annual report 2013 - particulares -...

ANNUALREPORT2013

INDEX 4 Activity Report 2013

16 Financial Statements

21 Notes to the Financial Statements

26 Report and Opinion of the Board of Auditors

Fundação Millennium bcp

4 2013 • ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP • Activity Report 2013

ACTIVITY REPORT 2013The activity of the Millennium bcp Foundation is based on the exercise of institutional social responsibility, embodied through active participation in the development of society. Hence, the Foundation seeks to support initiatives of cultural, scientific and social interest, which are in line with the values of Millennium bcp and, at the same time, contribute to meeting some of the main needs identified in three areas of action, in Portugal and other countries where Millennium bcp conducts its business. The strategy of patronage support offered by the Foundation thus incorporates two major dimensions:

• Corporate Reputation and Prestige, where promotion and support of initiatives which stimulate the development of a favourable social and cultural context is proposed, taking into account the prestige and affirmation of the brand;

• Citizenship, which is reflected in participation and enabling the feasibility of projects of entities of recognised merit or voluntary actions, aimed at the social and economic development of the communities in which the Bank carries out its activity.

The Foundation’s guidelines have progressively considered a growing concentration of activity in the priority action areas, in particular :

• Culture – painting, conservation of heritage, architecture and urbanism, numismatics and museology;

• Education – excellent education programmes, internationalisation of Portuguese universities, support to scientific research and valorisation of Human Resources;

• Charity – direct support to national institutions and support to structural initiatives which might benefit the highest number of people and entities.

In 2013, attention was reinforced in relation to the geographic distribution of the granted support, with a view to the decentralisation of support to the main cities of the country (Lisbon and Porto) and consequent expansion to other zones, which has been reflected in this last year in the following distribution:

CULTURE EDUCATION CHARITY

National 12 National 13 National 8

Lisbon 17 Lisbon 12 Lisbon 10

Porto 2 Porto 2 Porto 3

Mealhada 1 Coimbra 1 Braga 1

Golegã 1 Mozambique 1 Coimbra 1

Setúbal 1 Tomar 1

Faro 1 Funchal 1

Coimbra 1 Azores 1

Funchal 1 Mozambique 1

In spite of the vast majority of the supported projects being located in Lisbon, there has been an increase of initiatives with national coverage in all areas of action and greater geographic diversification, especially in the areas of Culture and Charity.

The Foundation also continues committed to the principles of sustainable development, therefore, maintaining, as selection criteria for the projects to be supported, that they should be promoted by institutions of recognised merit, with capacity regarding implementation and self-sufficiency. Priority is also given to innovative initiatives, with impact on society and broad geographic and population coverage.

In order to accomplish its strategic objectives in the area of Sustainability – implementation of new practices of patronage action, generating value along the chain, aimed at the development of more effective and autonomous organisations –, the Foundation has progressively placed in practice the “Model of Analysis of Impact on Society”, developed for this purpose by KPMG, which considers, for each patronage action, three measurements: immediate

52013 • ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP • Activity Report 2013

effect, change in society and benefit. Hence, the majority of the institutions supported in the current year were asked to submit a quantitative and qualitative report of the impact of the granted support. Of the total number of entities contacted, there was a 55% response rate.

The actions of the Millennium bcp Foundation have developed in support to the areas of Culture, Education and Charity:

CulTure:

CoNServATioN ANd diSSeMiNATioN oF The BANk’S heriTAge:In this area, particular note should be made of the growing number of actions that contribute to achieving the objective undertaken by the Foundation, of deepening the institution’s own permanent cultural activity under the Millennium brand, making the most of the Bank’s artistic and numismatic collections and archaeological heritage, at facilities with strong identities and creditable programming. The following actions were carried out:

• Maintenance of the Archaeological Centre of Rua dos Correeiros (NARC) and management of the guided visits. In view of the growing number of reservations, the time schedule for these visits has been enlarged, once again, with the Centre now being open every day (except Sunday and public holidays) from 10 am to 5 pm. This year, 9,884 visitors were received, of which close to 20% were school groups. The following initiatives were also developed under NARC’s operation:• Involvement in the international initiative “International Day of Monuments and Sites” through the exceptional

opening of NARC on the evening of 18 April;• Involvement in the international initiative “Museum Day” through the exceptional opening of NARC on the

evening of 18 May;• Involvement in the international initiative “Museum Night” through the exceptional opening of NARC on

the evening of 19 May;• Involvement in the initiative “Heritage Days” on 28, 29 and 30 September, with extended opening hours of

the NARC and Millennium Gallery.

• Millennium Gallery – the following temporary exhibitions were held in this gallery which does not charge entrance fees: • Baixa in Real Time Exhibition – On the occasion of the Year of Portugal in Brazil and Year of Brazil in Portugal,

the Foundation, in collaboration with the Museology Department of Universidade Lusófona, presented an interpretative space on the Baixa Pombalina/Chiado, covering its diversity and multicultural nature, through entertaining and technological installations, and an accessibility project aimed at visitors with special needs. The exhibition showed different installations: A Multimedia and Tactile Gallery, an installation of Connection in Real Time with the Surroundings, a Mural of the Baixa in Augmented Reality, two installations of the Body as a Communication Interface, a Panel of Traditional Portuguese Paving in Artisanal Soap, Three-Dimensional Models, an application with a translation of Portuguese Sign Language of the multimedia contents of the exhibition, as well as a set of iconographic documentation intended for handling by the public. Accessibility was considered so that people with reduced mobility, and/or hearing, intellectual and visual impairment could interact with the installations through specific resources. In addition to installations such as the Tactile Gallery, the three-dimensional models, the audio guide, the application in Portuguese Sign Language and the translation of all the contents into English, the architectural location which housed the exhibition was also adapted to different requirements of accessibility in public spaces. The Millennium Gallery received 5,567 visitors between 1 February and 24 May;

• The Sardine belongs to Everyone! exhibition, held in partnership with the EGEAC, with 294 sardines having been displayed. During this year of celebration of the 10th anniversary of the Sardine as a symbol of the Lisbon Festivities, a retrospective was shown of the work selected in previous competitions and exhibitions. On display from 6 June to 24 September, the exhibition received 28,591 visitors;

• Studies on Blindness exhibition of 14 paintings by the Romanian artist Laurentiu Midvichi. The title of the exhibition is the artist’s tribute to the book written by José Saramago, which reinforces his own reflections on the condition of contemporary man, on the refusal to understand others, on all possible forms of blindness, from physical to moral. On display from 6 September to 12 October, the exhibition received 2,127 visitors;

• Naturalist Painting in the Millennium bcp Collection exhibition, held in the context of the travelling exhibitions of Millennium bcp Shared Art. The exhibition is composed of 46 works of art (Bank’s collection) by 27 artists, which cover over a century of artistic production, from 1830 to 1962. On display from 1 November 2013 to 1 February 2014, the exhibition had received 3,390 visitors by 30 December. This exhibition included various Education Service actions (workshops, guided visits and guided conversations) which, as a whole, involved the participation of 245 people).

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• Also under the Shared Art travelling exhibition project, the Foundation organised and presented during this period: • 100 Years of Portuguese Art in 100 Years of the Machado de Castro National Museum, Coimbra. On display from

17 July to 29 September, the exhibition received 17,034 visitors; • The Impulse of Love, Dr. António Cupertino de Miranda Foundation in Porto, which received 1,227 visitors

between 29 October and 16 November; • Christs by José Rodrigues in the Millennium bcp Collection, Museum of Contemporary Art in Funchal. On display

from 8 November 2013 to 3 January 2014, it received a total of 4,062 visitors.

ProMoTioN oF MuSeologiCAl ACTiviTieS ANd oTher CulTurAl iNiTiATiveS:With a view to the modernisation of reference national museums, valorisation and defence of artistic heritage, the following external initiatives promoting Culture were also supported:

• National Museum of Ancient Art (MNAA):• Protocol with the Directorate-General for Cultural Heritage where the Millennium bcp Foundation became

a sponsor for the restoration of the roofing of Albertas Chapel of the MNAA, restating its importance in the accomplishment of the museum’s cultural objectives;

• Extra protocol for support to permanent and temporary exhibitions.

• National Tile Museum (MNAz):• Protocol with the Directorate-General for Cultural Heritage where the Millennium bcp Foundation became

a sponsor for the upgrading of the D. Manuel room, the interior space of the ancient Madre de Deus church, as a future exhibition area in the National Tile Museum (MNAz);

• Extra protocol for the catalogue Is the Exotic ever at home? China in Portuguese faience and tiles (17th and 18th

centuries) and restoration of the Alter of Santo António, in Santo António chapel.

• National Museum of Contemporary Art – Chiado Museum (MNAC): • The MNAC collections 1850-1975 exhibition. Presentation of the collection of artistic production of Modern

and Contemporary Art in Portugal between 1850 and today;• Continuous Invention – The Work of Jorge Oliveira exhibition;• Summer Evenings – presentation of small musical concerts in the museum garden during the months of July

and August.

• Faro Municipal Museum:• Remodelling of the Ocean God Mosaic Room: placement of a metal passageway which enables an overhead

view of the tiles and modernisation of the lighting system. The mosaic, discovered in 1926 and uncovered in 1976, dates from the end of the 2nd century or early 3rd century A.C. This support contributed to the creation of new contents on the Roman presence in the Algarve, to improve the quality of the visit in terms of accessibility and absorption of information, and to the valorisation of the cultural heritage of the city of Faro. The museum receives 2,000 visitors per month.

• D. Maria II National Theatre: collaboration agreement to support the tour of the performance Gil Vicente na Horta, staging of the play and expenses related to actions at schools to promote the play’s tour.

• Arpad Szenes Foundation: • Vieira da Silva in the Millennium bcp Collection exhibition;• Yonamine – Sofia Pidwell exhibition.

• National Society of Fine Arts: support to its annual programming.

• Municipality of Oeiras – Palácio do Egipto Cultural Centre: Presentation to the public of the “Mascotes de Maria Helena”, donated to the Municipality of Oeiras by Álvaro António Cardoso Santos, grandson of Álvaro António dos Santos, last owner of Palácio do Egipto (acquired by Oeiras City Hall on 30 January 1980) and son of the artist and owner of the former factory of “Mascotes de Maria Helena”. On display at Palácio do Egipto from 12 to 31 March 2013.

• Martelinhos de S. João exhibition. Holding of a competition of toy hammers celebrating São João in 2013, by the Youth Foundation, where the selected articles were displayed in an exhibition in Porto, at Palácio das Artes – Talent Factory, between 20 June and 3 July.


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• Negative Collective – Distant: Performance based on the novel Siddhartha by Hermann Hesse.

• António Cupertino de Miranda Foundation: re-publication of the Paper Money Museum Guide to support elementary school visits. The book discusses the notes on display at the Museum, both in an educational and family context. This initiative has contributed to improving skills of detailed observation of the exhibited material, to disseminating the history of Portuguese money, to enhancing the loyalty of visitors to the Paper Money Museum and to attract new visitors. The books are offered free of charge, with over 1,500 copies having been given.

• United Artists: support to the production of the programme leaflet.

• Route of the Arts: production of museological routes.

• Architecture Triennial: reinforcing its commitment to quality, innovation and implementation capacity in architecture, the Millennium bcp Foundation has progressively supported the Lisbon Triennial awards. In addition to the Millennium bcp Lisbon Triennial Universities Award Competition for emerging talent (since 2010), support is also given to the Career Award (created in 2007), which distinguishes remarkable careers, as well as the new Début Award. This last award was launched in 2013, aimed at celebrating young emerging talent in the field of architecture, as well as of offering support and investing in their future.This year, the Millennium bcp Lisbon Triennial Universities Award Competition challenged university students worldwide and from all areas to propose an intervention at the head office of the Triennial, the emblematic late 18th century palace situated at Campo de Santa Clara. The response involved 48 applications of teams from 10 countries, in particular Portugal, Spain and United Kingdom.By supporting these three distinctions, the Millennium bcp Foundation participates in the different stages of the architect’s progression.

• Lisbon City Hall (CML) – EVERYONE – Long Walk of Cultures: 5th edition of the project, promoted by the CML Office Lisbon Crossroads of Worlds and implemented in partnership with the Cultural Producers Academy Association (AAPC), which undersigns the design and programming of the event. The main objective is to promote Lisbon as an intercultural capital, aimed at boosting the living experience and interaction of the different cultures resident in the city. This event took place during the month of September, involving the streets São Bento, Poço dos Negros, Poiais de São Bento, Calçada do Combro and Rua D. Luís I.

• Ar.Co – Art & Visual Communication Centre – support granted on the occasion of the celebration of the 40 years of the institution, for the publication of a book/catalogue of the Alphabet – 40 years of Ar.Co exhibition, shown at National Museum of Contemporary Art – Chiado Museum. The book and exhibition aimed to present the specific example of an independent initiative concerning artistic training, dissemination and experimentation, which is viewed as a form of defending the plurality of education philosophies. 2,000 copies were printed, and the exhibition received 6,940 visitors between 18 September and 10 November.

• University of the Algarve: studies on alter-pieces of the diocese of Setúbal, for the research of religious art in Portugal. The study is aimed at a diversified public: schools, universities, libraries and parishes, and is composed of two parts: specific addressing of alter-pieces of the diocese of Setúbal and a catalogue illustrated with colour photographs of 45 alter-pieces, accompanied by the respective critical appraisal.

• Association of Portuguese Archaeologists: support to the holding of the Archaeology Fair and Congress commemorating the 150 years of the institution.

• Millennium bcp Heritage Fair, carried out in collaboration with Spira – Heritage Revitalisation, a unique initiative in Portugal aimed at fostering the cultural heritage sector, based on the concept of the creation of economic and social value of heritage. This is a meeting point for entities and professionals of the area, as well as a platform of events for the public in general. The event was held at the Popular Art Museum in October 2013, and received 2,120 visitors.

• Pro Dignitate – Human Rights Foundation: promoted and carried out several national and international actions in the area of culture and defence of human rights. The expected benefit is reflected in the combat of violence through the media of countries and zones in crisis. This involved 100 trainees and covered a vast area of Portuguese-speaking countries (Guinea Bissau, Cape Verde and Portugal).


8 2013 • ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP • Activity Report 2013

Archaeological Centre of Rua dos Correeiros Baixa in Real Time

The Sardine belongs to Everyone! Studies on Blindness

Naturalist Painting in the Millennium bcp Collection 100 Years of Portuguese Art in 100 Years of the Machado de Castro National Museum


The Impulse of Love Christs by José Rodrigues in the Millennium bcp Collection

Restoration of the Alter of Santo António Remodelling of the Ocean God Mosaic Room

Vieira da Silva in the Millennium bcp Collection Martelinhos de S. João

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• IPRIS (Portuguese Institute of International Relations and Security): support to initiatives concerning international relations and political science, with particular attention paid to Portuguese foreign politics and in the PALOP (Portuguese-speaking African Countries). Articles were produced and conferences held, aimed at a target audience of diplomats, university teaching staff, decision-makers and students.

• Historical Society of the Independence of Portugal: support to the acquisition of Alma Lusa artworks by the painter Maria Sobral Mendonça, commemorating the 150 years of the Historical Society in 2011. This work allows for a modern and creative interpretation of the date of 1 December 1641, and can be visited at Palácio da Independência, representing a contribution to fostering the importance of national History and Identity.

• FLAC (Luso-African Foundation for Culture): support to activities.

• Directorate-General for Books, Archives and Libraries – Torre do Tombo National Archive: support to the conference Spontaneity of my Soul: To African Ladies, held together with a documental exhibition, which received 992 visitors.

• History of Art Institute – Faculty of Social and Human Sciences of Universidade Nova de Lisboa: History of Art Magazine.

• Portuguese Foundation Centre: XIII National Foundation Meeting, held on 1 October at the auditorium of the Eugénio de Almeida Foundation.

• Escolíadas Cultural Recreational Association: 25th edition of the Escolíadas Artistic Festival.

• O Século Foundation: support to the XV Anniversary Gala.

• Santa Casa da Misericórdia de Braga: commemoration of 500 years of the institution and holding of a Congress, with contributions in the field of the history of Portuguese Misericórdias, leading to reflection on the new challenges to these institutions and future prospects for their action in health, culture and social support.

• CECHAP (Centre of Studies on Culture, History, Art and Heritage): support to the acquisition of equipment.

iN The CoNTexT oF ProMoTioN ANd reSTorATioN oF ArTiSTiC heriTAge, we highlighT The SuPPorT giveN To:• Nossa Senhora do Rosário de Fátima church: restoration works. The church, built between 1936 and 1938, was

distinguished with the Valmor Award in 1938 and has been classified as a Building of Public Interest since 1971. Its heritage includes, in particular, the extraordinary stained glass windows by Almada Negreiros.

• Palácio da Ajuda: support to the restoration of the Royal Chapel.

eduCATioN/reSeArCh:

The Foundation endeavours to collaborate in educational and scientific research projects which promote an innovative and entrepreneurial spirit in the training of the new generations, and thus contribute to the improvement of their living conditions. The following initiatives were also supported:

• Millennium bcp Foundation scholarship programme, aimed at students from Portuguese-speaking African countries (PALOP) and Timor, which had 12 scholarship students during the academic year of 2012/2013, of which eight are new scholarship students, attending post-graduation courses at Portuguese universities.

• Partnership with Millennium bim to award scholarships to low-income young people of demonstrated academic merit. Three scholarships were awarded during the current academic year, for attendance of licentiate degrees at Mozambican universities.

• Protocol with Banco Millennium Angola to support the scholarship programme for Angolan university students attending Economics, Business Management and Administration, Accountancy, Auditing, Bank Management, Law, Computer Engineering and Computerised Management Information courses at Angolan universities. 13 applications were considered.


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• Legal Cooperation Institute – Eduardo Mondlane Faculty, Mozambique: Master’s in Legal-Political Science, which proposes to broaden the education offer in Mozambique, offset the lack of lawyers specialised in the financial area, and foster knowledge in the areas of regulation and banking supervision.

• Universidade Católica Portuguesa – Faculty of Law: support to three foreign students of the “Master of Laws”.

• Universidade Católica Portuguesa – Faculty of Economics and Business Studies: Lisbon MBA scholarships.

• Universidade Católica Portuguesa – Faculty of Human Science: “The Lisbon Consortium” scholarship.

• Institute of Banking Law, the Stock Exchange and Insurance (BBS): support to post-graduation courses in Banking Law, in collaboration with the Law School of Coimbra University.

• Casa da América Latina: two scholarships for the master’s of UNL – Institute of Tropical Medicine.

• ISEG – Economics Foundation: support to the payment of fees of one student.

• Universidade Autónoma de Lisboa – Observare (Observatory of External Relations): support to the research project “Metamorphoses of Violence”.

• Porto University – Faculty of Psychology: study Care, Binding of healthcare provision to couples in confrontation with breast cancer.

• Coimbra University – Centre of Neuroscience and Cellular Biology: XI CNC Annual Meeting.

• Medical Education Institute – support to activities and the telemedicine project: remote teaching system based on new technologies, with national coverage. Around ten courses were held in 2013, attended by 188 doctors and other professionals. The expected impact of the initiative involves the increased efficiency and quality of the resulting health services and effects in terms of cost reduction and enhanced welfare of patients.

• Porto University – V Symposium on Bioengineering 2013. This initiative was organised by students, which congregates the participation of renowned national and international researchers and companies, covering a vast range of topics of the three branches of the Integrated Bioengineering Master’s (Molecular Biotechnology, Biomedical Engineering and Biological Engineering). The Symposium was attended by 300 people, from various parts of the country (Lisbon, Porto, Aveiro, Braga and Coimbra) and Europe (Austria and Holland).

• Institute of Economic and European Criminal Law: Seminar “Criminal law protection of economic interests”.

• Association of Entrepreneurs for Social Inclusion (EPIS): “New good students – Mediators for successful schooling in the 3rd cycle” programme.

• Institute of Social Science of Lisbon University: Doctoral programme in Climate Change and Sustainable Development Policies.

• Minerva Foundation (Universidade Lusíada): support to the study From social mobility to endogamy in Portuguese society. The study sets out to analyse social mobility in Portugal, relating it to the stratification of the population by education and income levels and to marriages and non-marital cohabitation, in order to assess the most relevant aspects of the phenomenon of endogamy. The expected benefit in terms of the knowledge generated is to gain an understanding on the permanence of social stratification processes through marriage, its influence on policies supporting social mobility and facilitation of upward social movement, with a view to clarification on the origins of stratification and development of new forms of support to social mobility policies.

• National Confederation of Solidarity Institutions (IPSS): • Research on the economic and social impacts of IPSS: Four Case Studies – Economic and social impact of IPSS and

proposed action strategy for its maximisation. The work is currently in progress; • GOS programme – Management of Social Organisations: developed in a partnership with AESE – Business

Management School and EntreAjuda. The programme aims to improve the management undertaken by the senior staff of IPSS through training actions directed at their governing bodies. A collaboration agreement was concluded this year to extend the project to the city of Porto. Henceforth, two editions of the programme will be held, one in Lisbon and another in Porto.


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• StartUp Programme of Junior Achievement Portugal (6th edition): development of entrepreneurship programmes among university students involving the creation of new mini-enterprises, under supervision of teaching staff of various universities and higher education establishments and with follow-up by voluntary tutors of Millennium bcp. The national competition was held on 5 June, with the participation of around 40 university students of different higher education establishments, namely Porto University, Instituto Superior Técnico, Universidade Nova de Lisboa, Instituto Superior de Economia e Gestão and Setúbal Polytechnic Institute. The AquaseedPT team of Porto University won the competition, and represented Portugal at the Europe Enterprise Challenge – Young Enterprise Europe competition, held in Belgium.

• The Platform for Sustainable Growth (PCS) seeks to create a sustainable development model, aimed at competitiveness. This project plans to hold conferences, publish written documents and reports for sustainable growth, and organise sessions of the academy for sustainable growth. The research and data consolidation work, carried out by the 400 members of PCS for the Report for Sustainable Growth, was disclosed throughout the year at presentation and discussion sessions, in the policy papers published and at the Congress for Sustainable Growth. These actions led to public knowledge towards the affirmation of a sustainable growth model and stimulated new attitudes/civic competence in the population. These initiatives involved close to 1,500 participants, where it is estimated that the impact of knowledge was extended to a further 1,500 people, through the information provided on the PCS website, in the media and at the main universities of the countries.

• Daiman – Clínica Médica: support to the conference New Drugs: the Portuguese prohibition is a message to the World, held on 18 October in Cascais.

• Foundation for Health – 1st National Health Service Congress: Everyone’s Heritage, Aula Magna 27 and 28 September.

• IPRI – Portuguese Institute of International Relations of Universidade Nova de Lisboa – support to activities.

• Association of Tuberous Sclerosis in Portugal: support to the training of a doctor at Cincinnati Children’s Hospital.

iN SCieNTiFiC reSeArCh, we highlighT The SuPPorT giveN To:• Molecular Medicine Institute (IMM): collaboration agreement with a view to the development of a series of

research initiatives for the treatment of brain tumors, including, in particular, the creation of a brain tumor tissue bank and the establishment of a cooperation programme between the IMM and PALOP in the area of paediatric tumors. The duration of this agreement is three years (2012-2014).

• League of the Friends of Santa Marta Hospital, in collaboration with the Faculty of Medical Science of Lisbon and with the involvement of Harvard University. The study proposes to research the biomechanical properties of arteries to promote a change in the paradigm of treatment of the disease at a worldwide level. The partnership was sealed with a four-year agreement (2012-2015). This project has strengthened Portugal’s capacity as a major player in scientific research at a worldwide level. The collaboration with Harvard has led to the acquisition of research conducts and methods which will have a positive impact on the development of the organisational structure of Santa Marta Hospital. This inter-exchange also opens doors for the training of Portuguese doctors abroad. The project takes place in three centres: Europe (Portugal-Lisbon), America (USA-Boston) and Asia (India-Cochin). The beneficiaries will thus be the users of these three centres.

ChAriTy:

The area of Charity gains a new dimension under circumstances of economic crisis, the reason for which the amount to be attributed in this field has been reinforced, and the Foundation has endeavoured to be involved in initiatives of response to situations of deprivation among the most vulnerable populations. However, the Foundation’s objective is that its social action should not only provide this assistance on a merely one-off and immediate basis, but above all, consider the creation of long-lasting effects. For this purpose, its guidelines for the selection of projects to be supported have been defined so as to prioritise those developed by recognised entities, which propose transversal action, whose results can be replicated and are not yet covered by the existing IPSS. The Foundation is also concerned to encourage structural projects of third sector activity and boost IPSS initiatives that develop job creation and local development actions. The following institutions and projects were supported this year :


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• Food Bank against Hunger: support to the production of the bags used in food collection campaigns and the acquisition of tuna fish – around 20,000 kilos.

• APSA (Portuguese Association of Asperger Syndrome) – Casa Grande project: the APSA is currently completing the reconstruction of a building provided by Lisbon City Hall for a Support Centre, where various areas and services targeting people with Asperger syndrome, their families and the community in general are already operating. This centre has become a facility for training and learning of social skills and offers temporary employment, fostering social and professional integration with a view to the construction of a project of future life with greater autonomy. The centre will directly benefit 53 people with Asperger syndrome of both genders, aged above 16 years old and with academic qualifications as of the 9th year of schooling. Indirectly, it will benefit the families of these patients, university students and the population of the community resident in the area surrounding the centre (Benfica).

• Dr. João dos Santos Centre:• Support to the 2013 Therapeutic Holiday Camp: where this initiative closes an academic year of

therapeutic work with children at risk, fosters change of behaviour among children with a history of personal failure and lack of achievement at school, improving the communication skills and autonomy of children and their families. The camp was attended by 46 children from the parishes of Alcântara, Ajuda and Belém;

• Publication of the book Images towards the Future, marking the centenary of the birth of Dr. João dos Santos, a renowned doctor, psychoanalyst and pedagogue. The book was launched at the Calouste Gulbenkian Foundation, on 26 September and 1,000 copies were published. Contributes to enhancing the knowledge of technical staff and students.

• ACAPO (Association for the Blind and Par tially Sighted of Por tugal): edition in braille of the children’s book A Menina que Vivia no País Azul (The Girl who Lived in the Blue Countr y), written by Antónia Costa Rodrigues, who offered the copyright to ACAPO. The launch is planned for January 2014. Of the 27,000 visually impaired people in Por tugal, 644 are children and young people between the ages of 5 and 14 years old.

• Association for Psychosocial Research and Integration – Homes First project, targeting homeless people. The project provides immediate access to individual housing and gives priority to people with mental health problems who are living in the streets, in the city of Lisbon. The project also ensure personalised assistance at home and to the community, in terms of basic care, daily activities, relations with neighbours, development of occupational, educational and/or employment projects, aimed at fostering the participants’ autonomy and integration in the community. This project supervises 50 people.

• Ronald McDonald Children’s Foundation: provisional home for families of children undergoing hospital treatment. Support to the Porto Home, inaugurated in November 2013.

• Make-A-Wish Foundation: makes the wishes come true of children and young people aged 3 to 18 years, with serious illnesses.

• Vida Norte Association: supports activities promoting the social, professional and family integration of pregnant women at risk.

• Portuguese Association of Parents and Patients with Hemoglobinopathies: supports professional workshops for patients, development of psycho-social skills and psychological counselling. The action, as a whole, is not only of direct benefit to the patients (164 people with hemoglobinopathies) but also offers training/information to family members and healthcare providers (325 people). Creation Social Innovation – Solidarity Performance Fado, immaterial heritage of humanity, held in Madeira.

• Association of the Friends of Santa Maria Hospital – golf tournament.

• IAC (Institute of Support to Children) – Humanisation of Childcare Services, with a view to changing the behaviour of people who deal with children on a daily basis, in particular, nursery school staff, doctors, nurses and teachers. IAC’s action is reflected in technical support to hospitals, local government, higher education schools for teachers, nursery schools, universities, IPSS, etc. This year, the training actions and support to the creation and maintenance of children’s play areas in these structures covered around 5,500 users who are or will be influential in the personal and social development of children.


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• Society of Jesus – Fish Tail project (Azores): holiday camp for 200 children aged from 5 to 14 years old, mini-holiday camp for 30 mothers and their children, campsite for 30 adolescents. This set of initiatives has a positive impact in terms of improving skills for living in a community, lowering the number of early childbearing and in the development of motivation for professional life.

• Amora Parish Assistance Centre: support to the placement of a panel of tiles in São José Home (to inaugurate the upgrading work carried out).

• BUS (Social Utility Product Association) is an institution which collects, free of charge, articles of various utility (furniture, electric domestic appliances, crockery, etc.) from people who want to get rid of them, and forwards them to institutions and families in need. The Foundation’s support has contributed to the expansion of the association’s activity, in particular in increasing the beneficiary entities, increasing the number of users and expansion of its geographic coverage.

• Association of Patients with Lupus: support to the activities publicising the disease all over civil society and patient integration actions. The action, although lacking in precise data, indicates that there is greater widespread knowledge of the disease with positive impact on early diagnosis and, consequently, reduction of the number of people on sick leave and in hospitals.

• Nossa Senhora da Vitória parish church – Youth Home.

• Patriarchate of Lisbon – Corpo de Deus procession.

• Irmandade da Misericórdia e de São Roque – Christmas Play.

• João Paulo II Shelter – Christmas Campaign.

• Chapitô – Social Christmas project, an initiative that takes Christmas celebrations to various social solidarity institutions. This year, it covered: Cais Association “Bread for All”; Graça ATL (Leisure Activities); São Cristóvão and São Lourenço Social Centre; Irmãs Oblatas do Santíssimo Redentor ; Bela Vista Education Centre/”Crescer Ser” Association; Santa Casa da Misericórdia de Lisboa (Mitra)/Navarro de Paiva Education Centre; Fragatas do Alfeite.

Lisbon, 27 February 2014

The Executive Committee



APSA (Portuguese Association of Asperger Syndrome) – Casa Grande projectFood Bank against Hunger

Association for Psychosocial Research and Integration – Homes First project Chapitô – Social Christmas project

16 2013 • ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP • Financial Statements

FINANCIAL STATEMENTSBAlANCe SheeT on 31 December 2013 euros

ITEMS NOTES 2013 2012

ASSeTSNON-CURRENT ASSETS

Tangible fixed assets 4 13,552 15,574

Historical and cultural heritage assets

Investment properties

Intangible assets

Financial investments 5 932,100 799,100

Founding members/benefactors/sponsors/donors/associates/members

Subtotal 945,652 814,674

CURRENT ASSETSInventories

Customers

Advances to suppliers

State and other public entities 6 0 187


Other accounts receivable

Deferrals 7 18,603 15,172

Other financial assets

Cash and bank deposits 8 2,531,684 2,413,793

Subtotal 2,550,287 2,429,152

Total Assets 3,495,939 3,243,826

eNdowMeNT FuNdS ANd liABiliTieSENDOwMENT FUNDS

Funds 9 1,496,394 1,496,394Technical surplus

Reserves

Retained earnings 10 1,669,540 616,951

Surplus revaluation

Other changes in endowment funds

Net income for the period -238,130 1,052,589

Total equity 2,927,804 3,165,934

LIABILITIESNON-CURRENT LIABILITIES

Provisions

Specific provisions

Funding received

Other accounts payable

Subtotal 0 0CURRENT LIABILITIES

Suppliers 11 19,144 29,688Advances from customers

State and other public entities 6 549 871


Funding received

Deferrals

Other accounts payable 12 548,442 47,333

Other financial liabilities

Subtotal 568,135 77,892

Total liabilities 568,135 77,892

Total endowment funds and liabilities 3,495,939 3,243,826

The Chartered Accountant The Executive Committee

172013 • ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP • Financial Statements

iNCoMe STATeMeNT By NATure Period ended on 31 December 2013

Euros

INCOME AND COSTS NOTES 2013 2012

Sales and services rendered

Operating grants, donations and legacies

Variation in production inventories

Own work capitalised

Cost of goods sold and materials consumed

External supplies and services 13 -855,474 -973,009

Staff costs 14 -7,187 -6,141

Impairment of debts receivable (losses/reversals)

Provisions (increases/reductions)

Specific provisions (increases/reductions)

Fair value increases/decreases 15 133,000 -38,500

Other income and gains 16 2,200,000 2,819,000

Other costs and losses 17 -1,827,739 -857,587

Earnings before interest, taxes, depreciation and amortisation -357,400 943,764

Depreciation and amortisation costs/reversals 4 -2,195 -1,811

Net operating income (earnings before interest and taxes) -359,595 941,953

Interest and similar income received 18 121,465 110,637

Interest and similar costs paid

Earnings before tax -238,130 1,052,589

Income tax for the period

Net income for the period -238,130 1,052,589



ChANgeS To owN FuNdS iN 2012 Euros

DESCRIPTION

Endowment funds attributed to the institutors of the parent company

Notes Funds Technical surplus Reserves Retained

earningsLegal

reservesSurplus

revaluation

Other changes in

endowment funds

Net income for the period

Total Minority interests

Total Endowment

Funds

Position at the beginning of 2012 1 1,496,394 309,140 307,811 2,113,345 2,113,345

CHANGES IN THE PERIOD

First-time adoption of the new accounting standards

Changes to accounting policies

Differences arising from conversion of financial statements

Realisation of surplus revaluation of tangible fixed assets and intangible assets

Surplus realisation of the surplus revaluation of tangible fixed assets and intangible assets

Adjustments for deferred taxes

Other changes recognised under endowment funds

2 0 0 0 0 0 0 0 0 0 0 0

Net income for the period 3 0 1,052,589 1,052,589 1,052,589

Extensive net income 4=2+3 0 1,052,589 1,052,589 0 1,052,589

OPERATIONS wITH INSTITUTORS IN THE PERIOD

Funds 307,811 -307,811

Grants, donations and legacies

Other transactions

5 0 0 0 307,811 0 0 0 -307,811 0 0 0

Position at the end of 2012 6=1+2+3+4 1,496,394 0 0 616,951 0 0 0 1,052,589 3,165,934 0 3,165,934


192013 • ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP • Financial Statements

ChANgeS To owN FuNdS iN 2013 Euros

DESCRIPTION

Endowment funds attributed to the institutors of the parent company

Notes Funds Technical surplus Reserves Retained

earningsLegal

reservesSurplus

revaluation

Other changes in

endowment funds

Net income for the period

Total Minority interests

Total Endowment

Funds

Position at the beginning of 2013 6 1,496,394 0 0 616,951 0 0 0 1,052,589 3,165,934 0 3,165,934

CHANGES IN THE PERIOD

First-time adoption of the new accounting standards

Changes to accounting policies

Differences arising from conversion of financial statements

Realisation of surplus revaluation of tangible fixed assets and intangible assets

Surplus realisation of the surplus revaluation of tangible fixed assets and intangible assets

Adjustments for deferred taxes

Other changes recognised under endowment funds

7 0 0 0 0 0 0 0 0 0 0 0

Net income for the period 8 -238,130 -238,130 -238,130

Extensive net income 9=7+8 -238, 130 -238,130 0 -238,130

OPERATIONS wITH INSTITUTORS IN THE PERIOD

Funds 1,052,589 -1,052,589

Grants, donations and legacies

Other transactions

10 0 0 0 1,052,589 0 0 0 -1,052,589 0 0 0

Position at the end of 2013 6+7+8+10 1,496,394 0 0 1,669,540 0 0 0 -238,130 2,927,804 0 2,927,804



CASh Flow STATeMeNT Period ended on 31 December 2013

Euros

ITEMS NOTES 2013 2012

CASH FLOw FROM OPERATING ACTIvITIES – DIRECT METHOD

Revenue from customers, users and donations 16 2,200,000 2,819,000

Payment of grants

Payment of assistance 17 -1,706,344 -789,909

Payment of scholarships 17 -118,031 -64,800

Payments to suppliers 11,12,13 -367,396 -908,684

Payments to staff -7,187 -6,141

Cash generated by the operations 1,042 1,049,466

Income tax payment/revenue

Other revenue/payments -322 7,835

Cash flow from operating activities (1) 721 1,057,301

CASH FLOw FROM INvESTMENT ACTIvITIES

Payments relative to:

Tangible fixed assets -173 -17,385

Intangible assets

Financial investments

Other assets

Revenue derived from:

Tangible fixed assets

Intangible assets

Financial investments

Other assets

Investment grants

Interest and similar income 18 52,594 31,405

Dividends 18 64,750 64,750

Cash flow from investment activities (2) 117,171 78,770

CASH FLOw FROM FINANCING ACTIvITIES

Revenue derived from:

Funding received

Realisation of funds

Coverage of losses

Donations

Other financing operations

Payments relative to:

Funding received

Interest and similar costs

Dividends

Fund reductions

Other financing operations

Cash flow from financing activities (3) 0 0

Net change in cash and cash equivalents (1+2+3) 117,891 1,136,070

Effect of exchange rate differences

Cash and cash equivalents at the beginning of the period 2,413,793 1,277,722

Cash and cash equivalents at the end of the period 2,531,684 2,413,793


212013 • ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP • Notes to the Financial Statements

NOTES TO THE FINANCIAL STATEMENTS31 DECEMBER 2013

1. ideNTiFiCATioN oF The eNTiTy

The Millennium bcp Foundation (hereinafter referred to as Foundation) with head office at Rua Augusta, no. 62-64 in Lisbon, is a legal person governed by private law, which was incorporated on 27 December 1991, a non-profit institution whose objectives are exclusively of social interest, concerning cultural, scientific and charitable aspects. The purpose of the Foundation is the development of activities that contribute to increase and disseminate Portuguese language and culture, foster scientific research, promote social solidarity action in Portuguese-speaking countries, and the provision of financial support to entities promoting activities that foster cultural development, scientific research, provide healthcare services, social welfare services in general or for humanitarian purposes.

The Foundation was recognised as a legal person by the Ministry of Internal Administration, as published in Diário da República number 195, Series II, of 24 August 1994, with its public utility having been recognised by a statement published in Diário da República number 15, Series II, of 18 January 1995.

For the purposes of Cultural Patronage, the Ministry of Culture, on 17 August 2012, recognised the cultural interest of the Foundation’s Plan of Cultural Activities for the three-year period of 2012/2014.

2. ACCouNTiNg STANdArdS uSed iN The PrePArATioN oF The FiNANCiAl STATeMeNTS

2.1. The Foundation’s financial statements were prepared in accordance with the Accounting Standardisation System (SNC), as established in decree-law 158/2009, of 13 July, and in particular, as defined in decree-law 36-A/2011, of 9 March, which approved the accounting standardisation system for entities of the non-profit sector (eSNl). The eSNl is composed of the Basis for the Presentation of Financial Statements (BAdF), the Financial Statement Models (MdF), the Plan of Accounts (CC) and the Accounting and Financial reporting Standards for entities of the Non-Profit Sector (NCrF-eSNl).The financial statements, which include the balance sheet, income statement by nature and function, statement of changes in equity, cash flow statement and the notes, were approved by the Foundation’s Executive Committee, on 27 February 2014, are expressed in euros and were prepared on a going concern basis following the accrual principle, whereby items are recognised as assets, liabilities, equity, income and costs when they comply with the definitions and criteria for recognition of these elements contained in the conceptual structure, in accordance with the qualitative characteristics of understandability, relevance, materiality, reliability, faithful representation, substance over form, neutrality, prudence, completeness and comparability.

The accounting policies presented in Note 3 were used in the financial statements for the financial year ended on 31 December 2013 and in the comparative financial information presented in these financial statements for the financial year ended 31 December 2012.

2.2. No derogations were made to the provisions of the eSNl.

2.3. There are no balance sheet or income statement accounts whose content is not comparable with that of the previous year.

3. MAiN ACCouNTiNg PoliCieS The main accounting policies applied in the preparation of the financial statements are as follows:

3.1 Basis of measurement used in the preparation of the financial statementsThe financial statements were prepared in accordance with the historical cost principle, modified by the application of fair value for financial assets and liabilities at fair value through profit or loss.

22 2013 • ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP • Notes to the Financial Statements

The preparation of the financial statements pursuant to the NCRF-ESNL requires the Executive Committee to make judgments, estimates and assumptions that affect the application of the accounting policies and reported amounts of assets, liabilities, income and costs. The estimates and associated assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances, and form the basis of the judgments on the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The issues involving a higher degree of judgement or complexity or for which the assumptions and estimates are considered to be significant are presented in Note 3.3. – Main estimates and judgements used in the preparation of the financial statements.

3.2. other relevant accounting policies

a) Financial investmentsFinancial investments are initially measured in the balance sheet at their fair value and any subsequent changes to their fair values are recognised directly in the income statement.

b) Recognition of costs and incomeCosts and income are recorded in the period to which they refer, regardless of their date of payment or receipt, in accordance with the accrual principle. The differences between the amounts received and paid and the corresponding revenue and expenses are recorded under the headings of other accounts receivable or payable, according to whether they are receivable or payable.

c) Financial costs/incomeFinancial costs/income include interest paid for loans received, interest received from financial investments, and similar income and costs received and paid.

Interest is recognised on an accrual basis.

d) Cash and cash equivalentsCash and cash equivalents include cash in hand, sight deposits and short-term highly liquid financial investments, which are readily convertible to known amounts of cash and are subject to an insignificant risk of change in value.

The cash flow statement is prepared according to the direct method, through which gross cash revenue and payments from operating, financing and investment activities are disclosed.

The Foundation classifies interest and dividends received as investment activities.

e) Income tax for the yearBy joint order of the Ministries of Finance and Culture of 30 December 1997, published in Series II of Diário da República of 27 January 1998, the Foundation was recognised as exempt from corporate income tax (IRC) under the terms of article 10 of the Corporate Income Tax Code.

f) Tangible fixed assetsTangible Fixed Assets are stated at acquisition or production cost minus accumulated depreciation and impairment losses. The initially recorded acquisition or production cost includes the purchase cost, any costs directly attributable to the activities required to place the assets in the location and condition to operate as intended, and, when applicable, the initial estimate of costs related to the dismantling and removal of the assets and restoration of their respective locations of installation or operation that the entity is expected to incur in the future.

Assets which were attributed to the entity free of charge are measured at their fair value, the value for which they are insured or the value at which they were stated in the accounts.

Subsequent costs incurred by the entity relative to maintenance and repair of the assets are recorded as costs for the period when they are incurred, provided that they are not capable of enabling additional present and future activities.

Depreciation is calculated as soon as the assets are in condition to be used, through the straight-line method/declining balance method of the production units according to the estimated period of useful life for each group of assets.

The depreciation rate used for the administrative equipment considers the estimated period of useful life of eight years.


The entity reviews the useful life of each asset on an annual basis, as well as its respective residual value, when existent.

Capital gains or losses derived from the sale of tangible fixed assets are determined by the difference between the realisation value and the book value on the date of disposal, which are reflected in income statement under the headings of Other operating income or Other operating costs.

g) Subsequent eventsThe presented financial statements reflect the subsequent events that occurred up to 27 February 2014, the date on which they were approved by the Executive Committee, as mentioned in Note 2.1. The events that occurred after the reporting date regarding conditions that existed as at the reporting date are considered in the preparation of the financial statements.

3.3. Accounting estimates in the application of the accounting policiesThe NCRF require estimates and judgements to be made in the context of decision-making on some accounting treatments with impacts on the values reported under the assets, liabilities, equity, costs and income. The actual effects may differ from the estimates and judgements made, namely with respect to the effect of actual costs and income.

The main accounting estimates and judgements used in the application of the accounting principles are discussed in this note in order to improve the understanding on how their application affects the results reported by the Foundation and their disclosure. A detailed description of the main accounting principles used by the Foundation is presented in Note 3.2.

Considering that in many situations there are alternatives to the accounting treatment adopted by the Foundation, the reported results could be different if a different treatment had been chosen. The Executive Committee believes that the choices that have been made are appropriate and that the financial statements present the Foundation’s financial position and the results of its operations fairly in all materially relevant aspects. The alternative outcomes discussed below are presented solely to assist the reader in understanding the financial statements and are not intended to suggest that other alternatives or estimates would be more appropriate.

3.4. ContinuityNo situations have been identified by the Executive Committee that place in question the continuity of the Foundation.

3.5. Main sources of estimation uncertaintyThe main sources of uncertainty are detailed in Note 3.3.

4. TANgiBle Fixed ASSeTSEuros

2013 2012

NON-CURRENT ASSETS

Tangible fixed assets 17,558 17,385

Depreciation for the year (2,195) (1,811)

Depreciation of previous years (1,811) -

13,552 15,574

5. FiNANCiAl iNveSTMeNTSEuros

2013 2012

NON-CURRENT ASSETS

Other financial assets 750 750

Securities 910,000 910,000

Fair value variation 21,350 (111,650)

932,100 799,100

24 2013 • ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP • Notes to the Financial Statements

The heading of Other financial assets records the value of 750 euros (2012: 750 euros) representing 0.2% of the share capital of Millennium bcp – Prestação de Serviços, A.C.E.

As at 31 December 2013, the Foundation’s securities portfolio consists of 350,000 shares of EDP – Energias de Portugal, S.A.

6. STATe ANd oTher PuBliC eNTiTieS

This heading is analysed as follows:Euros

2013 2012

ASSETS

Tax deduction at source - 187

LIABILITIES

Tax deduction at source 549 871

7. deFerrAlS The heading of Deferrals records the value of 18,603 euros (2012: 15,172 euros), corresponding to the accrual of interest from term deposits and insurance costs.

8. CASh ANd BANk dePoSiTS

This heading, of the value of 2,531,684 euros (2012: 2,413,793 euros) corresponds to the balances of the sight and term deposits held at Banco Comercial Português, S.A. (BCP).

9. SoCiAl FuNd This heading records the Foundation’s Social Fund, which corresponds to the initial endowment of BCP for the incorporation of the Foundation, of the value of 1,496,394 euros (PTE 300,000,000.00).

10. reTAiNed eArNiNgS This heading is analysed as follows:

Euros

2013 2012

Retained earnings 1,669,540 616,951

11. SuPPlierS As at 31 December 2013, the value of 19,144 euros (2012: 29,688 euros) corresponds to invoices payable, arising from the Foundation’s activity.

12. oTher ACCouNTS PAyABle

As at 31 December 2013, the value of 548,442 euros (2012: 47,333 euros) corresponds to amounts payable to BCP, arising from the Foundation’s activity.

13. exTerNAl SuPPlieS ANd ServiCeS


2013 2012

Specialised work 819,698 955,207

Other supplies and services 35,776 17,802

855,474 973,009


The heading of Specialised work includes the value of 258,104 euros (2012: 402,597 euros) relative to the assignment of personnel by BCP.

14. STAFF CoSTS

This heading, of the value of 7,187 euros (2012: 6,141 euros), corresponds to other remunerations of the governing bodies and social security charges.

15. FAir vAlue iNCreASeS/deCreASeS

As described in Note 5, the positive value of 133,000 euros (2012: negative 38,500 euros) corresponds to the fair value variation of the Securities portfolio.

16. oTher iNCoMe ANd gAiNS


2013 2012

BCP donation 2,200,000 2,819,000

2,200,000 2,819,000

17. oTher CoSTS ANd loSSeS


2013 2012

Donations granted 1,824,375 854,709

Shares 500 500

Miscellaneous 2,864 2,378

1,827,739 857,587

18. iNTereST ANd SiMilAr iNCoMe reCeived This heading is analysed as follows:

Euros

2013 2012

Interest 56,715 45,887

Dividends 64,750 64,750

121,465 110,637

19. TrANSACTioNS ANd BAlANCeS wiTh grouP CoMPANieS

Significant transactions and balances with Group companies are detailed in the corresponding notes.

20. CoNTiNgeNT liABiliTieS

On this date, there are no contingent liabilities and contractual commitments that have not been recognised.

21. relevANT FACTS oCCurred duriNg 2013 During 2013, there were no relevant facts to be recorded.

22. SuBSequeNT eveNTS

After the reporting date and before the financial statements had been authorised for issue, there were no relevant transactions and/or events worthy of disclosure.

26 2013 • ANNUAL REPORT FUNDAÇÃO MILLENNIUM BCP • Report and Opinion of the Board of Auditors

REPORT AND OPINIONOF THE BOARD OF AUDITORS

To the Board of Directors of Fundação Millennium bcp

In conformity with the articles of association of Fundação Millennium bcp, we hereby, in the capacity of Audit Board of Fundação Millennium bcp, present the report of our supervisory action, as well as the Opinion on the Management Report and accounts submitted by the Executive Committee of the Foundation, relative to the period ended on 31 December 2013.

We have been informed on the Foundation’s activity through contacts established between this Audit Board and the Executive Committee of the Foundation or its representatives, as well as clarifications and other information collected from the competent services.

We have verified the financial information produced throughout the year, conducting the analyses as deemed appropriate. We have confirmed the adequacy of the adopted accounting policies and measurement criteria. We have verified the observance of the Law and articles of association of the Foundation.

After the closing of the accounts we appraised the Management report, the Balance sheet, the Income statement by nature, the Statement of changes in equity and the Cash flow statement for the period ended on that date, and the corresponding Notes, that, in addition to complying with the applicable legal provisions, reasonably reflect the activity developed in this period and its foreseeable evolution.

As a result of our work, we are of the Opinion that the financial statements referred to above, submitted by the Executive Committee, should be approved.

We would also like to express our gratitude to the Executive Committee and services of the Foundation for their collaboration.

Lisbon, 28 February 2014

José Mário Fernandes venturaChairman

Carlos Alberto Correia DiogoMember

KPMG & AssociadosSociedade de Revisores Oficiais de Contas, S.A. (nr. 189)represented byAna Cristina Soares Valente Dourado(ROC nr. 1011)

Fundação Millennium bcp

http://ind.millenniumbcp.pt/pt/Institucional/fundacao/Pages/fundacao.aspx

Fundação Millennium bcpHead Office:Rua Augusta, 62/961100-053 Lisbon

Legal Person governed by Private Law, operating on a non-profit making basis, set up on 27-12-1991, recognized on 01-08-1994 by Order nr. 115/94, published in the Diário da República, Series II, on 24-08-1994, with a public charity statute granted by order of the prime minister on 29-12-1994, published in the Diário da República, Series II, on 18-01-1995.

Economic Activity Code (NACE): 91333

Tax Identification Number: 502689943

Offices:Rua do Ouro, 130, 4th

1100-006 LisbonTelephone: (+351) 211 131 [email protected]

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