Banco Comercial Portugues

Earnings Release • Nov 3, 2020

"Disclaimer"

The purpose of this presentation is purely informative and should not be considered as a service or offer of any financial product, service or advice, nor should it be interpreted as, an offer to sell or exchange or acquire, or an invitation for offers to buy securities issued by Banco BPI ("BPI") or any of the companies mentioned herein. The information contained herein is subject to, and must be read in conjunction with, all other publicly available information. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information set out in the relevant documentation filed by the issuer, having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in this presentation.

BPI cautions that this presentation might contain forward-looking statements concerning the development of its business and economic performance. While these statements are based on BPI's current projections, judgments and future expectations concerning the development of the Bank's business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from BPI's expectations. Such factors include, but are not limited to the market general situation, macroeconomic factors, regulatory, political or government guidelines and trends, movements in domestic and international securities markets, currency exchange rates and interest rates, changes in the financial position, creditworthiness or solvency of BPI customers, debtors or counterparts.

Statements as to historical performance or financial accretion are not intended to mean that future performance or future earnings for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast. In addition, it should be noted that although this presentation has been prepared based on accounting registers kept by BPI and by the rest of the Group companies it may contain certain adjustments and reclassifications in order to harmonize the accounting principles and criteria followed by such companies with those followed by BPI.

In particular, regarding the data provided by third parties, BPI does not guarantee that these contents are exact, accurate, comprehensive or complete, nor it is obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents by any means, BPI may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in case of any deviation between such a version and this one, BPI assumes no liability for any discrepancy.

In relation to Alternative Performance Measures (APMs) as defined in the guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415), this report uses certain APMs, which have not been audited, for a better understanding of the company's financial performance. These measures are considered additional disclosures and in no case replace the financial information prepared under the International Financial Reporting Standards (IFRS). Moreover, the way the Group defines and calculates these measures may differ to the way similar measures are calculated by other companies. Accordingly, they may not be comparable. Please refer to the Glossary section for a list of the APMs used along with the relevant reconciliation between certain indicators.

This document has not been submitted to the Comissão do Mercado of Valores Mobiliários (CMVM) (Autoridade Portuguesa do Mercado of Capitais) for review or for approval. Its content is regulated by the Portuguese law applicable at the date hereto, and it is not addressed to any person or any legal entity located in any other jurisdiction. For this reason it may not necessarily comply with the prevailing norms or legal requisites as required in other jurisdictions.

Notwithstanding any legal requirements, or any limitations imposed by BPI which may be applicable, permission is hereby expressly refused for any type of use or exploitation of the content of this presentation, and for any use of the signs, trademarks and logotypes contained herein. This prohibition extends to any kind of reproduction, distribution, transmission to third parties, public communication or conversion by any other mean, for commercial purposes, without the previous express consent of BPI and/or other respective proprietary title holders. Any failure to observe this restriction may constitute a legal offence which may be sanctioned by the prevailing laws in such cases.

BPI stands prepared to continue being the partner of families and companies and to support the recovery of the Portuguese economy

• BPI recorded a strong commercial dynamism despite the unfavourable economic backdrop, with significant increase in deposits, growth in loans and market share gains.
• Core earnings continue to show strong resilience in an adverse context
• Net loan impairments of 100 M.€ in the 9 months 2020, including non-allocated impairments due to Covid19.
• Acceleration of digital transformation and innovation to improve the quality of service and Client's experience.
• Support to families and companies and reinforced social commitment, in cooperation with the "la Caixa" Foundation.
• Strong financial position, with low risk profile (NPE ratio of 1.9% and a high coverage), solid solvency position, balanced funding structure, comfortable liquidity position and investment grade ratings by Fitch Ratings, Moody's and S&P Global.

BPI results in September 2020

Net income in Portugal and in the consolidated	 Net profit in Portugal of 47.4 M.€ in September 2020 (-69% yoy) Net profit in Portugal in the 3rd quarter 2020 of 40.9 M.€ (-38% vs 3Q 19)  Consolidated net profit of 85.5 M.€ in September 2020 (-66% yoy)  Loan impairments (net) of 100 M.€ in the 9 months 2020
Customer resources and loans	 Customer deposits increased 2 271 M.€ (+9.9% ytd)  Loan portfolio increased 861 M.€ (+3.5% ytd)
High asset quality	 Non-performing exposures ratio (NPE, EBA definition) decreased to 1.9% in September 2020  NPE coverage by impairments and collateral increased to 138%
Strong capitalisation	 Strengthened capital ratios (phasing-in1) ): CET1 of 13.9%, T1 of 15.4% and total capital of 17.1%  Leverage ratio (phasing-in1)) of 7.2%
BPI debt and deposits ratings at investment grade	 BPI senior debt: rated Baa3 by Moody's, BBB+ by Fitch and BBB by S&P.  BPI deposits: rated Baa1 by Moody's and BBB+ by Fitch Ratings

Consolidated net profit of 85.5 M.€ in September 2020

In M €	Sep 19	Sep 20	D%
profit Portugal in Net	152 7	47 4	-69%
contribution BFA	86 4	31 2
contribution BCI	14 5	6 9
Consolidated profit net	253 6	85 5	-66%

Sep.19	Sep.20
8.0%	4.3%

	D yoy
 1) Commercial banking gross income	-12 M.€
 Loan impairments	-119 M.€
 Other	+26 M.€
Net profit in Portugal

5

Loan portfolio increased 3.5% YtD

Loans to customers by segments
portfolio Gross in M € ,	Dec 19	Sep 20	YtD	YoY (Sep 20/Sep 19)
individuals I Loans to	13 045	13 505	3 5%	5 5%
loans Mortgage	11 377	11 803	3 7%	5 5%
Other loans individuals to	1 668	1 703	2 1%	4% 5
companies II Loans to	9 513	9 921	3% 4	6 6%
Public III sector	823 1	816 1	(0 4%)	(1 8%)
Total loans	24 381	25 243	5% 3	4% 5
Note:
portfolio of Loan net impairments	23 987	24 775	3 3%	6% 5
Total loan portfolio market share				10.5%

Support to Families and Companies

• BPI implemented loan moratoria for families and companies
• Operationalisation of state guaranteed credit lines to support companies in the context of the pandemic. BPI advanced up to 20% of the approved amount.
• Maintenance of all outstanding credit line contracts until 30 September 2020, keeping interest rates unchanged

Moratoria and support credit lines COVID-19

Moratoria 1)

33.3 th.	25.4 th.	19.1 th.	77.8 th.
43.0 th.	32.2 th.	33.4 th.	108.6 th.
2 721	388	3 018	6 127
23%	28%	26%	24%
98.9%	99.0%	98.3%	98.6%

Moratoria1)					Public support credit lines COVID-19
(30 September 2020)	Housing loans	Personal loans and car finance	Companies	TOTAL	30 September 2020 7 973 # Applications
# requests approved	33.3 th.	25.4 th.	19.1 th.	77.8 th.
# contracts	43.0 th.	32.2 th.	33.4 th.	108.6 th.	704 M.€2) Loan amount (M.€)
Loan amount (M.€)	2 721	388	3 018	6 127	Credit grant by BPI and credit approved / under analysis by SGM
as % of the segment loan portfolio	23%	28%	26%	24%	BPI offer to Companies

	30 September 2020
Amount available of approved credit lines	3 012 M.€

Mortgage loan origination increases 37% yoy and market share gain

MORTGAGE LOANS

Personal loans and car financing gradually recovering after confinement

PERSONAL LOANS AND CAR FINANCING

BPI, a Bank that #Gives More Value to Companies

Activity in the Agriculture and Tourism segments

BPI, the ever-present partner

• Award promoted by BPI in partnership with Cofina and institutional support from the Ministry of Agriculture, Forestry and Rural Development
• Main national award for the award of a Seal of Trust and Excellence to the best in Portugal in the agriculture sector

Agriculture Tourism

2nd edition of the National Tourism Award 401 projects submitted

• Award promoted by BPI in partnership with Expresso and institutional support from the Ministry of Economy
• Main national award, to reward the best companies and the best projects that have stood out in the tourism sector

August and September

5 interviews with industry experts published in the weekly Expresso, namely Luís Araújo from Tourism of Portugal and Ferrán Adrià 9 Sep.

Launching webinar of 2nd edition of the National Tourism Award with a debate on Reinventing Tourism for the new era with the participation of Ferràn Adrià, Tourism of Portugal and Associação da Rota EN2

500 live views and youtube

BPI, a Bank that #Gives More Value to Families and Businesses

Simplification and greater accessibility in the relationship with Customers

Day to Day

"Conta Valor" account, Commerce account, cards, transfer, App BPI and housing loans

+ Innovation to Simplify Customers' Day to Day

• Maximizing the use of the New contact platform between manager and Client, for exchanging quick messages and documents
• New Products and Services available on Digital channels
• Subscription to BPI Net and BPI APP totally digital

Sleep peacefully Life and non-life insurance and security alarm solutions

More Information and Simplification of the Insurance

process with Insurance Information and claims reporting on the Online channels.

Protection and Safety Campaigns, with offers to Customers.

Enjoy life Consumer loans, car financing and renting

Non-financial products available in the new contact platform with Clients.

Credit Campaign with exemption of the credit opening commission. Savings up to 450€.

New Product

Launch of the Personal Credit for home improvements

BPI, a Bank that #Gives More Value to Families and Businesses

Innovation, improving Service and strengthening the Value Proposition

Improvement in Advised Sales and Consulting Services

Planning for the future Savings, investments and retirement savings plans

Advised Sales Service at the Retail Branches

Businesses

Strengthen the Value Proposition for Businesses and Small Companies

Financing

Launch of Micro and Small Companies credit line, to support Businesses

Total customer resources increased 1.6 Bi.€ YtD (+4.6%)

Customer deposits increased 2.3 Bi.€ YtD (+9.9%)

Customer resources

In M €	Dec 19	Sep 20	YtD	YoY 20/Sep (Sep 19)
deposits 1) Customer I	23 015	25 287	9 9%	5% 11
under II Assets management	9 797	9 266	4% -5	2% -3
Mutual funds	5 245	4 926	1% -6	4% -3
Capitalisation insurance	4 552	4 340	7% -4	0% -3
offerings Public III	1 569	1 402	-10 7%	-16 1%
Total	34 382	35 954	4 6%	6 0%

Market shares	Aug. 20
Deposits	10.5%
Mutual funds2)	10.7%
Capitalisation insurance	16.5%
Retirement savings plans	11.3%

BPI in the lead of digital banking

Increased proximity to Customers and Digital Sales

Growth with focus on mobile More Digital Clients Increase in digital interactions Increased proximity to Clients High Client Satisfaction Internet Banking satisfaction (DATAE 2020) 2) +68 th. D yoy active users of BPI App 74% digital clients (individuals) using BPI App 14.4 Millions 97% +20% D yoy Logins(68% in mobile) of transactions performed on digital channels (Net, Mobile or ATM) +40% D yoy Growth in sales on the digital channels # 2 # 1 "Net+Mobile" penetration (BASEF, Sep.20) 1) Market share in Net and Mobile banking (DATAE 2020) 2) Individuals Companies (in the month of Sep.20) Increase in Digital Sales in sales in Digital Channels (Jan.-Sep. 20) # 1 # 2 Individuals Companies Digital Channels satisfaction (CSI Banca, 1st Wave 2020) 3) Digital channels penetration with increasing weight of digital sales in Personal Loans, Credit Cards, Savings and Non-financial Products

15 1) BASEF (Sep.2020), main banks, accumulated 12 months. 2) DATAE (2020), main banks. 3) CSI Banca (1st Wave 2020), Digital Channels Satisfaction Index.

Activity in Portugal

New in 2020

Innovation and Transformation in Digital Channels

Development and launch of new solutions

Digital Sales new solutions

• Launch of BPI Vida Familiar insurance
• Extending the offer of Retirement Savings Plans
• Increase in limits of Immediate Credit product
• Subscription of Account Valor BPI and BPI Automóvel offer

New solutions for Companies

• Launch and evolution of iFactoring solution
• BPI Drive - online access for dealers
• Solutions for Digital Signature Validation (Citizen Card, Digital Mobile Key and Electronic Certificate)

Reinforcement of Digital Service

• Evolution of personal finance management
• Increase in digital documentation
• Remote subscription to digital channels
• Extending the Secure Communication between Client and Manager
• Loan moratoria applications

A safe Bank, always available to Customers

Physical distribution network

In operation (30 Sep. 20)

98% Branches and Premier Centres

> 86% during the pandemic period

>94% since beginning of June

100% Corporate Centres

EMPLOYEES in telework from home (30 Sep. 20)

5% in the commercial networks

24% 48% in central services

Progressive return to the Bank's premises in central services

Verification of the implementation of the pandemic control, determined by the health and labour authorities, in the Commercial Network and Central Premises.

Resilience of net interest income in a negative interest rate environment

€ In M	Sep 19	Sep 20	D%	ALCO management
interest income Net	326 1	330 8	4% 1 +	Intermediation margin narrowing
Dividends and equity accounted income	17 9	16 0	1) - 10 8%	Yields on customer loans and cost of deposits
fee and commission income Net	192 5	177 5	8% - 7	(quarterly average yield; in %)	% 1.81	1.76	1.78
COMMERCIAL BANKING GROSS INCOME	536 5	524 2	- 2 3%					1.76 1.69
Gains/(losses) financial and assets on liabilities	2 8	-7 6			0.08	0.04	0.03	0.02 0.02
Banking contribution and sector 2) additional solidarity levy	-11 7	-18 8			4Q16	4Q17	4Q18	3Q20 4Q19
Other income net	-9 0	-7 6		Intermediation	1.73	1.72	1.75	1.74 1.67
Gross income	518 5	490 3	4% - 5	margin

Growth in loan volumes ALCO management Intermediation margin narrowing

Yields on customer loans and cost of deposits

2) In 2019, the banking sector contribution was accrued over the 12 months of the year; in 2020 it was accounted for in the 1st quarter in full.

Operating expenses decreased 3.1% yoy

Core cost-to-income of 59.9% in September 2020

Regulatory costs of 39.5 M.€ in September 20201)

21 1) Annual costs recorded in full. 2) In 2019, the banking sector contribution was accrued over the 12 months of the year (15.3 M.€ in 2019).

Loan impairments net of recoveries of 100 M.€ (September 2020)

NPE ratio of 1.9% and NPL ratio of 2.3%

23

Employees pension liabilities covered by 96%

Employees pension liabilities
€ M	Dec 19	Mar 20	Jun 20	Sep 20
Total service liability past	1 804	1 645	1 759	1 796
of the pension funds Net assets	1 767	1 643	1 707	1 719
Level of of pension liabilities coverage	98%	100%	97%	96%	Actuarial deviations (M €)	1Q 20	2Q 20	3Q
return1 ) funds Pension	12 6%	-6 6%	-2 1%	-0 8%	from investment Income portfolio	(123)	+72	+17
Discount rate	1 34%	1 85%	1 43%	1 29%	Change the discount in rate	+152	(123)	(44)
					Actuarial deviations	+30	(51)	(26)

Solid capital position

25

1) Capital ratios with the phasing-in of IFRS9 implementation (impact +0.2 p.p.), including the net income in September 2020 and assuming an earnings distribution according to the upper limit of the long-term dividend policy. The phasing-in capital ratios in September 2020 calculated for the purposes of prudential reporting COREP (excluding the net income for the period) are: CET1 of 13.6%, Tier 1 of 15.1% and total capital ratio of 16.8%.

Balanced funding structure and comfortable liquidity position

Customer resources constitute the main source of financing of the balance sheet

BPI's quality, innovation and dedication to Customers continue to be publicly distinguished

IN 2020

"Consumer Choice" Award (Best Large Bank), "Five Stars" Award (Best Large Bank) and Portuguese Most Trusted Banking Brand, for the 7th consecutive year. This is the first time a bank earns the three awards simultaneously.

"Brand of Excellence" Superbrands, for the 7th consecutive year.

Best Private Bank for Portfolio Management Technology in Europe, assessing the impact of BPI's digital transformation on Customer Relationship and Wealth Management services.

Best Agile Leadership Award, in the category "Leadership", from the World Agility Forum.

BPI and "la Caixa" Foundation reinforce their social action in projects aimed at helping people and the most needy sectors

Expects to reach a budget of 50 M.€

when all programs are implemented and fully operational

Humaniza Programme Incorpora Programme Proinfância Programme Promove Contest BPI "la Caixa" Awards Volunteering BPI "la Caixa" Award Reviewers Volunteering CooperantesCaixa Decentralised Social Initiative Pauleta Foundation Global Platform for Syrian Students

Social Support Research, Knowledge and Scholarships Culture and Education

Health research CaixaImpulse Scholarships Research in Social Sciences Social Equity Initiative-Nova SBE

Creactivity, Itinerant Exhibitions, Participatory and School Concerts, "Desafio Empreende" Serralves Foundation Casa da Música National Museum of Ancient Art Natural History and Science Museum of the University of Porto Museum of Contemporary Art of Elvas Orchestra XXI Casa de São Roque "Orquestra Sem Fronteiras" Caramulo Museum Creation Support Programme Partis Contest - Art for Change

3,75 M.€ to improve the quality of life of people in situation of social vulnerability through the 2020 BPI "la Caixa" Awards

5 BPI "la Caixa" 2020 awards

• Childhood - Children and Adolescents (since 2019)
• Solidary - Youth and Adults (since 2016)
• Seniors - People aged over 65 years (since 2013)
• Capacitar People with disabilities (since 2010)
• Rural Social activities in rural areas (since 2019)

BPI has investment grade ratings for LT debt and deposits

	(Long Term Debt / Issuer Credit Rating)		(Long Term Debt / Issuer rating)		(Issuer Default Rating)		(Long-Term Debt / Issuer Rating)
		… Aa2, Aa1 e Aaa				… AA, AA (high), AAA
… AA-, AA, AA+ e AAA		Aa3	Mortgage bonds	… AA-, AA, AA+ e AAA		AA (low)	Mortgage bonds
A+		A1		A+		A (high)
A		A2		A		A	Bank 1
A		A3		A		A (low)
BBB+		Baa1	Deposits LT	Bank 1 BBB+	Deposits LT Senior debt LT	BBB (high)	Portugal
Portugal BBB	Bank 1	Baa2		BBB Portugal		BBB	Bank 3
BBB		Portugal Baa3	Bank 1	BBB		BBB (low)	Bank 2
BB+		Ba1	Bank 3 Bank 2	BB+	Bank 3	BB (high)
BB	Bank 2	Ba2		BB	Bank 2	BB
BB		Ba3		BB		BB (low)
B+		B1		B+		B (high)	Bank 5
B		B2		B		B	Bank 4
B		B3		B	Bank 4	B (low)
CCC+		Caa1	Bank 4	CCC+		CCC (high)
… CCC, CCC-, CC, C e D		Caa2	Bank 5	… CCC, CCC-, CC, C e D			… CCC, CCC (low), CC (high), CC, CC (low), C
		… Caa3, Ca e C				(high), C, C (low), D

S&P (20 Oct.20) reaffirmed BPI and its long term senior debt rating of BBB, with Stable outlook.

• Moody's (11 Mar.20) upgraded BPI and its long term senior debt rating from Ba1 to Baa3 and reaffirmed its LT deposits rating at Baa1. The ratings outlook is Stable.
• Fitch (19 Oct.20) reaffirmed BPI's LT senior debt and LT deposits ratings of BBB+ and BPI rating of BBB, with Negative outlook.

BPI results in September 2020

Commercial activity in Portugal	Loan portfolio +861 M.€ +3.5% Sep. 20, ytd	Customer deposits +2 271 M.€ +9.9% Sep. 20, ytd	Net interest income +1.4% 9M 20, yoy	Digital Banking Regular users 701 th. +5% Sep. 20, yoy
Risk and capitalisation	NPE 1.9% Sep.20	NPE coverage 138% (by impairments and collaterals) set.20	Cost of credit risk 0.38% ((% of gross loans and guarantees, non-annualised) 9M 20	13.9% CET1 T1 15.4% 17.1% Total Phasing-in1) , Sep.20
Profitability and efficiency	Net profit in Portugal 47.4 M.€ -69% 9M 20, yoy	ROTE in Portugal 4.3% Recurrent (last 12 months until Sep.20)	Cost-to-income in Portugal 59.9% (last 12 months until Sep.20)	Consolidated net profit 85.5 M.€ -66% 9M 20, yoy

Highlights of BPI results in September 2020

• High commercial dynamism despite the adverse economic backdrop Significant increase in deposits, growth in loans and market share gains
• Resilience of core operating income
• Reinforcement of loan impairments, which include non-allocated impairments due to COVID-19
• Digital transformation and innovation to improve the quality of service and client experience
• Adoption of several measures to support families and companies
• Reinforced social commitment, in cooperation with the "la Caixa" Foundation
• Strong financial position and strengthened liquidity position Solid solvency position, low risk profile, balanced funding structure and comfortable liquidity position

BPI stands prepared to continue being the partner of families and companies and to support the recovery of the Portuguese economy

Results in September 2020

(unaudited accounts)

• Income Statements and Balance sheet in accordance with IAS / IFRS and consolidated indicators
• Reconciliation between BPI reported figures and BPI Segment contribution to CaixaBank Group
• Alternative performance measures

Income Statement of the activity in Portugal

(unaudited)

In M €	Sep 19	Sep 20	D%
	restated 1)
interest income Net	326 1	330 8	1 4%
Dividend income	2 4	2 1	-11 5%
accounted Equity income	15 6	13 9	7% -10
fee and commission income Net	192 5	177 5	8% -7
Gains/(losses) financial and liabilities and other assets on	2 8	(7 6)	-
Other and operating income expenses	(20 7)	(26 3)	-27 2%
Gross income	518 5	490 3	4% -5
Staff expenses	(182 8)	(183 4)	0 3%
Other administrative expenses	(113 4)	(107 2)	-5 5%
Depreciation and amortisation	(40 3)	(35 4)	2% -12
Operating expenses	(336 5)	(326 0)	-3 1%
operating income Net	182 0	164 3	-9 7%
Impairment losses and other provisions	18 5	(101 3)	-
and losses other Gains in assets	2 2	0 8	-61 5%
income before income Net tax	202 7	63 9	-68 5%
Income tax	(50 0)	(16 5)	0% -67
Net income	152 7	47 4	-69 0%

1) At 2019 year end, the Banking sector contribution was reclassified from "Income tax" to "Other operating income and expenses". The profit and loss account in September 2019 was restated to consider this reclassification.

34

Balance sheet of the activity in Portugal

(unaudited)

Consolidated income statement

(unaudited)

In M €	Sep 19 restated1 )	Sep 20
Net interest income	326 1	330 8
Dividend income	48 4	42 3
accounted Equity income	31 4	21 5
fee and Net commission income	192 5	177 5
Gains/(losses) financial and liabilities and other assets on	(5 2)	(15 6)
Other and operating income expenses	(25 3)	(29 6)
income Gross	567 8	526 9
Staff expenses	(182 8)	(183 4)
Other administrative expenses	(113 4)	(107 2)
and Depreciation amortisation	(40 3)	(35 4)
Operating expenses	(336 5)	(326 0)
operating income Net	231 3	200 9
losses and other Impairment provisions	18 5	(101 3)
Gains and losses in other assets	2 2	0 8
before Net income income tax	251 9	100 4
Income tax	1 6	(14 9)
Net income	253 6	85 5

EARNINGS PER SHARE

	Sep 19	Sep 20
share (€) Earnings per	0 17	0 05
weighted of shares (in millions) Average nr.	1 457	1 457

1) At 2019 year end, the Banking sector contribution was reclassified from "Income tax" to "Other operating income and expenses". The profit and loss account in September 2019 was restated to consider this reclassification.

36

Annexes

(unaudited)

Consolidated balance sheet

In M.€	Dec 19	Sep 20
ASSETS
Cash and cash balances central banks and other demand deposits at	1 068.3	4 329.2
Financial held for trading fair value through profit or loss and fair assets , at at
value through other comprehensive income	2 326.8	2 233.4
Financial amortised assets at cost	27 439.3	29 527.8
Of which:
Loans Customers to	23 987.4	24 774.6
and Investments in joint associates ventures	247.2	248.2
Tangible assets	169.6	144.5
Intangible assets	65.8	78.5
Tax assets	272.5	264.7
and disposal groups classified as held for sale Non-current assets	14.6	9.0
Other assets	207.6	236.3
Total assets	31 811.6	37 071.5
LIABILITIES
Financial liabilities held for trading	146.2	144.0
Financial liabilities amortised at cost	27 640.2	33 039.7
- Central Banks and Credit Deposits Institutions	2 777.1	5 424.7
Deposits - Customers	23 231.4	25 407.0
Debt securities issued	358.7 1	799.9 1
Memorandum subordinated liabilities items:	304.4	300.3
Other financial liabilities	273.0	408.1
Provisions	44.4	43.4
liabilities Tax	17.2	22.4
Other liabilities	527.4	578.4
Total Liabilities	28 375.4	33 827.8
Shareholders' attributable the shareholders of equity BPI to	3 436.1	3 243.7
controlling interests Non	0.0	0.0
Total Shareholders' equity	3 436.1	3 243.7
Total liabilities and Shareholders' equity	31 811.6	37 071.5

Consolidated indicators

(unaudited)

According to Bank of Portugal Instruction no. 16/2004 with the amendments of Instruction 6/2018

	Sep 19	Sep 20
/ Gross income ATA	2 4%	2 0%
/ income before income and income attributable non-controlling interests Net ATA tax to	1% 1	4% 0
before / shareholders' income income and income attributable non-controlling interests Net tax to average (including non-controlling interests) equity	10 4%	0% 4
/ Staff Gross income 1 expenses	32 2%	34 8%
/ Operating Gross income 1 expenses	59 3%	61 9%
(net) deposits Loans ratio to	104%	98%

NPE ratio and forborne (according to the EBA criteria)

	Sep 19	Sep 20
Non-performing exposures - NPE (M.€)	978	660
NPE ratio	3.2%	1.9%
NPE cover by impairments	53%	74%
NPE cover by impairments and collaterals	124%	138%
Ratio of forborne not included in NPE2 )	0.4%	0.5%

"Crédito duvidoso" (non-performing loans), according to Bank of Spain criteria

	Sep 19	Sep 20
"Crédito (M €) duvidoso"	987	716
"Crédito duvidoso" ratio	8% 3	7% 2
"Crédito duvidoso" by impairments cover	53%	68%
"Crédito duvidoso" by and collaterals impairments cover	116%	127%

38 1) Excluding early-retirement costs.

2) Forborne according to EBA criteria and considering the scope of prudential supervision. On 30 Sep. 2020, the forborne was 513 M.€ (forborne ratio of 1.3%), of which 181 M.€ was performing loans (0.5% of the gross credit exposure) and 332 M.€ was included in NPE (0.9% of the gross credit exposure).

Reconciliation between BPI reported figures and BPI Segment contribution to CaixaBank Group

Profit & loss account (Sep. 20)

In millions of euro (M €)	Sep 20 reported by BPI	Consolidation, standardisation and net change in FV adjustments derived from the combination of businesses	Sep.20 BPI contribution to CABK Group	BPI segment	Equity investments and other segment
interest income Net	331	(7)	324	327	(3)
Dividends	4 2		4 2	2	4 0
Equity accounted income	2 1	(2)	1 9	1 2	7
fees and Net commissions	177	1	178	178
Trading income	(16)		(16)	(8)	(8)
Other operating income & expenses	(30)	8	(22)	(22)
income Gross	527	(1)	526	489	3 7
operating Recurrent expenses	(326)	(14)	(340)	(340)
Extraordinary operating expenses
Pre-impairment income	201	(15)	186	149	3 7
without extraordinary Pre-impairment income expenses	201	(15)	186	149	3 7
losses on financial Impairment assets	(100)	8 8	(12)	(12)
Other impairments and provisions	(1)		(1)	(1)
Gains/losses on disposals others &	1	2	3	3
income Pre-tax	101	7 4	175	138	3 7
Income tax	(15)	(23)	(38)	(38)
Profit for the period	8 6	5 1	137	101	3 7
Minority interests & other
Net income	8 6	5 1	137	101	3 7

The difference between the earnings released by BPI and the earnings attributable to CaixaBank Group is largely a result of consolidation adjustments, standardisation adjustments and the net change in the fair value adjustments generated from the business combination.

Additionally, the BPI contribution to CaixaBank Group results is broken down into BPI segment and Investments segment contributions, the latter including the contributions from BFA and BCI.

Loan portfolio & customer funds (Sep. 20)

September 20 In millions of euro (M.€)	Reported by BPI	Adjustments	BPI contribution to CABK Group (BPI segment)
and advances Loans to customers, net	24 775	( 123)	24 652
Total funds customer	35 954	(4 348)	31 606

The difference between BPI reported figures and those reported by CaixaBank for the BPI segment can largely be explained:

in Loans and advances to customers (net), by the associated fair value adjustments generated by the business combination at 30 September 2020 and consolidation adjustments (elimination of intra-group balances: BPI credit to CaixaBank Payments);

in Customer funds, by the liabilities under insurance contracts and their fair value adjustments at 30 September 2020, as generated by the business combination, which have been reported in the banking and insurance business segment of CaixaBank following the sale of BPI Vida to VidaCaixa de Seguros y Reaseguros.

Alternative Performance Measures – reconciliation of the income statement

The European Securities and Markets Authority (ESMA) published on 5 October 2015 a set of guidelines relating to the disclosure of Alternative Performance Measures by entities (ESMA / 2015 / 1415). These guidelines are to be obligatorily applied with effect from 3 July 2016.

In addition to the financial information prepared in accordance with the International Financial Reporting Standards (IFRS), BPI uses a set of indicators for the analysis of performance and financial position, which are classified as Alternative Performance Measures, in accordance with the abovementioned ESMA guidelines. The information relating to those indicators has already been the object of disclosure, as required by the ESMA guidelines.

In the current presentation, the information previously disclosed is inserted by way of cross-reference. A summarized list of the Alternative Performance Measures is presented next.

	Acronyms and designations adopted		Units, conventional signs and abbreviations
ytd	Year-to-date	€, Euros, EUR	euros
yoy	Year-on-year	M.€, M. euros	million euros
qoq	quarter-on-quarter	th.€, th. euros	thousand euros
RCL	Reclassified	D	change
		n.a.	not available
ECB	European Central Bank	0, –	null or irrelevant
BoP	Bank of Portugal	Liq.	liquid
CMVM	Comissão do Mercado of Valores Mobiliários (Securities Market Commission)	vs.	versus
APM	Alternative Performance Measures	b.p.	basis points
IMM	Interbank Money Market	p.p.	percentage point
T1	Tier 1	E	Estimate
CET1	Common Equity Tier 1	F	Forecast
RWA	Risk weighted assets
TLTRO	Targeted longer-term refinancing operations
LCR	Liquidity coverage ratio

Alternative Performance Measures – reconciliation of the income statement

Reconciliation of the income statement

The following table presents, for the consolidated income statement, the reconciliation of the structure used in the current document (Banco BPI Consolidated results in September 2020) with the structure used in the financial statements and respective notes of the 1 st Half 2020 Annual Report.

Consolidated income statement

Structure used in the Results' Presentation	Sep 20	Sep 20	Structure presented in the financial statements and respective notes
Net interest income	330.8	330.8	Net interest income
Dividend income	42.3	42.3	Dividend income
Equity accounted income	21.5	21.5	Share of profit/(loss) of entities accounted for using the equity method
Net fee and commission income	177.5	193.0	Fee and commission income
		(15.5)	Fee and commission expenses
Gains/(losses) on financial assets and liabilities and other	(15.6)	0.1	Gains/(losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net
		4.0	Gains/(losses) on financial assets and liabilities held for trading, net
		(17.4)	Gains/(losses) on financial assets not designated for trading compulsorily measured at fair value through profit or loss, net
		(2.0)	Gains/(losses) from hedge accounting, net
		(0.2)	Exchange differences (gain/loss), net
Other operating income and expenses	(29.6)	24.9	Other operating income
		(54.5)	Other operating expenses
Gross income	526.9	526.9	GROSS INCOME
Staff expenses	(183.4)	(183.4)	Staff expenses
Other administrative expenses	(107.2)	(107.2)	Other administrative expenses
Depreciation and amortisation	(35.4)	(35.4)	Depreciation and amortisation
Operating expenses	(326.0)	(326.0)	Administrative expenses, depreciation and amortisation
Net operating income	200.9	200.9
Impairment losses and other provisions	(101.3)	0.1	Provisions or reversal of provisions
		(101.4)	Impairment/(reversal) of impairment losses on financial assets not measured at fair value through profit or loss
Gains and losses in other assets	0.8		Impairment (reversal) of impairment in subsidiaries joint ventures and associates
			Impairment/(reversal) of impairment on non-financial assets
		(0.0)	Gains/(losses) on derecognition of non-financial assets, net
		0.9	Profit/(loss) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations
Net income before income tax	100.4	100.4	PROFIT/(LOSS) BEFORE TAX FROM CONTINUING OPERATIONS
Income tax	(14.9)	(14.9)	Tax expense or income related to profit or loss from continuing operations
Net income from continuing operations	85.5	85.5	PROFIT/(LOSS) AFTER TAX FROM CONTINUING OPERATIONS
Net income from discontinued operations			Profit/(loss) after tax from discontinued operations
Income attributable to non-controlling interests			Profit/(loss) for the period attributable to non-controlling interests
Net income	85.5	85.5	PROFIT/(LOSS) FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE PARENT

Alternative Performance Measures

EARNINGS, EFFICIENCY AND PROFITABILITY INDICATORS

The following earnings, efficiency and profitability indicators are defined by reference to the above structure of the profit and loss account used in this document.

Gross income = Net interest income + Dividend income + Net fee and commission income + Equity accounted income + Gains/(losses) on financial assets and liabilities and other + Other operating income and expenses

Commercial banking gross income = Net interest income + Dividend income + Net fee and commission income + Equity accounted income excluding the contribution of stakes in African banks

Operating expenses = Staff expenses + Other administrative expenses + Depreciation and amortisation

Net operating income = Gross income - Operating expenses

Net income before income tax = Net operating income – Impairment losses and other provisions + Gains and losses in other assets

Cost-to-income ratio (efficiency ratio) 1)= Operating expenses / Gross income

Core cost-to-income ratio (core efficiency ratio) 1) = (Operating expenses, excluding costs with early-retirements and voluntary terminations and (only in 2016) gains with the revision of the Collective Labour Agreement (ACT) - Income from services rendered to CaixaBank Group) / Commercial banking gross income

Return on Equity (ROE) 1) = Net income for the period, less the interest cost of AT1 capital instruments recorded directly in shareholders' equity / Average value in the period of shareholders' equity attributable to BPI shareholders, excluding AT1 capital instruments

Return on Tangible Equity (ROTE) 1) = Net income for the period, less the interest cost of AT1 capital instruments recorded directly in shareholders' equity / Average value in the period of shareholders' equity attributable to BPI shareholders (excl. AT1 capital instruments) after deduction of intangible net assets and goodwill of equity holdings

Return on Assets (ROA) 1) = (Net income attributable to BPI shareholders + Income attributable to non-controlling interests - preference shares dividends paid) / Average value in the period of net total assets

Unitary intermediation margin = Loan portfolio (excluding loans to employees) average interest rate - Deposits average interest rate

Gross income = Net interest income + Dividend income + Net fee and commission income + Equity accounted income + Gains/(losses) on financial assets and liabilities and other + Other operating income and expenses

BALANCE SHEET AND FUNDING INDICATORS

42

On-balance sheet Customer resources2) = Deposits + Capitalisation insurance of fully consolidated subsidiaries + Participating units in consolidated mutual funds

• Deposits = Demand deposits and other + Term and savings deposits + Interest payable + Retail bonds (Fixed rate bonds placed with Customers: 6.5 M.€ in Dec.2019 and 0.7 M.€ in Sep.2020)
• Capitalisation insurance of fully consolidated subsidiaries (BPI Vida e Pensões sold on Dec.17) = Unit links capitalisation insurance and "Aforro" capitalisation insurance and others (Technical provisions + Guaranteed rate and guaranteed retirement capitalisation insurance)

Assets under management3) = Mutual funds + Capitalisation insurance + Pension plans

• Mutual funds = Unit trust funds + Real estate investment funds + Retirement-savings and equity-savings plans (PPR and PPA) + Hedge funds + Assets from the funds under BPI Suisse management + Third-party unit trust funds placed with Customers
• Capitalisation Insurance4) = Third-party capitalisation insurance placed with Customers
• Pension plans4) = pension plans under BPI management (includes pension plans of BPI Group)

1) Ratio referring to the last 12 months, except when indicated otherwise. The ratio can be computed for the cumulative period since the beginning of the year, in annualised terms.

2) The amount of on-balance sheet Customer resources is not deducted from the applications of off-balance sheets products (mutual funds and pension plans) in on-balance sheet products. 3) Amounts deducted from participating units in the Group banks' portfolios and from off-balance sheet products investments (mutual funds and pension plans) in other off-balance sheet products.

4) Following the sale of BPI Vida e Pensões in Dec.17, the capitalisation insurance placed with BPI's Customers are recorded off balance sheet, as "third-party capitalisation insurance placed with Customers", and pension funds management is excluded from BPI's consolidation perimeter.

Alternative Performance Measures

BALANCE SHEET AND FUNDING INDICATORS (continuation)

Subscriptions in public offerings = Customers subscriptions in third parties' public offerings

Total Customer Resources = On-balance sheet Customer Resources + Assets under management + Subscriptions in public offerings

Gross loans to customers = Gross loans and advances to customers (financial assets at amortised cost), excluding other assets (guarantee accounts and others) and reverse repos + Gross debt securities issued by Customers (financial assets at amortised cost)

Note: gross loans = performing loans + loans in arrears + receivable interests

Net loans to Customers = Gross loans to customers – Impairments for loans to customers

Loan-to-deposit ratio (CaixaBank criteria) = (Net loans to Customers - Funding obtained from the EIB, which is used to provide credit) / Deposits and retail bonds

ASSET QUALITY INDICATORS

Impairments and provisions for loans and guarantees (in income statement) = Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss relative to loans and advances to Customers and to debt securities issued by Customers (financial assets at amortised cost), before deduction of recoveries of loans previously written off from assets, interest and others + Provisions or reversal of provisions for commitments and guarantees

Cost of credit risk = Impairments and provisions for loans and guarantees (in income statement) - Recoveries of loans previously written off from assets, interest and other (in income statement)

Cost of credit risk as % of loan portfolio 1) = [Impairments and provisions for loans and guarantees (in income statement) - Recoveries of loans previously written off from assets, interest and other] / Average value in the period of the gross loans and guarantees portfolio.

Performing loans portfolio = Gross customer loans - (Overdue loans and interest + Receivable interests and other)

NPE Ratio = Ratio of non-performing exposures (NPE) in accordance with the EBA criteria (prudential perimeter)

Coverage of NPE = [Impairments for loans and advances to Customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments] / Non-performing exposures (NPE)

Coverage of NPE by impairments and associated collaterals = [Impairments for loans and advances to Customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments + Collaterals associated to NPE] / Non-performing exposures (NPE)

Non-performing loans ratio ("credito dudoso", Bank of Spain criteria) = Non performing loans (Bank of Spain criteria) / (Gross customer loans + guarantees)

Non-performing loans (Bank of Spain criteria) coverage ratio = [Impairments for loans and advances to customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments] / Non performing loans (Bank of Spain criteria)

Coverage of non-performing loans (Bank of Spain criteria) by impairments and associated collaterals = [Impairments for loans and advances to customers (financial assets at amortised cost) + Impairments for debt securities issued by Customers (financial assets at amortised cost) + Impairments and provisions for guarantees and commitments + Collateral associated to credit] / Non performing loans (Bank of Spain criteria)

Impairments cover of foreclosed properties = Impairments coverage of foreclosed properties = Impairments for real estate received in settlement of defaulting loans / Gross value of real estate received in settlement of defaulting loans

BANCO BPI, S.A. Registered office: Rua Tenente Valadim, 284, Porto Share capital: € 1 293 063 324.98

Registered at Commercial Registry of Porto under registration number PTIRNMJ 501 214 534 and tax identification number 501 214 534