Agenda. Main Highlights. Group. Liquidity. Capital. Profitability. Portugal. International operations. Conclusions

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2 DISCLAIMER 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 2011 and 2012 not audited 2

3 Agenda Main Highlights Group Liquidity Capital Profitability Portugal International operations Conclusions 3

4 Highlights of Commercial gap * Loan to deposit ratio (BoP) ** Net loans to BS customer funds ratio 161.7% 137.8% 142.0% % 18.8 Loans to customers (gross) * -5.4% 75,315 71,243 * Calculated based on net loans and customer deposits ** According to Bank of Portugal criteria *Adjusted from a Repo transaction in the amount of 697 million euros as at 31 March 2012 Customer deposits * Core tier I 44, % 48,830 (%) 6.7% +253bp 9.2% Mar11 Mar 12 *Adjusted from a Repo transaction in the amount of 697 million euros as at 31 March 2012 Note: the previously disclosed financial statements were adjusted, on a proforma basis, due to the accounting change for OCI (Other Comprehensive Income) of the pension fund liabilities and the reclassification of securities impairment from trading income to other impairment and provisions 4

5 Highlights of Net income Net income from international operations % Contribution to consolidated net income 19% % 64% Banking income +2.6% Operating costs * -0.2% * Excluding specific items which include reversal of provisions of 31.4 M associated with pension charges in the Note: the previously disclosed financial statements were adjusted, on a proforma basis, due to the accounting change for OCI (Other Comprehensive Income) of the pension fund liabilities and the reclassification of securities impairment from trading income to other impairment and provisions 5

6 Agenda Main Highlights Group Liquidity Capital Profitability Portugal International operations Conclusions 6

7 Effort to increase customer deposits... Customer funds* Customer deposits in Portugal Consolidated Balance sheet customer funds 51,195 6, % 54,525 5,965 30, % 33,118 44, % 48,830 Customer deposits in Portugal 15,410 12,803 Other BS customer funds Deposits Off BS customer funds Market share ** % 1st Bank nd BCP rd Bank th Bank th Bank * Adjusted from a Repo transaction in the amount of 697 million euros as at 31 March 2012 ** Market shares are based on information published by Bank of Portugal and on public information from Portuguese banks as of the 4 th quarter

8 ... and to reduce loans to customers in line with deleveraging policy Loans to customers * (gross) Consolidated Loans to customers * (gross) in Portugal -5.4% 58, % 53,998 75,315 30, % 71,243 30,254 22,376 21,510 2,839 2,631 1,900 9,220 1,757 7,785 21,897 20,315 4,722 39, % 36,532 Mortgage Consumer loans Loans to companies -5.6% 4,457 Loans to other companies Looans to construction and real estate prom. Loans to public sector Consumer loans Mortgage Loans to companies in Portugal Market share ** % 1st BCP nd Bank rd Bank th Bank th Bank * Adjusted from a Repo transaction in the amount of 697 million euros as at 31 March 2012 ** Market shares are based on information published by Bank of Portugal and on public information from Portuguese banks as of the 4 th quarter

9 Reduction of commercial gap as refinancing driver (Eur billion) Commercial gap * Loan to deposit ratio ** (BoP) % 142.0% 154.3% 152.0% 136.4% 135.3% 143.4% 128.2% 137.8% 123.7% Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Accumulated net repayment of MLT debt (Medium and long term debt repayments since the beginning of 2010) Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Net usage of ECB < 1 year > 1 year Mar 11 Jun 11 Sep11 Dec 11 Mar 12 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Net loans to BS customer funds ratio Commercial gap decreased 9.0 billion last year and loan to deposit ratio under 140% ECB stable usage vs. the same period of 2011, with an increase vs. December due to repayment and repurchase of MLT debt in Use of ECB s Long term refinancing operation (LTRO) to replace short-term funding: 5.1 billion euros in December billion euros in March 2012 Buffer of 4.4 billion euros of eligible assets in central banks, net of haircuts * Calculated based on net loans and customer deposits ** According to Bank of Portugal criteria 9

10 Future annual short and medium-long term refinancing needs are lower than in the past (Eur billion) Refinancing needs of medium-long term debt Already repaid * 4.0 ** >2018 Significant improvement of the funding structure 53% 59% 62% Customer deposits Funding > 1 year Funding < 1 year Reduction of funding needs benefitting from deleveraging at a steady pace Deposits are the main source of funding 23% 24% 25% 30% 15% 8% Lower short-term refinancing needs than in the past Dec 10 Dec 11 Mar 12 * Includes repurchase of own debt amounting 0.5 billion ** Includes 1.0 billion related to liability management transaction 10

11 Agenda Main Highlights Group Liquidity Capital Profitability Portugal International operations Conclusions 11

12 Core Tier I at 9.2% Consolidated Core Tier I ratio (%) 6.7% Core Tier I (M ) RWA (M ) 3, % +253bp 9.1% 9.3% +35.0% 9.2% 4,949 5,199 5,135 5, % 58,400 58,432 57,424 55,455 57,188 Mar 11 Jun 11 Sep 11 * Dec 11 Mar 12 Compliance with regulatory requirements Reinforcement of core tier I: - scrip dividend - exchange of subordinated debt by shares - rights issue - exchange of preference shares and subordinated debt in spite of the 77% Greek debt provisioning Reduction of RWA: - IRB extension to other credit portfolios - deleveraging Increase of RWA in March 12 vs. Dec. 11 (+1.7Bn ): - downgrade of clients rating, according to IRB, due to the deterioration of the macroeconomic situation, following the annual revision that occurs in the 1Q IRB methodology: IRB Advanced for the retail exposures associated to small companies or collateralized by commercial or residential real estate, and IRB Foundation for the corporate portfolio in Portugal, excluding real estate promotion segment and simplified rating system entities. Note: at the 1 st semester of 2009, the Bank received authorization from Bank of Portugal to adopt the internal model method to generic market risk and standard method for the operational risk * Includes impact of liability management transaction 12

13 Agenda Main Highlights Group Liquidity Capital Profitability Portugal International operations Conclusions 13

14 Income statement Consolidated 3M11 3M12 YoY Net interest income % Commissions % Other operating income >100% Banking income % Staff costs % Other operating costs % Operating costs % Reversal of provision associated with pension charges 31.4 Operational profit before impairment % Impairments and provisions % Income tax and non-controlling interests % Net income % Note: the previously disclosed financial statements were adjusted, on a proforma basis, due to the accounting change for OCI (Other Comprehensive Income) of the pension fund liabilities and the reclassification of securities impairment from trading income to other impairment and provisions 14

15 Income statement Consolidated NII commissions other income operating costs impairment and provisions taxes and noncontrolling interests 1 2 Impact of liability management of -48M (of which -10M from the conversion of preference shares) and remaining impact resulting from the increase in the deposits costs and volume effect not offset by credit repricing effect Impact of costs related to the issues with state guarantee of -15M and of the decrease in market commissions of -9M 3 Capital gain from debt repurchase of +96M 4 Reversal of provisions of 31M associated with pension charges in the Note: the previously disclosed financial statements were adjusted, on a proforma basis, due to the accounting change for OCI (Other Comprehensive Income) of the pension fund liabilities and the reclassification of securities impairment from trading income to other impairment and provisions 15

16 Net interest income decrease resulting from the increase in deposits cost and liability management transactions Net interest income Consolidated Portugal % vs. Commercial spread Market Interest rates evolution -35 Past due loans effect -25 Liability management -48 Other +20 Total -83 International operations -0.9% Net interest margin 1.78% 1.49% Excluding liability management 1.72% 16

17 Commissions affected by markets situation and state guaranteed operations Commissions Consolidated Portugal / % Banking commissions % Cards and transferences % Loans and guarantees % Bancassurance % Other commissions % Market related commissions % Securities operations % Asset management % Total comissions excluding state guarantee % International operations -7.4% State guarantee na Total commissions % 17

18 Operating costs containment in Portugal and costs under control in international operations, in spite of the expansion plan Operating costs * Consolidated -0.2% % 21.5 Portugal * -1.1% % % International operations % Depreciation Other administrative costs Staff costs * Excluding specific items which include reversal of provisions of 31.4 M associated with pension charges in Note: the previously disclosed financial statements were adjusted, on a proforma basis, due to the accounting change for OCI (Other Comprehensive Income) of the pension fund liabilities and the reclassification of securities impairment from trading income to other impairment and provisions 18

19 Credit quality and provisioning reflect the economic cycle Credit quality Consolidated Loans impairment on balance sheet Credit ratio: overdue and doubtful loans > 90 days overdue loans ratio > 90 days Total overdue and doubtful loans >90 days 6.9% 9.7% Credit coverage ratio: overdue and doubtful > 90 days 3.4% 5.0% overdue > % 100% days 5,221 2,692 2,529 6,982 3,384 3,598 50% 52% Impairment 88 bp charges net of 95 bp recoveries as % of gross loans 2,625 3,609 Doubtful loans Overdue > 90 days Overdue and doubtful loans ratio for more than 90 days increases to 9.7%, reflecting the deterioration of the macroeconomic situation. Nevertheless coverage ratio increased to 52% Credit at risk (including insolvencies and restructured credit) at 10.9% and coverage (by BS impairments and real estate and financial guarantees) above 100% 19

20 Diversified and well collateralised loan book and the majority of Portuguese public debt portfolio with low maturities Loan portfolio Loans by collateral 16% 3% 2% 3% 3% 6% 7% Other sectors Transp. and communications Other national activities Wholesale commerce Other int. activities Construction Real estate commercial and retail Companies 51% Mortgage 42% 61% 31% 8% With real estate guarantees With other guarantees Without guarantees LTV of mortgage portfolio in Portugal 11% Other services Consumer 6% Note: adjusted from a Repo transaction in the amount of 697 million euros as at 31 March 2012 Portuguese public debt portfolio Total: 4,456 millions 13% 8% 10% 22% 10% 22% 14% >90 Mortgage represents 42% of the total loan portfolio with a low level of delinquency and an average LTV of 68% > 2 years 35% > 1 year and < 2 years 29% < 1 year 36% Loans to companies represent 51% of the total loan portfolio, with a diversified distribution by activity sectors More than 90% of the loan portfolio is collateralised Around two thirds of Portuguese public debt have maturity of less than 2 years 20

21 Reinforced provisioning Credit impairment charges Impairment charges (gross) Mortgage 1.3 Consumer pb 95 pb Impairment charges net of recoveries as % of gross loans Companies Reinforcement of impairment charges with cost of risk increasing from 88bp to 95bp Out of the total charges in the, 78% were assigned to loans to companies, 21% to consumer credit and 1% to mortgage 21

22 Agenda Main Highlights Group Capital Liquidity Profitability Portugal International operations Conclusions 22

23 Clear deleveraging effort with deposits increase and loans reduction Customer funds * Loans to customers (gross) * -7.3% Balance sheet funds +6.7% 36,270 38,687 6,209 5, % 30,061 33,118 58,231 22,376 2, % -7.3% 53,998 21,510 2,631 14,363 11,752 33,016 29, % Other BS customer funds Deposits Off BS customer funds Mortgage Consumer loans Loans to companies *Adjusted from a Repo transaction in the amount of 697 million euros as at 31 March

24 Results in Portugal affected by macroeconomic context Net income % Banking income increases due to debt repurchase compensating the decrease in net interest income and commissions 14.6 Operating costs, excluding specific items, lower by 1.1% Banking income Operating costs * +0.2% % * Excluding specific items including reversal of provisions of 31.4 M associated with pension charges in Note: the previously disclosed financial statements were adjusted, on a proforma basis, due to the accounting change for OCI (Other Comprehensive Income) of the pension fund liabilities and the reclassification of securities impairment from trading income to other impairment and provisions 24

25 Net interest income decrease due to liability management transactions and deterioration of deposits margin (%, Eur million) Net interest income % Negative impact of liability management transactions concluded in the end 2011 Deterioration of deposits negative margin, penalized by competitive environment and by decrease in market interest rates NIM 1.52% 1.12% Repricing effort benefits credit spread, in spite of the volume decrease Deposits and credit average spreads vs. Eur3M Credit spread Deposits spread Euribor 3 months (%, quarterly average) Q11 3Q11 4Q11 2Q11 3Q11 4Q11 25

26 Sustained effort of loan portfolio repricing Corporate (contractual spread, %) Mortgage (contractual spread, %) Portfolio New production Portfolio Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 2Q11 3Q11 4Q11 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 2Q11 3Q11 4Q11 Loans to companies (55% of total loans): Spreads increased by 114 bp YoY Mortgage (40% of total loans): Portfolio spreads of 114 bp New production with average spreads of 281 bp 26

27 Commissions affected by markets situation and state guaranteed operations / Banking commissions % Cards and transferences % Loans and guarantees % Bancassurance % Other commissions % Market related commissions % Securities operations % Asset management % Total comissions excluding state guarantee % State guarantee na Total commissions % 27

28 Continued reduction of operating costs in Portugal Operating costs * -1.1% % % % Staff costs Adm. costs Depreciation * Excluding specific items which include reversal of provisions of 31.4 M associated with pension charges in Note: the previously disclosed financial statements were adjusted, on a proforma basis, due to the accounting change for OCI (Other Comprehensive Income) of the pension fund liabilities and the reclassification of securities impairment from trading income to other impairment and provisions 28

29 Reinforced impairment, in line with macroeconomic challenges (%, Eur million) Credit quality Loans impairments on balance sheet Credit ratio: overdue and doubtful loans > 90 days overdue loans ratio > 90 days Total overdue and doubtful loans >90 days 7.5% 10.7% overdue > % 5.1% days 107% 104% 4,345 2,431 1,915 5,873 3,071 2,802 Credit coverage ratio: overdue and doubtful > 90 days 47% 49% Impairment charges 91 bp net of recoveries as 97 bp % of gross loans 2,052 2,903 Doubtful loans Overdue > 90 days Total overdue and doubtfull loans for more than 90 days increased to 10.7% as a result of the deterioration of the macroeconomic situation. The coverage ratio increased to 49% Credit at risk ratio (including insolvency and restructured credit) at 11.2% and coverage (by BS impairments and real estate and financial guarantees) above 100% 29

30 Agenda Main Highlights Group Liquidity Capital Profitability Portugal International operations Conclusions 30

31 Significant improvement in international operations Net income 3M11 3M12 YoY YoY in local currency International operations % 44.8% Poland % 8.8% Mozambique % -7.6% +8.9% Angola % 20.5% Greece % na Romania % 45.9% Other and non-controlling interests na na 31

32 Recovery in Poland and consistent growth in Africa Net income % Mar 05 Mar 06 Mar 07 Mar 08 Mar 09 Mar 10 32

33 Poland: growth of customer funds and loans to customers Customer funds * Loans to customers (net) +7.0% +11.6% 9,629 10,298 8, % 9, Consumer 5, % 6,562 Mortgage 2, % 2,521 Companies Growth in deposits, both in retail (5.8%) and companies (+8.8%) Strong growth in assets under management (22%) Strong growth in loans to companies (+16.9%) Increase in new corporate clients by 1,860 Total number of individuals current accounts reach 1.7 million * Includes deposits, bank s bonds sold to individuals and investment products Excluding FX effect. Rates PLN used: Profit and Loss account: ; Balance Sheet:

34 More profitable and efficient operation with better asset quality and lower cost of risk Net income +8.8% Net income increases by 8.8% versus the same quarter of 2011, boosted by net interest income growth, strict costs control and lower cost of risk Banking income grew by 4.1% ROE 9.7% 9.7% Banking income Operating costs +4.1% % Excluding FX effect. Rates PLN used: Profit and Loss account: ; Balance Sheet:

35 Strong net interest income growth Net interest income * +8.2% Net commission income -11.6% NIM evolution * NIM 2.4% 2.6% 2.6% 2.5% 2.4% 3.0% 3.0% 2.9% 2.9% 2.9% 0.2% Credit 0.4% 0.4% Deposits 0.2% 0.2% Net interest income * up 8.2% vs. 1Q2011 Commissions decreased by 11.6% versus 1Q2011, mainly due to lower capital market related commissions. Increase by 2.9% vs. previous quarter 2Q11 3Q11 4Q11 * Pro-forma data. Margin from all derivatives, including those from hedging FX denominated loan portfolio, is presented in Net Interest Income, whereas in accounting terms part of this margin (4.1M in 1Q2011 and -0.1M in 1Q 2012) is presented in net trading income Excluding FX effect. Rates PLN used: Profit and Loss account: ; Balance Sheet:

36 Cost to income improvement, in spite of operating costs increase Operating costs Number of employees +3.6% ,154 6, % % 34.1 Cost-toincome ratio Other administrative costs * Staff costs 62.1% 61.8% Staff costs increased as a result of an increase in social security contributions Administrative costs (incl. depreciation) increased only 0.6%, as a result of strict cost control Cost-to-income ratio improves to 61.8% * Including depreciation Excluding FX effect. Rates PLN used: Profit and Loss account: ; Balance Sheet:

37 Sustained improvement in credit quality : overdue loans ratio for more than 90 days of 2.5% and coverage at 119% Credit quality Impairment charges Overdue loans >90 days 105% Overdue loans >90 days coverage Overdue loans 3.0% > 90 days ratio 2.5% % 248 Impairment 41bp * charges as % 37bp * of average net loans +1.2% Overdue loans for more than 90 days ratio decreased to 2.5%, thanks to the significant improvement in companies credit portfolio quality and to stable, good quality in mortgage portfolio Adequate coverage ratio of overdue loans for more than 90 days at 119% Lower cost of risk in (37 bp) vs. (41bp) * Impairment charges/average net loans in the period (in bps, annualized) Excluding FX effect. Rates PLN used: Profit and Loss account: ; Balance Sheet:

38 Mozambique: customer funds growth and loans with a low delinquency level Customer funds Loans to customers (gross) 524% Overdue loans >90 days coverage ratio 436% % 1,245 Overdue loans 1.1% > 90 days ratio 1.8% % -9.9% +30.0% % 668 Mar11 Mar 12 Mortgage Consumer loans Loans to companies 38

39 Increase in banking income and operating costs in line with expansion plan Net income % 22.9 Net income rises 11.5% ROE reaches 29.8% Net income evolution supported by banking income good performance (+27.1%), specially in net interest income, commissions and trading income ROE 41.9% 29.8% Ongoing expansion plan GDP growth in Mozambique remains at high levels: 6.7% in 2012(P) and 7.2% in 2013(P) * Banking income Operating costs +27.1% % 23.0 * Source: International Monetary Fund (World Economic Outlook Database, April 2012) 39

40 Significant growth in commissions, efficiency affected by the ongoing expansion plan Net interest income Operating costs % % Cost-to-income ratio 37.9% +2.9pp 40.8% Commissions % 8.8 Depreciation Other administrative costs Staff costs Employees Branches +14.0% 2, % 2, Mar11 Mar12 40

41 Angola: strong customer funds growth Customer funds Loans to customers (gross) +35.7% 219% Overdue loans >90 days coverage ratio 177% 818 Overdue loans 2.0% > 90 days ratio 3.2% +3.8%

42 Strong net income growth, driven by revenues and volumes increase, in spite of the ongoing expansion plan Net income Net income rises 22.5% +22.5% ROE of 19.5% Strong growth in revenues and deposits Ongoing expansion plan ROE 21.6% 19.5% GDP growth in Angola remains at high levels: 9.7% in 2012 (P) and 6.8% in 2013 (P) * Banking income 26.0 Operating costs +14.1% +23.7% * Source: International Monetary Fund (World Economic Outlook Database, April 2012) 42

43 Strong increase in core income and operating costs in line with expansion plan Net interest income % 17.4 Operating costs +23.7% Q11 Cost-to-income ratio 2Q % +4.4 pp 57.5% Commissions % 5.0 Employees Depreciation Other administrative costs Staff costs Branches +26.5% +61.5% Q11 43

44 Agenda Main Highlights Group Liquidity Capital Profitability Portugal International operations Conclusions 44

45 Highlights Improvement in Commercial gap: commercial gap (net loans to customers less customer deposits) decreases by 9.0 billion euros and loan to deposit ratio (BoP) * decreased to 137.8% vs.161.7% as at March 2011, while net loans to balance sheet customer funds ratio stands at 123.7% Liquidity Customer deposits up 8.8% ** vs. the same period of 2011, with a 10.2% increase in Portugal and 6.1% in international operations Loans evolution in line with liquidity plan: -5,4% ** vs. the same period of 2011 Capital Core tier I of 9.2% in March 2012 versus 6.7% in March 2011 Accumulated net income reaches 40.8 million euros in the first quarter of 2012, a 55% decrease vs. the same period of the previous year International operations net income up by 56%, significantly increasing the contribution to consolidated net income from 19% to 64% Profitability Operating income up 2.6% in the first quarter of 2012 vs. the same period of 2011, benefiting from trading gains Cost containment, excluding specific items : operating costs down by 0.2% on an annual basis, mainly due to the performance in Portugal Reinforcement of impairment charges reaching a 5.0% coverage of total portfolio in the first quarter of 2012 * According to Bank of Portugal criteria **Adjusted from a Repo transaction in the amount of 697 million euros as at 31 March 2012 Note: the previously disclosed financial statements were adjusted, on a proforma basis, due to the accounting change for OCI (Other Comprehensive Income) of the pension fund liabilities and the reclassification of securities impairment from trading income to other impairment and provisions 45

46 Annexes 46

47 Public debt exposure Portugal Poland Mozambique Angola Greece Romania Ireland Others Total * Trading book < 1 year > 1 year and <2 years > 2 years Banking book 3, ,104 < 1 year 1, ,495 > 1 year and <2 years 1, ,660 > 2 years 1, ,950 Total 4,456 1, ,887 < 1 year 1, ,063 > 1 year and <2 years 1, ,707 > 2 years 1, ,117 Total public debt of 6.9 billion euros, of which 4.8 billion with maturity less than 2 years The Portuguese and Greek public debt of respectively 4,456 and 108 million euros compares with 5,143 and 671 million in September 2011, that was the basis for the EBA exercise * The values are net of 533 million euros of impairments 47

48 Greece: affected by the deepening of the country s economic recession Net Income Banking income Operating costs % -17.7% Lower losses than last year s, benefiting from the capital gain obtained with the sale of bonds Net interest income at 7.6 million euros, reflecting a lower loans volume and intense competition for deposits Commissions of 4.8 million euros on, 10.7% down from Reinforcement of impairment charges by 18.0 million euros in, increasing 45.1% from 2011 as a result of overdue loans increase, reflecting the current macroeconomic condition Operating costs down by 17.7% at 23.3 million euros, reflecting the costs containment policy, with the closure of 35 branches and reduction of 244 employees Mortgage Consumer Companies Loans to customers (gross) Customer funds * Branches -4.4% 5,048 4,827 2, , ,361 2, Employees +3.7% 2,953 3, ,452 1,208 * Values presented exclude third parties mutual funds 48

49 Romania: strong cost containment policy and loans volumes growth Net income Banking income Operating costs % -18.0% Net income improved versus, boosted by impairment charges decrease Strong cost containment policy Loans to customers growth still subject to clearly conservative risk criteria Deposits evolution conditioned by net interest income protection policy. The Bank decided to reduce interest rates offered on time deposits in a negative spreads context Loans to customers (gross) Customer funds % % Branches Employees

50 Financial Statements 50

51 Consolidated Balance Sheet and Income Statement Assets 31 March December (Thousands of Euros) 31 March March 2012 (Thousands of Euros) 31 March 2012 Cash and deposits at central banks 1,883,922 2,115,945 1,564,141 Loans and advances to credit institutions Repayable on demand 1,130,660 1,577, ,217 Other loans and advances 2,365,719 2,913,015 1,230,261 Loans and advances to customers 68,330,387 68,045,535 72,689,673 Financial assets held for trading 2,066,045 2,145,330 4,052,975 Financial assets available for sale 6,266,559 4,774,114 2,879,766 Assets with repurchase agreement 9, ,726 Hedging derivatives 471, , ,787 Financial assets held to maturity 3,908,114 5,160,180 6,746,586 Investments in associated companies 386, , ,723 Non current assets held for sale 1,096,777 1,104,650 1,005,750 Investment property 562, , ,251 Property and equipment 608, , ,891 Goodwill and intangible assets 249, , ,532 Current tax assets 34,536 52,828 29,200 Deferred tax assets 1,540,229 1,564,538 1,002,367 Other assets 1,117,871 1,790, ,909 Liabilities 92,028,648 93,482,076 95,176,755 Amounts owed to credit institutions 18,754,271 17,723,419 19,408,731 Amounts owed to customers 49,526,288 47,516,110 44,866,925 Debt securities 14,560,815 16,236,202 17,098,510 Financial liabilities held for trading 1,265,779 1,478, ,348 Other financial liabilities at fair value through profit and loss 315,768 2,578,990 4,078,118 Hedging derivatives 376, , ,003 Provisions for liabilities and charges 252, , ,141 Subordinated debt 1,160,119 1,146,543 1,352,633 Current income tax liabilities 13,015 24,037 8,666 Deferred income tax liabilities 1,249 2,385 - Other liabilities 1,242,633 1,647,208 1,436,792 Equity Total Liabilities 87,468,790 89,107,706 89,590,867 Share capital 6,065,000 6,065,000 4,694,600 Treasury stock (11,448) (11,422) (83,223) Share premium 71,722 71, ,122 Preference shares 171, ,175 1,000,000 Other capital instruments 9,853 9,853 1,000,000 Fair value reserves (292,284) (389,460) (241,545) Reserves and retained earnings (2,063,529) (1,241,490) (1,548,812) Profit for the period attributable to Shareholders 40,759 (848,623) 90,099 Total Equity attributable to Shareholders of the Bank 3,991,248 3,826,755 5,103,241 Non-controlling interests 568, , ,647 Total Equity 4,559,858 4,374,370 5,585,888 92,028,648 93,482,076 95,176,755 Interest income 1,012, ,874 Interest expense (695,170) (545,310) Net interest income 317, ,564 Dividends from equity instruments Net fees and commission income 169, ,425 Net gains / losses arising from trading and hedging activities 168,778 (742) Net gains / losses arising from available for sale financial assets 7,048 27,221 Net gains / (losses) arising from financial assets held to maturity 15,510 - Other operating income (11,126) 18, , ,820 Other net income from non banking activity 4,719 5,104 Total operating income 672, ,924 Staff costs 206, ,620 Other administrative costs 141, ,408 Depreciation 21,478 24,828 Operating costs 369, ,856 Operating profit before provisions and impairments 303, ,068 Loans impairment (170,264) (166,567) Other financial assets impairment (816) (2,742) Other assets impairment (36,955) (25,092) Other provisions (8,513) (3,524) Operating profit 86, ,143 Share of profit of associates under the equity method 12,851 16,730 Gains / (losses) from the sale of subsidiaries and other assets (8,058) (3,234) Profit before income tax 91, ,639 Income tax Current (20,997) (25,291) Deferred (11,193) 10,529 Profit after income tax 59, ,877 Attributable to: Shareholders of the Bank 40,759 90,099 Non-controlling interests 18,541 18,778 Profit for the period 59, ,877 Earnings per share (in euros) Basic Diluted Note: the previously disclosed financial statements were adjusted, on a proforma basis, due to the accounting change for OCI (Other Comprehensive Income) of the pension fund liabilities and the reclassification of securities impairment from trading income to other impairment and provisions 51

52 Consolidated Income Statement (Quarterly Evolution) For the 3 month period ended 31 March, 2011 and 2012 Quarterly Year-to-date 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 Δ % 12 / 11 Net interest income % Dividends from equity instruments >100% Net fees and commission income % Other operating income <-100% Net trading income >100% Equity accounted earnings % Banking income % Staff costs % Other administrative costs % Depreciation % Operating costs % Operating profit bef. imp % Loans impairment (net of recoveries) % Goodwill impairment Other impairm. and provisions % Profit before income tax , % Income tax >100% Non-controlling interests % Net income % Note: the previously disclosed financial statements were adjusted, on a proforma basis, due to the accounting change for OCI (Other Comprehensive Income) of the pension fund liabilities and the reclassification of securities impairment from trading income to other impairment and provisions 52

53 Consolidated Income Statement (Portugal and International operations) For the 3 month period ended 31 March, 2011 and 2012 International operations Group P ortugal Total Bank M illennium (P oland) M illennium bim (M o z.) M illennium Angola Other int. operations M ar 11 M ar 12 Δ % M ar 11 M ar 12 Δ % M ar 11 M ar 12 Δ % M ar 11 M ar 12 Δ % M ar 11 M ar 12 Δ % M ar 11 M ar 12 Δ % M ar 11 M ar 12 Δ % Interest income 947 1, % % % % % % % Interest expense % % % % % % % Net interest income % % % % % % % Dividends from equity instruments 0 0 >100% 0 0 >100% % % % Intermediation margin % % % % % % % Net fees and commission income % % % % % % % Other operating income <-100% <-100% 0 0 <-100% % % 0 0 >100% % Basic income % % % % % % % Net trading income >100% >100% % % % % 3 23 >100% Equity accounted earnings % % Banking income % % % % % % % Staff costs % % % % % % % Other administrative costs % % % % % % % Depreciation % % % % % % % Operating costs % % % % % % % Operating profit bef. imp % % % % % % -1 7 >100% Loans impairment (net of recoveries) % % % % 2 6 >100% % % Other impairm. and provisions % % -1-1 <-100% % 0 0 <-100% 0 0 >100% % P rofit before income tax % % % % % % % Income tax >100% 4 20 >100% % % % % % Non-controlling interests % -1-3 <-100% % % % Net income % % % % % % % Note: the previously disclosed financial statements were adjusted, on a proforma basis, due to the accounting change for OCI (Other Comprehensive Income) of the pension fund liabilities and the reclassification of securities impairment from trading income to other impairment and provisions 53

54 Investor Relations Division: Rui Coimbra, Head of Investor Relations Francisco Pulido Valente João Godinho Duarte Tl: 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 and the share capital of EUR 6,064,999,986 54