Banco Comercial Portugues

Quarterly Report • May 4, 2015

EARNINGS PRESENTATION 3M 2015

MAY 2015

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 3 months figures for 2014 and 2015 not audited

Agenda

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

Highlights

Profitability Return to profits	• Return to profits. Net profit at €70.4 million in the 1st • quarter of 2015, compared with €40.7 losses in the same period of 2014. • Core net income* up by 89% to €221.7 million in 1Q15 from €117.4 million in 1Q14, reflecting increased net interest income (up 39% from 1Q2014, including an 81% increase in Portugal) and lower operating costs (down 2.5% overall and 8.7% in Portugal). • Impairment and provision charges of €275.7 million in the 3-month period to March 31, 2015, taking advantage of gains on sovereign debt to reinforce coverage.
Liquidity Healthy balance sheet	Customer deposits up by 3.7% to €50.8 billion at March 31, 2015. • • Commercial gap narrowed further, with net loans as a percentage of deposits improving to 108% according to Bank of Portugal's criteria (116% at March 31, 2014; 120% recommended). This indicator stood at 102% if total on-balance sheet Customer funds are taken into account. • ECB funding usage at €6.2 billion (€1.5 billion of which related to TLTRO), down from €9.2 billion at end-March 2014.
Capital On course to European benchmark levels, reflecting profitability and specific measures	• Common equity tier 1 ratio at 11.8% according to phased-in criteria, 9.9% on a fully implemented** basis. Capital boosted by improved recurring profitability, gains on sovereign debt and sale of a 15.4% • shareholding in Bank Millennium (Poland); outcome of proposed Public Exchange Offer, submitted to the resolution of the General Meeting of Shareholders to be held on May 11, not yet included.

* Core net income = net interest income + net fees and commission income – operating costs.

** Including the impact of Law 61/2014 (special regime for DTAs), together with Notice 3/95 of the Bank of Portugal and 1Q2015 earnings.

Highlights

* Including the impact of Law 61/2014 (special regime for DTAs), together with Notice 3/95 of the Bank of Portugal and 1Q2015 earnings.

Highlights

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

1Q15 earnings: return to profits…

(million euros)	1Q14	1Q15	Impact on earnings
Net interest income	236.4	328.4	+92.0
Of which: costs related with hybrids instruments (CoCos)	-66.2	-15.7	+50.5
Net fees and commissions	164.6	169.9	+5.3
Other operating income	113.2	190.1	+76.9
Banking income	514.3	688.4	+174.1
Staff costs	-160.2	-153.3	+6.9
Other administrative costs and depreciation	-123.4	-123.3	+0.1
Operating costs	-283.6	-276.6	+7.0
Operating net income (before impairment and provisions)	230.7	411.8	+181.2
Loans impairment (net of recoveries)	-191.7	-205.6	-13.9
Other impairment and provisions	-59.4	-70.1	-10.8
Net income before income tax	-20.4	136.1	+156.5
Income taxes	5.4	-36.3	-41.8
Non-controlling interests	-25.4	-30.1	-4.7
Net income from discontinued or to be discontinued operations	-0.3	0.8	+1.1
Net income	-40.7	70.4	+111.1

… after 4 years of losses

Core net income* improves, both in Portugal and in international operations

Net interest income increases, particularly in Portugal

Increase in fees and commissions driven by international operations

(Million euros)

Fees and commissions
Consolidated
	1Q14	1Q15	YoY
Banking fees and commissions	129.7	139.1	+7.3%
Cards and transfers	45.9	42.2	-8.1%
Loans and guarantees	38.8	41.5	+6.9%
Bancassurance	18.2	19.1	+5.3%
Current account related	19.4	18.9	-2.5%
State guarantee	-10.3	0.0	+100.0%
Other fees and commissions	17.7	17.4	-1.6%
Market related fees and commissions	34.9	30.8	-11.8%
Securities operations	25.5	21.4	-16.2%
Asset management	9.4	9.4	+0.0%
Total fees and commissions	164.6	169.9	+3.2%

Increased net trading income, benefiting from gains in public debt portfolio

(Million euros)

Cost reduction proceeds in Portugal

Higher provisioning charges…

(Million euros)

… resulting in stronger coverage

On a comparable basis: excludes Romania and Millennium bcp Gestão de Activos, following the discontinuation processes.

Diversified and collateralised loan portfolio

• Loans to companies accounted for 48% of the loan portfolio at end-March 2015, including 11% to construction and real estate sectors
• 92% of the loan portfolio is collateralised

• Mortgages accounted for 45% of the loan portfolio, with low delinquency levels and a 66% average LTV

• Highlights

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

Deposits increase in Portugal (both individuals' and companies') and in international operations

Credit to companies in Portugal increases again

(Million euros)

On a comparable basis: excludes Romania and Millennium bcp Gestão de Activos, following the discontinuation processes.

Continued improvement of the liquidity position, current liquidity ratios exceed future requirements

* Based on Customer deposits and net loans to Customers.

** According to the current version of Notice 16/2004 of the Bank of Portugal.

*** Estimated in accordance with CRD IV current interpretation.

Lower refinancing needs in the medium to long term, Customer deposits are the main funding source

• Lower funding needs, reflecting a lower commercial gap
• Customer deposits are the main funding source

* Includes repurchase of own debt amounting to €0.5 billion.

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

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

Profitability and specific measures strengthen capital figures…

• Capital ratios strengthened to 9.9% on a fully implemented basis and to 11.8% according to phased-in criteria, as a result of:
• Sale of a 15.4% stake in Bank Millennium (Poland): +46bp fully implemented impact, +64bp phased-in
• 1Q15 earnings: +16bp impact
• Phased-in transition: -51bp impact
• Other: +42bp fully implemented impact, -26bp phased-in
• Impact from Exchange Public Offer, to be submitted to the resolution of the General Meeting of Shareholders (May 11) not included yet
• Leverage ratio at 5.1% on a fully implemented basis and at 6.2% according to phased-in criteria

* Including the impact of the special regime for DTAs, according to the Law 61/2014 together with Notice 3/95 of the Bank of Portugal. | **Includes a negative effect from increased RWAs stemming from increased market risk, regulatory non-equivalence of Angola and CHF appreciation on the mortgage book of Bank Millennium (Poland). Includes also the favourable impact of potential gains on the AFS portfolio of sovereign debt on the fully implemented ratio.

… not yet including the impact of the Public Exchange Offer, to raise them to European benchmark levels

Terms and conditions

• Offer targets domestic market; offering circular to be submitted to Portugal's stock market regulator
• Maximum number of shares to be issued: 5,350 million; issue price equivalent to 93% of the average share price for the previous 5 trading days
• Maximum amount of share capital increase: €428 million

Advantages

• Exchange into ordinary shares to generate fresh Common Equity Tier 1 and a favourable impact on net interest income
• Trasaction raises capital without the need for cash calls from Shareholders
• Securities targeted by offer will lose capital elegibility status over the coming years: transaction prevents future negative impacts on capital

Calendar

Assuming approval on the May 11 General Meeting of Shareholders and the customary time frame for prospectus approval, the transaction is expected to complete by mid-June

Impact on capital ratios estimated at 70bps

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

Portugal: deleveraging effort improves liquidity

On a comparable basis: excludes Romania and Millennium bcp Gestão de Activos (following the discontinuation processes).

Net income improves, as banking income increases and operating costs decrease

Improvement trend on core income and reduction trend on operating costs in Portugal are in place

• Core income of €281 million in a seasonally weak quarter (lower number of business days, reduced levels of activity)
• Operating costs reduced to €158 million
• Continuation of the core net income expansion trend began two years ago: €124 million in the 1st quarter of 2015. It is worth highlighting that this figure was negative (-€16 million) in the 1st quarter of 2013

** Core net income = net interest income + net fees and commission income – operating costs. Excludes non recurrent specific items.

Increase on net interest income in Portugal reflects the improvement in cost of deposits, although impacted by lower loan volumes

	Breakdown of net interest income growth
(Million euros)

	1Q15 vs.	1Q15
	4Q14	vs.1Q14
Effect of cost of time deposits	+11.3	+41.0
CoCos effect	+1.6	+50.5
Performing loans volume effect	-3.3	-26.5
NPL effect	-10.1	+3.8
# days effect (1Q15: 90d, 4Q14: 92d)	-3.8	0.0
Other	+4.0	+9.6
Total	-0.3	+78.4

• Net interest income increases versus Q1 2014, driven by:
• Cost of deposits: consistent reduction of term deposits cost, positively impacting net interest income
• Lower amount of CoCos: reimbursement of €400 million in April and of €1,850 million in August 2014
• Reduction in loan volumes: still penalises net interest income
• Change versus Q4 2014 affected by the lower number of business days

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

Spread on term deposits

• (basis points) Continued effort to bring the cost of deposits down: new deposits with substantially lower rates when compared to previous years
• Exactly in line with strategic plan target of improving spreads on deposits
• Spreads on loans to companies remain high

Increased commissions, benefiting from early repayment of State-guarantees

	1Q14	1Q15	YoY
Banking fees and commissions	86.7	93.7	+8.1%
Cards and transfers	22.7	23.3	+2.5%
Loans and guarantees	30.3	28.4	-6.5%
Bancassurance	18.2	19.1	+5.3%
Current account related	19.3	18.9	-2.4%
State guarantee	-10.3	0.0	+100.0%
Other fees and commissions	6.5	4.1	-36.2%
Market related fees and commissions	17.4	12.0	-30.7%
Securities operations	15.4	10.2	-33.5%
Asset management	2.0	1.8	-8.6%
Total fees and commissions	104.1	105.8	+1.6%

Continued reduction in costs in Portugal, on target with strategic goals

(Million euros)

Credit quality shows signs of stabilization

Foreclosed assets sale above book value, confirming appropriate

coverage

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

Significant net income growth in international operations

	1Q14	1Q15	Δ % local currency	Δ % euros	ROE
International operations*	47.8	54.9		+14.8%
Poland	37.5	39.0	+3.9%	+4.9%	11%
Mozambique	22.6	25.9	+14.9%	+28.5%	22%
Angola	12.7	15.9	+25.3%	+41.5%	19%
Other and non-controlling interests	-25.0	-26.0

Poland: Customer funds and loans to Customers growth

FX effect excluded. €/Zloty constant in March 2015: Income Statement 4.16878333; Balance Sheet 4.0854.

Net income growth

(Million euros)

FX effect excluded. €/Zloty constant in March 2015: Income Statement 4.16878333; Balance Sheet 4.0854.

Revenues and costs in line with 1Q14

(Million euros)

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 (0.3M€ in 1Q14 and 4.3M€ in 1Q15) is presented in net trading income. FX effect excluded. €/Zloty constant in March 2015: Income Statement 4.16878333; Balance Sheet 4.0854.

Stable credit quality, strong coverage

Mozambique: strong volume growth

Net income benefited from increased banking income

Strong growth in core income and operating costs impacted by network expansion

(Million euros)

FX effect excluded. €/Metical constant as at March 2015: Income Statement 38.34916667; Balance Sheet 39.1750.

Credit quality and coverage

FX effect excluded. €/Metical constant as at March 2015: Income Statement 38.34916667; Balance Sheet 39.1750.

Angola: strong credit growth, keeping a comfortable liquidity position

Net income increase driven by higher banking income

(Million euros)

FX effect excluded. €/Kwanza constant as at March 2015: Income Statement 118.05166667; Balance Sheet 116.1000.

Strong growth in core income and operating costs impacted by network expansion

(Million euros)

FX effect excluded. €/Kwanza constant as at March 2015: Income Statement 118.05166667; Balance Sheet 116.1000.

Credit quality and coverage

FX effect excluded. €/Kwanza constant as at March 2015: Income Statement 118.05166667; Balance Sheet 116.1000.

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

Progress on 2012 strategic plan metrics

			Actual			Strategic plan
Phases	Priorities		1Q14	1Q15		2015		Initiatives
Demanding economic environment 2012-2013	Stronger balance sheet	CET1* (phased-in) (fully implemented)	12.0% 9.5%	11.8% 9.9%	…	>10%		Stronger capital, reflecting improved profitability, sale of 15.4% in Millennium Poland and gains on sovereign debt. Impact from Public Exchange Offer not yet included
		LtD**	106%	102%	…	<110%		Deleveraging and increased Customers' funds, leading to strengthened liquidity
Creating growth and	Recovery of profitability in Portugal	C/I	55%	40%	…	≈50%		Improved efficiency, stemming from increased banking income (inc. gain on sale of sovereign debt portfolio) and cost reduction
profitability conditions 2014-2015		Oper. costs***	€690m	€630m	…	≈€660m		Restructuring programme from end 2012. Savings clearly visible
	Continued development of business in Poland, Mozambique and Angola	Cost of risk (bp)	129	142	…	≈100		Higher-than-expected provision charges reflect still uncertain economic environment
Sustained growth 2016-2017	Sustained net income growth, greater balance between domestic and international operations	ROE	-7%	7%	…	≈7%		Return to profits in Portugal and continued increased contribution from international operations

Appendix

Millennium bcp: a leading bank, better prepared for the future

Sovereign debt portfolio

• Total sovereign debt at €7.8 billion, of which €1.6 billion maturing up to one year
• Portuguese sovereign debt decreased, whereas exposure to Polish, Mozambican and Angolan have increased from March 2014

Sovereign debt portfolio

	Portugal	Poland	Mozambique	Angola	Other	Total
Trading book	189	467			74	729
< 1 year	4	194	0	0	0	198
> 1 year and <2 years	0	92	0	0	11	103
> 2 year and <3 years	0	136	0	0	63	199
> 3 years	184	44	0	0	0.0040	228
Banking book*	4,298	1,684	571	494	58	7,105
< 1 year	613	182	452	168	5	1,420
> 1 year and <2 years	2	442	4	178	0	626
> 2 year and <3 years	357	500	115	54	0	1,025
> 3 years	3,326	560	0	94	53	4,033
Total	4,487	2,151	571	494	131	7,834
< 1 year	617	376	452	168	5	1,619
> 1 year and <2 years	2	535	4	178	11	729
> 2 year and <3 years	357	636	115	54	63	1,225
> 3 years	3,511	604	0	94	53	4,261

Financial Statements

Consolidated Balance Sheet and Income Statement

2014 (Thousands of Euros) (Thousands of Euros) Interest and similar income 607,633 Interest expense and similar charges (279,272) Cash and deposits at central banks 2,382,977 1,707,447 2,449,049 Loans and advances to credit institutions Net interest income 328,361 Repayable on demand 1,127,109 795,774 657,456 Other loans and advances 1,303,406 1,456,026 2,069,983 Dividends from equity instruments 1,951 Loans and advances to customers 54,495,144 53,685,648 56,407,251 Net fees and commission income 169,921 Financial assets held for trading 2,069,458 1,674,240 1,364,637 Net gains / losses arising from trading and hedging activities 23,686 Financial assets available for sale 10,088,065 8,263,225 10,105,204 Net gains / losses arising from available for Assets with repurchase agreement 19,852 36,423 80,370 sale financial assets 176,449 Hedging derivatives 70,952 75,325 76,257 Other operating income (17,592) Financial assets held to maturity 438,926 2,311,181 2,923,300 Investments in associated companies 318,288 323,466 596,206 682,776 Non current assets held for sale 1,668,673 1,622,016 1,502,448 169,857 176,519 190,324 Other net income from non banking activity 4,249 775,484 755,451 730,877 Total operating income 687,025 Goodwill and intangible assets 208,538 252,789 249,447 40,887 41,895 38,914 Staff costs 153,254 2,326,584 2,398,562 2,192,024 Other administrative costs 106,659 809,284 784,929 714,570 Depreciation 16,664 78,313,484 76,360,916 82,348,317 Operating costs 276,577 Operating net income before provisions and impairments 410,448 Amounts owed to credit institutions 11,065,979 10,966,155 12,748,094 Amounts owed to customers 50,758,785 49,816,736 49,303,400 Loans impairment (205,598) 5,575,751 5,709,569 9,887,137 Other financial assets impairment (18,955) Financial liabilities held for trading 1,024,841 952,969 873,016 Other assets impairment (41,242) Hedging derivatives 745,562 352,543 247,153 Other provisions (9,927) Provisions for liabilities and charges 314,301 460,293 410,139 Operating net income 134,726 Subordinated debt 2,047,955 2,025,672 4,368,694 Current income tax liabilities 24,884 31,794 13,650 Share of profit of associates under the equity method 6,058 Deferred income tax liabilities 9,679 6,686 7,525 Gains / (losses) from the sale of subsidiaries and other assets (4,677) 1,178,012 1,051,592 1,150,990 Total Liabilities 72,745,749 71,374,009 79,009,798 Net (loss) / income before income tax 136,107 Income tax Current (29,582) 3,706,690 3,706,690 3,500,000 Deferred (6,738) (13,909) (13,547) (34,531) Net (loss) / income after income tax from continuing operations 99,787 171,175 171,175 171,175 Income arising from discontinued operations 776 9,853 9,853 9,853 Net income after income tax 100,563 276,588 106,898 143,726 Reserves and retained earnings 302,228 458,087 (1,111,942) Attributable to: Net income for the period attributable to Shareholders 70,413 (226,620) (40,730) Shareholders of the Bank 70,413 Non-controlling interests 30,150 Total Equity attributable to Shareholders of the Bank 4,523,038 4,212,536 2,637,551 Net income for the period 100,563 1,044,697 774,371 700,968 5,567,735 4,986,907 3,338,519 Earnings per share (in euros) Basic 0.005 78,313,484 76,360,916 82,348,317		31 March 2015	31 December	31 March 2014		31 March 2015	31 March 2014
	Assets						671,231
							(434,838)
	Investment property
	Property and equipment
	Current tax assets
	Deferred tax assets
	Other assets
	Liabilities
	Debt securities
	Other liabilities
	Equity
	Share capital
	Treasury stock
	Preference shares
	Other capital instruments
	Fair value reserves
	Non-controlling interests
	Total Equity
					Diluted	0.005

Consolidated Income Statement Per quarter

	1Q 14	2Q 14	3Q 14	4Q 14	1Q 15
Net interest income	236.4	259.6	295.0	325.2	328.4
Dividends from equity instruments	3.3	2.5	0.1	0.1	2.0
Net fees and commission income	164.6	176.5	165.0	174.7	169.9
Other operating income	-15.0	62.4	-13.8	-22.2	-18.0
Net trading income	111.9	63.3	182.0	85.0	200.1
Equity accounted earnings	13.1	9.9	5.2	7.7	6.1
Banking income	514.3	574.2	633.6	570.5	688.4
Staff costs	160.2	163.2	154.6	157.6	153.3
Other administrative costs	107.6	113.9	109.7	117.3	106.7
Depreciation	15.9	15.9	16.5	17.2	16.7
Operating costs	283.6	293.1	280.9	292.0	276.6
Operating net income bef. imp.	230.7	281.1	352.7	278.4	411.8
Loans impairment (net of recoveries)	191.7	179.9	502.9	232.5	205.6
Other impairm. and provisions	59.4	54.6	29.0	66.3	70.1
Net income before income tax	-20.4	46.6	-179.2	-20.3	136.1
Income tax	-5.4	7.6	-173.0	73.1	36.3
Non-controlling interests	25.4	27.2	29.3	28.2	30.1
Net income (before disc. oper.)	-40.4	11.7	-35.5	-121.6	69.6
Net income arising from discont. operations	-0.3	-33.3	-0.5	-6.8	0.8
Net income	-40.7	-21.5	-36.0	-128.4	70.4

Consolidated Income Statement (Portugal and International Operations) For the 3 months period ended 31st March, 2014 and 2015

(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 14	M ar 15	Δ %	M ar 14	M ar 15	Δ %	M ar 14	M ar 15	Δ %	M ar 14	M ar 15	Δ %	M ar 14	M ar 15	Δ %	M ar 14	M ar 15	Δ %	M ar 14	M ar 15	Δ %
Interest income	671	608	-9.5%	445	365	-18.0%	226	242	7.3%	150	140	-6.7%	47	60	27.0%	27	41	50.9%	2	1	-4.7%
Interest expense	435	279	-35.8%	348	190	-45.5%	86	89	3.3%	65	60	-8.6%	15	21	41.1%	8	11	30.4%	-2	-2	-0.7%
N et interest inco me	236	328	38.9%	9 7	175	80.8%	139	153	9.7%	8 4	8 0	-5.3%	3 3	3 9	20.6%	19	3 1	59.6%	3	3	-1.8%
Dividends from equity instruments	3	2	-40.4%	2	2	-6.1%	1	0	-100.0%	0	0	--	0	0	--	1	0	-100.0%	0	0	<-100%
Intermediatio n margin	240	330	37.8%	9 9	177	79.0%	141	153	8.8%	8 4	8 0	-5.3%	3 3	3 9	20.6%	2 0	3 1	50.2%	3	3	-1.8%
Net fees and commission income	165	170	3.2%	104	106	1.6%	61	64	6.0%	37	38	1.8%	10	13	21.1%	7	8	7.7%	6	6	3.4%
Other operating income	-15	-18	-19.9%	-13	-15	-12.5%	-2	-3	-67.5%	-5	-6	-5.9%	3	3	-5.5%	1	0	<-100%	0	0	-18.0%
B asic inco me	389	482	23.9%	190	268	41.2%	199	214	7.3%	116	112	-3.6%	4 6	5 5	19.0%	2 8	3 8	35.4%	9	9	1.2%
Net trading income	112	200	78.8%	89	164	83.2%	23	36	61.4%	13	15	14.0%	5	11	>100%	5	9	89.3%	0	1	>100%
Equity accounted earnings	13	6	-53.7%	13	6	-51.1%	0	0	--	0	0	--	0	0	--	0	0	--	0	0	--
B anking inco me	514	688	33.9%	293	439	49.9%	222	250	12.7%	129	126	-2.1%	5 1	6 6	30.8%	3 3	4 7	43.1%	10	11	11.8%
Staff costs	160	153	-4.3%	106	93	-12.4%	54	60	11.5%	32	33	3.3%	11	13	19.3%	7	10	34.9%	4	4	13.6%
Other administrative costs	108	107	-0.8%	58	57	-2.1%	49	49	0.7%	30	25	-13.9%	9	12	29.1%	9	10	17.7%	1	2	13.0%
Depreciation	16	17	4.9%	8	8	-6.7%	8	9	17.5%	3	3	-11.6%	2	3	31.8%	2	3	50.4%	0	0	-25.0%
Operating co sts	284	277	-2.5%	173	158	-8.7%	111	119	7.2%	65	62	-5.3%	23	29	24.7%	18	23	28.3%	5	6	12.9%
Operating net inco me bef. imp.	231	412	78.5%	120	281	>100%	111	131	18.2%	6 4	6 5	1.2%	2 8	3 8	35.9%	15	2 4	60.9%	4	5	10.2%
Loans impairment (net of recoveries)	192	206	7.2%	172	179	4.5%	20	26	30.1%	16	17	1.3%	4	5	42.9%	1	5	>100%	-1	0	>100%
Other impairm. and provisions	59	70	18.1%	61	70	15.5%	-1	0	89.8%	-1	0	64.7%	-1	0	>100%	0	0	84.8%	0	0	>100%
N et inco me befo re inco me tax	-20	136	>100%	-112	3 1	>100%	9 2	105	13.9%	4 8	4 8	0.2%	2 5	3 2	30.7%	14	19	38.7%	5	5	-7.0%
Income tax	-5	36	>100%	-24	17	>100%	19	20	4.0%	11	9	-15.5%	4	6	41.0%	3	4	27.2%	1	1	-7.6%
Non-controlling interests	25	30	18.7%	0	0	<-100%	25	30	19.4%	0	0	--	0	0	25.7%	0	0	--	25	30	19.4%
N et inco me (befo re disc. o per.)	-40	7 0	>100%	-88	15	>100%	4 8	5 5	14.8%	3 7	3 9	4.9%	2 0	2 6	28.5%	11	16	41.5%	-21	-26	-24.9%
Net income arising from discont. operations	0	1	>100%
N et inco me	-41	7 0	>100%

Investor Relations Division Rui Coimbra, Head of Investor Relations

Luís Pedro Monteiro 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 3,706,690,253.08.