Banco Comercial Portugues

Investor Presentation • Jun 25, 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
• First three months figures for 2012 and 2013 not audited

Agenda

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

Highlights of 1Q2013

Risk mitigation concerning Greece, continued strengthening of liquidity position and comfortable capital ratios allows us to be better prepared for future challenges
Greece disposal agreement	Signature of a definitive agreement for the sale of the entire share capital of Millennium Bank (Greece) to Piraeus Bank
Liquidity	Commercial gap improvement: reduction by 8.5 billion euros from March 2012, with loan to deposits ratio (BoP) at 121% and net loans to balance sheet customer funds standing at 108%
significantly reinforced	Customer funds up 4.9% versus March 2012, with customer deposits growth of +4.5% in Portugal Loans to customers evolution in line with liquidity improvement: -6.6% versus March 2012
Capital comfortably above requirements	Core tier I ratio reaches 12.1% according to BoP, significantly above from 9.2% in March 2012. Core tier I reaches 9.6% according to EBA (11.2% adjusted for 31 March 2013 buffer values)
	Consolidated net income at -152 million euros, or -110 million euros (excluding Greece), comparing with -261 million euros in the previous quarter, in line with the plan and according with the macroeconomic environment evolution
Profitability in line with the plan	Reduction in operating costs by 17.3% in Portugal, year on year, following the restructuring program implementation that will lead to more than 70 million euros of annual savings, in 2013, compared to 2012
	Contribution of international operations (excluding Greece) to consolidated net income of 38 million euros, an increase of 12.0%, compared to the first quarter of 2012

Highlights of 1Q2013

• Announcement of the negotiation process: 6 February 2013
• Signing of the agreement: 22 April 2013
• Next steps: approval process by the regulatory entities
• Conclusion of the transaction: date of the Piraeus Bank"s share capital increase (by the end of the second quarter of 2013)

* Calculated with net loans and customer deposits (according to BoP criteria)

Highlights of 1Q2013

Agenda

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

Greece: disposal of the Greek operation (MBG)

	Greek Risk is limited to the participation in rigths issue of Piraeus Bank
Disposal of the operation	 Release of RWA: c. 4 billion euros  Reimbursement of the remaining funding : provided in two tranches (650 million euros on the date closing of the sale transaction and 250 million euros within 6 months from that date)  No asset transfer from MBG to BCP as part of the transaction  Recapitalisation of MBG by BCP: 400 million euros (261 million euros through the conversion of the funding of BCP to MBG, in addition to the 139 million euros already contributed in December 2012) with the use of the provision for potential losses in MBG: 427 million euros (already refleted in 2012"s results)
Investment in Piraeus Bank	 Investment value: 400 million euros in the forthcoming right issue of Piraeus Bank within the framework of recapitalisation of Greek Banks with the participations of Hellenic Financial Stability Fund (HFSF)  Entry price in the rights issue: at the sime price as HFSF  Shareholding disposal: Piraeus Bank"s commitment in the orderly disposal over time of BCP"s shareholding  Restrictions to the disposal: 6 month lock-up period and certain temporary voting and orderly disposal rules for the period where HFSF is also restricted on voting Accounting of the investment in BCP: the investment in the share capital of Piraeus Bank will not be  consolidated

The final impact from this transaction on BCP"s capital position will be dependent on the performance of the shareholding in Piraeus Bank

Agenda

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

Focus on balance sheet customer funds increase…

… and on loans to customers evolution, in line with liquidity plan

11

Reduction of commercial gap as refinancing driver and reduction in usage of ECB

* Calculated based on customer deposits and net loans to customers

** According to Bank of Portugal"s criteria

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
• Lower short-term refinancing needs than in the past

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

Agenda

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

Core tier I ratio reaches 12.1%, allowing the bank to comply with all regulatory requirements ... Consolidated

+2.9pp	12.1%	Compliance with regulatory requirements	 10% BdP  9% EBA
		March 13 vs. March 12	Change (mn eur)
+23.1%		Reinforcement of core tier I
		Hybrid instruments issue	+3.000
		€500 million rights issue	+500
		In spite of
		Impairment and results in Greece	-717
-6.2%		BoP neutralizations (Pension Fund and SIP)	-709
	53,625	Pension Fund	-297
		Inspection (OIP)	-206
		Cost of hybrids	-143
		Reduction of RWA
		IRB extension to retail portfolio in Poland	-294
		Deleveraging, optimization and other	-3.269

Core Tier I ratio (EBA) at 9.6% (with €848m static sovereign buffer). Adjusted to 31 March 2013 values, the sovereign buffer is zero euros, implying a 11.2% ratio

Agenda

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

Net income in line with the plan, reflecting the actual level of interest rates and the current macroeconomic scenario Consolidated

(million euros)	1Q12	1Q13	Δ
Net interest income	309.4	183.0	-126.4
Of which: costs related with hybrids instruments (CoCo's)	0.0	-66.6	-66.6
Net fees and commissions	165.1	163.1	-2.0
Of which: State guarantee costs	-15.4	-17.3	-1.8
Other operating income	174.2	80.5	-93.7
Of which: debt repurchase	95.5	0.0	-95.5
Banking income	648.7	426.6	-222.1
Staff costs	194.3	170.0	-24.3
Other admin. costs and depreciation	151.9	135.0	-16.8
Operating costs	346.2	305.0	-41.2
Impairment and provisions	198.1	239.2	41.1
Income tax and non-controlling interests	52.5	-7.9	-60.4
Net income (excluding Greece)	51.9	-109.7	-161.6
Net income from discontinued operations (Greece)	-11.2	-42.3	-31.1
Net income	40.8	-152.0	-192.7

Net income affected by atypical items

-34.2 -47.3 -12.3 -93.7 Net income Consolidated (Million de euros) Cost with State guarantees 40.8 -152.0 -109.7 1Q12 1Q13 1Q13 (excluding Greece) Atypical items Net of taxes * Liability management 2011 Hybrids (CoCo's) interest

Net interest income reduction as a result of CoCo's cost, adverse market interest rates evolution and volumes effect

Stable fees and commissions with the increase in international operations

(Million euros)

Fees and commissions

Consolidated

	1Q12	1Q13	YoY
Banking fees and commissions	152.4	151.0	-0.9%
Cards and transfers	42.9	44.6	3.8%
Loans and guarantees	43.7	36.1	-17.4%
Bancassurance	17.9	19.1	6.4%
Current account related	16.0	20.3	26.6%
Other fees and commissions	31.9	31.0	-2.6%
Market related fees and commissions	28.1	29.3	4.3%
Securities operations	18.2	19.4	6.5%
Asset management	9.9	10.0	0.2%
Total fees and comm. excluding State guarantee	180.6	180.4	-0.1%
State guarantee	-15.4	-17.3	11.7%
Total fees and commissions	165.1	163.1	-1.2%

Net trading income increase in international operations

Reduction of costs in Portugal and in international operations

Provisioning in line with the economic cycle

Credit quality and provisioning reflect the economic cycle, but in line with the plan

(Million euros)

Consolidated

Credit quality

Loan impairment (balance sheet)

• Past due over 90 days and falling due loans ratio increased to 12.1%. The coverage ratio increased to 54%
• Credit at risk ratio at 13.8% and coverage (by BS impairments and both real estate and financial guarantees) above 100%

Diversified and collateralized credit portfolio

• Loans to companies represents 50% of total loan portfolio, with a diversified distribution by the several activity sectors
• 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
• Greece
• Liquidity
• Capital
• Profitability
• Portugal
• International Operations
• Conclusions

Deleveraging effort with an increase in customer funds and a reduction of loans

(Million de euros)

Portugal: results show a reversal in the downward trend

(Million euros)

Net income

1Q12	2Q12	3Q12	4Q12	1Q13

Banking income affected by the decrease of net interest income and net trading income

Operating costs decrease 17.3% with the reestructuring plan implementation

Banking income Operating costs

Net interest income affected by the volumes effect…

	vs.4Q12
Past due loans and recoveries effect	-31
Volumes effect (less credit, more deposits)	-27
Others	-5
Total	-63

51.9	50.8	48.5	47.1	45.8	-1.3	Average loans
33.4	33.3	30.5	29.6	31.6	+2.0	Average customer deposits

Euribor 3 month

• effect of overdue loans and recoveries in 4Q12 and by the volume effect (less credit, more deposits), when compared with the previous quarter
• Low market rates continue to constrain net interest income

… despite the continued repricing effort

Credit portfolio spread

Evolution of term deposits spreads in Portugal

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

Fees and comissions affected by loans, guarantees and asset management

(Million euros)

	1Q12	1Q13	YoY
Banking fees and commissions	115.9	110.0	-5.0%
Cards and transfers	23.1	22.6	-2.2%
Loans and guarantees	36.9	29.1	-21.2%
Bancassurance	17.9	19.1	6.4%
Current account related	16.0	20.3	26.6%
Other fees and commissions	21.9	19.0	-13.3%
Market related fees and commissions	14.2	14.2	0.0%
Securities operations	9.3	9.9	6.2%
Asset management	4.8	4.2	-12.1%
Total fees and comm. excluding State guarantee	130.0	124.2	-4.5%
State guarantee	-15.4	-17.3	11.7%
Total fees and commissions	114.6	106.9	-6.7%

Positive results in operating costs in Portugal, following the restructuring program

(Million de euros) 135.0 110.5 1Q12 1Q13 -€24.5M Staff costs Other administrative costs 135.0 110.5 78.9 66.2 11.0 9.2 224.8 185.9 1Q12 1Q13 Staff costs Other administrative costs Depreciation -16.1% -16.1% -18.1% -17.3% Operating costs Portugal 532 2012 2013 Savings > €40M 299 2012 2013 Savings > €30M 9,944 8,954 Mar 12 Mar 13 -990 Employees 78.9 66.2 1Q12 1Q13 872 802 Mar 12 Mar 13 Branches -70 -€12.7M

Credit quality and provisioning reflect the economic cycle, but in line with the plan

(Million euros)

Credit quality

Credit ratio	Mar12	Mar13
Past due >90d	5.1%	7.0%
Past due >90d + falling due	10.7%	13.0%
Credit at risk	11.1%	13.5%

2,802 3,463 3,071 2,940 5,873 6,403 Mar 12 Mar 13

Falling due loans Past due > 90 days

Loan impairment (balance sheet)

Coverage ratio	Mar12	Mar13
Past due >90d	104%	85%
Past due >90d + falling due	49%	46%
Credit at risk	48%	44%

• Past due over 90 days and falling due loans ratio increased to 13.0%, with coverage of 46%
• Credit at risk ratio at 13.5%, and coverage (by BS impairments and both real estate and financial guarantees) above 100%, which compares favourably with the implicit value of the Strategic Plan of 14.5% to 31 March 2013

Agenda

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

Net income in international operations

(Million euros)

	1Q12	1Q13	Δ % local currency	Δ % euros
* International operations	34.3	38.4		12.0%
Poland	26.4	28.7	9.0%	9.0%
Mozambique	20.6	20.3	-1.7%	-11.7%
Angola	8.8	6.5	-26.7%	-27.3%
Other and non-controlling interests	-21.5	-17.1

Poland: growth in customer funds and loans to customers

(Million euros)

Customer funds Loans to customers (gross)

Growth in net income driven by increase in operating income and by strict costs control

(Million euros)

Net income

• Customer funds increase 17.4%
• Net income grows by 9.0%
• Increase in banking income (+4.5%), despite the decrease in the reference interest rates that reached historic minimums (WIBOR3M fell down from 4.9% in 1Q12 to 3.7% in 1Q13)
• Strict costs control (-3.4%)
• Positive macroeconomic outlook by the IMF for real GDP: +1.3% in 2013 and +2.2% in 2014

Banking income Operating costs

Growth in net fees and commisions

NIM evolution *

Net fees and commissions

* 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 (-0.1 M€ in 1Q12 and 5.3 M€ in 1Q13) is presented in net trading income

Excluded FX effect. €/PLN rates used: Income Statement 4.17781667; Balance Sheet: 4.1804

Strict costs control and cost to income sustained improvement

Operating costs Number of employees

• Operating costs down by 3.4%
• Other administrative costs (including depreciation) decreased 4.6%, reflecting a strict costs control
• Staff costs down by 2.2% versus 1Q12
• Cost to income ratio reduces to 57.1%, in the first quarter of 2013

* Including depreciation

Reinforcement of provisioning

(Million euros)

• Impairment charges increased 40% when compared to the same period of 2012
• Overdue loans over 90 days ratio at 2.8%, in line with the previous quarter, maintaining a good mortgage credit portfolio quality
• Overdue loans over 90 days coverage at 104%

Mozambique: strong volumes growth, loans with low delinquency level

(Million euros)

Customer funds Loans to customers (gross)

Results penalized by reference interest rates and by the expansion plan

(Million euros)

Net income

• Increase in volumes: customer funds grow 24% and loans to customers increase 19%, keeping the leadership position in the Mozambican market
• Fees and commissions and net interest income increase, despite lower reference interest rates (MAIBOR12M decreased from 18.2% in 1Q12 to 15.0% in 1Q13)
• Net interest income penalized by public debt portfolio (lower volumes and lower rates)
• Operating costs increase 14% in line with the expansion plan (+9 branches compared with Mar 12)
• Positive macroeconomic outlook by the IMF for real GDP: +8.4% in 2013 and +8.0% in 2014

Banking income Operating costs

Strong fees and commissions growth and operating costs in line with the expansion plan

(Million euros)

Angola: growth in loans to customers

(Million euros)

Customer funds Loans to customers (gross)

Net income penalized by lower market interest rates and higher level of provisions

(Million euros)

Banking income Operating costs

Strong fees and commissions growth and operating costs growth in line with expansion plan

(Million euros)

Agenda

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

Strategic Plan conclusions and cycles

STAGES	Priorities	Initiatives already implemented
Reinforcement of capital and liquidity position (2012-13)	Comfortable capital ratios Enhanced liquidity position Provisions reinforcement Restructuring Plan in Portugal	Core tier I ratio reaches 12.1%   Loan to deposit ratio reaches 121% (according to BoP criteria) and net loans to BS customer funds ratio at 108%  Continuous reinforcement of balance sheet impairment charges (+21%)
Creating conditions for growth and	Recovery of profitability in Portugal	Significant reduction in operating  costs in Portugal, following the implementation of the
profitability (2014-15)	Continuous business development in Poland, Mozambique and Angola	restructuring program  Net income shows an inversion in the negative trajectory
Sustained growth (2016-17)	Sustained growth results, with improved balance between domestic and international operations contributions	 Agreement for the sale of the Greek operation

Evolution in line with the strategic plan

Appendixes

Detail of public debt portfolio

(Million euros)

Sovereign debt portfolio

		Mar 12	Mar 13	YoY
Portugal		4,456	5,886	32%
T-bills		1,229	2,177	77%
Bonds		3,227	3,709	15%
Poland		1,261	2,368	88%
Mozambique		329	210	-36%
Angola		354	316	-11%
Greece		108	31	-71%
Romania		87	94	8%
Others		292	346	18%
	Total	6,887	9,251	34%

Sovereign debt total maturity

• Total sovereign debt of 9.3 billion euros, of which 4.6 billion euros with maturity under 2 years
• Sovereign Polish debt increases 88% and Portuguese debt increases 32%, whereas Greek debt decreases from 108 millions euros in March 2012 to 31 millions euros in March 2013

Detail of public debt portfolio

(Million euros)

	Portugal	Poland	Mozambique	Angola	Greece	Romania	Ireland	Others	Total
Trading book	173	297	0	0	14	0	0	75	558
< 1 year	1	54	0	0	13	0	0	1	69
> 1 year and <2 years	1	31	0	0	0	0	0	0	33
> 2 year and <3 years	13	92	0	0	0	0	0	0	105
> 3 years	157	120	0	0	1	0	0	73	351
Banking book	5,713	2,071	210	316	17	94	203	69	8,692
< 1 year	1,684	1,016	174	184	0	75	203	14	3,350
> 1 year and <2 years	871	142	23	60	0	19	0	0	1,116
> 2 year and <3 years	2,021	230	2	51	0	0	0	5	2,309
> 3 years	1,137	683	10	20	17	0	0	50	1,918
Total	5,886	2,368	210	316	31	94	203	143	9,251
< 1 year	1,685	1,070	174	184	13	75	203	15	3,419
> 1 year and <2 years	872	174	23	60	0	19	0	0	1,149
> 2 year and <3 years	2,034	322	2	51	0	0	0	5	2,414
> 3 years	1,295	803	10	20	18	0	0	123	2,269

Romania: strong improvement in banking income due to the maintainance of the cost containment policy and volumes growth

(Million euros)

Net income

• Net income improvement due to the increase in banking income and the reduction in operating costs
• Banking income driven by higher net interest income of 44.9% and 14.7% in fees and commissions, year on year
• Decrease in operating costs as a result of the cost containment policy and of the number of employees reduction
• Increase of both deposits and credit volumes, maintaining a conservative risk management criteria

Financial statements

Consolidated Balance Sheet and Income Statement

	31 March 2013	31 December	31 March 2012
		(Thousands of Euros)
Assets
Cash and deposits at central banks Loans and advances to credit institutions	2,720,085	3,580,546	1,883,922
Repayable on demand	776,815	829,684	1,130,660
Other loans and advances	1,730,770	1,887,389	2,365,719
Loans and advances to customers	62,155,955	62,618,235	68,330,387
Financial assets held for trading	1,939,793	1,690,926	2,066,045
Financial assets available for sale	10,145,753	9,223,411	6,266,559
Assets with repurchase agreement	85,622	4,288	9,251
Hedging derivatives	173,535	186,032	471,523
Financial assets held to maturity	3,415,703	3,568,966	3,908,114
Investments in associated companies	524,976	516,980	386,442
Non current assets held for sale	1,308,406	1,284,126	1,096,777
Investment property	550,879	554,233	562,869
Property and equipment	620,922	626,398	608,427
Goodwill and intangible assets	255,545	259,054	249,317
Current tax assets	29,900	34,037	34,536
Deferred tax assets	1,809,746	1,755,411	1,540,229
Other assets	1,229,963	1,124,323	1,117,871
	89,474,368	89,744,039	92,028,648
Liabilities
Amounts owed to credit institutions	13,944,952	15,265,760	18,754,271
Amounts owed to customers	51,873,398	49,389,866	49,526,288
Debt securities	11,884,885	13,548,263	14,560,815
Financial liabilities held for trading	1,256,315	1,393,194	1,265,779
Other financial liabilities at fair value
through profit and loss	479,856	329,267	315,768
Hedging derivatives	267,047	301,315	376,021
Provisions for liabilities and charges	273,485	253,328	252,832
Subordinated debt	4,364,859	4,298,773	1,160,119
Current income tax liabilities	9,633	15,588	13,015
Deferred income tax liabilities	3,019	2,868	1,249
Other liabilities	1,248,453	945,629	1,242,633
Total Liabilities	85,605,902	85,743,851	87,468,790
Equity
Share capital	3,500,000	3,500,000	6,065,000
Treasury stock	(16,448)	(14,212)	(11,448)
Share premium	71,722	71,722	71,722
Preference shares	171,175	171,175	171,175
Other capital instruments	9,853	9,853	9,853
Fair value reserves	18,670	2,668	(292,284)
Reserves and retained earnings	(375,930)	850,021	(2,063,529)
Net income for the period attributable to Shareholders	(151,962)	(1,219,053)	40,759
Total Equity attributable to Shareholders of the Bank	3,227,080	3,372,174	3,991,248
Non-controlling interests	641,386	628,014	568,610
Total Equity	3,868,466	4,000,188	4,559,858
	89,474,368	89,744,039	92,028,648

	31 March 2013	31 March 2012
	(Thousands of Euros)
Interest and similar income	730,463	965,327
Interest expense and similar charges	(547,464)	(655,943)
Net interest income	182,999	309,384
Dividends from equity instruments	38	295
Net fees and commission income Net gains / losses arising from trading and	163,099	165,123
hedging activities Net gains / losses arising from available for	33,890	167,771
sale financial assets Net gains / (losses) arising from financial	41,105	6,289
assets held to maturity	(278)	(22)
Other operating income	(11,681)	(9,631)
	409,172	639,209
Other net income from non banking activity	4,809	4,719
Total operating income	413,981	643,928
Staff costs	169,980	194,325
Other administrative costs	117,639	132,353
Depreciation	17,387	19,503
Operating costs	305,006	346,181
Operating net income before provisions and impairments	108,975	297,747
Loans impairment	(188,382)	(152,297)
Other financial assets impairment	(5,828)	(816)
Other assets impairment	(34,711)	(36,955)
Other provisions	(10,238)	(8,026)
Operating net income	(130,184)	99,653
Share of profit of associates under the equity method	14,094	12,851
Gains / (losses) from the sale of subsidiaries and other assets	(1,448)	(8,058)
Net income before income tax Income tax	(117,538)	104,446
Current	(15,190)	(20,997)
Deferred	43,186	(12,989)
Income after income tax from continuing operations	(89,542)	70,460
Income arising from discontinued operations	(42,285)	(11,160)
Net income after income tax	(131,827)	59,300
Attributable to:
Shareholders of the Bank	(151,962)	40,759
Non-controlling interests	20,135	18,541
Net income for the period	(131,827)	59,300
Earnings per share (in euros)
Basic	(0.03)	0.02
Diluted	(0.03)	0.02

Consolidated income statement

Quarterly evolution

(Million euros )

			Year-to-date
	1Q 12	2Q 12	3Q 12	4Q 12	1Q 13	Mar 12	Mar 13	Δ % 13 / 12
Net interest income	309.4	272.7	176.4	252.2	183.0	309.4	183.0	-40.9%
Dividends from equity instruments	0.3	3.3	0.2	0.0	0.0	0.3	0.0	-87.1%
Net fees and commission income	165.1	169.7	163.6	167.7	163.1	165.1	163.1	-1.2%
Other operating income	-13.0	-13.2	-10.2	-14.4	-8.3	-13.0	-8.3	35.8%
Net trading income	174.0	133.4	33.2	102.5	74.7	174.0	74.7	-57.1%
Equity accounted earnings	12.9	17.4	12.7	12.7	14.1	12.9	14.1	9.7%
Banking income	648.7	583.2	375.9	520.7	426.6	648.7	426.6	-34.2%
Staff costs	194.3	130.7	189.4	252.4	170.0	194.3	170.0	-12.5%
Other administrative costs	132.4	130.6	121.2	135.4	117.6	132.4	117.6	-11.1%
Depreciation	19.5	18.8	18.4	14.0	17.4	19.5	17.4	-10.8%
Operating costs	346.2	280.2	329.1	401.8	305.0	346.2	305.0	-11.9%
Operating net income bef. imp.	302.5	303.1	46.9	118.9	121.6	302.5	121.6	-59.8%
Loans impairment (net of recoveries)	152.3	314.2	226.6	288.7	188.4	152.3	188.4	23.7%
Other impairm. and provisions	45.8	61.2	76.8	166.5	50.8	45.8	50.8	10.9%
Net income before income tax	104.4	-72.4	-256.5	-336.3	-117.5	104.4	-117.5	<-100%
Income tax	34.0	-13.8	-50.0	-101.0	-28.0	34.0	-28.0	<-100%
Non-controlling interests	18.5	20.9	16.1	26.2	20.1	18.5	20.1	8.6%
Net income (before disc. oper.)	51.9	-79.5	-222.7	-261.5	-109.7	51.9	-109.7	<-100%
Net income arising from discont. operations	-11.2	-505.5	-29.4	-161.3	-42.3	-11.2	-42.3	<-100%
Net income	40.8	-585.0	-252.0	-422.7	-152.0	40.8	-152.0	<-100%

Consolidated income statement (Portugal and International operations) For the 3 months period ended 31st of March, 2012 and 2013

(Million euros )

													Internatio	nal o	peratio ns
		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
	M ar 12	M ar 13	Δ %	M ar 12	M ar 13	Δ %	M ar 12	M ar 13	Δ %	M ar 12	M ar 13	Δ %	M ar 12	M ar 13	Δ %	M ar 12	M ar 13	Δ %	M ar 12	M ar 13	Δ %
Interest income	965	730	-24.3%	689	484	-29.7%	277	246	-10.9%	183	170	-6.6%	57	42	-26.5%	25	22	-11.1%	12	12	-1.9%
Interest expense	656	547	-16.5%	512	421	-17.8%	144	127	-12.0%	112	107	-4.6%	19	14	-28.0%	8	5	-30.7%	6	2	-74.9%
N et interest inco me	309		183 -40.9%	177	6 4	-64.1%	132	119	-9.8%	7 1	6 4	-9.8%	3 9	2	9 -25.8%	17	17	-2.7%	6	10	78.5%
Dividends from equity instruments	0	0	-87.1%	0	0	-92.7%	0	0	>100%	0	0	-100.0%	0	0	--	0	0	--	0	0	100.0%
Intermediatio n margin	310		183 -40.9%	177	6 4	-64.2%	132	120	-9.7%	7 1	6 4	-9.8%	3 9	2	9 -25.7%	17	17	-2.7%	6	10	78.5%
Net fees and commission income	165	163	-1.2%	115	107	-6.7%	51	56	11.2%	32	34	7.0%	9	10	13.4%	5	7	29.5%	5	6	15.0%
Other operating income	-13	-8	35.8%	-14	-16	-14.9%	1	8	>100%	-1	-1	35.7%	2	8	>100%	0	0	<-100%	0	0	>100%
B asic inco me	462		338 -26.9%	278	154	-44.4%	184	183	-0.3%	101	9 7	-4.2%	5 0	4 7	-5.8%	2 3	2 3	3.1%	10	16	56.7%
Net trading income	174	75	-57.1%	151	46	-69.9%	23	29	29.0%	7	16	>100%	7	5	-32.0%	7	7	-2.6%	1	1	1.7%
Equity accounted earnings	13	14	9.7%	12	14	16.4%	1	0	-100.0%	1	0	-100.0%	0	0	--	0	0	--	0	0	100.0%
B anking inco me	649		427 -34.2%	441	214	-51.5%	207	213	2.5%	109	113	3.6%	5 6	5 1	-9.0%	3 0	3 0	1.8%	12	18	50.4%
Staff costs	194	170	-12.5%	135	111	-18.1%	59	59	0.3%	34	33	-2.2%	11	12	5.5%	7	7	9.8%	7	7	-4.8%
Other administrative costs	132	118	-11.1%	79	66	-16.1%	54	51	-3.8%	29	28	-5.2%	10	10	-1.8%	8	8	2.8%	6	6	-8.9%
Depreciation	20	17	-10.8%	11	9	-16.1%	9	8	-4.1%	3	3	2.4%	2	2	8.4%	2	2	-18.5%	1	1	-23.5%
Operating co sts	346	305	-11.9%	225	186	-17.3%	121	119	-1.8%	67	65	-3.3%	23	24	2.6%	17	18	2.8%	14	13	-7.7%
Operating net inco me bef. imp.	303		122 -59.8%	217	2 8	-87.0%	8 6	9 3	8.7%	4 3	4 9	14.3%	3 3	2 8	-17.0%	13	13	0.3%	- 3	4	>100%
Loans impairment (net of recoveries)	152	188	23.7%	133	170	27.4%	19	19	-1.9%	11	10	-9.8%	6	3	-39.0%	2	4	>100%	1	1	89.0%
Other impairm. and provisions	46	51	10.9%	48	48	0.0%	-2	3	>100%	-2	3	>100%	0	0	43.0%	0	0	-2.2%	0	0	>100%
N et inco me befo re inco me tax	104		-118 <-100%	3 6	-189	<-100%	6 9	7 2	4.2%	3 4	3 6	7.4%	2 8	2 5	-13.0%	10	8	-21.3%	- 3	3	>100%
Income tax	34	-28	<-100%	21	-41	<-100%	13	13	0.3%	7	7	1.7%	5	4	-15.6%	1	2	17.9%	0	0	>100%
Non-controlling interests	19	20	8.6%	-3	0	>100%	21	20	-6.0%	0	0	--	0	0	-88.9%	0	0	--	21	20	-5.0%
N et inco me (befo re disc. o per.)	5 2		-110 <-100%	18	-148	<-100%	3 4	3 8	12.0%	2 6	2 9	9.0%	2 3	2 0	-11.7%	9	6	-27.3%	-24	-17	28.5%
Net income arising from discont. operations	-11	-42	<-100%
N et inco me	4 1		-152 <-100%

Investor Relations Division Rui Coimbra, Head of Investor Relations

João Godinho Duarte Luís Morais

Paula Dantas Henriques Lina Fernandes

Investor Relations Reporting and Ratings

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

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