Banco Comercial Portugues

Earnings Release • Feb 1, 2016

ANNOUNCEMENT Reuters>bcp.Is Exchange>MCP Bloomberg>bcp pl ISIN PTBCP0AM00007

¹ February 2016 Banco Comercial Português informs about Bank Millennium (Poland) results in 2015

Banco Comercial Português, S.A. hereby informs that Bank Millennium in Poland, in which it has a 50.1% holding and whose accounts are fully consolidated in BCP group level, released today its results for the full year 2015, whose highlights are as follows:

Consolidated net profit in 2015 amounted to PLN 546.5 million (€ 130.7 million). Excluding 4Q extraordinary events, the yearly net profit would have reached 667.4 PLN million (€ 159.6 million), which would mean 2.5% growth y/y versus the 651 million (€ 155.7 million) net profit booked in 2014. ROE without one-offs reached 11.1%, while reported ROE reached 9.1%.

The fourth quarter net result of PLN 53.0 million (€ 12.7 million) was negatively affected by four extraordinary elements:

• PLN 102.5 million (€ 24.5 million) extra charge to Banking Guarantee Fund (BFG) for the bankrupt SK Bank,
• PLN 15.6 million (€ 3.7 million) contribution to the newly created Distressed Mortgage Support Fund (FWK),
• PLN 12.2 million (€ 2.9 million) penalty from Authority for Competition and Customer Protection (UOKiK) connected with interchange fees.
• PLN 10 million (€ 2.4 million) of net provisions for tax and other

The above mentioned one-off charges plus a challenging environment for the banking sector in Poland in 2015 year, including lower interest rates and regulatory interventions on some fees, resulted in a decrease of operating income reported by the Group. However, at the same time Bank Millennium managed to partially offset this with the growth of other revenue streams and reduction of operating costs and impairment charges.

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 4,094,235,361.88

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

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ANNOUNCEMENT Reuters>bcp.Is Exchange>MCP Bloomberg>bcp pl ISIN PTBCP0AM00007

Main financial and business highlights of 2015 results are the following:

Core income and costs fell, stable Cost/Income ratio

• Core income only fell 3% yearly despite the lower interest rates and the significant reduction in payment card fees. In 4Q, Net interest income continued a gradual recovery from the bottom reached in 2Q
• Operating costs without BFG annual contribution fell 5.1% y/y, or 2.2% y/y if these fees (that significantly rose by 30 million in 2015) were included
• Stable Cost to income without one-off charges at 50.4% (53.9% if included)

High asset quality and low cost of risk kept

• Impaired loans ratio at low 4.6%, mortgage at 2.1% (including past-due over 90 days at 0.9%)
• Cost of risk at 52 b.p. over net loans lower by 9 b.p. versus 2014

Improving capital and liquidity ratios

• Strong and growing capital ratios: Total Capital Ratio at 16.7% and Common Equity Tier 1 at 16.4%
• Loans-to-deposits ratio improved to 87.3%

Deposits/accounts/customers

• Accelerating growth of retail deposits: + PLN 5.8 bn (€ 1.4 billion) or 20% y/y and + PLN 2.7 bn (€ 0.6 billion) or 8% q/q
• 281 thousand new current accounts acquired during 2015 year
• 1,369 thousand active customers at the end of the year (+85 thousand during 2015)
• Growing volume of transactions in corporate business

Loans

• Cash loans portfolio grew by 19% yearly, new sales at PLN 2.5 billion (€ 0.6 billion)
• Good yearly growth in leasing and factoring portfolios (+16% and +21% respectively)

End of announcement Banco Comercial Português, S.A.