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 The figures for Greek operation was restated in 2012 following the process of discontinuing this operation and aggregated into a single income statement item defined as Income arising from discontinued operations. Values for the first six months of 2012 and 2013 were subject to limited revision by External Auditors 2

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

4 Highlights of 1 st half of 2013 Conclusion of the sale of the Greek operation, agreement with DG Comp, capitalisation strengthening, comfortable liquidity position and signs of operational recovery in Portugal allow us to be better prepared for future challenges, despite the demanding year of 2013 DG Comp agreement DG Comp agreement formally approved in the forthcoming weeks (detailed disclosure on that date) Commercial gap improvement: reduction by 7.8 billion euros from June 2012, with net loans to deposits ratio (BoP) at 123% and net loans to balance sheet customer funds standing at 110% Liquidity comfortable situation Capital reinforced and above requirements Customer deposits up 4,7%* year-on-year, with deposit growth of +3.2% in Portugal Loans to customers evolution in line with the liquidity improvement, with stability in credit to companies in Portugal in 2013 Liquidity position allowed us to reduce 1.75 billion euros of the issue guaranteed by the State, with 24 million euros of annual savings in commissions Core tier I reaches 12.5% according to BoP, above 12.1% in June Core tier I ratio of 10.0% according to EBA (11.7% adjusted for 30 June 2013 buffer values) Consolidated net income at -488 million euros, comparing with -544 million euros in the same period of 2012, in line with the plan and according to the macroeconomic environment developments Profitability with signs of operational recovery Contribution of international operations (excluding Greece) to consolidated net income of 84 million euros, an increase of 12.7% compared to the first half of 2012 Increase of 11.3% in core income in Portugal, during the 2 nd quarter, compared to the previous quarter, showing signs of recovery in operating income Reduction in operating costs by 16.5%** in Portugal year-on-year Significant increase in provisioning while keeping the target for cost of risk for 2013 * On a comparable basis: excluding Greece, following the sale of the operation ** Excludes specific items: restructuring costs (+2.7M in the and +11.2M in the ) and the impact of the legislative change related to mortality allowance (-64.0 M in the and -7.5 M in the ) 4

5 Highlights of 1 st half of 2013 DG Comp agreement 1. Agreement between the European Commission and the Portuguese authorities regarding the restructuring plan for BCP 2. The Plan includes an improvement in Portugal s profitability through further significant efforts to reduce costs and a clear focus on bank s core markets and businesses 3. Formal approval of the agreement and the disclosure of its main points is expected in the forthcoming weeks Loan to deposit ratio* 138% 121% -15pp 123% 110% Net loans to BS customer funds ratio * Calculated with net loans and customer deposits (according to BoP criteria) Customer deposits (Billion euros) +4.7% % 14.1 Core tier I (%) (%) +0.4pp 12.1% 12.5% % % Portugal International operations * On a comparable basis: excluding Greece, following the sale of the operation Jun 12 BdP Jun 13 BdP Jun 13 EBA 5

6 Highlights of 1st half of 2013 Net income Contribution of the international operations (excluding Greece) +12.7% Core income in Portugal Net interest income Fees and commissions +11.3% Operating costs in Portugal * -16.5% % % Q13 2Q13 * Excludes specific items: restructuring costs (+2.7M in the and +11.2M in the ) and the impact of the legislative change related to mortality allowance (-64.0 M in the and -7.5 M in the ) 6

7 Agenda Main Highlights Group Liquidity Capital Profitability Portugal International Operations Conclusions 7

8 Focus on the increase in customer funds Customer funds Customer funds in Portugal Consolidated Total customer funds Balance sheet customer funds 64,149 65, % 51,883 52,474 6,531 5,010 13,052 14, % 32,300 33,066 12, % 13,043 Other BS customer funds Demand deposits +2.1% Term deposits Off BS customer funds +0.2% 49,920 50,038 17,631 16,719 32, % 33,319 Deposits Other customer funds Customer funds in international operations +8.8% 14,229 15,479 1,166 1,334 13, % 14,145 Deposits Other customer funds On a comparable basis: excluding Greece, following the sale of the operation 8

9 and credit evolution, in line with the liquidity plan Loans to customers (gross) Loans to customers (gross) in Portugal Consolidated -6.3% 53, % 48,932 65,514 61,401 Mortgage Consumer Companies 28, % 26,822 3, % 3,655 33, % 30,924 Loans to customers (gross) in international operations +0.1% 12,452 12,469 On a comparable basis: excluding Greece, following the sale of the operation 9

10 Reduction of commercial gap as refinancing driver (Billion euros) * Commercial Gap Loans to deposit ratio ** (BoP) 138% -15pp Net loans to BS customer funds ratio 123% % 110% Accumulated net repayment of MLT debt (Medium and long term debt repayments since the beginning of 2009) Commercial gap improves by 7.8 billion euros over the last year and loan to deposit ratio stands at 123% Net usage of ECB Repayment of 1.1 billion euros of MLT debt in Net usage of ECB of 11.6 billion euros Repurchase of 1.75 billion euros of the issue guaranteed by the State, with 24 million euros of annual savings in commissions 21.1 billion euros of eligible assets (net of haircuts) available for refinancing with ECB, with a buffer of 9.5 billion de euros * Calculated based on customer deposits and net loans to customers ** According to Bank of Portugal s criteria 10

11 Lower refinancing needs on the short, medium and long term (Billion euros) Refinancing needs of medium-long term debt Already repaid ** 2.9 * H >2017 Significant improvement of the funding structure 53% 61% 64% Customer deposits Funding > 1 year Funding < 1 year Reduction of funding needs, benefitting from the deleveraging process which proceeds at a good pace 23% 24% 34% 31% 5% 5% Dec 10 Deposits are the main source of funding Lower short-term refinancing needs than in the past * Includes repurchase of own debt amounting to 0.5 billion ** Includes repayment of 1.6 billion related to liability management transactions 11

12 Agenda Main Highlights Group Liquidity Capital Profitability Portugal International Operations Conclusions 12

13 Core tier I ratio reaches 12.5%, complying with all regulatory requirements Core tier I ratio (%) - BoP +0.4pp 12.1% 12.5% Compliance with regulatory requirements Consolidated 10% BdP 9% EBA -9.5% Core tier I 6,738 6,099 RWA 55, % 48,755 Core tier I ratio (%) - EBA 10.0% 11.7% Jun 13 (static) Jun 13 (adjusted) June 13 vs. June 12 Change of core tier I 500 million rights issue +500 In spite of... Results in Greece -232 Impairment on Piraeus Bank (Greece) participation -80 Pension Fund -118 Inspection (OIP) -206 Cost of hybrids -190 Change of RWA IRB extension to retail portfolio in Poland -294 Deconsolidation of RWA in the greek operation -3,852 Deleveraging, optimization and other -2,739 Core Tier I ratio (EBA) at 10.0% (with 848m static sovereign buffer). Adjusted to 30 June 2013 values, the sovereign buffer is zero euros, implying a 11.7% ratio Change (mn eur) 13

14 Pension Fund Main indicators Pension Fund (Milhões de euros) Deposits Shares 26% Jun 12 Dec 12 Jun 13 and Others 33% Pension liabilities 2,393 2,293 2,304 Pension fund 2,221 2,432 2,417 Liabilities' coverage 105% 119% 117% Fund's profitability -4.1% 1.6% 0.6% Actuarial differences (155) (164) (45) Real Estate 15% Bonds 26% Assumptions Jun 12 Dec 12 / Jun 13 Discount rate 5.50% 4.50% Salary growth rate 2.00% 1.00% until % after 2017 Pensions growth rate 1.00% 0.00% until % after 2017 Projected rate of return of fund assets 5.50% 4.50% Mortality Tables Men Women TV 73/7-1 year Tv 88/90-2 years Coverage of pension liabilities at 117% Significant decrease of shares weight in the Pension Fund Actuarial differences in of 45 million euros, driven by: Pension Fund return versus assumptions Positive performance of wages and pensions versus assumptions 14

15 Agenda Main Highlights Group Liquidity Capital Profitability Portugal International Operations Conclusions 15

16 Results in line with the plan, reflecting the current macroeconomic scenario Consolidated (million euros) Δ Net interest income Of which: costs related with hybrids instruments (CoCo's) Net fees and commissions Of which: State guarantee costs Other operating income Of which: debt repurchase Of which: sale of loans portfolio Banking income 1, Staff costs Of which: mortality allowance Of which: reestruturing costs Other admin. costs and depreciation Operating costs Impairment and provisions Of which: impairment on Piraeus Bank (Greece) participation Income tax and non-controlling interests Net income from discontinued operations (Greece) Net income

17 Net income affected by atypical items Net income Consolidated Atypical items Net of taxes * (gross) Liability management 2011 (-96.3) Hybrids (CoCo's) interest (-134.7) Cost of State guarantees (-35.4) Impairment on Piraeus Bank participation Greece (-80.0) Net income from discontinued operations Greece (-41.7) * Considering the marginal tax rate 17

18 Net interest income reduction as a result of CoCo s cost, adverse market interest rates evolution and volumes effect Net interest income Consolidated -10.4% % Portugal International operations vs. Hybrid instruments (CoCo s) cost -133 Market interest rates evolution (ex. Euribor) -22 Volumes effect and other % Total NIM 1.43% Excluding hybrid instruments (CoCo s) 1.01% 1.37% Real Hybrid instruments (CoCo s) cost 18

19 Total fees and commissions increase driven by international operations Fees and commissions Consolidated Portugal -4.8% YoY Banking fees and commissions % Cards and transfers % Loans and guarantees % Bancassurance % Current account related % Other fees and commissions % International operations Market related fees and commissions % Securities operations % Asset management % % Total fees and comm. excluding State guarantee % State guarantee % Total fees and commissions % 19

20 Lower contribution of net trading income Net trading income Consolidated Portugal % Repurchase of own debt Sales of credit Other 56.8 International operations %

21 Significant reduction of costs in Portugal Operating costs* Portugal * Consolidated Other Administrative costs % Depreciation -10.1% -11.2% % Staff costs % Operating costs evolution** in Portugal Savings Strategic > 70M Plan < 800 International operations -2,3% E Medium Term ** Excluding specific items * Excludes specific items: restructuring costs (+2.7M in the and +11.2M in the ) and the impact of the legislative change related to mortality allowance (-64.0 M in the and -7.5 M in the ) 21

22 Significant increase in provisioning while keeping the target for cost of risk for 2013 Loan impairments (net of recoveries) Consolidated Cost of 142 bp risk 155 bp +2.1% Portugal +3.3% Cost of risk evolution International operations ~ 140 Strategic Plan < % E Meddium Term 22

23 Credit quality and provisioning reflect the economic cycle, but in line with the plan Credit quality Consolidated Loan impairment (balance sheet) Credit ratio Jun12 Jun13 Past due>90d 5.9% 6.8% Non-performing loans 11.6% 11.7% Credit at risk 12.4% 12.6% Coverage ratio Jun12 Jun13 Past due>90d 88% 85% Non-performing loans 45% 49% Credit at risk 42% 46% 7,602 7,213 3,391 3,534 jun 12 jun 13 Non-performing loans (NPL) Net new entries in NPL in Portugal 1, Non-performing loans ratio increased to 11.7%. The coverage ratio increased to 49% Credit at risk ratio increased to 12.6% and coverage (by BS impairments and both real estate and financial guarantees) above 100% Net new entries in non performing loans, lower than the same period of 2012 On a comparable basis: excluding Greece, following the sale of the operation 23

24 Diversified and collateralized credit portfolio Loan portfolio Consolidated Loans by collateral 12.1% 10.0% 3.6% 3.2% 2.7% 8.2% 4.1% 6.3% Other sectors Financial intermediation Companies 50% Transp. and communications Wholesale commerce Other international activities Construction Real estate commercial and retail Other services Consumer 6% Mortgage 44% 63% 29% 7% With real estate guarantees With other guarantees Without guarantees LTV of mortgage portfolio in Portugal 14% 9% 11% 23% 10% 20% 12% >90 Loans to companies represents 50% of total loan portfolio, with a diversified distribution by the several activity sectors 93% of the loan portfolio is collateralized Mortgage loans represent 44% of total loan portfolio, with a low delinquency level and an average LTV of 67% 24

25 Agenda Main Highlights Group Liquidity Capital Profitability Portugal International Operations Conclusions 25

26 Portugal: deleveraging effort with an increase in deposits and a reduction of loans Customer funds Loans to customers (gross) Total customer funds Balance sheet customer funds +0.2% 49,920 50,038 38,688 38,221 6,400 4,902 8,737 8, % 23,552 24,475 53,062 21,258 2,670 29, % -4.8% -10.9% -9.7% 48,932 20,232 2,380 26,320 11, % 11,817 Jun12 Jun 13 Other BS customer funds Demand deposits Term deposits Off BS customer funds Mortgage Consumer Companies 26

27 Comfortable liquidity position already shows some positive signs in financing companies in Portugal Loans to companies (gross) * Market shares in loans to SME (Billion euros) Loans to companies starts to kick off New production 14.9% 14.1% 18.2% 22.4% Market share in new production above 22% Jun 12 Set 12 Dez 12 Mar 13 Jun 13 * Adjusted from sold and transferred credit operations Market share in mutual guarantee credit 1Q12 2Q12 1Q13 May 13 Source: Bank of Portugal Credit lines to support companies Leader in the number of new operations in mutual guarantee credit in June % 10.3% Source: Mutual Guarantee Societies 13.0% 14.3% 17.8% 20.0% BCP B5 B4 B3 B2 BCP Jun 12 Jun 13 BEI Mutual Guarantee Millennium BIM Credit line of 200 million euros to support SME Credit line of 100 million euros to support the treasury and the investment Credit line of 100 million dollars to support investment projects of portuguese firms in Mozambique 27

28 Net income affected by net interest income, net trading income and reinforcement in provisioning despite the significant cost reduction Net income Net income substantially penalised by the decrease of banking income and the reinforcement in provisioning, despite the strong decrease in costs Banking income affected by net interest income (CoCo s cost and market interest rates reduction) and lower net trading income Significant cost savings as a result of the implementation of the restructuring plan at the end of last year Banking income Operating costs * % -16.5% * Excludes specific items: restructuring costs (+2.7M in the and +11.2M in the ) and the impact of the legislative change related to mortality allowance (-64.0 M in the and -7.5 M in the ) 28

29 but with the inversion in net interest income s negative trajectory Net interest income Euribor 3 months (%, quarter average) % Q12 3Q12 4Q12 1Q13 2Q13 2Q12 3Q12 4Q12 1Q13 2Q13 Positive evolution compared with the previous quarter due to the lower cost of deposits, despite the stability of market rates and volumes Low market rates, cost of hybrid instruments (CoCo s) and liability management (2011) continue to constraint net interest income 29

30 through the strong effort to reduce the cost of deposits and the continuous credit repricing effort Term deposits rate (%) 5.0% 4.5% 4.0% 3.5% New production Portfolio Credit portfolio spread (%) Companies Mortgage 3.0% 2.5% 2.0% S/11 D/11 M/12 J/12 S/12 D/12 M/13 J/ Q12 3Q12 4Q12 1Q13 2Q12 Evolution of term deposits spreads in Portugal Q13 2Q13 Medium Term Continuous effort to reduce the cost of deposits, new production with rates substantially lower when compared with the previous year <-165 Strategic Plan Perfectly in line with the strategic plan purpose of term deposit's spread reduction Spread of the companies credit portfolio remains at a high level 30

31 Fees and commissions to recover in 2Q13 in the main items YoY 1Q13 2Q13 2Q13/ 1Q13 Banking fees and commissions % % Cards and transfers % % Loans and guarantees % % Bancassurance % % Current account related % % Other fees and commissions % % Market related fees and commissions % % Securities operations % % Asset management % % Total fees and comm. excluding State guarantee % % State guarantee % na Total fees and commissions % % 31

32 Positive trend in costs in Portugal, comparing favourably with domestic peers Operating costs* Employees Branches Portugal % -15.3% -16.4% ,917-1,173 8, Staff costs -16.7% Depreciation Other administrative costs Annualised operating costs ** / Volumes *** Consolidated 1.26% 1.16% 1.12% ** Excluding specific items *** Volumes: gross credit + deposits Portuguese Top 5 1º Bank % 2º BCP 1.12% 3º Bank % 4º Bank % 5º Bank % Source: Quarterly information for each bank (1st quarter 2013), BCP - 1st half of 2013 * Excludes specific items: restructuring costs (+2.7M in the and +11.2M in the ) and the impact of the legislative change related to mortality allowance (-64.0 M in the and -7.5 M in the ) 32

33 Credit quality reflects the economic cycle, but in line with the strategic plan Credit quality Credit ratio Jun12 jun13 Past due > 90d 6.5% 7.8% Non-performing loans 13.4% 13.9% Credit at risk 13.9% 14.3% 7,135 6,798 Loan impairment (balance sheet) Coverage ratio Jun12 Jun13 Past due > 90d 85% 80% Non-performing loans 41% 45% Credit at risk 40% 44% 2,922 3,065 Loan impairment (net of recoveries) Cost of 160 bp risk 180 bp Non-performing loans (NPL) 33

34 Agenda Main Highlights Group Liquidity Capital Profitability Portugal International Operations Conclusions 34

35 Net income in international operations Δ % local currency Δ % euros International operations * % Poland % 15.3% Mozambique % -12.2% Angola % 5.6% Other and non-controlling interests M Note: For the 1st semester of 2012, the net income of subsidiaries presented reflect the same exchange rate considered for the 1st semester of 2013 in order to allow the comparison without the exchange effect * Excludes Greece 35

36 Poland: growth in customer funds and loans to customers Customer funds Loans to customers (gross) +12.3% 10,364 11, % 9,807 9,979 6, % 6, % 869 2, % 2,706 Mortgage Consumer Companies Excluded FX effect. /PLN rates used: Income Statement ; Balance Sheet:

37 Growth in net income driven by increase in banking income and by strict costs control Net income Net income grows by 14.9%, with the increase of ROE to 10.4% in % 60.5 Increase in banking income (+4.3%), despite the decrease in the reference interest rates that reached historic minimums (WIBOR3M fell from 5.0% in to 3.4% in ). Net interest income increases 8.4% in 2Q13, comparing to 1Q13. Strict costs control (-1.2%) Positive macroeconomic outlook by the IMF for real GDP: +1.3% in 2013 and +2.2% in 2014 Banking income + 4.3% Operating costs -1.2% Excluded FX effect. /PLN rates used: Income Statement ; Balance Sheet:

38 Recovery of net interest income in 2Q13, strong growth in commissions and strict cost control Net interest income * -1.1% Operating costs -1.2% % % 66.0 Fees and commissions Other administrative costs and depreciations Staff costs % 71.2 Employees 6, % 5,874 Branches -1.8% * 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 (4.7 M in and 9.1 M in ) is presented in net trading income Excluded FX effect. /PLN rates used: Income Statement ; Balance Sheet:

39 Credit quality and impairments Credit quality Loan impairment (balance sheet) Credit ratio Jun12 Jun13 Non-performing loans 2.6% 2.7% Coverage ratio Jun12 Jun13 Non-performing loans 114% 107% Loan impairment (net of recoveries) Cost of 55 bp risk * 56 bp Non-performing loans (NPL) * Impairment charges / average net loans for the period (in bps, annualized) Excluded FX effect. /PLN rates used: Income Statement ; Balance Sheet:

40 Mozambique: strong volumes growth Customer funds Loans to customers (gross) , % 1, % -1.3% 1, % 908 Mortgage Consumer Companies Excluded FX effect. /Metical rates used : Income Statement ; Balance Sheet

41 Net income affected by reference interest rates and by the expansion plan Net income -3.3% Banking income +1.0% Net income decreases 3.3% in, maintaining high profitability (ROE of 25%) Increase in banking income despite lower reference interest rates (MAIBOR12M rate decreased from 17.4% in to 15.0% in ) Operating costs increase 6.6% influenced by the expansion plan (+5 branches compared with Jun 12) Positive macroeconomic outlook by the IMF for real GDP: +8.4% in 2013 and +8.0% in 2014 Operating costs +6.6% Excluded FX effect. /Metical rates used : Income Statement ; Balance Sheet

42 Strong fees and commissions growth and operating costs influenced by the expansion plan Net interest income -9.0% Operating costs +6.6% Fees and commissions +26.7% Depreciation Other administrative costs Staff costs Employees Branches -2.7% 2,507 2, % Excluded FX effect. /Metical rates used : Income Statement ; Balance Sheet

43 Credit quality improvement and high coverage Credit quality Credit ratio Jun12 Jun13 Non-performing loans 5.0% 3.3% Loan impairment (balance sheet) Coverage ratio Jun12 Jun13 Non-performing loans 150% 192% Loan impairment (net of recoveries) Cost of 140 bp risk 134 bp Non-performing loans (NPL) Excluded FX effect. /Metical rates used : Income Statement ; Balance Sheet

44 Angola: volumes growth Customer funds Loans to customers (gross) +16.1% % Excluded FX effect. /Kwanza rates used : Income Statement Balance Sheet

45 Net income increases driven by higher commissions, despite lower reference interest rates Net income % 18.3 Net income increases 7.0% in, ROE at 16.3% Banking income increases despite lower reference rates (LUIBOR12M decreased from 11.9% in to 11.3% in ) Focus on network growth (+13 branches compared with June 12) despite stable operating costs Positive macroeconomic outlook by the IMF for real GDP: +6.2% in 2013 and +7.3% in 2014 Banking income Operating costs +5.2% % Excluded FX effect. /Kwanza rates used : Income Statement Balance Sheet

46 Strong fees and commissions growth and stable operating costs despite the expansion plan Net interest income -2.5% Operating costs +0.0% Fees and commissions % 14.3 Depreciation Other administrative costs Staff costs Employees Branches +14.1% +20.0% 934 1, Excluded FX effect. /Kwanza rates used : Income Statement Balance Sheet

47 Improved coverage and increased provisioning Credit quality Credit ratio Jun12 Jun13 Non-performing loans 4.8% 5.0% Loan impairment (balance sheet) Coverage ratio Jun12 Jun13 Non-performing loans 105% 111% Loan impairment (net of recoveries) Cost of 139 bp risk 145 bp Non-performing loans (NPL) Excluded FX effect. /Kwanza rates used : Income Statement Balance Sheet

48 Agenda Main Highlights Group Liquidity Capital Profitability Portugal International Operations Conclusions 48

49 Strategic Plan conclusions and cycles STAGES Priorities Initiatives already implemented Reinforcement of capital and liquidity position ( ) Creating conditions for growth and profitability ( ) Sustained growth ( ) Comfortable capital ratios Enhanced liquidity position Provisions reinforcement Restructuring Plan in Portugal Recovery of profitability in Portugal Continuous business development in Poland, Mozambique and Angola Sustained growth results, with improved balance between domestic and international operations contributions Core tier I ratio reaches 12.5% Loan to deposit ratio already reaches 123% (according to BoP criteria) and net loans to BS customer funds ratio at 110% Continuous reinforcement of balance sheet impairment charges Significant reduction in operating costs in Portugal, following the implementation of the restructuring program in 2012 Sale of the Greek operation Agreement with DG Comp concerning the restructuring plan Evolution in line with the strategic plan 49

50 Appendixes 50

51 Main awards in the 1H2013 Portugal Poland "Ethibel EXCELLENCE Investment Register" ETHIBEL Forum "Best Banking Offer in "Market Pearls Retailers' Choice Best Corporate Governance and Best Investor Relations Team / Capital Finance International Cfi.co Investment Fund/Open Pension Fund in Portuguese Stocks, Market Member - Most Active Trading House in Certificates and Most Active Trading House in Shares Compartments B and C and Best Capital Market Promotion Event, thanks to Global Investment Challenge NYSE Euronext Lisbon Awards First Place in financial sector category, in the ranking of Top 10 CEOs in Portugal, Institutional Investor ActivoBank was classified as the 15th best company to work for in Portugal Revista Exame/Accenture Brands of Excellence in Health Insurance Selec. Reader s Digest Benefactor Member attributed to Millennium bcp Foundation World Monuments Fund Portugal Best Consumer Internet Bank in the scope of the "World's Best Internet Banks in Europe 2013 Global Finance Angola RESPECT Index integration for the 5th time Warsaw Stock Exchange/Association of Listed Companies Golden Six, in growing Millennium s brand value, in the last six years Jornal Rzeczpospolita 2013 Service Quality Star" Voting through Service Quality Stars website Mozambique Best Bank Global Finance Brands of Excellence in Angola 2012/13 Superbrands Best Foreign Bank EMEA Finance Best Consumer Internet Bank in the scope of the "World's Best Internet Banks in Europe 2013 Global Finance 51

52 Detail of public debt portfolio Sovereign debt portfolio Sovereign debt total maturity YoY Portugal 4,688 6,552 40% T-bills 1,607 2,681 67% Bonds 3,082 3,871 26% Poland 1,196 2,132 78% Mozambique % Angola % Romania % Greece % Others % Total 7,017 9,749 39% >3 years 25% >2 years and <3 years 28% <1 years 23% >1 years and <2 years 24% Total sovereign debt of 9.7 billion euros, of which 4.6 billion euros with maturity under 2 years Sovereign Polish debt increases 78% and Portuguese debt increases 40%, whereas Greek debt decreases from 49 millions euros in June 2012 to 0 millions euros in June

53 Detail of public debt portfolio Portugal Poland Mozambique Angola Romania Ireland Greece Others Total Trading book < 1 year > 1 year and <2 years > 2 year and <3 years > 3 years Banking book 6,389 1, ,256 < 1 year 1, ,235 > 1 year and <2 years 1, ,314 > 2 year and <3 years 2, ,606 > 3 years 1, ,101 Total 6,552 2, ,749 < 1 year 1, ,247 > 1 year and <2 years 1, ,345 > 2 year and <3 years 2, ,705 > 3 years 1, ,453 53

54 Romania: strong improvement in banking income with the maintenance of a cost containment policy and volumes growth Net income Banking Income Operating costs % % Net income improvement due to the increase in banking income and the reduction in operating costs Banking income growth driven by higher net interest income of 32% Continuous effort to simplify the organization with the decrease in number of employees Increase of both deposits and credit volumes, clearly above the market average, maintaining a conservative risk management policy Loans to customers (gross) % 481 Branches Customer Deposits +17.7% Employees Excluded FX effect. / RON rates used : Income Statement Balance Sheet

55 Financial statements 55

56 Consolidated Balance Sheet and Income Statement 30 June December June June June 2012 Assets Cash and deposits at central banks 1,735,451 3,580,546 1,717,472 Loans and advances to credit institutions Repayable on demand 1,359, , ,022 Other loans and advances 1,444,654 1,887,389 5,443,880 Loans and advances to customers 57,866,204 62,618,235 66,202,466 Financial assets held for trading 1,588,389 1,690,926 2,007,971 Financial assets available for sale 10,300,758 9,223,411 7,221,221 Assets with repurchase agreement 123,942 4,288 45,299 Hedging derivatives 113, , ,240 Financial assets held to maturity 3,221,629 3,568,966 3,742,148 Investments in associated companies 530, , ,632 Non current assets held for sale 1,277,903 1,284,126 1,088,527 Investment property 539, , ,731 Property and equipment 561, , ,085 Goodwill and intangible assets 251, , ,494 Current tax assets 28,146 34,037 34,843 Deferred tax assets 1,856,943 1,755,411 1,564,189 Other assets 1,143,311 1,124, ,969 Liabilities 83,943,576 89,744,039 92,999,189 Amounts owed to credit institutions 14,570,792 15,265,760 17,795,795 Amounts owed to customers 47,463,829 49,389,866 47,974,254 Debt securities 10,325,436 13,548,263 14,720,570 Financial liabilities held for trading 1,089,537 1,393,194 1,509,600 Other financial liabilities at fair value through profit and loss 720, , ,022 Hedging derivatives 335, , ,462 Provisions for liabilities and charges 399, , ,627 Subordinated debt 4,459,149 4,298,773 4,207,360 Current income tax liabilities 4,613 15,588 5,262 Deferred income tax liabilities 2,994 2,868 3,654 Other liabilities 1,155, ,629 1,939,431 Equity (Thousands of Euros) Total Liabilities 80,527,050 85,743,851 89,053,037 Share capital 3,500,000 3,500,000 3,000,000 Treasury stock (16,508) (14,212) (10,796) Share premium - 71,722 71,722 Preference shares 171, , ,175 Other capital instruments 9,853 9,853 9,853 Fair value reserves (34,341) 2,668 (198,956) Reserves and retained earnings (356,853) 850, ,582 Net income for the period attributable to Shareholders (488,219) (1,219,053) (544,279) Total Equity attributable to Shareholders of the Bank 2,785,107 3,372,174 3,354,301 (Thousands of Euros) Interest and similar income 1,453,356 1,834,601 Interest expense and similar charges (1,065,260) (1,252,533) Net interest income 388, ,068 Dividends from equity instruments 1,492 3,617 Net fees and commission income 338, ,840 Net gains / losses arising from trading and hedging activities 3, ,729 Net gains / losses arising from available for sale financial assets 54,015 (11,307) Net gains / (losses) arising from financial assets held to maturity (278) (22) Other operating income (25,291) (26,058) 759,642 1,201,867 Other net income from non banking activity 10,431 10,571 Total operating income 770,073 1,212,438 Staff costs 344, ,987 Other administrative costs 233, ,003 Depreciation 34,470 38,352 Operating costs 612, ,342 Operating net income before provisions and impairments 157, ,096 Loans impairment (476,512) (466,546) Other financial assets impairment (13,347) (11,256) Other assets impairment (67,713) (75,797) Other provisions (153,532) (19,953) Operating net income (553,280) 12,544 Share of profit of associates under the equity method 30,643 30,243 Gains / (losses) from the sale of subsidiaries and other assets (9,915) (10,727) Net (loss) / income before income tax (532,552) 32,060 Income tax Current (36,235) (38,159) Deferred 166,294 18,017 Net (loss) / income after income tax from continuing operatio (402,493) 11,918 Income arising from discontinued operations (41,739) (516,707) Net income after income tax (444,232) (504,789) Attributable to: Shareholders of the Bank (488,219) (544,279) Non-controlling interests 43,987 39,490 Net income for the period (444,232) (504,789) Non-controlling interests 631, , ,851 Total Equity 3,416,526 4,000,188 3,946,152 83,943,576 89,744,039 92,999,189 Earnings per share (in euros) Basic (0.05) (0.16) Diluted (0.05) (0.16) 56

57 Consolidated income statement Quarterly evolution Quarterly Year-to-date 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 Δ % 13 / 12 Net interest income % Dividends from equity instruments % Net fees and commission income % Other operating income % Net trading income % Equity accounted earnings % Banking income , % Staff costs % Other administrative costs % Depreciation % Operating costs % Operating net income bef. imp % Loans impairment (net of recoveries) % Other impairm. and provisions >100% Net income before income tax <-100% Income tax <-100% Non-controlling interests % Net income (before disc. oper.) <-100% Net income arising from discont. operations % Net income % 57

58 Consolidated income statement (Portugal and International operations) For the 6 months period ended 30st of June, 2012 and 2013 International operations Group P ortugal Total B M illennium (P oland) M illennium bim (M o z.) M illennium Angola Other int. operations Δ % Δ % Δ % Δ % Δ % Δ % Δ % Interest income 1,835 1,453-21% 1, % % % % % % Interest expense 1,253 1,065-15% % % % % % 7 3 <-50% Net interest income % <-50% % % % % % Dividends from equity instruments 4 1 <-50% 3 1 <-50% 1 0 <-50% 1 0 <-50% % >50% Intermediation margin % <-50% % % % % % Net fees and commission income % % % % % % % Other operating income % % 3 11 >50% -2-1 >50% 5 12 >50% 0 0-6% 0 0 >50% Basic income % % % % % % % Net trading income <-50% <-50% % >50% % % 2 3 >50% Equity accounted earnings % % 2 0 <-50% 1 0 <-50% 1 0 <-50% <-50% Banking income 1, % <-50% % % % % % Staff costs % % % % % % % Other administrative costs % % % % % % % Depreciation % % % 7 7 3% 4 5 6% % % Operating costs % % % % % % % Operating net income bef. imp <-50% <-50% % % % % 1 11 >50% Loans impairment (net of recoveries) % % % % % 4 4 8% 1 3 >50% Other impairm. and provisions >50% >50% -2 3 >50% -3 4 >50% 1 0 <-50% 0-1 <-50% 0 0 >50% Net income before income tax <-50% <-50% % % % % 0 9 >50% Income tax <-50% <-50% % % % 4 6 >50% -1 1 >50% Non-controlling interests % -3 0 >50% % % % Net income (before disc. oper.) <-50% <-50% % % % % % Net income arising from discont. operations >50% Net income % 58

59 Investor Relations Division Rui Coimbra, Head of Investor Relations Investor Relations João Godinho Duarte Paula Dantas Henriques Reporting and Ratings Luís Morais Lina Fernandes Tl: Tl: 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 and the share capital of EUR 3,500,000,000 59