FINAL TERMS. Neither the Issuer nor any Dealer has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances

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1 FINAL TERMS 24 th Jue 2010 Baco Comercial Português, S.A (the Bak ) Issue of EUR 1,539,000 Idex Liked Iterest Notes Ivestimeto Opção Tripla Jue 2013 due 29 th Jue 2013 issued pursuat to the EUR 25,000,000,000 Euro Note Programme guarateed by Baco Comercial Português, S.A. actig through its iteratioal Madeira brach "Sucursal Fiaceira Iteracioal" The Offerig Circular referred to below (as completed by these Fial Terms) has bee prepared o the basis that, except as provided i sub-paragraph (ii) below, ay offer of Notes i ay Member State of the Europea Ecoomic Area which has implemeted the Prospectus Directive (2003/71/EC) (each, a Relevat Member State ) will be made pursuat to a exemptio uder the Prospectus Directive, as implemeted i that Relevat Member State, from the requiremet to publish a prospectus for offers of the Notes. Accordigly ay perso makig or itedig to make a offer of the Notes may oly do so: (i) (ii) i circumstaces i which o obligatio arises for the Issuer or ay Dealer to publish a prospectus pursuat to Article 3 of the Prospectus Directive or supplemet a prospectus pursuat to Article 16 of the Prospectus Directive, i each case, i relatio to such offer; or i those Public Offer Jurisdictios metioed i Paragraph 35 of Part A below, provided such perso is oe of the persos metioed i Paragraph 35 of Part A below ad that such offer is made durig the Offer Period specified for such purpose therei. Neither the Issuer or ay Dealer has authorised, or do they authorise, the makig of ay offer of Notes i ay other circumstaces PART A CONTRACTUAL TERMS This documet costitutes the Fial Terms relatig to the issue of Notes described herei. Terms used herei shall be deemed to be defied as such for the purposes of the Coditios set forth i the Offerig Circular dated 23 rd April 2010, as supplemeted by the Supplemet dated 6 th May 2010 ad by the Supplemet dated 24 th May 2010, which costitutes a base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the Prospectus Directive ). This documet costitutes the Fial Terms of the Notes described herei for the purposes of Article 5.4 of the Prospectus Directive ad must be read i couctio with the Offerig Circular. Full iformatio o the Issuer ad the offer of the Notes is oly available o the basis of the combiatio of these Fial Terms ad the Offerig Circular. The Offerig Circular is available for viewig durig ormal busiess hours at Lodo Stock Exchage, 10 Pateroster Square, Lodo, EC4M 7LS ad ad copies may be obtaied from Lodo Stock Exchage, 10 Pateroster Square, Lodo, EC4M 7LS 1. (i) Issuer: Baco Comercial Português, S.A. actig through its head office (ii) Guarator: Brach through which the Bak is actig: 2. (i) Series Number: 722 1

2 (ii) Trache Number: 3. Specified Currecy or (i the case of Dual Currecy Notes) Currecies EURO (EUR) 4. Aggregate Nomial Amout: Trache: Series: EUR 1,539, Issue Price of Trache: per cet of the Aggregate Nomial Amout 6. (i) Specified Deomiatios: EUR 1, per Note (ii) Calculatio Amout EUR 1, per Note 7. (i) Issue Date: Jue 29, 2010 (ii) Iterest Commecemet Date: 8. Maturity Date: Jue 29, Iterest Basis: Idex Liked Iterest (Further particulars specified below) 10. Redemptio/Paymet Basis: Redemptio at par 11. Chage of Iterest Basis or Redemptio/Paymet Basis: 12. Put/Call Optios: 13. (i) Status of the Notes: Seior (ii) If Perpetual: No (iii) Date of Board approval: May 4, Method of distributio: No-sydicated (a) (b) If sydicated, ames of Maagers ad if osydicated, ames of Dealers: Presumptio that Dealer is sellig as pricipal o its ow accout ad ot as aget is correct: Baco Comercial Português, S.A. Yes PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 15. Fixed Rate Note Provisios 16. Floatig Rate Note Provisios 17. Zero Coupo Note Provisios 18. Idex Liked Iterest Note Provisios Applicable 2

3 Idex/Formula: O each INTEREST PAYMENT DATE, =1 to 3, the Issuer shall pay a Iterest accordig to the followig: ( Iterest Idex ) Iterest = NV Max ; 1 Where: Iterest Observatio Dates & Iterest Paymet Dates: Iterest Observatio Dates Iterest Paymet Dates 1 Jue 16, 2011 Jue 29, Jue 16, 2012 Jue 29, Jue 16, 2013 Jue 29, 2013 Iterest : the Iterest which will be paid per Note o the Iterest Paymet Date. For the avoidace of doubt, o the first INTEREST PAYMENT DATE. Iterest = 0% 1 Idex P i If Mi 120 %, = P0 Pi If 120 % > Mi = P0 = Pi If 110 % > Mi = P0 P i If Mi < 100 %, = P0 Idex Idex = 9.75 % = 0.00 % NV: Nomial Value EUR 1,000 per Note %, %, Idex Idex = = 6.50 % 3.25 % 3

4 Pi : The official closig value of the Share (=1 to 4) I the Basket o the INTEREST OBSERVATION DATE (=1 to 3). P0 : REFERENCE VALUE: the official closig value of Share (1 4) i the Basket o 29 Jue Basket: The Basket is composed of the followig Shares Share Bloomberg Code 1 Vodafoe Plc. VOD LN Equity 2 Telefoica S.A. TEF SM Equity 3 Saofi-Avetis SAN FP Equity 4 The Coca-Cola Compay KO UN Equity If ay of these dates is ot a MARKET BUSINESS DAY for Share, the date will be adusted to the followig MARKET BUSINESS DAY for all Shares of the Basket. If ay of the above Iterest Observatio Dates, is ot a MARKET BUSINESS DAY, the date will be adusted to the followig MARKET BUSINESS DAY for all Shares i the Basket. If ay of the above Iterest Paymet Dates, is ot a BUSINESS DAY, the paymet will occur o the followig Busiess Day. MARKET BUSINESS DAY: a day i which the relevat stock exchage ad the relevat related stock exchages are ope ad tradig. MARKET DISRUPTION EVENT: Ay evet that causes suspesio, restrictio or limitatio to free trade of ay Share i the Basket ad is cosidered as havig a material impact, by the CALCULATION AGENT If a MARKET DISRUPTION EVENT occurs ad the CALCULATION AGENT cosiders havig a material impact, the date will be adusted to the followig day o which this restrictio has ceased to exist. If this restrictio is verified for more tha three cosecutive days the CALCULATION AGENT will determie the value of the affected Share(s) i the BASKET. 4

5 (ii) Calculatio Aget: Baco Comercial Português, S.A. (iii) (iv) Party resposible for calculatig the Rate of Iterest (if ot the Calculatio Aget) ad Iterest Amout (if ot the Aget): Provisios for determiig coupo where calculatio by referece to Idex ad/or Formula is impossible or impracticable: If a MARKET DISRUPTION EVENT occurs ad the CALCULATION AGENT cosiders as havig a material impact, the date will be adusted to the followig day o which this restrictio has ceased to exist. If this restrictio is verified for more tha three cosecutive days the CALCULATION AGENT will determie the value of the affected Share(s) i the BASKET. (v) Specified Period(s)/Specified Iterest Paymet Dates: Upo the occurrece of ay evet that the CALCULATION AGENT cosiders that materially affects the Share(s) i the Basket, the CALCULATION AGENT shall make the ecessary adustmets to preserve the fair value of the ivestmet. 29 Jue of each year, startig o 29 Jue 2011 ad edig o the Maturity Date. (vi) Busiess Day Covetio: (vii) Additioal Busiess Cetre(s): (viii) Miimum Rate of Iterest: (ix) Maximum Rate of Iterest: Followig Busiess Day Covetio. For the avoidace of doubt the Busiess Cetres will be Lodo ad TARGET Zero per cet per aum 9.75 per cet per aum (x) Day Cout Fractio : 30/ Dual Currecy Note Provisios PROVISIONS RELATING TO REDEMPTION 20. Issuer Call 21. Ivestor Put 22. Fial Redemptio Amout of each Note EUR 1, per Calculatio Amout 5

6 23. Early Redemptio Amout(s) payable o redemptio for taxatio reasos or o evet of default ad/or the method of calculatig the same (if required or if differet from that set out i Coditio 7(e)): GENERAL PROVISIONS APPLICABLE TO THE NOTES 24. Form of Notes: (a) Form: Book Etry Notes (omiativas) (b) New Global Note: No 25. Additioal Fiacial Cetre(s) or other special provisios relatig to Paymet Dates: 26. Talos for future Coupos or Receipts to be attached to Defiitive Bearer Notes (ad dates o which such Talos mature): 27. Details relatig to Partly Paid Notes: amout of each paymet comprisig the Issue Price ad date o which each paymet is to be made ad cosequeces of failure to pay, icludig ay right of the issuer to forfeit the Notes ad iterest due o late paymet: 28. Details relatig to Istalmet Notes: For the avoidace of doubts the Busiess Cetres will be Lodo ad Target No (i) Istalmet Amout(s): (ii) Istalmet Date(s): 29. Redeomiatio applicable: Redeomiatio ot applicable 30. Other fial terms: Applicable The Notes are cosidered complex fiacial istrumets ( produto fiaceiro complexo ) uder Decree-Law o. 211-A/2008, of 9 November 2008 eacted by the Portuguese Govermet. The paymet of Iterest is ot guarateed. See paragraph 18 (i) It is ot possible to request a Early Redemptio. 6

7 DISTRIBUTION 31. (i) If sydicated, ames of Maagers: (ii) (iii) Date of Sydicatio Agreemet: Stabilisig Maager(s) (if ay):. 32. If o-sydicated, ame ad address of relevat Dealer: Baco Comercial Português, S.A. Praça D.João I, Porto 33. Total commissio ad cocessio: Zero per cet of the Aggregate Nomial Amout 34. U.S. Sellig Restrictios: TEFRA C 35. No exempt Offer: A offer of the Notes may be made by the Dealers i Portugal (Public Offer Jurisdictio) durig the period from 10 th May 2010 util 18 th Jue 2010 (Offer Period). 36. U.S. federal icome tax cosideratios additioal to those disclosed i the Offerig Circular: 37. Additioal sellig restrictios: PURPOSE OF FINAL TERMS These Fial Terms comprise the fial terms required for issue ad public offer i the Public Offer Jurisdictios of the Notes described herei pursuat to the EUR 25,000,000,000 Euro Note Programme of Baco Comercial Português, S.A., actig either through its head office or through its iteratioal Madeira brach Sucursal Fiaceira Iteracioal ad BCP Fiace Bak, Ltd. 7

8 RESPONSIBILITY The Issuer accepts resposibility for the iformatio cotaied i these Fial Terms. Iformatio about the past ad future performace ad volatility of the 4 Shares i the Basket ca be obtaied at Bloomberg: Share Vodafoe Plc. Telefoica S.A. Saofi-Avetis The Coca-Cola Compay Bloomberg code VOD LN Equity TEF SM Equity SAN FP Equity KO UN Equity The Issuer cofirms that such iformatio has bee accurately reproduced ad that, so far as it is aware ad is able to ascertai from iformatio published by the source above, o facts have bee omitted which would reder the reproduced iformatio iaccurate or misleadig. Siged o behalf of the Issuer: By:... Duly authorised By:... Duly authorised 8

9 1. Listig ad Admissio to Tradig PART B OTHER INFORMATION 2. Ratigs The Notes have ot bee specifically rated. 3. Iterests of Natural ad Legal Persos Ivolved I the Issue Save for ay fees payable to the Dealers, so far as the Issuer is aware, o perso ivolved i the issue of the Notes has a iterest material to the offer. 4. Reasos for the Offer, Estimated Net Proceeds ad Total Expeses (i) Reasos for the offer See Use of Proceeds wordig i Offerig Circular. (ii) Estimated et proceeds: EUR 1,539, (iii) Estimated total expeses: Noe. 5. Yield Idicatio of yield: 6. Historic Iterest Rates 7. Performace of Idex/Formula, Explaatio of Effect o Value of Ivestmet ad Associated Risks ad Other Iformatio Cocerig the Uderlyig The value of this ivestmet depeds o the evolutio of the followig 4 Shares i the Basket. Iformatio about the past ad future performace ad volatility of the Shares i the Basket ca be ca be obtaied o Bloomberg: Share Vodafoe Plc. Telefoica S.A. Saofi-Avetis The Coca-Cola Compay Bloomberg code VOD LN Equity TEF SM Equity SAN FP Equity KO UN Equity The value of this ivestmet beefits from the positive evolutio of the 4 Shares i the Basket. At the Maturity Date, the Notes will be redeemed at their Nomial Value (EUR per Note). O each Iterest Paymet Date the Issuer will pay a Iterest accordig to the followig: A. If the value of each of the 4 Shares i the Basket o the Iterest Observatio Date (aually), is equal to or higher tha 120% of its Referece Value, the the Iterest will be equal to the maximum betwee the last Iterest paid ad EUR 97,50 per Note; B. If the value of each of the 4 Shares i the Basket o the Iterest Observatio Date, is equal to or higher tha 110% of its Referece Value ad lower tha 120% of its Referece Value, the the Iterest will be equal to the maximum betwee the last Iterest paid ad EUR 65,00 per Note; 9

10 C. If the value of each of the 4 Shares i the Basket o the Iterest Observatio Date, is equal to or higher tha its Referece Value ad lower tha 110% of its Referece Value, the the Iterest will be equal to the maximum betwee the last Iterest paid ad EUR 32,50 per Note; D. If the value of each of the 4 Shares i the Basket o the Iterest Observatio Date, is lower tha its Referece Value, the the Iterest will be equal to the maximum betwee the last Iterest paid ad EUR 0,00 per Note. O the first Iterest Paymet Date, the last Iterest paid is cosidered to be EUR REFERENCE VALUE: the official closig value of Share (1 4) i the Basket o 29 Jue The ivestor's pricipal is guarateed 100% at maturity. 8. Performace of Rates of Exchage ad Explaatio of Effect o Value of Ivestmet 9. Operatioal Iformatio (i) ISIN Code: PTBIPBOM0066 (ii) Commo Code: (iii) Ay clearig system(s) other tha Euroclear Bak S.A./N.V. ad Clearstream Bakig, société aoyme ad the relevat idetificatio umber(s): Iterbolsa Sociedade Gestora de Sistemas de Liquidação e de Sistemas Cetralizados de Valores Mobiliários, S.A. (iv) Delivery: Delivery agaist paymet (v) (vi) Names ad addresses of additioal Payig Aget(s) (if ay): Iteded to be held i a maer which would allow Eurosystem eligibility: No 10. Terms ad Coditios of the Offer Offer Price: Coditios to which the offer is subect: Descriptio of the applicatio process: EUR 1, per Note Subscriptios ca be made at ay brach of the Baco Comercial Português, S.A. ad of Baco ActivoBaK (Portugal), S.A., or, respectively, through the followig websites, ad or furthermore through other chaels provided by the Milleium bcp ad ActivoBak7 (eg telephoe). 10

11 Details of the miimum ad/or maximum amout of applicatio: Descriptio of possibility to reduce subscriptios ad maer for refudig excess amout paid by applicats: Details of the method ad time limits for payig up ad deliverig the Notes: Maer i ad date o which results of the offer are to be made public: Procedure for exercise of ay right of preemptio, egotiability of subscriptio rights ad treatmet of subscriptio rights ot exercised: Categories of potetial ivestors to which the Notes are offered ad whether trache(s) have bee reserved for certai coutries: Process for otificatio to applicats of the amout allotted ad the idicatio whether dealig may begi before otificatio is made: Amout of ay expes(es) ad taxes specifically charged to the subscriber or purchaser: Name(s) ad address(es), to the extet kow to the Issuer, of the placers i the various coutries where the offer takes place. The amouts to be subscribed deped o the outstadig Aggregate Nomial Amout at the subscriptio date. Miimum subscriptio amout is EUR 1, ad maximum subscriptio amout is limited by the Aggregate Nomial Amout After the ed of the Offer Period, the results will immediately be published i CMVM ( Comissão do Mercado de Valores Mobiliários ) website: http: The Notes will be offered to the public i geeral The Notes are allocated i the order of subscriptio requests ad, therefore, the applicat will be iformed of the amout allotted upo such request. There will be o place for dealig before the settlemet date. Expeses: Zero per cet of the Aggregate Nomial Amout ad taxes: See Taxatio wordig i Offerig Circular Baco Comercial Português, S.A. Praça D. João I, Porto 11

Mark to Market Procedures (06, 2017)

Mark to Market Procedures (06, 207) Risk Maagemet Baco Sumitomo Mitsui Brasileiro S.A CONTENTS SCOPE 4 2 GUIDELINES 4 3 ORGANIZATION 5 4 QUOTES 5 4. Closig Quotes 5 4.2 Opeig Quotes 5 5 MARKET DATA 6 5.