Roadshow presentation

rights issue of approx. €2,250m

June 2014

2

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(a) To legal entities which are qualified investors as defined under the Prospectus Directive;

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(c) In any other circumstances not requiring the Company to publish a prospectus as provided under Article 3(2) of the Prospectus Directive.

3

DISCLAIMER (2/2)

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and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company to

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factors such as the Company’s ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Company operates or in economic

or technological trends or conditions, including inflation and consumer confidence. Attendees at this presentation are cautioned not to place undue reliance on these forward-looking statements, which

speak only as of the date of this presentation. Even if the Company’s financial condition, business strategy, plans and objectives of management for future operations are consistent with the forward-

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The financial information in this presentation has been prepared in accordance with International Financial Reporting Standards (“IFRS”) as endorsed by the European Union, in compliance with

Regulation (EC) 1606/2002 of the European Parliament and of the Council of 19 July 2002, as amended.

The figures presented do not constitute any form of commitment by the Company in regard to future earnings.

KPMG performed review procedures in accordance with International Standards on Review Performance Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor

of the Entity”, on the 31 March 2014 consolidated unaudited financial statements of the Company and its consolidated subsidiaries.

In accordance with the requirements of article 13 of Appendix I to the EU Prospectus regulation, the external auditors reviewed the adequacy of the compilation of the prospective financial information

based on the assumptions stated and selected by management and the consistency of the basis of accounting with the accounting policies of Millennium bcp as disclosed in the notes to the financial

statements as at 31 December 2013. Please refer to the report issued by KPMG for more details.

4

CAUTIONARY STATEMENT ON FORWARD LOOKING STATEMENTS

The matters discussed in this presentation may include forward-looking statements, including the Company’s strategic plan, the Company’s recapitalisation plan, the Company’s restructuring plan, the

development of the Company’s Core Tier I capital, the Company’s liquidity and access to funding, the Company's repayment of the hybrid instruments held by the Portuguese Republic, the Company’s

borrowings from the European Central Bank, implementation of the Company’s funding and capital plan, the development of the economies of the countries in which the Company operates, the

Company’s growth internationally and the future performance of the Company. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to

events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company to be materially different from future

results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the Company’s ability to successfully

implement its strategic plan, the Company’s ability to successfully implement its recapitalisation plan, the Company’s ability to successfully implement its restructuring plan, the Company’s ability to

successfully implement its funding and capital plan, the successful implementation of economic reforms in Portugal, the Company’s ability to access financing on the capital markets, the adequacy of

the Company's current provisions against non-performing loans, the quality of the Company’s assets, the Company’s ability to reduce costs, the Company’s ability to deleverage, assumptions included

in the Company’s financial models, the financial condition of the Company's customers, reductions in the Company’s credit rating, growth of the financial markets in the countries in which the

Company operates, the Company’s ability to grow internationally, future market conditions, currency fluctuations, the actions of regulators, changes in the political, social and regulatory framework

in which the Company operates, macroeconomic or technological trends or conditions, including inflation and consumer confidence, and other risk factors identified in the prospectus and offering

circular prepared in connection with the proposed offering.

All forward-looking statements included herein are based on information available to the Company as of the date hereof. The Company undertakes no obligation to update publicly or revise any

forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking

statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

Attendees at this presentation are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Even if the Company’s financial

condition, business strategy, plans and objectives of management for future operations are consistent with the forward-looking statements contained in this presentation, those results or

developments may not be indicative of results or developments in future periods. The Company and each of the Banks expressly disclaims any obligation or undertaking to release any updates or

revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

5

Transaction overview: approx. €2,250m rights issue

Amount and

structure

Terms and

conditions

Rights offering of approx. €2,250m with transferable pre-emptive subscription rights

Approx. 34,488 million new shares issued

Subscription ratio: 7 new shares for 4 existing shares

Subscription price of €0.065 per share

34% discount to TERP based on closing price of 24th June

Listing: Euronext Lisbon

Syndicate of banks, underwriting 100% of the transaction: Deutsche Bank and J.P. Morgan as

Joint Global Coordinators, Goldman Sachs International and UBS Investment Bank as Joint

Bookrunners, Credit Suisse and MEDIOBANCA as Co-Bookrunners and BBVA, Banco Santander,

Nomura, and Société Générale Corporate & Investment Banking as Co-Lead Managers

Rationale

Reimbursement of

State-held CoCos

Strengthen capital

ratios and maintain

capital discipline

New steady state

Full anticipation of the repayment schedule: reimbursement of €1,850m of CoCos now

(totaling €2,250m in 2014) and remaining €750m no later than the beginning of 2016*

Positive impact of more than €300m** on net income

Mitigate the restrictions associated with State aid

Mitigate the tail risk of conversion

Enhance the capital mix

Approaching to the new benchmark CET I ratio of 10% (fully implemented) with

improvement of capital ratios compared to March 2014

Focus on capital efficiency through the distribution of eventual excess capital

CET I ratio at 10% (fully implemented), ROE at 15% and a dividend pay-out ratio of 50%

* Subject to approval by Bank of Portugal

** Lower cost of CoCos for the period 2014-17 due to their earlier repayment, versus previous repayment schedule

6

Timetable of the rights issue

Rights trading period

Rights subscription period

Rights issue take-up announcement

Announcement of rights issue terms

Approval of prospectus by CMVM

Ex-rights date 1 July

4 – 18 July

27 June

22 July

24 June

4 – 14 July

Settlement of exercised rights

New shares start trading

23 July

28 July

7

8.4% 8.2% 9.0%

0.7% 1.0% 0.1%

4.9% 4.1%

Mar 14 CET I ratio *

Non-life insurance

sale

Reimbursement of CoCos (€400m)

Synthetic securitisation

CET I before transaction

Rights issue (€2,250m)

Reimburs. of CoCos

(€1,850m)

CET1 ratio 1Q14 pro-forma

Target

10%

Outstanding CoCos (€m)

CET I ratio fully implemented of 8.4% as of March 2014 assuming a conservative (although not definitive)

interpretation of the proposed DTA legislation

Following the repayment of €400m CoCos on 27 May 2014, the transaction will allow a reimbursement of

additional €1,850m CoCos, leaving €750m outstanding

Improvement of c. €50m in net interest income per quarter as a result of CoCos repayment and savings of c.

€500m in net interest income and more than €300m in net income between 2014-17 compared to the previous

repayment schedule

Pro-forma 9.0% fully implemented CET1 ratio, above the regulatory minimum and approaching our 10% target

Transaction impact on CET1 ratio (fully implemented)

Remaining CoCos to be repaid no later than the beginning of 2016 **

The transaction will strengthen the solvency position and allow a

substantial repayment of CoCos

0.0

* Calculated based on a conservative interpretation of the proposed DTA regulation published on 12 June 2014

** Subject to approval by Bank of Portugal

3,000 2,600 750

8

Investment highlights

Leading

position in

Portugal,

benefiting from

economic

recovery

Further deleveraging, now at a slower pace, and focused on growing on-balance sheet customer funds in order to

reduce wholesale and ECB funding needs. By 2017, 100% of bank’s lending activities are expected to be funded with

customer funds

Stabilisation of credit at risk ratios and marked reduction of new NPL entries. Reinforcement of coverage ratios

The rights issue will allow reimbursement of €1,850m CoCos and strengthen the solvency position. With expected

organic capital generation in excess of €2.0bn by 2017, the Bank aims to ensure capital efficiency through the

distribution of eventual excess capital

Strengthening

of the balance

sheet

Profitable and stable operation in Poland: Bank Millennium increased net income from €81m in 2010 to €127m in

2013, remaining the 5th largest Polish bank by number of branches. The bank is expected to continue to grow driven by

an expected average nominal GDP growth rate of 6% between 2014-17

High growth operations in Mozambique and Angola: Millennium bim is the largest bank in Mozambique with market

share in excess of 30% and an ROE of 22%. Having entered Angola in 2006, Millennium Angola reached 18% ROE and

recently opened its 82nd branch in the country. Net income of African operations increased from €76m in 2010 to

€126m in 2013, and is expected to grow further given an expected average nominal GDP growth rate of 12-14%

between 2014-17 according to IMF

Profitable

international

growth

Delivery on the

restructuring

plan in Portugal

BCP has the leading private sector commercial banking franchise in Portugal by loans, deposits, customers and

branches

BCP has a universal banking model with a strong focus on retail and SME clients, having the country’s second largest

distribution network and serving c. 2.3 million customers

Portugal continues to deliver on its commitments and investors have recognised Portugal is on the right track, as

reflected by the fall in the 10-year government yield from a peak of 17.4% (January 12) to less than 3.5% (June 14)

The Bank made significant progress towards the implementation of its Strategic Plan. This includes:

– Commercial gap decreased by €22bn from Dec 09 to Mar 14, while LTD ratio decreased from 162% in Dec 09 to 116%

in Mar 14;

– RWA decreased by €23bn (-34%) from Dec 09 to Mar 14;

– Time deposit spread in Portugal decreased by 118bp, from 310bp in 2012 to 192bp in 1Q14

– Operating costs in Portugal reduced by 30%* from 2008 to 2013, mainly as a result of the 16% reduction in the

branch network and 19% reduction in employees

– Cost of risk decreased from the peak of 186bp in 2011 to 129bp in 1Q14

* Excluding specific items

9

Agenda

1. Portuguese macroeconomic update

2. Strategic plan

A. Main drivers and targets

B. Achievements in Phase I: stronger balance sheet

C. Stronger capital position

D. Portugal: recovery of profitability

E. International presence focused on strong growth markets

F. More comfortable liquidity position

3. Investment case

10

94

108

124 129 130 129 126

119

91 104

117 123 123 123 120 117

148

170 157

174 175 171 163

154

2010 2011 2012 2013 2014E 2015E 2016E 2017E

Portugal Ireland Greece

Fiscal consolidation creates the conditions for the sustainability of the

public debt, leading to normalisation of yield levels on sovereign debt

10y Portuguese bonds (yield, %) (Public debt, as % of GDP)

Source: Ministry of Finance (DEO, 30 April 2014) and IMF

Source: Ministry of Finance (DEO, 30 April 2014)

Yields have been reducing markedly

…with significant effort on the expenditure side

Debt level is expected to peak in 2014

Budget deficit decreases…

10.2 9.8

4.3

6.4

4.9 4.0

2.5 2.0

0.7

9.2 8.8 6.5

4.2

2.8 2.1 1.3

0.8 0.5

2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E

Headline

Structural

(as % of GDP) (total expenditure, as % of GDP)

Source: Thomson Reuters

49.8

51.5

49.4

47.4

48.6

47.1

45.8 44.8

43.8

2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E

Source: Ministry of Finance (DEO, 30 April 2014)

0

3

6

9

12

15

18

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Average: >10%

Average: ~4%

<4%

11

Portugal is undergoing profound structural reforms, which are already

showing positive results

Structural changes in the economy and the

public sector are being undertaken to

increase the external competitiveness of

the country and of the private sector

An example of the impact of the measures

implemented is the new labour code

The positive impact of the structural changes is already apparent, with the improvement of the real

GDP growth, external accounts and unemployment rate

Real GDP Growth rate (yoy)

Source: Bank of Portugal and European Commission

Current account balance (% of GDP)

-2.9

1.9

-1.3

-3.2

-1.4

1.1

2009 2010 2011 2012 2013 2014E

-10.8 -10.4

-7.2

-1.9

0.5 1.0

2009 2010 2011 2012 2013 2014E

Source: Bank of Portugal

Source: Bank of Portugal

-1.1% -0.8% -1.7%

-4.9%

0.6%

-8%

-6%

-4%

-2%

0%

2%

2009 2010 2011 2012 2013

Unemployment rate (%)

Source: INE

12.4 12.4

14.9

15.8

17.7

15.6 15.1

1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14

Competitiveness

gains over 8%

(2009-13)

Difference in annual change of nominal unit labor

costs in Portugal vs. euro area

12

The Portuguese recovery is supported by balanced growth

Exports index

Quarterly real GDP growth rate Investment in machinery and equipment (GFCF)

(%, yoy)

(real, index 4Q10=100)

100

107

112 109

113

119 119

113 115

119

126

119 123

4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13

Consumer confidence indicator

Source: INE

-58 -58

-53 -55 -54 -55

-52 -51

-44 -41

-44 -41

-37

-32 -29

-31 -31

D12 F13 A13 J13 A13 O13 D13 F14 A14

-2.4

-3.2 -3.6 -3.8

-4.0

-2.0

-0.9

1.5 1.3

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14

(real, index 1Q12=100)

100 97

103

97 98 100

102

113

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Recovery of internal demand expected to support economic growth going forward

13

Resilient real estate prices and declining

unemployment…

BCP has a leading position in Portugal and is in a privileged position to

benefit from the economic recovery

As cost of deposits normalises…

Deposit

position

Loan position

Asset

quality

position

-1%

0%

1%

2%

Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13

Cost of deposits differential (Portugal vs Germany)

…BCP set to benefit given high share of

deposits in its funding structure

-2.4 -3.2 -3.6 -3.8 -4.0

-2.0 -0.9

1.5 1.3

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14

Source: European Central Bank

Source: INE

Pick-up in GDP growth…

…to contribute to positive asset quality

trends at BCP

0

100

200

300

Dec 99 Jun 04 Dec 08 Jun 13

Portugal property index

Spain property index

Source: Bank of International Settlements

1.5 1.5

1.5 1.5

1.4 1.4

12.2% 13.0% 13.9% 13.7% 13.1% 13.4%

0%

10%

20%

30%

40%

1.1

1.2

1.3

1.4

1.5

1.6

Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14

Foreclosed assets NPL ratio

Individuals 47%

SME 27%

Other companies

26%

Loans (Mar 14)

* Total deposits

Source: BoP

19.3%

market

share *

17.2%

market

share 16.7%

market

share

…which BCP is best placed to capture

Source: INE

12.4

14.9

17.7

15.1

1Q11 1Q12 1Q13 1Q14

Unemployment rate (%)

53% 68%

Dec 10 Mar 14

% of deposits in the funding structure

of BCP group

62%

38%

Deposits (Mar 14)

Retail

Others

14

Agenda

1. Portuguese macroeconomic update

2. Strategic plan

A. Main drivers and targets

B. Achievements in Phase I: stronger balance sheet

C. Stronger capital position

D. Portugal: recovery of profitability

E. International presence focused on strong growth markets

F. More comfortable liquidity position

3. Investment case

15

Main drivers and targets

Recovery of profitability

in Portugal

Sustainable growth of

net income, more

balanced between

domestic and

international businesses

Creating

conditions for

growth and

profitability

(2014-15)

Sustainable

growth

(2016-17)

Continued development

of business in Poland,

Mozambique and Angola

Phases Priorities Main drivers

Stronger balance sheet

Reduce

wholesale

funding

dependence

Recovery in

operating income

Additional

reduction in

operating costs

Adopt strict limits

to risk taking

Wind down or

divest the non-

core portfolio

1Q14 2015 2017

CET I (phased-in)

(fully implemented)

11.9% * >10%

>10%

>10%

LTD ** 106% <110% <100%

C/I 55% ~50% ~40%

Operating costs

(€m) 690 *** ~660 ~660

Cost of risk (bp) 129 *** ~100 <100

ROE (7)% *** ~7% ~15%

* Calculated based on a conservative interpretation of the proposed DTA regulation published on 12 June 2014

** Loans to deposits ratio is defined as net loans divided by on-balance sheet customer funds

*** Annualised

Demanding

economic

environment

(2012-13)

Main group targets

16

Agenda

1. Portuguese macroeconomic update

2. Strategic plan

A. Main drivers and targets

B. Achievements in Phase I: stronger balance sheet

C. Stronger capital position

D. Portugal: recovery of profitability

E. International presence focused on strong growth markets

F. More comfortable liquidity position

3. Investment case

17

29 28 21

13 8 7

Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Mar 14

66 60

55 53

44 43

Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Mar 14

Achievements in Phase I: stronger balance sheet

Risk weighted assets – BoP *

Core tier I ratio – BoP * Commercial gap (net loans – deposits)

(Billion euros) -23

6.4% 6.7%

9.3%

12.4% 13.8% 13.9%

Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Mar 14

€4bn €4bn €5bn €7bn €6bn €6bn

(%) (Billion euros)

-22

162% Loans to deposits ratio

147% Loans to on BS funds ratio

116%

106%

Funding structure

43% 47% 41% 37% 33% 32%

57% 53% 59% 63% 67% 68%

Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Mar 14

other funding customer deposits

CT I capital

(%)

Significant improvement in capital ratios Strong reduction of the commercial gap and

reinforcement of deposits-based funding

* Stated, BoP definition

18

Agenda

1. Portuguese macroeconomic update

2. Strategic plan

A. Main drivers and targets

B. Achievements in Phase I: stronger balance sheet

C. Stronger capital position

D. Portugal: recovery of profitability

E. International presence focused on strong growth markets

F. More comfortable liquidity position

3. Investment case

19

The bank complies with the regulatory capital requirements

12.1%

13.9% 14.2%

10.0%

Mar 13 Mar 14 Mar 14 (pro forma

transaction)

Required

Core tier I ratio (%) - BdP Common equity tier I ratio (%) - CRD IV/CRR

8.4% 9.0%

11.9% 12.2%

8.0%

Mar 14 * Mar 14 * (pro forma

transaction)

Mar 14 * Mar 14 * (pro forma

transaction)

AQR threshold **

Fully

implemented

Phased in

Core tier I ratio (BdP) at 13.9%

Common equity tier I ratio (CRD IV/CRR, phased in) at 11.9% and 8.4% at fully implemented *

* Calculated based on a conservative interpretation of the proposed DTA regulation published on 12 June 2014

** Base case scenario

20

2.25 3.0 >2.0 >1.0 3.8 >4.2

Mar 14 ** Rights issue

CoCos reimb.

Organic capital generation ***

Dec 17 Capital above 10% Target

The transaction is expected to accelerate the achievement of the strategic plan,

anticipating the reimbursement of CoCos and enhancing organic capital generation

CET I ratio evolution

Expected repayment of all CoCos subscribed by the

State no later than the beginning of 2016*, saving

c. €500m in net interest income in 2014-17 period,

compared to the previous repayment schedule

BCP expected to achieve a CET I ratio

(CRD IV/CRR) fully implemented of more than 10%

in 2017

Expected to be obtained through retained earnings

and RWA reduction

8.4% ~13%

(Billion euros)

New repayment schedule for CoCos

0.75

3.00 2.25

2012 2014 2015/16

Issue Reimbursement

45.3 ~42

* Subject to approval by Bank of Portugal

** Calculated based on a conservative interpretation of the proposed DTA regulation published on 12 June 2014

*** Includes changes in fully implemented CRD4/CRR capital deductions

>10%

11.9% >13%

~42

>10%

CET I ratio (fully implemented)

Risk weighted assets

CET I ratio (phased-in)

(Billion euros)

21

Agenda

1. Portuguese macroeconomic update

2. Strategic plan

A. Main drivers and targets

B. Achievements in Phase I: stronger balance sheet

C. Stronger capital position

D. Portugal: recovery of profitability

E. International presence focused on strong growth markets

F. More comfortable liquidity position

3. Investment case

22

212.7

292.6

1Q13 1Q14

185.4 172.6

1Q13 1Q14

Three drivers of profitability recovery in Portugal: operating

income, efficiency and asset quality

Boost banking income

Increase operating efficiency

Reduction of cost of risk

2

3

Reduction in credit delinquencies as a result of the winding

down of the non core portfolio and the macro stabilisation

Achievement of operational efficiency through a reduction

of the number of branches and employees

Decrease in interest expense due to better spreads,

benefiting from proactive repricing policy of term

deposits and the reimbursement of CoCos

Rebalancing of the loan book between SME/consumer

and mortgages

Elimination of State guarantees fees (€60m in 2013)

considering the redemption of the debt issues guaranteed

by the State

Main drivers First signs

Banking income in Portugal (Million euros)

Operating costs in Portugal

(Million euros) -6.9%

Net new entries in NPL in Portugal (Million euros)

185

1Q13 1Q14

-52.3%

+37.6%

388

1

23

1,170

343

462

2008 2013 2015 * 2017 *

CoCos and LM 2011

Net interest income (stated)

1 Improvement of NII through reduction of extraordinary items (CoCos

and LM 2011), lower deposit spread and changing business mix

Net interest income

CoCos and the "LM 2011" expected to have the

biggest impact…

…and the rebalancing of the loan book,

assuming no volume growth

Loan book spread (basis points) vs. Euribor 3M

…followed by the continuous improvement in

deposit spread…

Time deposit spread (basis points) vs. Euribor 3M

30

(310) (239)

~(175) ~(150) ~(75)

2008 2012 2013 2014 2015 2017

35% 42% 39%

65% 58% 61%

Dec 08 Dec 13 Dec 17

Non mortgage Mortgage

+

94 131 128

179

430 415 <390

2008 2013 1Q14 2015 2017

Companies

Mortgage

+164bp

* Post right issue

(Million euros)

24

Overachievement of previous targets: cost base target lower by

€-140m and to be achieved 2 years earlier than the initial plan

686 603 525 433 424

445 372

300 263 234

1,257 1,041

865 734 690 ~660 ~660

2000 2008 2012 2013 2014 ** 2015 2017

Operating costs * (Million euros)

Staff cost Admin. Amortisations

...reducing more than 20% of branches and

employees Reduction of operating costs by more than 30%

versus pre-programme levels...

Cost reduction among peripheral banks ***

* Excluding specific items

** Annualised 1Q14

*** Peripheral banks include banks in Greece, Ireland, Italy, Portugal and Spain. Certain banks excluded as cost base is affected by acquisitions

-32%

-22% -21% -20%

-15% -12%

-10%

-6% -5% -4% -4%

B1 B2 BCP B4 B5 B6 B7 B8 B9 B10 B11 B12

(2011-13, consolidated)

Track record in cost

cutting

1,383

918 885 839 774 748 ~700 ~700

2000 2008 2011 2012 2013 Mar 14 2015 2017

Total branches (#)

16,099

10,583 9,959 8,982 8,584 8,504 <8,000 ~7,500

2000 2008 2011 2012 2013 Mar 14 2015 2017

Employees (#)

Other Portuguese banks

2

Source: Annual reports of the banks

25

7.3%

10.3%

12.9% 13.6% 13.6%

Dec 10 Dec 11 Dec 12 Dec 13 Mar 14

1,181 1,202 1,155 1,135 1,025 1,016

316 322 319 328 370 363

1,497 1,524 1,474 1,463 1,395 1,379

Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14

Net value Impairments

Strong coverage in the context of improving asset quality

indicators…

Strong coverage ratios of credit at risk

Stabilisation of credit at risk Decrease of new NPL entries

514

388

185

1Q12 1Q13 1Q14

-52%

-25%

17% 56% 47%

110% 105% 106%

Mortgage Non mortgage Total

BS impairment Collateral

Evolution of foreclosed assets and coverage

(Million euros)

Coverage 26%

(Million euros)

27% 22% 22% 21% 21%

(March 2014)

€4.3b €5.6b €6.4b €6.4b €6.3b Credit at risk

3

26

186

157 137 129

2011 2012 2013 1Q14 2015E 2017E

...underpinning a gradual normalisation of cost of risk

20 19

40

0.8% 1.4%

2.4%

2005 2006 2007

Cost of risk decreasing assuming the conservative scenario of remaining above the pre-crisis

Macro stabilisation will contribute to the

decrease in the impairment levels

New governance model to further enhance risk

management

The creation of the legacy portfolio, where its

specialised management team is also expected to

contribute to the reduction of the delinquency

level through the decrease of exposure to higher

risk portfolios

Three drivers for lower impairments effort Cost of risk

Consolidated, without Greece (bps)

~100

average: 26

94

208 179

157 147 147

1.9%

-1.3%

-3.2%

-1.4%

1.4% 1.7% 1.7%

2010 2011 2012 2013 1Q14 2015 2017

Cost of risk (bps) GDP growth (%)

Pre-crisis

<100

Source: GDP Growth (Bank of Portugal)

3

27

Agenda

1. Portuguese macroeconomic update

2. Strategic plan

A. Main drivers and targets

B. Achievements in Phase I: stronger balance sheet

C. Stronger capital position

D. Portugal: recovery of profitability

E. International presence focused on strong growth markets

F. More comfortable liquidity position

3. Investment case

28

Unique international presence focused on key strategic markets…

Single brand

Millennium

Data as at March 2014

* In accordance with Bank Millennium (Poland)’s Financial Statements

Market share: 4.8% in loans and 5.2% in

deposits

Loans to customers (gross): €10,594m*

Customer funds: €12,435m*

Employees: 5,878

Branches: 435

Poland

Market share: 32.1% in loans and 30.6%

in deposits

Loans to customers (gross): €1,254m

Customer funds: €1,535m

Employees: 2,455

Branches: 159

Mozambique

Market share: 3.5% in loans and 3.4% in

deposits

Loans to customers (gross): €693m

Customer funds: €1,272m

Employees: 1,062

Branches: 82

Angola

All three international

operations are profitable,

self funded and self

sustainable (with capital

for growth)

29

3 24

41 39

53

86 77

81

127

119

158

253

2006 2010 2013

…delivering strong earnings growth

Net income

17.1%

(CAGR)

7.2%

(CAGR)

(Million euros) Split of banking income of peripheral banks * (consolidated, 2013)

International presence of BCP

Source: Annual reports of the banks

* Peripheral banks include banks in Greece, Ireland, Italy, Portugal and Spain

51%

49%

B1 B2 B3 B4 BCP B6 B7 B8 B9 B10 B11 B12 B13 B14 B15 B16 B17 B18 B19 B20

International

Domestic

ROE ***

(1Q14)

LTD

(1Q14)

BV

(1Q14)

BCP

stake

Nominal

GDP

growth*

Poland 12% 94% €2.4bn** 65.5% ~6%

Mozambique 22% 78% €0.4bn 66.7% ~14%

Angola 18% 52% €0.3bn 50.1% ~12%

* Source: IMF (average expected annual nominal GDP growth 2014-17)

** Market capitalisation as at 20 June 2014

*** Annualised

30

Poland: market environment provides significant upside

...and Polish banks are valued according to their

profitability estimates

Poland is one of the European countries with the

lowest banking penetration...

* BV/GDP = (Total Deposits + Gross Loans) / Nominal GDP Source: EIU Database

Exploring new market opportunities in the corporate

segment and stronger focus on mid–sized companies

Growing consumer lending segment

Focus on saving products instead of time deposits

474 460 459

315

261 257 246 233 208

154 152 119 111

69

NL IR SW UK SP PT FR DE BEL GR IT CZR PL RO

Business volumes / GDP * (%)

P/TBV 13

ROE 14E Source: FactSet (19 July 2014)

1Q14 2015

ROE 12% 14-15%

C/I 51% <50%

Core Tier I 13.3% >10%

LTD * 94% <100%

Strategic plan

Bank strengths

Main initiatives

Targets

Well distributed branch network

Highly recognized brand and top quality service

Risk management and cost control

Self funded and self sustainable

1

2

4

5

Modern multichannel infrastructure 3

* Net loans / deposits

1.2x

1.4x

1.6x

1.8x

2.0x

2.2x

2.4x

2.6x

2.8x

3.0x

8% 10% 12% 14% 16% 18% 20%

ROE target: 14-15%

Bank

Millennium

(Jun 14)

Bank Millennium (Dec 10)

31

29% 26%

14%

62%

41%

25% 30%

25%

Emerging Europe * Kenya Nigeria Mozambique Angola

2003 2013

Mozambique and Angola: high growth potential driven by sector

underpenetration and high expected GDP growth

Loans / GDP Real GDP growth (2014-2017)

Source: BMI; for Angola: Bank of Angola, IMF

* Includes Bulgaria, Czech Republic, Latvia, Poland, Russia and Ukraine Source: IMF

* Includes Bulgaria, Czech Republic, Latvia, Poland and Russia

19% 17% 23% Loan

CAGR

2003-13

Underpenetrated markets expected to

converge to peer levels …

2%

5%

6%

7%

8%

Emerging Europe *

Angola

Kenya

Nigeria

Mozambique

… supported by high expected GDP growth

levels, ahead of most emerging markets peers

Valuation of emerging markets banks

Mozambique and Angola are

underpenetrated banking markets that are

expected to converge to peer levels given

their higher expected GDP growth levels

Valuation of emerging markets banks is

based on the evolution of EPS growth

Source: FactSet (19 June 2014)

Note: Regression includes top listed banks in South Africa, Poland, Saudi Arabia, UAE, China,

Indonesia, Thailand

0x

2x

4x

6x

8x

10x

12x

14x

16x

18x

20x

2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22%

P/E

2014E

EPS CAGR '13-16E

32

High expected GDP growth based on

extractive industries, coal and natural gas

production (expected to become one of the 10

largest coal exporters in the world and one of

the largest exporters of natural gas to Asia*),

infrastructure investment and credit expansion

Underpenetrated banking system

Mozambique: profitable market leader in a fast growing country

Bank strengths

Main initiatives

Reinforce the competitive positioning in Corporate and

Investment Banking to consolidate market leadership

Create the Prestige segment to support the increasing

number of affluent clients

Focus on innovation, mobile and transactional products

1Q14 2015/17

ROE 22% >20%

C/I 45% <45%

LTD * 78% <90%

Targets

Key highlights

A

B

* Source: Mining Weekly (Mozambique Q2 Mining Report Released) and Frost & Sullivan

Affinity market with strong historical, cultural

and economic ties to Portugal

C

Economic and political stability since the end

of the civil war in 1992

D

Market leader

Largest branch network

High profitability

Self funded and self sustainable

1

2

3

4

Shareholder structure

Strategic plan

67%

22%

11%

BCP (Portugal)

State of Mozambique / Social Security

Others

* Net loans / deposits

33

Angola: maintain high growth gaining market share whilst further

increasing profitability

Bank strengths

Main initiatives

Improve service quality in affluent segments to

increase cross selling and customer acquisition

Develop a network of specialised branches to supply

clients with specific needs: Corporate centers and

Affluent branches

Reevaluate and reinforce the branch expansion

Continue to focus on innovated products

1Q14 2015/17

ROE 18% >20%

C/I 54% <45%

LTD * 52% <75%

Targets

Key highlights

* Source: IMF

** Source: National Bank of Angola

*** Source: Central Intelligence Agency

Modern and innovative infrastructure

Expansion plan to improve penetration

Highly efficient and compliant

Self funded and self sustainable

1

2

3

5

Shareholder structure

Strategic plan

50%

30%

20%

BCP (Portugal)

Sonangol

Others Strong brand recognition 4

High expected GDP growth based on oil

production (3rd largest oil producer in

Africa**), government effort to diversify the

economy (non-oil GDP growth was 11.5% in

2013***) and credit expansion

Underpenetrated banking system A

C

Affinity market with strong historical, cultural

and economic ties to Portugal

D

Economic and political stability since the end

of the civil war in 2002

E

Third largest economy in Sub-Saharan Africa

(equivalent to 57% of Portuguese GDP *)

B

* Net loans / deposits

34

Agenda

1. Portuguese macroeconomic update

2. Strategic plan

A. Main drivers and targets

B. Achievements in Phase I: stronger balance sheet

C. Stronger capital position

D. Portugal: recovery of profitability

E. International presence focused on strong growth markets

F. More comfortable liquidity position

3. Investment case

35

7

~0

Mar 14 Dec 15 Dec 17

Reduction of the commercial gap is expected to continue, contributing

to the reduction of wholesale and ECB funding needs…

ECB and wholesale markets

Commercial gap expected to decrease, reaching

an LTD of ~100% as a result of:

increase in customer deposits, by partial

conversion of capitalisation products to on

BS funds

controlled growth of net loans in

corporate lending

Lower dependence on ECB funding and

wholesale markets

Commercial gap (net loans – deposits) Net Loans

Deposits -

~100% Loans to deposits ratio

<100% Loans to on BS funds ratio

ECB funding

Wholesale

markets

ECB funding was €9.2bn in March

2014 (with a liquidity buffer of

€10.2bn), being projected to

decrease to close to zero by 2017

Senior debt issue of €500m in

February 2014

Planned debt issue in 2014-17

below 2006-09

-7 56

Mar 14 Dec 15 Dec 17

-1% CAGR

+3% CAGR

49

Mar 14 Dec 15 Dec 17

116%

106%

(Billion euros)

36

5.2 4.9

2.9

5.5

1.1

0.1

2.9

0.3 0.6

1.8

0.4

2009 2010 2011 2012 2013 1Q14 2014 2015 2016 2017 >2017

To repay:

€6.0bn

20

3

15

56

9

49

Refinancing needs of medium-long term debt ***

Reduction of funding needs, benefitting from the continued reduction of the commercial gap which

proceeds at a good pace

Lower short-term refinancing needs than in the past

Already

repaid

(Billion euros)

…and resulting in a sustainable funding structure

Balance sheet structure

17 E Mar 14

Other net assets Net Loans

Equity

MM/WSF

MM/WSF = Money Market and Wholesale Funding

Dec 09

(Billion euros)

8 7

29

75

1

46

76

83

* Includes repurchase of own debt amounting to €0.5bn

** Includes repayment of €1.6bn related to liability management transactions

*** Includes covered bonds, senior and subordinated debt

**

*

~15 ~5

~9

~54

~1

~54

~69

Deposits ECB

ECB funding expected to

decline close to zero by 2017

37

Agenda

1. Portuguese macroeconomic update

2. Strategic plan

A. Main drivers and targets

B. Achievements in Phase I: stronger balance sheet

C. Stronger capital position

D. Portugal: recovery of profitability

E. International presence focused on strong growth markets

F. More comfortable liquidity position

3. Investment case

38

Investment case

Leading private sector market position in Portugal,

benefiting from the domestic economic recovery

Successful ongoing execution of the restructuring plan in

Portugal

Profitable, self-funded international operations in high

growth markets (Poland, Mozambique, Angola)

Stronger capital and liquidity position

1

2

3

4

Unique

position

Strengthening of capital position significantly accelerates the

process of adjustment to sustainable levels of profitability and

shareholder returns

Transaction

39

Appendices

40

Highlights – 1Q14 results

New entries in NPL in Portugal in 1Q14 decreased 52% versus 1Q13, consistent with the target of a

sustained reduction in the cost of risk, but maintaining a high level of provisioning

Core tier I ratio at 13.9% according to BdP criteria, above the 12.1% ratio as of March 2013

Common equity core tier I ratio at 11.9%* according to CRD IV/CRR (phase-in)

Capital adequacy

reinforced and

above minimum

requirements

Contribution of international operations (excluding Greece and Romania) to the consolidated net

income of 48 million euros, an increase of 18.1% versus 1Q13, the best quarterly contribution of the

last two years

Profitability

confirming the

positive trend

Consolidated net income of -41 million euros, versus -152 million euros in 1Q13

Operating costs reduced by 4.3% at the consolidated level and 6.9% in Portugal versus 1Q13

Consistent customer deposits base maintained, with a quarterly increase of 1.2% in deposits in

Portugal

Continuation of the commercial gap improvement: reduction of 3.0 billion euros in the commercial gap

year-on-year, with the loans to deposits ratio (BdP) at 116%, below the 120% level recommended, and

the ratio of loans to BS customer funds at 106%

Liquidity

strengthening

Reduction in ECB funding usage to 9.2 billion euros, with cumulative reimbursement of 2 billion euros

of the 3-year long-term refinancing operation (LTRO)

Progressive improvement in banking income in all geographies, with a growth of 23.0% year-on-

year, driven by the increase in net interest income and commissions

Repayment of 2 billion euros of State Guaranteed debt issues

Issue of 500 million euros senior unsecured 3 year bond in the public market, without support from

the State

* Calculated based on a conservative interpretation of the proposed DTA regulation published on 12 June 2014

41

Reflecting the sale of

Greek subsidiary: -€4bn

Deposits

Liquidity position

Net loans

Commercial gap (net loans – deposits)

-

162% Loans to

deposits ratio

147% Loans to

on BS funds ratio

(Billion euros)

46 46 48 49 49 49

D 09 D 10 D 11 D 12 D 13 M 14

+3

75 74 68 63 57 56

D 09 D 10 D 11 D 12 D 13 M 14

-19

29 28

21

13

8 7

D 09 D 10 D 11 D 12 D 13 M 14

-22

116%

106%

Reflecting the sale of

Greek subsidiary: -€3bn

42

Detail of sovereign debt portfolio as of 31 March 2014

Portugal Poland Mozambique Angola Romania Others Total

Trading book 188 99 75 362

< 1 year 0 11 11

> 1 year and <2 years 14 6 20

> 2 year and <3 years 0 65 11 76

> 3 years 174 17 64 254

AFS book 4,316 934 396 423 51 5 6,125

< 1 year 1,973 70 355 264 34 2,696

> 1 year and <2 years 204 150 2 78 10 5 449

> 2 year and <3 years 190 407 17 39 7 659

> 3 years 1,949 307 22 42 0 2,321

HTM book 1,859 12 50 1,921

< 1 year 72 72

> 1 year and <2 years 7 7

> 2 year and <3 years 137 5 142

> 3 years 1,650 50 1,700

Total 6,363 1,033 396 423 63 130 8,407

< 1 year 2,045 81 355 264 34 2,780

> 1 year and <2 years 218 156 2 78 17 5 476

> 2 year and <3 years 326 472 17 39 12 11 877

> 3 years 3,773 324 22 42 114 4,275

(Million euros)

43

Retail 42%

Institutional 24%

Qualified holdings

34%

Diversified shareholder base, geographically scattered

Shareholder structure

Number of shareholders (thousands)

Qualified participations (>2%)

Geographic distribution

Sonangol 19.4%

Sabadell group 4.3%

EDP group 3.0%

Interoceânico/ALLPAR (Camargo

Corrêa group) 2.6%

Berardo group 2.5%

Alken Fund 2.0%

170.9 182.3 187.2 174.2

Dec 10 Dec 11 Dec 12 Dec 13

Portugal 51%

Africa 20%

US/UK 6%

Others 23%

(As of 31 March 2014) (As of 31 March 2014)

(As of 31 March 2014)

44

1992: End of 16 years of civil war between the ruling party

(FRELIMO) and the Rhodesian & South African funded

Mozambique Resistance Movement (RENAMO)

2004: Guebuza (FRELIMO) is elected as president

with 64% (160/250 parliament seats) as Chissano

steps down after 18 yrs

Late 2014: Next presidential,

government and provincial

elections

1999: Joaquim Chissano (FRELIMO) is

reelected with 52.3% (133/250

parliament seats)

Mozambique: fact sheet

1975: Independence of Mozambique

following almost five centuries as a

Portuguese colony

1975 2013/14… 1990 1995 2000 2005

1994: First multi-party elections held, won by

Joaquim Chissano (FRELIMO)

2006: World Bank cancels most of Mozambique's debt

under a plan promoted by the G8 nations

2009: Guebuza (FRELIMO) is

reelected with 75% (191/250

parliament seats)

Maputo Matola

Beira

Nampula Tete

Nacala

Pemba

Country fact sheet

eet 2013E

Population (million) 22.9

Area (thousand km) 800

Capital Maputo

Official language Portuguese

Other languages Swahili, Makhuwa, Sena

Currency Metical (MZN)

Gini index 45.7 (Medium)

Political regime Presidential Republic

Sovereign rating - FC LT

Debt

Moody's B1, Stable; Fitch

B+, Stable; S&P B+,

Negative

Key economic indicators

Source: IMF and World Bank

Source: IMF and World Bank

2013E 2018F

GDP (US$ bn) 14.7 25.0

Real GDP Growth Rate (%) 7.1 8.0

GDP per capita (US$,current) 640.4 990.1

Inflation 5.5% 5.6%

Investment (% GDP) 48.7 54.9

Public Debt (% GDP) 45.7 51.5

45

10

5

15

8

10

16

7

12

12

15

49

Millennium bim is market leader in Mozambique with a 33%

market share, over 1.2 million clients, 2,455 employees, and

159 branches with a countrywide coverage

18+ years

1,236,400 clients

159 branches

2,455 employees

Deposits market share (Dec 13) Loans market share (Dec 13)

Cabo Delgado

Niassa

Nampula

Zambézia

Tete

Sofala

Manica

Inhambane

Gaza

Mpt província

Branches

Shareholder structure

FDC 1.1%

EMOSE 4.2%

State of Mozambique 17.1%

Social Security 5.0%

Other Employees 6.0%

BCP (Portugal) 66.7%

6%

17%

29%

32%

Barcl ays

Standard bank

BCI

Mi l l enni um bim

6%

12%

28%

33%

Barcl ays

Standard bank

BCI

Mi l l enni um bim

Millennium bim: market leadership position along the years

Mpt Cidade

Bank 2

Bank 3

Bank 4

Bank 2

Bank 3

Bank 4

46

1,209

1,236

Mar 13 Mar 14

2,280

2,307

Mar 13 Mar 14

151

159

Mar 13 Mar 14

Millennium bim: highlights 1Q14

19.1 20.2

1Q13 1Q14

1,346

1,535

Mar 13 Mar 14

1,014

1,254

Mar 13 Mar 14

ROE

Customer funds

Loans to customers (gross)

Customers

Employees *

Net income

Branches

22% 25%

+14.1%

+23.7%

+2.2% (million euros)

(million euros)

(thousand) (million euros)

+1.2% +5.3%

* Excludes SIM’s employees (insurance company)

Excludes FX effect. €/Metical used rates: Income statement 42.90416667; Balance sheet 42.9550

47

After independence in November 1975, Angola faced a

devastating civil war which lasted several decades and claimed

millions of lives and produced many refugees

2002: Jonas Savimbi, the leader of UNITA, was

killed in combat with government troops, civil

war ends

2010: new constitution

Angola: fact sheet

1975: Independence of Angola following

almost five centuries as a Portuguese

colony

1975 2013/14… 1990 1995 2000 2010

The FNLA, MPLA and UNITA were fighting each other and

the country was well on its way to being divided into

zones controlled by rival armed political groups

2008: first elections after conflicts were organized

Source: IMF and World Bank

Country fact sheet Key economic indicators

2013E

Population (million) 20.8

Area (thousand km) 1,246

Capital Luanda

Official language Portuguese

Other languages Kimbundo, Kikongo

Currency Kwanza (AOA)

Gini index 42.7 (Medium)

Political regime Presidential Republic

Sovereign rating - FC LT

Debt

Moody's Ba3, Positive;

Fitch BB-, Stable; S&P

BB-, Stable

Source: IMF and World Bank

2013E 2018F

GDP (US$ bn) 115.3 167.8

Real GDP Growth Rate (%) 5.2 6.6

GDP per capita (US$,current) 5,706 6,951

Inflation 9.2% 6.5%

Investment (% GDP) 14.4 12.3

Public Debt (% GDP) 26.6 32.5

48

2.9% 3.2% 3.5%

Dec 12 Dec 13 Mar 14

Millennium Angola: widespread in every province and in rapid growth

82 Mass-market branches

7 Prestige branches

6 Corporate Centers

1,062 Employees

311,000 Customers

March 2014

Deposits

Loans

2.8%

3.4% 3.4%

Shareholder structure

Globalpactum 5.0%

Sonangol 29.9%

BPA 15.0%

BCP (Portugal) 50.1%

Market share of Millennium Angola

49

Millennium Angola: highlights 1Q14

Excludes FX effect. €/Kwanza used rates: Income statement 133.29333333; Balance sheet 134.5900

249

311

Mar 13 Mar 14

1,029

1,062

Mar 13 Mar 14

76 82

Mar 13 Mar 14

6.2

11.2

1Q13 1Q14

767

1,272

Mar 13 Mar 14

494

693

Mar 13 Mar 14

ROE

Customer funds

Loans to customers (gross)

Customers

Employees

Net income

Branches

18% 12%

+65.9%

+40.3%

+25.0%

(million euros)

(million euros)

(thousand) (million euros)

+3.2% +7.9%

50

Portugal Poland Mozambique Angola

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 1.645.000.000

Investor Relations Division

Rui Coimbra, Head of Investor Relations

Investor Relations Reporting and Ratings

João Godinho Duarte, CFA Luís Morais

Paula Dantas Henriques Lina Fernandes

Tl: +351 21 1131 084 Tl: + 351 21 1131 337

Email: Investors@millenniumbcp.pt