

Positive performance of market related comissions and lower banking commissions, but improving in the last quarter

(Million euros)

Positive results in operating costs in Portugal, comparing favourably to national peers

Projects developed in 2013 enabled to save administrative costs in all items

(Million euros)

Other administrative costs

	2012	* 2013	YoY
Consumables	18.9	16.1	-14.5%
Rents	56.5	53.4	-5.5%
Legal expenses	8.4	6.7	-20.6%
Insurance, travel and transportation	17.9	15.4	-14.0%
Advertising	16.8	10.4	-37.8%
Maintenance and related services	20.0	18.6	-7.3%
Outsourcing	79.2	78.4	-1.0%
Communications and information tecnology services	43.3	33.7	-22.2%
Advisory services	17.2	14.8	-14.2%
Other supplies and services	21.3	15.5	-27.2%
Other administrative costs	299.5	263.0	-12.2%

Branches

Projects developed (2013)

• Renegotiation of large outsourcing contracts
• Global space reorganization of central services, with release of buildings
• Significant increase in digital account statements
• Closing of branches

Credit quality shows the first signs of recovery with reduction on NPL ratios and increase in coverage

(Million euros)

Credit quality

Non-performing loans (NPL)

NPL evolution detail	Dec 13 vs. Dec 12	Dec 13 vs. Sep 12
Initial stock	6.062	6.532
+/- Net entries	+634	-176
- Write-offs	-405	-141
- Sales	-79	-3
Final stock	6.211	6.211

Loan impairment (balance sheet)

Coverage	ratio	Dec 12	Sep 13	Dec 13
NPL		47%	46%	48%
Credit	at risk	45%	44%	46%
	2,863		2,953
	Dec 12		Dec 13
Loan	impairment	(net of	recoveries)
	179 pb	Cost of risk	157 pb
	889.0		742.8
	2012		2013

Reduction of foreclosed assets, with and increase of properties sold and coverage increase

Agenda

• Main Highlights
• Group
• Liquidity
• Capital
• Profitability
• Portugal
• International Operations
• Conclusions

Net income in international operations

(Million euros)

	2012	2013	Δ % local currency	Δ % euros	ROE (2013)
* International operations	167.3	178.2		6.5%
Poland	112.0	127.1	13.5%	12.4%	11%
Mozambique	78.3	85.5	9.2%	0.0%	25%
Angola	35.9	40.8	13.6%	9.3%	17%
Other and non-controlling interests	-58.9	-75.2
€253 M

Note: subsidiaries" net income presented reflect the same exchange rate considered for 2013 in order to allow the comparison without the exchange effect * Excludes Millennium Bank (Greece) and Banca Millennium Romania)

Poland: customer funds and loans to customers growth

(Million euros)

Net income growth driven by banking income increase and strict cost control

(Million euros)

Net income

• Net income grows by 13.5%, with ROE at 10.6%
• Increase in banking income (+2.8%), despite the decrease in the reference interest rates that reached historic minimums (WIBOR3M fell from 4.1% in Dec12 to 2.7% in Dec13)
• Strict cost control(-2.8%)
• Positive macroeconomic outlook by the IMF for real GDP : +2.4% in 2014 and +2.6% in 2015

Banking income Operating costs

Steady recovery of net interest income, strong growth in commissions and strict cost control

* Pro forma data. Margin from derivative products. including those from hedging FX denominated loan portfolio, is included in net interest income, whereas in accounting terms, part of this margin (15.7M€ in 2012 and 12.1M€ in 2013) is presented in net trading income

Excluded FX effect. €/PLN rates used : Income Statement 4.21511667; Balance Sheet 4.1543

Credit quality stable with high level in coverage

(Million euros)

Credit ratio	Dec12	Dec13
NPL	2.8%	2.9%

279 298

Credit quality Loan impairment (balance sheet)

* Impairment charges / average net loans for the period (in bps, annualized)

Excluded FX effect. €/PLN rates used : Income Statement 4.21511667; Balance Sheet 4.1543

Non-performing loans (NPL)

Dec 12 Dec 13

Mozambique: strong volumes growth

(Million euros)

Customer funds Loans to customers (gross)

Net income benefited by the increase of banking income

(Million euros)

Net income

Net income increases 9.2%, with ROE of 24.8%

• Increase 7% in banking income: increase in net interest income (benefiting from the volume effect, despite lower reference interest rates) and increase in commissions
• Operating costs increase 6.9% (+6 branches compared with December 12)
• Positive macroeconomic outlook by the IMF for real GDP: +8.5% in 2014 and +8.5% in 2015

Banking income Operating costs

78.3 85.5

+9.2%

Consistent quarterly increases in net interest income and in commissions

(Million euros)

Improvement of credit quality and high coverage

(Million euros)

Credit quality Loan impairment (balance sheet)

Angola: strong volumes growth

(Million euros)

Customer funds Loans to customers (gross)

Net income increases driven by higher banking income, despite the expansion plan

(Million euros)

Net income

Net income increases 13.6% with ROE at 17.5%

• Increase in banking income in 10.8%: driven by commissions and net interest income, despite lower reference interest rate
• Focus on network growth (+6 branches and +48 employees compared with December 2012)
• Positive macroeconomic outlook by the IMF for real GDP: +6.3% in 2014 and +6.4% in 2015

Banking income Operating costs *

Excluded FX effect. €/Kwanza rates used : Income Statement 128.26875; Balance Sheet 134.5100

* Excludes non-recurring specific items : accounting change related to depreciation in rented branches renovations (-3.9 M€ in 2012)

Growth in Net Interest Income and strong growth on fees and commisions, operating costs in line with the expansion plan

(Million euros)

Excluded FX effect. €/Kwanza rates used : Income Statement 128.26875; Balance Sheet 134.5100

* Excludes non-recurring specific items : accounting change related to depreciation in rented branches renovations (-3.9 M€ in 2012)

Credit quality ratio and coverage

(Million euros)

Credit quality Loan impairment (balance sheet)

Agenda

• Main Highlights
• Group
• Liquidity
• Capital
• Profitability
• Portugal
• International Operations
• Conclusions

Progress on strategic plan metrics

PHASES	Priorities		2012	2013		2015	Initiatives
Demanding economic environment	Stronger balance sheet	CT1 (BoP)	12.4%	13.8%	…	~12%	Maintaining solid capital ratios by reducing RWA. despite the negative results
(2012-13)		* LTD	112%	108%	…	<110%	Strengthening liquidity position with the deleveraging process and increase in deposits
Creating growth and profitability conditions (2014-15)	Recovery of profitability in Portugal Continued development of business in Poland, Mozambique and Angola	C/I	63%	66%	…	<55%	Efficiency penalized by the increase in cost of CoCos
		Oper. ** Costs	865M€	734M€	…	<700M€	Restructuring program initiated at the end of 2012 with savings already visible
		Cost of risk (b.p.)	157	137	…	~100	Reduction in new entries in NPL and new recovery model in Portugal allow reduction in the level of provisioning
Sustained growth (2016-17)	Net income sustained growth, more balance between domestic and international component	ROE	-35%	-26%	…	~10%	Disposal of Greece. increase in the contribution of international operations and the first signs of recovery in Portugal

Results aligned with the strategic plan to strengthen the balance sheet, preparing for recovery of profitability in Portugal and growth in Poland, Mozambique and Angola

* LTD ratio (Loans to deposits ratio) calculated based on Net Loans to Customers and On BS Customer Funds

** Excludes non-recurring specific items

Appendixes

Awards 2013

PORTUGAL		POLAND	ANGOLA
"Ethibel EXCELLENCE Investment Register" ETHIBEL Fórum	1st place in the Marktest Reputation Index 2013 ranking, in the Insurance category	"Best Banking Offer" in Market Pearls Retailers' Choice	"Brands of Excellence in Angola 2012/13" Superbrands
Best Corporate Governance and Best Investor Relations Team / Capital Finance International Cfi.co "Investment Fund/Open Pension	"Best Commercial Bank" in Portugal, in the scope of the World Finance Banking Awards 2013 World Finance Magazine	"RESPECT Index" integration for the 5th time Warsaw Stock Exchange/Association of	MOZAMBIQUE
Fund", "Most Active in Certificates", "Most Active in Shares B and C" and "Best Capital Market Promotion Event" Investment Challenge	"Leading Top Rated" for Leading Clients, "Top Rated" for Cross Border/Non Affiliated Clients and "Commended" for Domestic Clients 2013 Global Custodian Survey	Listed Companies "Golden Six", in growing Millennium"s brand value Jornal Rzeczpospolita	"Best Bank" Global Finance
First place in financial setor category, in the ranking of TOP CEO"s in Portugal Institutional Investor	Integração do Millennium bcp nos índices "Stoxx Europe Sustainability", "Euro Stoxx Sustainability"	"2013 Service Quality Star" Voting through Service Quality Stars website "Best Consumer Internet Bank", in the scope of "World's Best	"Best Bank in Mozambique" EMEA Finance
ActivoBank was classified as the 15th best company to work forfor in Portugal	Sustainalytics Millennium bcp and Médis were classiffied as "Consumer Choice" Consumerchoice	Internet Banks in Europe 2013" Global Finance "Friendly Bank for Retail	"Bank of the year in Moçambique" The Banker
Exame Magazine/Accenture "Brands of Excellence", in Health Insurance	"Brands o Excellence in Portugal in 2013" for Millennium bcp, Médis	Customers" Newsweek Magazine State-of-the-art Internet
Selec. Reader's Digest Benefactor Member attributed to Millennium bcp Foundation World Monuments Fund Portugal	and American Express Superbrands "Best website for online banking" for	communication methods in Investor Relations Institute of Capital Market – WSE Research
"Best Consumer Internet Bank", in the scope of the "World's Best Internet Banks in Europe 2013" Global Finance	Millennium bcp PC Guia Reader Awards	MasterCard World Signia/Elite VIP card has been ranked 1st in the list of prestigious credit cards Forbes Magazine

Evolution of public debt portfolio

(Million euros)

Public debt portfolio

		Dec 12	Sep 13	Dec 13	Δ % annually	Δ % quarterly
Portugal		5,439	6,762	5,879	8%	-13%
T-bills		1,979	2,877	2,178	10%	-24%
Bonds		3,460	3,885	3,701	7%	-5%
Poland		1,668	2,079	1,366	-18%	-34%
Mozambique		233	358	393	69%	10%
Angola		320	244	319	-1%	31%
Romania		88	64	39	-56%	-39%
Greece		45	0	0	na	na
Others		315	333	337	7%	1%
	Total	8,108	9,839	8,332	3%	-15%

Total maturity of public debt

• Total public debt of 8.3 billions euros, of which 4.5 billions euros with maturity under 3 years
• During the year Sovereign Portuguese and Mozambican debt increased, whereas Romanian, Polish, Angolan and Greek exposures to public debt decreases.

Detail of public debt portfolio

(Million euros)

	Portugal	Poland	Mozambique	Angola	Romania	Ireland	Others	Total
Trading book	181	104					73	358
< 1 year		0						0
> 1 year and <2 years	0	14						14
> 2 year and <3 years	14	20						34
> 3 years	167	70					73	309
AFS book	3,861	1,261	393	319	39		5	5,878
< 1 year	696	1	72	2	5			775
> 1 year and <2 years	1,493	118	271	157	34			2,074
> 2 year and <3 years	718	495	2	78			5	1,298
> 3 years	954	648	49	81				1,731
HTM book	1,837					208	50	2,095
< 1 year						208		208
> 1 year and <2 years	73							73
> 2 year and <3 years								0
> 3 years	1,764						50	1,814
Total	5,879	1,366	393	319	39	208	129	8,332
< 1 year	696	1	72	2	5	208		984
> 1 year and <2 years	1,566	132	271	157	34			2,161
> 2 year and <3 years	732	515	2	78			5	1,332
> 3 years	2,885	717	49	81			124	3,855

Romania: strong improvement in banking income with the maintenance of a cost containment policy and volumes growth

Financial statements

Consolidated Balance Sheet and Income Statement

	2013	2012
		(Thousands of Euros)
Assets
Cash and deposits at central banks	2,939,663	3,580,546
Loans and advances to credit institutions
Repayable on demand	1,054,030	829,684
Other loans and advances	1,240,628	1,887,389
Loans and advances to customers	56,802,197	62,618,235
Financial assets held for trading	1,290,079	1,690,926
Financial assets available for sale	9,327,120	9,223,411
Assets with repurchase agreement	58,268	4,288
Hedging derivatives	104,503	186,032
Financial assets held to maturity	3,110,330	3,568,966
Investments in associated companies	578,890	516,980
Non current assets held for sale	1,506,431	1,284,126
Investment property	195,599	554,233
Property and equipment	732,563	626,398
Goodwill and intangible assets	250,915	259,054
Current tax assets	41,051	34,037
Deferred tax assets	2,181,405	1,755,411
Other assets	593,361	1,124,323
	82,007,033	89,744,039
Liabilities
Amounts owed to credit institutions	13,492,536	15,265,760
Amounts owed to customers	48,959,752	49,404,398
Debt securities	9,411,227	13,862,999
Financial liabilities held for trading	869,530	1,393,194
Hedging derivatives	243,373	301,315
Provisions for liabilities and charges	365,960	253,328
Subordinated debt	4,361,338	4,298,773
Current income tax liabilities	24,684	15,588
Deferred income tax liabilities	6,301	2,868
Other liabilities	996,524	945,628
Total Liabilities	78,731,225	85,743,851
Equity
Share capital	3,500,000	3,500,000
Treasury stock	(22,745)	(14,212)
Share premium	-	71,722
Preference shares Other capital instruments	171,175 9,853	171,175 9,853
Fair value reserves	22,311	2,668
Reserves and retained earnings	(356,937)	850,021
Net income for the period attributable to Shareholders	(740,450)	(1,219,053)
Total Equity attributable to Shareholders of the Bank	2,583,207	3,372,174
Non-controlling interests	692,601	628,014
Total Equity	3,275,808	4,000,188
	82,007,033	89,744,039

	2013	2012
	(Thousands of Euros)
Interest and similar income Interest expense and similar charges	2,832,912	3,422,798 (1,984,825) (2,424,838)
Net interest income	848,087	997,960
Dividends from equity instruments Net fees and commission income Net gains / losses arising from trading and hedging activities Net gains / losses arising from available for	3,680 662,974 80,385	3,840 655,087 391,874
sale financial assets Net gains / (losses) arising from financial assets held to maturity Other operating income	184,065 (278) (55,627)	44,871 (22) (43,687)
	1,723,286	2,049,923
Other net income from non banking activity	20,502	20,093
Total operating income	1,743,788	2,070,016
Staff costs Other administrative costs Depreciation	767,463 459,653 68,123	751,466 501,725 68,050
Operating costs	1,295,239	1,321,241
Operating net income before provisions and impairments	448,549	748,775
Loans impairment Other financial assets impairment Other assets impairment Goodwill impairment Other provisions	(820,827) (102,193) (210,471) (3,043) (150,059)	(969,600) (75,585) (258,933) - (15,123)
Operating net income	(838,044)	(570,466)
Share of profit of associates under the equity method Gains / (losses) from the sale of subsidiaries and other assets	62,260 (36,759)	55,659 (24,193)
Net (loss) / income before income tax Income tax	(812,543)	(539,000)
Current	(115,635)	(81,286)
Deferred Net (loss) / income after income tax from continuing operations (601,744)	326,434	213,343 (406,943)
Income arising from discontinued operations	(45,004)	(730,267)
Net income after income tax		(646,748) (1,137,210)
Attributable to: Shareholders of the Bank Non-controlling interests Net income for the period	93,702	(740,450) (1,219,053) 81,843 (646,748) (1,137,210)
Earnings per share (in euros) Basic	(0.04)	(0.10)
Diluted	(0.04)	(0.10)

Consolidated income statement

Quarterly evolution

(Million euros)

			Year-to-date
	4Q 12	1Q 13	2Q 13	3Q 13	4Q 13	Dec 12	Dec 13	Δ % 13 / 12 -15.0%
Net interest income	248.6	179.2	201.0	233.5	234.3	998.0	848.1
Dividends from equity instruments	0.0	0.0	1.5	0.2	2.0	3.8	3.7	-4.2%
Net fees and commission income	164.9	160.3	172.6	161.9	168.2	655.1	663.0	1.2%
Other operating income	-13.6	-8.1	-15.7	-24.9	-23.2	-47.8	-71.9	-50.4%
Net trading income	100.4	72.6	-19.5	96.2	114.8	436.7	264.2	-39.5%
Equity accounted earnings	12.7	14.1	16.5	15.8	15.8	55.7	62.3	11.9%
Banking income	513.0	418.1	356.4	482.7	512.0	2,101.5	1,769.3	-15.8%
Staff costs	248.2	166.1	170.6	167.3	263.5	751.5	767.5	2.1%
Other administrative costs	130.6	113.4	112.7	109.3	124.3	501.7	459.7	-8.4%
Depreciation	13.2	16.8	16.5	15.4	19.4	68.1	68.1	0.1%
Operating costs	392.1	296.3	299.8	292.0	407.2	1,321.2	1,295.2	-2.0%
Operating net income bef. imp.	120.9	121.8	56.7	190.8	104.8	780.2	474.1	-39.2%
Loans impairment (net of recoveries)	280.5	186.9	287.0	144.7	202.2	969.6	820.8	-15.3%
Other impairm. and provisions	165.8	50.8	183.6	141.1	90.3	349.6	465.8	33.2%
Net income before income tax	-325.5	-115.9	-414.0	-95.0	-187.7	-539.0	-812.5	-50.8%
Income tax	-103.7	-27.8	-102.0	-8.6	-72.4	-132.1	-210.8	-59.6%
Non-controlling interests	26.2	20.1	23.9	23.4	26.4	81.8	93.7	14.5%
Net income (before disc. oper.)	-247.9	-108.2	-335.8	-109.8	-141.7	-488.8	-695.4	-42.3%
Net income arising from discont. operations	-174.8	-43.8	-0.4	0.6	-1.4	-730.3	-45.0	93.8%
Net income	-422.7	-152.0	-336.3	-109.1	-143.1	-1,219.1	-740.5	39.3%

Consolidated income statement (Portugal and International operations) For the 12 months period ended 31th of December, 2012 and 2013

(Million euros)

	Gro up			P o rtugal			T o tal			B ank M illennium (P o land)			M illennium bim (M o z.)			M illennium A ngo la			Other int. o peratio ns
	D ec 12	D ec 13	Δ %	D ec 12	D ec 13	Δ %	D ec 12	D ec 13	Δ %	D ec 12	D ec 13	Δ %	D ec 12	D ec 13	Δ %	D ec 12	D ec 13	Δ %	D ec 12	D ec 13	Δ %
Interest income	3,423	2,833	-17.2%	2,365	1,914	-19.1%	1,058	919	-13.2%	748	634	-15.2%	200	183	-8.5%	95	92	-3.3%	15	9	-37.1%
Interest expense	2,425	1,985	-18.1%	1,872	1,571	-16.0%	553	413	-25.3%	469	345	-26.6%	67	57	-15.1%	26	24	-7.3%	-10	-12	-29.7%
N et interest inco me	998	848	-15.0%	493	343	-30.5%	505	505	0.1%	278	289	4.0%	133	126	-5.2%	6 9	6 8	-1.8%	2 4	2 2	-10.8%
Dividends from equity instruments	4	4	-4.2%	3	1	-56.2%	1	2	>100%	1	0	-59.5%	0	0	6.5%	0	2	--	0	0	>100%
Intermediatio n margin	1,002	852	-15.0%	496	344	-30.6%	506	508	0.4%	279	290	3.8%	133	126	-5.2%	6 9	7 0	1.1%	2 4	2 2	-10.8%
Net fees and commission income	655	663	1.2%	446	430	-3.6%	209	233	11.4%	131	140	6.8%	39	43	11.4%	25	30	21.7%	15	20	34.9%
Other operating income	-48	-72	-50.4%	-57	-88	-53.6%	9	16	69.8%	-2	-4	<-100%	12	19	60.9%	0	1	>100%	-1	0	82.8%
B asic inco me	1,609	1,443	-10.3%	885	687	-22.4%	724	756	4.4%	408	425	4.2%	184	189	2.6%	9 4	100	7.2%	3 8	4 1	9.5%
Net trading income	437	264	-39.5%	315	158	-49.8%	121	106	-12.7%	57	49	-15.3%	29	21	-28.7%	32	34	5.2%	2	2	5.0%
Equity accounted earnings	56	62	11.9%	54	62	14.1%	1	0	-77.1%	1	0	-40.6%	1	0	-100.0%	0	0	--	0	0	76.0%
B anking inco me	2,101	1,769	-15.8%	1,255	907	-27.7%	847	862	1.8%	466	474	1.7%	214	210	-2.1%	126	134	6.6%	4 0	4 4	9.3%
Staff costs	751	767	2.1%	530	549	3.6%	221	218	-1.5%	134	130	-3.0%	46	44	-2.9%	27	29	6.7%	14	14	1.0%
Other administrative costs	502	460	-8.4%	300	265	-11.5%	202	194	-3.8%	120	115	-4.0%	41	40	-2.3%	35	34	-1.9%	7	6	-18.1%
Depreciation	68	68	0.1%	40	38	-5.4%	28	30	8.2%	13	13	-2.9%	9	9	2.6%	5	7	53.5%	0	0	-34.0%
Operating co sts	1,321	1,295	-2.0%	870	853	-2.0%	451	442	-1.9%	267	257	-3.4%	95	93	-2.1%	67	71	5.6%	22	21	-6.0%
Operating net inco me bef. imp.	780		474 -39.2%	385	5 4	-85.9%	396	420	6.2%	200	217	8.6%	119	116	-2.0%	5 9	6 3	7.8%	18	2 3	28.0%
Loans impairment (net of recoveries)	970	821	-15.3%	889	743	-16.5%	81	78	-3.1%	57	53	-7.9%	13	11	-12.1%	11	11	-1.2%	0	4	>100%
Other impairm. and provisions	350	466	33.2%	348	463	33.1%	2	3	52.2%	0	3	>100%	1	1	-45.3%	1	-1	<-100%	0	0	>100%
N et inco me befo re inco me tax	-539		-813 -50.8%	-852	-1,152	-35.1%	313	339	8.3%	143	161	13.1%	105	105	-0.4%	4 7	5 3	13.2%	18	19	7.9%
Income tax	-132	-211	-59.6%	-191	-278	-45.6%	59	67	14.3%	30	34	15.8%	18	18	-1.1%	10	13	27.9%	1	2	>100%
Non-controlling interests	82	94	14.5%	-5	0	>100%	87	94	7.6%	0	0	--	1	1	-16.9%	0	0	--	86	93	7.9%
N et inco me (befo re disc. o per.)	-489		-695 -42.3%	-656	-874	-33.2%	167	178	6.5%	113	127	12.4%	8 6	8 6	-0.0%	3 7	4 1	9.3%	-69	-75	-9.5%
Net income arising from discont. operations	-730	-45	93.8%
N et inco me	-1,219	-740	39.3%

Investor Relations Division Rui Coimbra. Head of Investor Relations

Investor Relations Reporting and Ratings João Godinho Duarte. CFA Luís Morais Paula Dantas Henriques Lina Fernandes

Tl: +351 21 1131 084 Tl: + 351 21 1131 337

Email: Investors@millenniumbcp.pt

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 3.500.000.000