(brief presentation)

(brief presentation)

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 ) project 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 earnings. 2

Highlights 1 2 3 4 5 Operating income growth in Portugal. International operations continue to show strong growth. Sustained volumes growth, mainly on deposits. Impairment increase in line with current cycle and due to collateral revaluation. Capital position able to support franchise growth in core markets. 3

Net income and operating before cost of risk (Eur million) Net Income 478.3 74.6-28.0% 344.6 Portugal (Excluding specific items) Net Income -38.6% 75.6 46.4 403.7-64.8% 202.5 142.1 Specific Items*: - BPI stake (-215.7m); - Reduction of variable remuneration accrued in 2007 (+13.2m). Operating Profit +9.8% 154.3 169.4 104.9 108.5 134.2-24.1% 130.8 79.6 3Q08/3Q07: -Net impairment and provisions up 73.0%. 3Q08/2Q08: -Dividends 28.0 m and other provisions +28.6m. International *** 3Q07 3Q07 3Q08 +13.3% 3Q08 Operating profit ** 221.7 219.8 252.5 +15.6% 289.3 256.3 * Net of taxes ** Excluding impairment and provisions *** Contribution to consolidated net income Total Poland Greece Romania Mozambique Angola Other 29.3 22.0 5.3-6.5 7.0 1.4 0.1 33.2 24.8 3.4-8.3 9.5 1.3 2.5 4

Top line growth supported by core revenues (Eur million) Operating Income 1,994.1 +3.4% 2,062.6 Portugal Capital markets related Core operating income 368.7 1,625.4-15.8% +7.8% 310.4 1,752.2 Capital markets related Core operating income 1,432.1-4.0% 1,375.3 222.6 133.3 1,209.5 +2.7% 1,242.0 +6.5% International Capital markets related Core operating income 643.3 111.9 531.4 721.2 685.3 653.6 656.1 115.5 92.9 87.8 107.1 +8.8% 560.7 568.3 605.7* 578.2 Capital markets related Core operating income 562.0 146.1 415.9 +22.3% +22.7% 687.3 177.1 510.2 * Including dividends: 27.6 millions Core Operating Income: Net interest income + Dividends + Banking related commissions and other operating income Capital Market Related: Trading + Market related commissions Excluding specific items 5

Positive intermediation margin performance in spite of adverse financial market conditions (Eur million) Intermediation Margin Dividends 1,172.7 23.0 +11.3% 1,305.8 29.1 Portugal Net interest income 1,149.7 +11.0% 1,276.7 859.6 +6.5% 915.8 Quarterly Net Interest Income 380.9 387.6 +14.2% 412.2 429.7 434.8 International 313.1 +24.6% 390.0 NIM 2.04% 2.01% 2.05% 2.07% 2.00% 6

Core banking commissions growing yoy and stable qoq Lower capital markets related commissions (Eur million) Commissions 568.5-2.7% 553.0 Portugal Capital markets related 199.7-14.4% 171.0 Capital markets related 421.1-5.8% 396.7 139.1 123.3 Core banking business 368.8 +3.6% 382.0 Core banking business 282.0-3.0% 273.4 0.0% International Capital markets related 185.4 67.2 199.3 65.7 173.8 49.7 193.9 185.3 63.9 57.4 Capital markets related 147.4 60.6 +6.0% 156.3 47.7 Core banking business 118.2 133.6 124.1 130.0 127.9 Core banking business 86.8 +25.1% 108.6 8.2% Excluding specific items 7

80.0 445.7 1,264.5 82.5 473.4 Increase in operating costs due to network expansion plan (Eur million) Operating Costs Depreciation Administ. 1,192.9 +6.0% +3.1% +6.2% Portugal 826.5-2.5% 806.0 Staff 667.2 +6.2% 708.6 +1.8% International Depreciation Administ. 421.6 433.8 403.6 431.9 429.0 27.1 34.9 26.4 27.8 28.3 162.8 181.7 146.9 164.9 161.6 366.4 +25.1% 458.5 Staff 231.7 217.2 230.3 239.3 239.1 Excluding specific items 8

Better operating profitability (Eur million) Operating Profit (excluding dividends) Portugal +9.5% 154.1 158.6 181.9 189.9 168.7 15.9% 221.4 214.8 250.9 261.6 256.5 International 67.3 56.2 +30.5% 69.0 71.7 87.8 Excluding specific items 9

International operations: expanding footprint in the most profitable markets Number of branches 541 556 614 104 107 112 109 122 148 743 824 168 165 181 178 328 327 354 410 465 Other Greece Poland 2004 2005 2006 2007 3Q08 815 thousand new clients acquired in 2006, 2007 and at an accelerating rate with the loading of the new branches; 268 branches opened after 2005 (less than three years); 138 branches opened after 2005 in Poland; 56 branches opened after 2005 in Greece. 10

Double digit growth in volumes in both loans and customer funds (particularly as regards on balance-sheet funds) (Eur million) Mortgage Consumer loans 64,236 24,505 4,524 Loans to Customers * (gross) +13.2% 66,873 25,503 4,645 72,728 27,872 4,948 Off BS Customers Funds 61,339 Customers Funds +9.1% 63,953 66,897 18,598 19,014 15,926 +20.4% Loans to companies 35,207 36,725 39,908 On BS Customers Funds ** 42,325 45,355 50,971 Securitized Loans Sep07 Dec07 Sep08 3,340 3,126 2,723 Sep07 Dec07 Sep08 * Excluding securitized loans ** Includes: deposits, certificates of deposits and debt securities placed with customers 11

Mortgage loans portfolio LTV and spreads Portugal Nominal House Prices change Spreads evolution and average LTV's LTV Spread OP 2007 vs 2000 81,5% 81,2% 78,8% 78,5% 78,2% 77,4% 76,1% Spain 133% Ireland 65% 0,71% 0,83% 0,93% 0,89% 0,90% 0,89% Portugal 18% 0,71% 3Q07 4Q07 1Q08 2Q08 Jul08 Ago08 Sep08 Poland Greece New production 68% New production (2008) 60% New production spread 1.14% New production spread 0.94% Portfolio (before revaluation) 72% Portfolio 59% 12

Credit quality deteriorating in line with current economic cycle, and increasing cost of risk also due to lower market value of collaterals (Eur million) Credit Quality Impairment charges as % of Total Loans Annualized Impairment coverage > 90 days Overdue ratio > 90 days 227.6% 0.8% 236.2% 0.8% 823.7 Gross Impairment charges as % of Total Loans 0.53 0.54 0.59 0.52 0.91 0.48 0.94 0.77 0.85 0.74 Total overdue < 90 days > 90 days 610.1 93.8 516.3 226.7 597.0 0.31 0.34 0.47 Impairment net of Recoveries as % of Total Loans 0.40 Sep07 Sep08 1Q07 2Q07 Impairment models force higher risk charges as market values collaterals decreases, even when the loan remains current. 13

Liquidity position Wholesale funding (Eur billion) Maturity and concluded issues Accumulated values 3.7 Highly liquid assets Increase until September 08 of 3.8 bn. 2.6 1.3 1.6 2.1 Total portfolio expected at year end 2008 of 5.3 bn. 2.4 2008 (E) 1Q09 2Q09 Refinancing needs of long term debt Concluded operations (including rights issue) 14

Strong effort on managing the commercial gap (Eur billion) Evolution since September 07 Loans to on balance sheet funds 8.49 8.65 151,8% 151,4% 142,7% +13.2% +20.4% Loans On BS funds Positive commercial gap of 154 million Improvement of 9.1 percentage points 15

Millennium bcp in a non recurrent year Notwithstanding, own funds and solvency reinforced (Euro Million) Solvency ratio 1 Total Tier 1 Core Tier 1 8.9% 5.1% 4.2% 10.9% 7.5% 6.3% 11.2% 7.8% 6.5% 10.8% 7.4% 6.1% Estimated additional impact of the implementation of IRB Advanced (Basel II): Core Tier I: +78bp Tier I: +110bp Total: +195bp 4,199 4,364 4,103 2,740 Core Tier 1 Mar 08 Jun 08 Sep 08 Sep 08 Proforma 2 RWA 3 65,299 66,862 66,976 66,933 1. According to the criteria of the Bank of Portugal, Core Tier 1 excludes the deduction related to financial stakes. Figures presented for March 2008 and June 2008 on a comparable basis. 2. Proforma capital ratios include the impact related with pension fund, particularly the full impact of the assets devaluation until 30 September 2008 and the deviations and changes in actuarial assumptions. 3. RWA = Risk Weighted Assets. 16

Investor Relations Division: Pedro Esperança Martins, Head of Investor Relations Francisco Pulido Valente Tl: +351 21 1131 085 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 4.694.600.000 17