Adjusting strategy for the new context

September 2011

Nomura Financial Services Conference

2

DISCLAIMER

• This document is not an offer of securities for sale in the United States, Canada, Australia, Japan or any other jurisdiction, Securities may not be offered or sold in the United States unless they are registered pursuant to the US Securities Act of 1933 or are exempt from such registration. Any public offering of securities in the United States, Canada, Australia or Japan would be made by means of a prospectus that will contain detailed information about the company and management, including financial statements

• The information in this presentation has been prepared under the scope of the International Financial Reporting Standards (‘IFRS’) of BCP Group for the purposes of the preparation of the consolidated financial statements under Regulation (CE) 1606/2002

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

• First six months figures for 2010 and 2011 were subject to a limited revision by External Auditors

3

Portugal A short term challenge

Budget deficit (% of GDP)

2010

2007

2.7 0.6

(0.1)

6.7

(1.9)

2.8

10.6 6.1

32.2

9.6 9.2 9.1

2010

2007

Public debt (% of GDP)

Source: International Monetary Fund, World Economic Outlook Database, April 2011

Source: International Monetary Fund, World Economic Outlook Database, April 2011

Real GDP growth

Source: Bank of Portugal, International Monetary Fund

Public debt below Greece, Italy or Ireland, in line with USA, but above EU average

Budget defict in line with many European countries and US but above EU average

Low GDP growth in the past decade

4

Portugal Long term strengths

Source: ECB; INE

1998=100

80130180230280330

2010200920082007200620052004200320022001200019991998

House price index

Increase in age-related expenditure as % of GDP

Trade balance (% of GDP)

Exports by destination (% of total exports)

Source: INE, Bank of Portugal, Eurostat

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

1999 2001 2003 2005 2007 2009 Q1.11

Trade Balance Energy Balance

Note: Total includes pension, health and long-term care, unemployment and education age related expenditures Source: European Commission “2009 Report on Fiscal Sustainability”.

With Pensions

chg in % of GDP

2010 to 2060

Total

chg in % of GDP

2010 to 2060

Greece 12,5 16

Spain 6,2 8,3

Ireland 5,9 8,7

Belgium 4,5 6,6

Netherlands 4 9,4

Slovakia 3,6 5,5

EA average 2,7 5,1

Finland 2,6 5,9

Germany 2,5 5,1

UK 2,5 4,8

EU27 average 2,3 4,6

Portugal 1,5 2,9

Austria 1 3,3

France 0,6 2,2

Italy -0,4 1,6

81

19

76

24

2004 H1.11

Ex-EU

EU27

Source: INE, Bank of Portugal, Eurostat

5

Portugal A resilient financial system

Sources: BdP

Spain

Greece

Italy

Ireland

Portugal

Deposits Portugal vs Euro area (Private individuals, % yoy) Aid as % of GDP (2009)

Belgium 9.57% United Kingdom 7.65% Ireland 6.74% Greece 5.13% Latonia 4.62% Germany 4.15% Denmark 3.60% Austria 3.37% Sweden 2.90% Luxembourg 2.33% Nederland 1.70% France 1.40% Cyprus 1.36% Spain 0.70% Slovenia 0.57% Hungary 0.38% Italy 0.27% Portugal 0.04% Finland Not used Poland Not used Slovakia Not used Lithuania Approved in 2010

Country

0

5

10

15

20

2007 2008 2009 2010 0,0

0,5

1,0

1,5 RoE (lhs) RoA (rhs)

Government aid to banking sector

Profitability (before taxes and minority interests)

Trade balance (% of GDP)

Exposure to public debt by financial system (as % of total assets)

6

Structural change in the market along three key variables

Portuguese banking sector

9.10

1.20

-1.32

0.45

3.30

1.98

Market stagnation Annual growth of volumes. %

Negative funding costs

Spreads of term deposits over 3M Euribor. bps

Increase in NPLs NPLs. % total credit

2000-07 2008-10 2000-07 2010 2000-07 2008-10

Combined impact on the profitability of the sector Reduction in ROE from 18% in 2007 to 8% in 2010

7

Millennium’s response: key progress levers in the last three years

Turnaround of operation in Poland Transparent management (recognition of ~100M€ in impairments in 2009) and recovery of profitability (81M€ vs. ~0€ in 2009)

Reinforcement of risk management standards Conservative provisioning policies (recognition of 713M€ in impairments in 2010) and reduction of the funding gap (~1.6b€ in Portugal between 2007 and 2010)

Improvement in capital ratios Capital increase in Portugal (1.30b€ in 2008 & 1.37b€ in 2011), Poland (258M€ in 2009), and Angola (83M€ in 2009); deleveraging and optimization of RWAs (~5b€ in 2010)

Initiation of focus of international portfolio Divestment of operations in USA (sale of branches & deposits; partial sale of credit portfolio) and Turkey (sale of the operation)

Defense of leadership position in Portugal Larger client base, financial margin & distribution network (#1 bank in market share)

Recovery of banking income Repricing of portfolios and increase in commissions (+113 bps spread in company’s credit portfolio and +250 bps spread in new production of mortgage)

Improvement in operational efficiency levels Reduction of the cost base (-115M€ recurring costs in 2010 vs. 2007)

Reinforcement of growth in Africa Launch of operation in Angola and sustained growth in Mozambique (operations in Africa with +70 branches & growth of +106% of banking revenues between 2007 and 2010)

8

Portugal: leadership and resilience of strong franchise

PORTUGAL

Loans to customers

9.9%

10.7%

14.9%

20.3%

21.8%

BPI

Totta

BES

BCP

CGD

9.9%

10.5%

14.5%

19.0%

27.5%

Totta

BPI

BES

BCP

CGD

Branch network

758

768

804

853

891

BPI

BES

Totta

CGD

BCP

Net interest income*

10.4%

11.3%

19.7%

29.2%

29.4%

BPI

Totta

BES

CGD

BCP

* Consolidated values of the 5 biggest banks in Portugal for 1S11 Source: Market shares are based on Bank of Portugal and Portuguese banks’ public data for 1S11, branch network: 4Q10

Customer funds

9

Recent priorities Asset repricing drives improved NIM with robust fee and commission income growth

Net interest income Fees and commissions

Portugal corporate spreads Portugal mortgage spreads

(Euro million)

(Contractual spread, %) (Contractual spread, %)

(Euro million)

0.83 0.93 0.89 0.88 1.11

1.61

1.94 2.22

2.04 2.00

2.37 2.54

2.67 2.77

0.99 0.98 0.96 0.94 0.95 0.96 0.98 1.00 1.02 1.04 1.06 1.08 1.10 1.11

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

New production Portfolio

2.50 2.51 2.73 3.18

3.88 4.11 4.36 4.07 3.91 4.05 4.61

5.03 5.75

7.05

1.64 1.71 1.74 1.79 1.96 2.06 2.20 2.30 2.40 2.49 2.64 2.77 2.93 3.27

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

Portugal International Portugal International

283 213 206 216 211 235 253 285 260 258

91

89 116 120 130 129 134 140 141 148

374

302 323 336 341 364 387 425 402 406

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

119 132 132 139 138 142 144 148 136 147

49 46 55 59 64 61 53 62 60 59 169 178 187 198 202 203 197 210

195 206

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

+1.1% +5.2%

+8.7% +21.9%

10

1,253 1,207 1,031 979 985

480 459

472 542 640

562 618

297 290

1,725 1,749 1,671

1,540 1,603

777 750

2006 2007 2008 2009 2010 1H10 1H11

-7.1%

Recent priorities Reduction of the cost base

Operating costs

(Eur million)

Note: staff costs in 1Q11 include a reversal of provisions in the amount of 31.4 million euros associated with pension charges of former members of the Executive Board of Directors and in 2Q11 include early retirement costs in the amount of 3.4 million euros

-3.5%

Portugal International

Portugal costs per business volume *

118

110

104

91

86

Bank 4

Bank 3

Bank 2

Bank 1

BCP

* Business volumes defined as gross loans (excluding guaranties) plus customer funds (excluding pension funds)

Source: Most recently company report

11

Mortgage 11.3

Consumer 91.1

Companies 469.2

61% 18% 7% 14% With real estate guarantees (3.2% overdue) With other guarantees (3.8% overdue) Without guarantees (19.2% overdue) Other * (1.1% overdue)

250220

122 130

99 00 01 02 03 04 05 06 07 08 09 10

12% 8% 10% 22% 10% 23% 16% 0-40 40-50 50-60 60-75 75-80 80-90 >90

9%

7%

7%

4% 4% 1% 3%

16% Mortgage 42%

Consumer 6%

Companies 52%

Loans by sector

Impairment charges

House price index and LTV

Loans by collateral

Other sectors

Transp. and communications Other national activities Commerce Other int. activities

Construction

Real estate – commercial and retail

Other services

LTV of mortgage portfolio in Portugal

251.0

83.1

42.9 16.4 75.9

Impairment charges in 1H11 by sector

Other sectors Transp. and communications

Commerce Construction

Services

Recent priorities Diversified and well collateralised loan book, with reinforced provisioning

Note: figures adjusted for a Repo transaction, in the amount of 2,256 million euros, as at 30 June 2011 * Consists of International (5.2%; 0.4% overdue), public sector (1.1%; 0.1% overdue), factoring (1.6%; 0.1% overdue)

and leasing (6.2%; 2.2% overdue) Note: “Overdue” figures show total loans overdue as % of total loans for each type

Note: Customer funds and loans to customers were adjusted from a Repo operation, in the amount of 2,256 million euros, on 30 June 2011

(Eur million)

98 bp 147 bp

384

562

1H10 1H11

Impairment charges net of recoveries as % of total gross

loans

12

Implications for the strategic agenda : four key business drivers

1. Ensure solvency ratios above regulatory requirements

2. Manage deleveraging process to stabilize balance sheet funding

3. Recover & improve profitability level of operation in Portugal

4. Focus international portfolio according to attractiveness & availability of resources

CT1 9% in 2011 10% in 2012

L/D 120% in 2014

ROE >10% (after stabilization of the economic cycle)

13

Capital increase allows to reach a Core Tier I ratio of 8.5% and Tier I of 9.3%, placing Millennium bcp in line with peers

8.6% 9.2% 9.3%

Jun 10 Mar 11 Jun 11

Core tier I

Tier I

10.3%

58,400

5.6% 6.7% 8.5%

Jun 10 Mar 11 Jun 11

10.5%

58,432

10.0%

62,359

Standard IRB IRB

Solvency ratio

Consolidated

RWA (M€)

Total ratio

Note: the Bank received authorization from the Bank of Portugal (BoP) to adopt IRB methods for the calculation of own funds requirements for credit risks, as from 31 December 2010. Estimates of the probability of default and the lost given default (IRB Advanced) for the retail small companies exposures collateralized by commercial or residential real state, and estimates of the probability of default (IRB Foundation) for the corporate portfolio were considered in Portugal, excluding real estate promotion segment and simplified rating system. At the 1st semester of 2009, the Bank received authorization from BoP to adopt the advanced method (internal model) to generic market risk and standard method for the operational risk

Capital increase

Deleveraging

Republic of Portugal ratings

Devaluation of the insurance company portfolio

Main impacts in 2Q11

Additional initiatives in capital plan

Liability management

Deleveraging

RWA optimization

Disposal of non core assets

IRB Advanced (Poland, credit cards, current accounts, non-collateralized credit and corporates)

Evaluation of new strategic partnerships and other capital management initiatives

14

29.2 26.6 25.1 24.1 22.6

Jun 10 Sep 10 Dec 10 Mar 11 Jun 11

1.0

7.3 10.6 11.3

16.5 17.8 20.6 20.1 20.1

Dec 07

Dec 08

Dec 09

Mar 10

Jun 10

Sep 10

Dec 10

Mar 11

Jun 11

-6.6

**

78.2 76.6 76.4 75.3 74.4

49.0 50.1 51.3 51.2 51.8

Jun 10 Sep 10 Dec 10 Mar 11 Jun 11

-3,8

Adjusting to the new funding environment...

Commercial gap* Eligible assets for Central Banks and repos

* Calculated with gross loans and balance sheet customer funds (deposits and debt securities owed to customers) ** includes an operation that has ceased to be integrated into the pool at the end of March and it was already taken up during the month of April Note: Customer funds and loans to customers were adjusted from a Repo operation, in the amount of 2,256 million euros, on 30 June 2011

Deleveraging process is well underway

Commercial gap falls €6.6bn since the deepening of the sovereign crisis

Eligible asset pool has been maintained above €20bn, in spite of rating downgrades for Portuguese Republic and Portuguese companies

(Eur billion)

On-BS Customer Funds*

Gross Loans

Gross Loans and on-BS customer funds*

15

1 3 2.9

16.1 14.9 14.7 15.0

1.5 0.3

4.3 7.7

1.9 5.7 3.9 4.8

1.0

7.3 10.6

18.0 20.6 20.1 20.1

2007 2008 2009 Jul 10 2010 Mar 11 Jun 11

5.2 4.9

2.4

0.3

4.0

1.0

3.4

0.4 1.3

1.8

0.3

2009 2010 1S11 2011 2012 2013 2014 2015 2016 2017 >2018

160% 153% 149% 147% 144%

Jun 10 Sep 10 Dec 10 Mar 11 Jun 11

***

**

... with a clear funding plan

Assets eligible for central banks and repos Refinancing needs of medium-long term debt

Financing structure (Eur billion)

Loan to Deposit ratio*

…in spite of the repayment of almost all debt for 2011. Future annual refinancing needs are lower than in the past

Deposits are the main funding source Deleveraging has begun

ECB usage maintained at the same level than in previous quarters…

Deleveraging to reduce the

commercial gap

Reduction of ECB usage

Diversification of funding sources

Commitment with wholesale

market refinancing

* Calculated with gross loans and balance sheet customer funds (deposits and debt securities owed to customers) ** includes an operation that has ceased to be integrated into the pool at the end of March and it was already taken up during the month of April *** includes €0.2bn of repurchase of own debt Note: Customer funds and loans to customers were adjusted from a Repo operation, in the amount of 2,256 million euros, on 30 June 2011

Utilized Repos Free

51.8

12.6 1.1

0.3

15.0

7.4

Deposits and equivalent

MLT institutional debt

ST institutional debt

Repos

ECB

Own capital

Already repaid

16

Angola & Mozambique Reference bank Growth opportunities Strong commitment to

country/region

Other “Affinity Markets” Natural partner of

clients abroad Leverage of domestic

franchise Relevant geographies:

Africa, Brazil & China

Portugal Market leadership Culture of excellence Advantages from scale

Robustness of business platform in Portugal as base for the future

High potential geographies to support medium-term growth

Access to additional business opportunities through partnerships

New priorities A new corporate vision - “national champion with high standards of excellence”

17

Portugal: Reinforced leadership position

Projecto MNew business model

Restructuring ofthe operative modelOperational efficiency

Specialized partnershipsGrowth platform

New service model for affluent & business segments, and improved proposition for younger & self-directed segment More efficient service model for Mass Market Distinctive multichannel platform,

reconfiguration of branch network – capacity optimization

Process redesign in front and back office; implementation of “lean strategies” Capacity adjustment of new operating model Reinforced capacity and efficiency in credit

recovery

Enhancement of banking business (real estate, leasing/factoring, insurance & investment banking) Broadening of “non banking” product and

service offer (“beyond banking”)

Restructuring initiatives in Portugal

18

Angola & Mozambique: platform for growth in Africa

16413911694 +74% branches

+76%employees

2.8022.4352.0731.780

(M€)

+106%banking revenue

245195144119

(M€)

+85%net income

+41 +56 +67 +76

Variation 2007-2010 Reinforced operational

base for growth in the region

Increased importance of the business in Africa (from <5% of international portfolio net income in 2007 to >100% in 2010)

Initiatives in progress― Expansion (in the

short-term) to São Tomé & Príncipe and Namibia

― Launch of mobile banking business (in analysis)

AngolaMoçambique

19

New markets: growth in other “affinity markets”

Growth platform to pursue additional opportunities

Holding

50% 30% 20%

New geographies New businesses

( … ) ( … )

100% % %

%

Other local partners?

%

Specialized partners?

Creation of Holding with 100% of BMA

Platform focused on growth in new geographies with affinity with Portugal/Africa and new businesses

Proven track record & capabilities in Commercial Banking in international markets

Initiatives underway to explore trade finance flows & direct investment– Obtain banking license in Brazil– Reinforce physical presence in China

20

European portfolio under evaluation - “non-core” in the new strategy

Stabilize operation & reduce negative impact on results

Recent recovery after severe economic crisis (~7% declien in GDP in 2009) High levels of credi risk (NPL ~12%) Mbcp currently #18 player in the market; break even expected in 3 years

Decline of GDP (4% in 2011) and increase in country risk (CDS 5y spread >1250 bps) Successive increase in credit risk (NPL ~10% in 2010) and stagnation of volumes growth Mbcp currently the #10 player in the market with increased dilution of results

Explore options to reduce exposure to Greek market

Positive economic growth prospects (~3% in 2011), attractive banking sector with high potential (~7% growth in volumes) Market undergoing consolidation – interest of international operators Mbcp currently #6 player in the market; attractive operation with robust financials

Evaluate opportunities to capture value

21

Greece: Explore options to reduce exposure

Option to integrate the operation through a merger with domestic player

Value creation rational supported on potential commercial synergies (at least 2x increase in footprint to >300 branches) and costs (reduction of opex >40M€/year)

Millennium bcp with a minority interest in na established entity/banking group

Significant advantages in balance sheet management & risk– book value (incl. goodwill) of ~510M€, ~4.1 mM€ of RWAs, ~2,2 mM€ of funding gap

Approach underway with support of external advisors– high uncertainty regarding timings given current market context

[1]

[2]

[3]

[4]

[5]

[10]

…

19%

Share of assets3Q 2010

18%

12%

10%

6%

1%

22

Poland: Evaluate opportunities to capture value

Resilient banking sector with robust performance levels (P/B 2,0x)

Sector under consolidation with the involvement / interest of various local and international players

Demanding capital requirements to (i) maintain solvency in line with market standards (top 10 with 14%) and (ii) significant volumes growth

Recent transactions with attractive multiples (P/B 2.6x and 1.7x for WBK and Polbank respectively)

Mbcp operation well positioned in competitive terms; strong potential to capture value

Options being analyzed with the support from external advisors

[1]

[2]

[3]

[4]

[5]

[6]

15%

Share of assets3Q 2010

12%

7%

5%

5%

4%

23

Reaping the benefits of a franchise with a network with broad national coverage and strong growth potential

… Branch market share

>=5%

3-5%

<3%

Number of retail branches per region

The 7th largest in deposits and 4th largest in loans to customers

Zachodnio-pomorskie

Pomorskie Warmińsko-mazurskie

Podlaskie

Lubelskie

Podkarpackie

Mazowieckie

Łódzkie

Wielkopolskie Lubuskie

Dolnośląskie

Opolskie Śląskie

Małopolskie

Świętokrzyskie

7

32

23

44

29

10

22

3

111

8

31

4%

8% 6%

3%

3%

6%

2%

4% 4%

3%

3%

4%

3%

5%

3%

2%

26

4%

Kujawsko-pomorskie

72

9

9

Deposits 1

2.1%

3.5%

3.9%

5.0%

5.3%

6.0%

6.7%

7.2%

15.3%

19.9%

BPH

Citi

Kredyt Bank

Millennium

Getin

BZ WBK

BRE

ING

Pekao

PKO BP

Loans to customers 1

1.7%

3.8%

4.1%

4.6%

4.8%

4.8%

5.1%

7.8%

11.9%

18.2%

Citi

Kredyt Bank

BPH

Getin

ING

BZ WBK

Millennium

BRE

Pekao

PKO BP

1. Values from the Polish Banks Association and Polish Asset Managers Association (September 30, 2010)

19.9% 15.7%

0.1%

8.5% 10.2% 14.5% 15.0%

2007 2008 2009 2010 1Q11 2Q12 Target 2013E

5th largest bank in Poland

Participation: 65.5% Book value: 814mn€ Invested capital: 729mn€

Return on Equity

Market cap: 1.3 bn€ Equity: 1.0 bn€ P/BV: 1.3 x

24

Following Millennium bcp capital increase and recent price depreciation, the bank trades at reduced multiples

1,802

859

943

Millennium bcp market capitalization

65.5% Poland (market capitalization)

Millennium ex-Poland market capitalization

PBV=0.31 PBV=1.27

PBV=0.18

100%=€1,311mn

5,855 65%=679 5,176 Equity 1H11 € mn

~20% market share in Portugal ~36% market share in Mozambique ~4% market share in Angola ~1% market share in Greece

Market capitalization

€mn

2.5% 2.8% 3.0% 3.1% 3.7% 3.6% 3.8% 3.8% 4.1% 4.2% 4.4% 4.5% 4.7% 4.9% 4.9% 5.4%

6.8% 7.3% 7.4%

8.3% 10.5%

14.1%

BCP ex-Pol BMPS

RBS EFG

Sabadell KBC BPI

Commerzbank BoI

Unicredit Alpha

NBG Intesa

Barclays SocGen Lloyds

BES BNP Paribas

Popular Santander

BBVA Bankinter

Market capitalization in % of Deposits

Note: prices of August 26, 2011. Source: Bloomberg and company reports

25

Basis for the future of Millennium bcp…

...leadership in number of clients >2M & market share >20% in higher vale segments

... largest network in terms of physical touchpoints (>900 sucursais)

... undisputed leadership in internet & mobile channels

...growth of ActivoBank to >100 thousand clients

...leadership in market share of customer funds >20% in line with market share of credit

...reference in terms of efficiency levels with C/I <50%

...attractive returns with ROE >10% (after stabilization of current cycle)

...solid balance sheet with CT1 >10% and L/D <120%

...presence in >4 African countries with strong growth prospects

...network of reference partnerships to explore new markets/business

branches)

26

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 6.064.999.986

Investor Relations Division:

Sofia Raposo, Head of Investor Relations

Francisco Pulido Valente

João Godinho Duarte

Tl: +351 21 1131 085

Email: Investors@millenniumbcp.pt