Banco Comercial Portugues

Investor Presentation • Nov 2, 2021

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3Q21 BANCO BPI CONSOLIDATED RESULTS

2 NOVEMBER 2021

"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 Annexes 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 IN SEPTEMBER 2021

Permanent support to Families, Companies, and Society

Consolidated net income: 242 M.€ (vs 86 M.€ in Sep.20)

Net income from the activity in Portugal: 127 M.€ (vs 47 M.€ in Sep.20)

Strong commercial dynamism,

in a very adverse environment: loans grew by 7.5% YoY and total Customer resources by 9.2% YoY;

Gross income increased by 10.2% YoY,

commissions grew significantly (+15.7%) and net interest income shows resilience (+2.8%);

Focus on Digital transformation and Customer experience:

757 thousand digital clients, of which 519 thousand with BPI app (+71 thousand YoY);

Strong economic and financial position:

NPE of 1.5% and NPE coverage at 153%; cost of credit risk of 0.11% (non-annualised);

CET1 ratio of 14.5%; total capital of ratio 17.6%;

Investment grade ratings by the three main international agencies;

Committed to People, Society and the Environment

Volunteering Program: +100 initiatives and +3 700 people impacted;

30 M.€ to support Society, with "la Caixa" Foundation;

Sustainable Financing operations: subscription / placement of +300 M.€

Net profit
Consolidated	242 M.€
in Portugal	127 M.€
Commercial activity	( YoY)
Loan portfolio	+1.9 Bi.€
Total Customer +3.3 resources	Bi.€
Asset quality
NPE	1.5 %
Coverage	153 %
Capitalisation
CET1 ratio	14.5 %
Total ratio	17.6 %

30th Sep. 2021

CONSOLIDATED NET PROFIT OF 242 M.€ IN SEPTEMBER 2021

In M €	Sep 20	Sep 21
Activity in Portugal
profit Recurrent net	47	137
1) Non-recurrent impacts		-10
profit in Portugal Net	47	127
contribution BFA	31	100
contribution BCI	7	14
Consolidated profit net	86	242

BFA and BCI contribution

• BFA contribution of 100 M.€. It includes 40 M.€ of 2020 ordinary dividend and 50 M.€ of free reserves distribution accounted for in income statement.
• BCI contribution of 14 M.€

Of which	 YoY
(2)  Commercial Banking Gross Income	+39 M.€
 Reduction in loan impairments	+69 M.€
 Gains/(losses) on financial assets & liabilities and other operating income and expenses	+12 M.€
Costs reduction 	+3 M.€
Income tax and other 	-33 M.€
Activity in Portugal Recurrent net profit (M.€) (last 12 months) 164 153 137 137 Sep 20 4 3% 47	Recurrent ROTE Sep 21 6 0%
9M17 9M18 9M19 9M20 9M21

1) Early retirements and voluntary terminations.

4

2) Net interest income, fees and commissions, dividends and share of profits of associates (equity accounted).

LOAN PORTFOLIO GROWS 7.5% YoY

	Loans to Customers by segments
Gross portfolio in € M ,	Sep 20	Sep 21	YoY	YtD
individuals I Loans to	13 504	14 533	7 6%	5 7%
Mortgage loans	11 803	12 741	8 0%	6 1%
Other loans individuals to	701 1	791 1	3% 5	3 1%
companies II Loans to	9 923	10 461	5 4%	3 9%
Public III sector	1 816	2 144	18 1%	14 1%
Total loans	25 243	27 137	7 5%	5 6%
Note: portfolio of impairments Loan net	24 775	26 623	5% 7	6% 5

SUPPORT TO FAMILIES AND BUSINESSES

• 97.5% of moratoria were performing loans 1) on 30 September 2021
• End of moratoria on 30 September 2021

BPI maintained its credit quality and the NPL ratio, even after the end of the APB moratoria at end-June 2021

Given the behaviour up to date of loans that resume payment obligations at the end of September 2021, a deterioration in the quality of BPI's loan portfolio is not expected.

Moratoria Covid19 support lines 2)

1) Corresponds to loans classified in stage 1 and stage 2.

MORTGAGE LENDING ORIGINATION INCREASES 38% YoY

TOTAL CUSTOMER RESOURCES INCREASE 9.2% YoY

Deposits +10.9% YoY and Assets under management +11.9% YoY

Customer resources					Market shares
In M €	Sep 20	Sep 21	YoY	YtD
I Customer deposits	25 287	28 038	10 9%	7 8%	Deposits
II Assets under management	9 266	10 366	11 9%	7 5%	funds Mutual
funds Mutual	4 926	6 030	22 4%	13 6%
Capitalisation insurance	340 4	336 4	-0 1%	0 0%
Public offerings III	402 1	860	-38 7%	-35 7%
Total	35 954	39 263	9 2%	6 1%

	21 Aug	YoY 
Deposits	10 7%	+0 2 p.p.
Mutual funds	10 6%	-0 1 p.p.
Capitalisation insurance	17 8%	3 +1 p.p.
Retirement savings plans	6% 11	+0 3 p.p.

BPI, A BANK FOR FAMILIES AND BUSINESSES

With proposals and solutions for every moment of your life

Simplification of

• New accounts "Conta Valor+" and "Premier+"
• More than 250 partners with discounts

• Launch of mortgage loans with fixed rate up to 40 years
• Faster response to Customers

Enjoying Life

Immediate loans for the acquisition of non-financial products

My Home Sleeping Peacefully

• Insurance: launch of security Check-up
• More information and process simplification in Insurance

Looking to the Future

Campaign for the Junior

A Bank for Businesses

and Youth segment POS: single contract with all services and competitive prices

BPI, A BANK FOR FAMILIES AND BUSINESSES

Improvement in the Advisory Sales and Consulting service.

# 208

Financial Advisors at Branches and Premier Centres

~9.9 Bi€

Business volume

Personalised Financial Advisory Service, especially aimed at Customers with high net worth or potential for accumulation.

Success of new omnichannel service, with remote personal account manager

BPI, A BANK FOR COMPANIES

The partner for Companies and Small Businesses at the critical stages of their lives

INTERVENTION IN THE STRATEGIC SEGMENTS OF AGRICULTURE AND TOURISM

ENTREPRENEURSHIP AND INNOVATION

Activity in the 3rd quarter

Recognising the career of Portuguese women, an initiative for diversity and inclusion

2021 | 4th edition in Portugal

IWEC Awards, an initiative launched in 2007 by the Barcelona Chamber of Commerce, with the support of CaixaBank

Winner: Sandra Santos, CEO of BA Glass

COTEC Innovator Status

Distinguishing companies that stand out for their performance in innovation and sustainability

BPI joined the COTEC Innovator Status, launched at the beginning of the year

• More than 1,000 applications, 18.5% of which through BPI.
• 572 companies awarded status

2021| 1st edition

BPI APP INCREASINGLY RELEVANT

More Clients, more sales and greater proximity

Greater proximity to the Clients and increase in Digital Sales

14 1) Digitally initiated contracting of Term Deposits and Savings, Mutual Funds and Retirement Saving Plans, Personal loans, Non-financial Products, Credit and Prepaid Cards and Cash Advance on Credit Cards 2) Transactions made through Net, Mobile or ATM

3) BASEF Banks - August 2021 (main banks) 4) Inmark 2021

INNOVATION IN THE DIGITAL CHANNELS

Enhanced Experience of Individual Clients

Simplification of Daily Routines My Home

• Launch of BPI Broker on BPI Net Digital Mobile Key now used to open an account and update personal details
• 3Q

3Q

• Easier and faster access to MB WAY Payments
• Simplification of contracting, cancellation and replacement of Debit Cards through the Digital Channels
• Continuous evolution of Self Service Cashiers:
  • Cards activation
  • Multi-language interface (PT, EN, FR, ES)

• Mortgage Loan Simulator
• Start of Mortgage Loan contracting with online decision

Enjoying Life

Acquisition of Prestige Products through Immediate Loans

Sleeping Peacefully

• Life Insurance linked to Mortgage and Personal Loans
• Simulator to define insured capital when taking out "BPI Family Life" insurance"
• Security Check-up to assess the Client's level of protection

(new in 2021)

Multi-Risk/Home Insurance Claims Reporting

15

INNOVATION IN THE DIGITAL CHANNELS

3Q

3Q

Strong investment in the transformation of Corporate and Small business clients' experience

(new in 2021)

Larger offer

• Credit Cards offer and Prestige Products catalogue available on BPI Net Empresas
• Closing data inquiries on the new POS (acquiring Visa/MasterCard) at BPI Net Empresas
• Instant Loans for companies, 100% digital at BPI Net Empresas:
  • Simulation and contracting on BPI Net Empresas
  • Automated decision
  • Funds made available on the spot

	Better experience
	New APP BPI Empresas:
	Improved design and simpler  browsing
	Biometric authentication 
	New functionalities 
	Simplification of Customer contact with the Commercial Networks

GROSS INCOME INCREASES 10.2%

Commercial banking gross income increases 7.4%

Gross income in the activity in Portugal
In M.€	Sep 20	Sep 21	%	Resilience of net interest income, +2.8%
Net interest income	331	340	2.8%	Growth in loan volume ALCO management
Dividends and equity accounted income	16	18	11.0%	Intermediation margin narrowed
Net fee and commission income	177	204	15.7%	Net fee and commission income increases 15.7%
COMMERCIAL BANKING GROSS INCOME	523	562	7.4%	Fees and commissions on loans; accounts and related services
1 ) Other income (net)	( 30)	( 18)		Fees and commissions from mutual funds and capitalisation insurance
Gross income	494	544	10.2%	Insurance intermediation
				Fees and commissions on payment means

OPERATING EXPENSES DECREASE 1%

COST-TO-CORE INCOME IMPROVES TO 54.7%

Cost-to-core income

(Recurring operating expenses as % of commercial banking gross income)

REGULATORY COSTS OF 41.6 M€ IN 2021

COST OF CREDIT RISK OF 0.11%

BPI MAINTAINS LOW RISK PROFILE AND INCREASES COVERAGE

	S e p . 2 1
NPL ratio (EBA criteria)	1.8%
Non-Performing Loans (NPL)	582 M.€
NPL coverage (by impairments and collaterals)	155%
Foreclosed properties (net book value)	5 M.€
Corporate restructuring and recovery funds (book value)

109% PENSION COVERAGE

Employee pension liabilities
€ M	Dec 20	Sep 21
Total service liability past	907 1	765 1
of the funds Net pension assets	1 873	(1) 1 931
of of Level pension liabilities coverage	98%	109%
Pension fund return (YtD annualised) , non	2 7%	5 5%
Discount rate	01% 1	37% 1

Actuarial deviations (M €)	Sep 21 YtD
from portfolio Income investment	81
Change the discount in rate	115
Other	-1
Actuarial deviations	195

23

BPI MAINTAINS HIGH CAPITALISATION

1) Considering the issuance of 700 M.€ of senior non-preferred debt on the 6th October.

24 2) Includes combined capital buffer requirement.

RWA – Risk Weighted Assets ; LRE – Leverage Ratio Exposure.

BALANCED FUNDING AND COMFORTABLE LIQUIDITY LEVELS

1) 12-month average, in accordance with the EBA guidelines. Average value (previous 12 months) of the calculation components: Liquidity reserves (10 062 M.€); Total net outflows (3 604 M.€).

2) High Quality Liquid Assets (HQLA) of 10.4 Bn.€ and other assets eligible as collateral with ECB of 1.1 Bn.€

25

COMMITTED TO PEOPLE, SOCIETY AND THE ENVIRONMENT

Employee health and well-being "More movement, more health" program. Balance between professional, personal and family life Conect@r for greater balance. MásFamilia conciliation (efr). Diversity and Inclusion "Unconscious Biasing" training. "Gender Diversity" Guide. Attracting and retaining talent University events. Best reputation as an employer in the banking sector (OnStrategy). Human capital development Specific training and self-learning. BPI Talks (digital format). Volunteering Results Jan. – Sep. 2021 ~ 800 people signed up + 100 initiatives carried out + 3 700 people impacted 1st Volunteering Week 18 to 24 October – up to half a working day per Employee Financial literacy, entrepreneurship, capacity building of institutions, math's tutoring, support for the elderly, support for the homeless, fighting against food waste, raising first aid products, home maintenance and repair, vaccination support, among other initiatives. Committed to People Committed to Society Committed to Environment

COMMITTED TO PEOPLE, SOCIETY AND THE ENVIRONMENT

April 2019 December 2019 January 2020 January 2021 1st half 2021 September 2021

Climate Action 2030

100+

Principles

(with BPI Gestão Ativos)

(with BPI Gestão Ativos)

Investment-PRI

COMMITTED TO PEOPLE, SOCIETY AND THE ENVIRONMENT

Committed to People Committed to Society Committed to Environment

5 BPI "la Caixa" Foundation Awards

To improve the quality of life of people with social vulnerability.

Portugal Social Innovation: submission of 9 applications to European funding, to expand the impact of 2020 prize-winning innovative projects by an additional €900 thousand in non-repayable grants, which required the mobilisation of another 45 social investors.

in 2021

Decentralised Social Initiative

Support to local social projects through BPI's Commercial Networks.

Results January – September 2021

• 116 projects supported with €835 thousand
• 42 048 direct beneficiaries

SDO Observatory in the Portuguese Companies

Launched by the Católica Lisbon School of Business & Economics, in partnership with BPI and "la Caixa" Foundation, to monitor the implementation of the United Nations Agenda 2030 in a representative group of large and medium-sized Portuguese companies.

ODSLocal Platform

Initiative of Lisbon University Institute of Social Sciences, with the support of BPI and the "la Caixa" Foundation, to monitor the progress made by Municipalities towards the SDOs.

29

COMMITTED TO PEOPLE, SOCIETY AND THE ENVIRONMENT

Committed to People Committed to Society Committed to Environment

• ISO 14001 certification in Central Buildings (in progress).
• Environmental Information Map available to all Employees.
• Reduction of energy and paper consumption, more efficient use of water and promotion of sustainable mobility.
• 100% green energy consumption.
• Carbon neutrality (in progress).
• Awareness actions for Employees.
• Products and services with environmental criteria (for Companies and Individuals).

	112 M.€	EDP Renováveis (2021) BPI 47 M.€ and EIB 65 M.€
	750 M.€	EDP (Jan.21) BPI/CaixaBank part of the Syndicate (Joint Bookrunner)
SUSTAINABLE FINANCING	75 M.€	BA Glass (Mar.21) Organisation, BPI underwrote 100%
OPERATIONS IN 2021	30 M.€	NOS (Jun.21) Organisation, BPI underwrote 100%
	100 M.€	Navigator (Jul.21) Co-organiser, BPI underwrote 50%
	41 M.€	Sonae Capital (Oct.21) Co-organiser, BPI underwrote 50%

BPI'S QUALITY, INNOVATION AND DEDICATION TO ITS CLIENTS CONTINUE TO BE DISTINGUISHED

HIGHLIGHTS OF 9 MONTHS 2021 RESULTS

Strong commercial dynamism, despite the adverse economic environment

High capitalisation, low risk profile and comfortable liquidity position

Gross income growth and efficiency improvement

Firmly committed to sustainable development

Digital transformation and innovation on track

BPI will continue to be a partner for families and companies and to support the recovery of the Portuguese economy

BPI RESULTS

January to September 2021

Commercial activity in Portugal	Loan portfolio +1.9 Bi.€ +7.5%  YoY	Customer resources +3.3 Bi.€ +9.2%  YoY	Gross +10.2% income +2.8% Net Interest Income +15.7% Fee & commission income  YoY	Digital Banking Regular users 757 th. BPI app users +71 th.  YoY
Risk and capitalisation	NPE ratio (EBA) 1.5%	NPE coverage 153% (by impairments and collaterals)	Cost of Risk 0.11% (as % of loans and guarantees; non-annualised)	14.5% CET1 16.0% T1 17.6% Total (Phasing-in)
Profitability	Net profit in Portugal 127 M.€	Recurrent ROTE in Portugal 6.0% (last 12 months)	Cost-to-income in Portugal 54.7% (last 12 months)	Consolidated net profit 242 M.€

CONSOLIDATED RESULTS

Unaudited accounts

ANNEXES

01 BPI Ratings versus peers

Income Statements and Balance sheet in accordance with IAS / IFRS and consolidated indicators

03

02

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

04

Alternative Performance Measures

BPI RATINGS VS. PEERS On 27th October 2021

	(Long Term Debt/ Issuer Credit Rating)	(Long Term Debt/ Issuer rating)	(Issuer Default Rating)	(Long-Term Debt/ Issuer Rating)
	…AA+ e AAA	…Aa1, e Aaa	…AA, AA+ e AAA	…AA, AA (high), AAA
	AA	Mortgage bonds Aa2	AA	AA
t	AA-	Aa3	AA	Mortgage bonds AA (low)
n e e	A+	A1	A+	A (high)
m d st a r	A	A2	A	Bank 1 A
e G v	A	A3 Deposits	A	A (low)
n I	BBB+	Baa1	Deposits Bank 1 BBB+ Senior debt	BBB (high)
	Bank 1 BBB	Bank1 Bank3 Baa2	BBB	Bank 3 BBB
	BBB	Baa3	BBB	Bank 2 BBB (low)
	BB+	Bank 2 Ba1	Bank 3 BB+	BB (high)
t	Bank 2 BB	Ba2	Bank 2 BB	BB
n e m	BB	Ba3	BB	BB (low)
st e d	B+	B1	B+	Bank 5 B (high)
e a v r n g	B	B2	B	Bank 4 B
I - n	B	Bank 4 B3	Bank 4 B	B (low)
o N	CCC+	Caa1	CCC+	CCC (high)
	CCC	Bank 5 Caa2	CCC	CCC
	S&P (21 Oct.21) reaffirmed BPI and its long term senior debt rating of BBB,	Moody's (21 Sep.21) upgraded the rating on BPI long term deposits to A3 and maintained the rating on BPI and its LT senior	Fitch	(8 Sep.21) improved the Outlook on BPI from negative to stable, following the same move for CaixaBank, and reaffirmed the

debt at Baa2. The outlook on ratings is Stable.

ratings on BPI (BBB) and its senior debt and deposits (BBB+).

with Stable outlook.

INCOME STATEMENT OF THE ACTIVITY IN PORTUGAL

WARRE	Constanted. Renetiers Summission, Party
	Daily Product Sales by Country

35

In M €	Sep 20	Reclassif	Sep 20	Sep 21	% Sep21
		(1)	adjusted		/Sep20 ajust
Net interest income	8 330		8 330	340 1	8% 2
Dividend income	2 1		2 1	1 7	-16 5%
accounted Equity income	13 9		13 9	16 0	2% 15
fee and Net commission income	177 5	-0 9	176 6	204 3	15 7%
Gains/(losses) financial and liabilities and other assets on	-7 6		-7 6	12 6	-
Other and operating income expenses	-26 3	4 3	-22 0	-30 6	-38 7%
Gross income	490 3	3 4	493 7	544 2	10 2%
staff Recurrent expenses	-183 4	2 -1	-184 6	-173 0	-6 3%
Other administrative expenses	-107 2	-2 2	-109 4	-108 1	-1 2%
Depreciation and amortisation	-35 4		-35 4	-45 1	27 2%
Recurring operating expenses	-326 0	-3 4	-329 4	-326 2	-1 0%
Non-recurrent costs				-13 9	-
Operating expenses	-326 0	-3 4	-329 4	-340 1	3 3%
operating income Net	164 3		164 3	204 1	24 2%
Impairment losses and other provisions	-101 3		-101 3	-32 1	-68 3%
and losses other Gains in assets	8 0		8 0	0 5	-38 2%
income before income Net tax	63 9		63 9	172 5	-
Income tax	-16 5		-16 5	-45 5	-
Net income	47 4		47 4	127 0	-

1) For analysis purposes, in order to ensure comparability of information, September 2020 figures were adjusted by reclassifications made at the end of 2020 and detailed in the respective Annual Report.

BALANCE SHEET OF THE ACTIVITY IN PORTUGAL

1) Includes medium and long-term sovereign debt of 3.9 Bn.€ (Portugal 63%; Spain 8%, Italy 18% and USA 11%), with an average residual maturity of 3.9 years.

CONSOLIDATED INCOME STATEMENT

37

In M €	20 set	Reclassif (1)	Sep 20 adjusted	Sep 21
Net interest income	330 8		330 8	342 4
Dividend income	42 3		42 3	99 7
accounted Equity income	21 5		21 5	31 9
fee and Net commission income	177 5	-0 9	176 6	204 3
Gains/(losses) financial and liabilities and other assets on	-15 6		-15 6	24 5
Other and operating income expenses	-29 6	4 3	-25 3	-38 4
income Gross	526 9	3 4	530 3	664 4
Staff expenses	-183 4	-1 2	-184 6	-187 0
Of which: staff Recurrent expenses	-183 4	-1 2	-184 6	-173 0
Non-recurrent costs				-13 9
Other administrative expenses	-107 2	-2 2	-109 4	-108 1
and Depreciation amortisation	-35 4		-35 4	-45 1
Operating expenses	-326 0	-3 4	-329 4	-340 1
operating income Net	200 9		200 9	324 3
losses and other Impairment provisions	-101 3		-101 3	-32 1
and losses other Gains in assets	0 8		0 8	0 5
income before income Net tax	100 4		100 4	292 7
Income tax	-14 9		-14 9	-50 8
income Net	85 5		85 5	242 0
EARNINGS PER SHARE			Sep 20	Sep 21
share (€) Earnings per			0 05	0 16
Average weighted of shares (in millions) nr.			1 456 9	1 456 9

CONSOLIDATED BALANCE SHEET

ASSETS Cash and cash balances central banks and other demand deposits 4 535 2 6 336 at Financial held for trading fair value through profit or loss and fair assets , at at 2 258 583 5 1 value through other comprehensive income Financial amortised 30 004 0 31 113 assets at cost Customers 25 207 8 26 623 Loans to in joint and associates 238 2 258 Investments ventures Tangible 152 9 184 assets Intangible 87 0 93 assets Tax 271 0 220 assets and disposal groups classified as held for sale Non-current 7 9 17 assets Other assets 231 0 419 Total 785.6 assets 37 40 LIABILITIES Financial liabilities held for trading 3 141 115 Financial liabilities amortised 33 695 7 35 789 at cost Deposits - Central Banks and Credit Institutions 5 504 3 5 836 Deposits - Customers 26 008 6 28 037 Debt issued securities 1 804 9 1 500 Memorandum subordinated liabilities items: 304 3 300 Other financial liabilities 378 0 415 48 50 Provisions 7 liabilities 23 2 21 Tax Other liabilities 620 3 565 Total Liabilities 34 529.3 36 of Shareholders' equity attributable the shareholders BPI 3 256 3 3 685 to controlling Non interests 0 0 0 Total Shareholders' equity 3 256.3 3 685.0	M.€ In	20 Dec	Sep 21
			5
			0
			7 4 5 4
			9 0
			2 9
			227.1
			0 8 4 9 2 3 4 4 4 5
			542.1
			0 0
	Total liabilities and Shareholders' equity	37 785.6	40 227.1

CONSOLIDATED INDICATORS

Profitability Efficiency and Liquidity Indicators , (Bank of Portugal no. 16/2004 with the amendments of 6/2018) Instruction Instruction	Sep 20	Sep 21
Gross income / ATA	2 0%	2 3%
Net income before income and income attributable non-controlling interests / ATA tax to	0 4%	1 0%
before Net income income and income attributable non-controlling interests / tax to shareholders' equity (including non-controlling interests) average	4 0%	11 2%
income 1) Staff / Gross expenses	34 8%	26 0%
income 1) / Operating Gross expenses	62 1%	49 1%
(net) deposits Loans to ratio	98%	95%
ratio and forborne NPE (according the criteria) to EBA	Sep 20	Sep 21
Non-performing - NPE (M €) exposures	660	594
NPE ratio	9% 1	5% 1
by NPE impairments coverage	74%	90%
by and collaterals NPE impairments coverage	138%	153%
NPE 2) of forborne included Ratio not in	0 5%	0 5%
"Crédito duvidoso" (non-performing loans) of (according Bank Spain criteria) to	Sep 20	Sep 21
€) 3) "Crédito duvidoso" (M	716	635
"Crédito duvidoso" ratio	2 7%	2 2%
"Crédito duvidoso" by impairments coverage	68%	85%
"Crédito duvidoso" by impairments and collaterals coverage	127%	143%

39

2) Forborne according to EBA criteria and considering the scope of prudential supervision. On Sep.21, the forborne was 455 M.€ (forborne ratio of 1.1%), of which 220 M.€ was performing loans (0.5% of the gross credit exposure) and 235 M.€ was included in NPE (0.6% of the gross credit exposure).

¹⁾ Excluding early-retirement costs.

RECONCILIATION BETWEEN BPI REPORTED FIGURES AND BPI SEGMENT CONTRIBUTION TO CAIXABANK GROUP

Profit & loss account
(M.€) Sep 21	As reported by BPI	Adjustments 1 )	BPI contribution to CABK Group	BPI segment	Equity investments and other segment
Net interest income	342	( 7)	335	337	( 2)
Dividends	100		100	2	98
accounted Equity income	32		32	16	16
fees and Net commissions	204		204	204
Trading income	25		25	11	14
Other operating income & expenses	( 38)	2	( 36)	( 28)	( 8)
Gross income	664	( 4)	660	542	118
Recurrent operating expenses	( 326)	( 14)	( 340)	( 340)
Extraordinary operating expenses	( 14)	13	( 1)	( 1)
Pre-impairment income	324	( 4)	320	201	119
[Pre-impairment income without extraordinary expenses]	338	( 17)	321	202	119
Impairment losses on financial assets	( 31)	26	( 5)	( 5)
Other and impairments provisions	( 1)	( 15)	( 16)	( 16)
Gains/losses on disposals & others	1		1	1
Pre-tax income	293	6	299	180	119
Income tax	( 51)	2	( 49)	( 44)	( 5)
Profit for the period	242	8	250	137	113
other Minority interests &
income Net	242	8	250	137	113

Loan portfolio & customer resources

As reported by BPI	Adjustments	contribution BPI to (BPI segment) CABK Group
26	(	26
623	14)	609
39	(4	34
263	423)	840

Profit & loss account

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

Additionally, 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

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

• In loans and advances to customers, net, by the associated fair value adjustments generated by the business combination at 30th Sep. 2021 and consolidation adjustments (elimination of intra-group balances: BPI credit to CaixaBank Payments);
• In total customer funds, by the liabilities under insurance contracts and their fair value adjustments at 30th Sep. 2021, 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.

1) Consolidation, standardisation and net fair value adjustments in the business combination.

Reconciliation of the profit & loss account structure

• The European Securities and Markets Authority (ESMA) published on 5th October 2015 a set of guidelines relating to the disclosure of Alternative Performance Measures by entities (ESMA/2015/1415). These guidelines are mandatory to issuers with effect from 3rd 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 ESMA guidelines.
• In the current presentation, the information previously disclosed is inserted by way of cross-reference and a summarized list of the Alternative Performance Measures is presented next.

The following table shows, for the consolidated profit & loss account, the reconciliation of the structure used in this document (Results' Presentation) with the structure adopted in the financial statements and respective notes of the Report and Accounts.

Adopted acronyms and designations			Units, conventional sings and abbreviations
YtD		Year-to-date change	€, Euros, EUR		euros
YoY		Year-on-year change	th.€, th.euros		thousand euros
QoQ		quarter-on-quarter change	M.€, M.euros		million euros
ECB		European Central Bank	Bn.€, Bi.€		billion euros
BoP		Bank of Portugal			change
CMVM		Securities Market Commission	n.a.		not available
APM		Alternative Performance Measures	0, –		null or irrelevant
MMI		Interbank Money Market	vs.		versus
T1		Tier 1	b.p.		basis points
CET1		Common Equity Tier 1	p.p.		percentage points
RWA		Risk weighted assets	E		Estimate
TLTRO		Targeted longer-term refinancing operations	F		Forecast
LCR		Liquidity coverage ratio
NSFR		Net stable funding ratio

Reconciliation of the consolidated profit & loss account structure

Structure used in the Results' Presentation	Sep 21	Sep 21	Structure presented in the financial and respective statements notes
Net interest income	342.4	342.4	Net interest income
Dividend income	99.7	99.7	Dividend income
accounted Equity income	31.9	31.9	Share of the profit or (-) loss of subsidiaries, and accounted for the method investments in joint ventures associates using equity
fee and Net commission income	204.3	220.9	and Fee commission income
		-16.5	Fee and commission expenses
Gains/(losses) on financial and liabilities and other assets	24.5	0.1	Gains or (-) losses on derecognition of financial and liabilities measured fair value through profit or loss, assets not at net
		2.5	Gains or (-) losses on financial and liabilities held for trading, assets net
		3.0	Gains or (-) losses on non-trading financial mandatorily fair value through profit or loss, assets at net
		-1.3	or (-) losses from hedge Gains accounting, net
		20.3	Exchange differences [gain or (-) loss], net
Other operating income and expenses	-38.4	29.7	Other operating income
		-68.1	Other operating expenses
Gross income	664.4	664.4	GROSS INCOME
Staff expenses	-187.0	-187.0	Staff expenses
Other administrative expenses	-108.1	-108.1	Other administrative expenses
Depreciation and amortisation	-45.1	-45.1	Depreciation
Operating expenses	-340.1	-340.1	Administrative expenses and depreciation
Net operating income	324.3	324.3
losses and other Impairment provisions	-32.1	-3.0	or (-) reversal of Provisions provisions
		-29.2	or (-) reversal of on financial measured fair value through profit or loss Impairment impairment assets not at
and losses other Gains in assets	0.5		or (-) reversal of of subsidiaries, and Impairment impairment investments in joint ventures associates
			Impairment or (-) reversal of impairment on non-financial assets
		0.0	Gains or (-) losses on derecognition of non financial assets, net
		0.5	Profit or (-) loss from and disposal groups classified as held for sale qualifying as discontinued operations non-current assets not
income before income Net tax	292.7	292.7	(-) PROFIT OR LOSS BEFORE TAX FROM CONTINUING OPERATIONS
Income tax	-50.8	-50.8	profit from Tax expense or income related or loss continuing operations to
Net income from continuing operations	242.0	242.0	PROFIT OR (-) LOSS AFTER TAX FROM CONTINUING OPERATIONS
Net income from discontinued operations			Profit or (-) loss after from discontinued operations tax
attributable non-controlling Income to interests			Profit or (-) loss for the period attributable non-controlling to interests
income Net	242.0	242.0	(-) PROFIT OR LOSS FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE PARENT

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 1) ratio)	Operating expenses / Gross income
Cost-to-core 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 (recorded under Other operating income and expenses) / 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 average interest rate, excluding loans to employees – Deposits average interest rate
BALANCE SHEET AND FUNDING INDICATORS
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)  Capitalisation insurance of fully consolidated subsidiaries (BPI Vida e Pensões sold on Dec.17)
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 BPI pension plans)
Subscriptions in public offerings	Customers subscriptions in third parties' public offerings

(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.

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(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.

BALANCE SHEET AND FUNDING INDICATORS (continuation)
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 (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 - Recoveries of loans previously written off from assets, interest and other
	Cost of credit risk as % of loan portfolio1) (Impairments and provisions for loans and guarantees - 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 ("credito dudoso", Bank of Spain criteria) / (Gross Customer loans + guarantees)
Non-performing loans 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 ("credito dudoso", Bank of Spain criteria)
Coverage of non-performing loans 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 ("credito dudoso", Bank of Spain criteria)
Impairments cover of foreclosed properties	Impairments for real estate received in settlement of defaulting loans / Gross value of real estate received in settlement of defaulting loans

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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