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  1. Focus and Profitability November 2010

  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 nine months figures for 2009 and 2010 were subject to a desktop review by External Auditors.

  3. Agenda • Past • Present • Future – Focus and Profitability • International environment 2008-2010 • What Millennium has done in the past 2 and a half years • Portugal • International

  4. 1985-… From incorporation … 2005 – 2010 2000 - 2004 Organic growth based on a proven retail business model 1995 - 2000 Leadership in Portugal, setting up the platforms for expansion in Poland, Greece and Mozambique M&A to reach “critical mass” Consolidation of international expansion with a single brand, focused on organic growth in selected retail markets 1985 - 1995 Organic growth to become relevant player … to leadership in Portugal and growth in selected retail markets

  5. OverviewMillennium bcp - The largest private financial institution in Portugal Millennium bcp is the largest listed financial institution in Portugal, and the country’s second largest financial institution after Caixa Geral de Depósitos (100% state-owned) Millennium bcp has a leading position in the Portuguese market across most financial products • Millennium bcp ranks #2 in terms of market share both in Customer Loans (c. 22%) and Total Customer Funds (c. 19%) 7 The Group focuses on retail distribution in Portugal, Poland, Mozambique and Angola • Portugal represents 78% of total assets,78% of loans to customers (gross) and 76% of total customer funds • In Poland, the Bank has a 5.1% market share in deposits and total loans7 • Millennium is the market leader in Mozambique • Angola: enabled to accelerate the business plan • Main business lines are retail and commercial banking, investment banking, corporate banking and private banking/asset management Market capitalization of 3.0 billion euros as at September 30th, 2010 Ratings: A BBB+ A3 Outlook: Negative Negative Negative 7 Sources: BCP own calculations based on Banks Press Releases and data published by the Bank of Portugal; Polish Banking Association (Market Shares in August 2010).

  6. International Environment (2008-2010) 1. Turbulence in the Financial Markets / “Subprime” 2. Global Economic Crisis 3. Increased Regulatory Complexity 4. Challenging Competitive Environment Impact on funding costs, on net interest income, on income from financial operations, on regulatory capital; Portugal: potential impact on business volumes and income; International: potential slowdown, but consistent growth in the main geographies where we operate; Negative impact on income, adjustment efforts, increased complexity in procedures and greater relevance of the cost of risk; Fiercer competition for attracting customers and business; impact on net interest income.

  7. What we have done in the last 2 ½ years • Deal with • economic and • financial crisis • More focused , • business models adjustments and sustainability Bank stabilization • Sustained and profitable strengthening of commercial dynamics • Institutional stabilization • Capital increase (1.3 bn € in 2008) • Own funds increase (“Valor Capital 2009” - 1 bn € issue) • Cost Reduction • 2008: 4.4% - Consolidated • 14.5% - Portugal • 2009: 7.8% - Consolidated • 5.1% - Portugal • Turnaround and capital increase in Poland (258 Mio €) • Restructuring of Private Banking • Alignment of business models in Greece and Romania • Sale of operations in the U.S.A. and Turkey • Portugal • Retail reorganization • New system of incentives for Retail • Millennium Meetings • Mozambique (profitable expansion) • Angola (partnerships and expansion) • Macau - License “On shore” • Liquidity enhancement • Issue of 10.6 bn € in long term Debt securities: 2008: 2.25 bn € 2009: 5.6 bn € 1H10: 2.7 bn € • Increase of Eligible Assets with Central Banks: • 2008: 7.3 Mio € • 2009: 10.6 Mio € • 1H10: 16.5 Mio € • Credit Re-pricing • Strengthening risk management • Reinforcement of Compliance function Source: AGM, company reports.

  8. Agenda • Past • Present • Future – Focus and Profitability • International environment 2008-2010 • What Millennium has done in the past 2 and a half years • Portugal • International

  9. 26,9% 25,7% 25,9% 23,6% 23,6% 23,4% 25,2% 24,8% 23,1% 22,3% 21,3% 22,2% 22,3% 21,8% 20,1% 21,3% 20,7% 19,8% 18,6% 18,3% 16,0% 15,9% 15,7% 15,5% 15,2% 13,1% 14,7% 14,4% 14,4% 13,1% 12,5% 12,7% 14,1% 13,4% 13,5% 10,6% 10,6% 10,4% 10,1% 10,3% 11,2% 11,2% 10,8% 10,1% 9,4% 10,7% 9,8% 10,3% 10,0% 9,6% Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 CGD BCP BES BPI Totta CGD BCP BES BPI Totta Commissions * Net Interest Income 30.6% 32.4% 29.3% 28.2% 26.9% 30.9% 30.8% 29.9% 29.1% 28.2% 28.2% 24.8% 25.0% 25.2% 24.1% 25.4% 21.4% 24.6% 26.2% 21.6% 20.7% 20,6% 17.4% 17,2% 17.5% 18.3% 17.9% 17.3% 17.9% 16.9% 16.6% 17.9% 16.2% 16.2% 15.2% 16.3% 13,6% 12.5% 11.3% 15.8% 11.2% 13,2% 10.6% 10.0% 14.9% 14.9% 13.5% 12.5% 11.8% 11.4% Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 CGD BCP BES BPI Totta CGD BCP BES BPI Totta Market Shares Loans to Customers Customers Funds Customers Funds * Consolidated

  10. Brand AwarenessRanks #1 in terms of Top-of Mind and #2 in terms of spontaneous awareness Brand Awareness July 2010 YTD (Top-of-Mind + Spontaneous) Mbcp 22.3 #1 60.4 #2 CGD 21.4 61.3 BES 21.2 58.1 BPI 11.3 35.2 Santander 10.9 30.4 Montepio 10.2 21.0 TOM Spontaneous • In July 2010 (year-to-date) Millennium bcp was the brand with the highest level of Top-of-Mind awareness in the banking sector in Portugal; • The sponsoring of music is a “territory” that the Bank occupies almost exclusively and maintains since the 2008 Rock in Rio; • The Brand Values more appreciated by the Customers are: innovation, the visual and corporate image and the professionalism and experience. Source: Annual Report of BrandScore July 2010

  11. Client satisfaction at record levels since the launch of the single brand Client satisfaction index Basis 100 Client satisfaction Global client satisfaction Source: Clients satisfaction survey (SGC)

  12. Agenda • Past • Present • Future – Focus and Profitability • International environment 2008-2010 • What Millennium has done in the past 2 and a half years • Portugal • International

  13. A leading group focused in the retail business in Portugal, Poland, Mozambique and Angola (September 2010) 49% of our branches are located outside Portugal 52% of our staff works abroad Million euros Poland Mozambique Angola Greece Others * Portugal Market Shares 25.0% 21.7% 6.5% 5.4% 39.2% 34.8% 3.1% 2.4% 2.0% 1.3% Millennium bcp Bank & Trust Loans to customers Jun.10 In retail credit In retail deposits In loans to customers In deposits In loans to customers In deposits Customer funds in Jun.10 In loans to customers In deposits Loans to customers (gross) Customer funds Loans to customers (gross) Customer funds Loans to customers (gross) Customer funds Loans to customers (gross) Customer funds Loans to customers (gross) Customer funds Loans to customers (gross) Customer funds Employees Branches Employees Branches Employees Branches Employees Branches Employees Branches Employees Branches * Adjusted from the impact of the operations in Turkey and in USA, in accordance with the sale agreements established. Source: BCP. Market shares in Portugal are based on Portuguese Banking Association and Portuguese banks’ public data. Market shares in Poland are from the Polish Banks Association and Polish Asset Managers Association. Market shares in Greece are based on Bank of Greece and Greek banks’ public data. Market shares in Mozambique are based on Bank of Mozambique public data. Market shares in Angola are based on National Bank of Angola public data.

  14. A single brand: Millennium Portugal Poland Portugal Poland Angola Mozambique Angola Mozambique Romania Grécia Romania Greece

  15. Focus on retail, Poland and Emerging Africa Credit and Customers’ funds breakdown • Retail in Portugal and International represents 77% of business volumes • Focus on Poland, Mozambique and Angola • No subprime, no housing price bubble in Portugal • No material investment banking or trading portfolio Private +AM Investment Banking Retail +SMEs Corporate 55% 23% International - Retail

  16. Resilience of retail business model Evolution of GDP growth (in %) and Net Profit (million euros) Source: INE, Ministry of Finance, BCP Annual Reports

  17. 9M09 figures 23.2% 30.3% 49.1% 1.7% 48.4% Focus and Profitability: strong growth potential of international operations contribution Portugal International operations Weight of international operations (9M10) Branches 100% = 1,799 Banking income 100% = 2,147 million € Customer funds * 100%* = 67 billion € 23.9% 24.3% 23.9% 30.2% 30.2 30.8% 49.6% 49.5% Customer funds growth* Customers 100% = 5.1 million Net income 100% = 217.4 million € 12.2% 15.5% 15.5% 50.% 50.9% 50.1% 97.5% 97.5% 84.0% * Excluding Turkey and USA

  18. Agenda • Past • Present • Future – Focus and Profitability • International environment 2008-2010 • What Millennium has done in the past 2 and a half years • Portugal • International

  19. Future: Focus and Profitability • Overcoming • financial and • economic crisis • Increase trust • Focus and Profitability Credit re-pricing Increase Net Interest Income and Commissions Cost control Managing capital ratios Liquidity plan Improve results • Focus on international portfolio • Sale of the Turkish and US operations • Portugal – keep on track • Poland, Mozambique and Angola: profitable expansion • Macau – on-shore license • Activobank - launching of an innovative bank

  20. Repricing in loans contributed to the consistent increase in net interest income Corporates (contractual spread, %) Mortgage (contractual spread, %) New production Portfolio Portfolio • Period of repricing of corporates portfolio (58% of total loans) up to 3 years • Mortgage portfolio (37% of loans) cannot be re-priced. New production booked with adequate spreads

  21. Net interest income and net interest margin recovery (%, Eur million) • On an annual basis margin penalised by steep decrease of market interest rates • Vs. 4Q 10: • Maintenance of interest rates decrease • Margin penalized by base rate effect • Unfavourable sazonality, -2 interest days • Improvement of customer spreads • Recovery of margin from steep fall of interest rates during last year • Vs. 2Q10: • reversal of interest rates downward trend • improvement of customer spread: credit repricing and recovery of deposits margin Net interest income Clients spread NIM Euribor 3 months (%, quarterly average)

  22. Core income consistent recovery (Eur million) Core income = Net interest income and Commissions Consolidated +14.5% Commissions Net interest income

  23. Delivering cost cutting and control Operating Costs Consolidated -11.9% +0.9% International Portugal

  24. Efficiency improvement Cost-to-income ratio* Consolidated Portugal * On a comparable basis, excluding specific items

  25. Good results in the CEBS stress test Adverse scenario Iberian Banks results – Tier I Shock scenario Iberian Banks results – Tier I 8.4% 8.4% Iberian average 8.2% Iberian average 7.6% BCP BCP BCP shows strong resilience in adverse scenarios Source: CEBS, Bank of Portugal and Bank of Spain

  26. Capital ratios of Millennium bcp are at the highest levels of the last decade Consolidated Tier I 9.0% IRB (pro forma)* 8.6% Stan- dard 8.7% 8.3% 8.0% Core Tier I 6.7% IRB (pro forma)* 5.6% Standard BCP 2Q10 Competitors Local GAAP until 2004. IFRS after 2004 inclusive. * The presented pro forma ratios were calculated in accordance with the IRB methods, taking into consideration the revision process, by the Bank of Portugal (BdP), of the submission of the proposal to adopt these methods. Estimates of the probability of default and the lost given default (IRB Advanced) for the retail portfolio collateralized by commercial and residential real state, and estimates of the probability of default (IRB Foundation) for the corporate portfolio were considered in Portugal. At the 1st semester of 2009, the Bank received authorization from BdP to adopt the advanced methods (internal model) to the generic market risk and the adoption of standard method for the operational risk.

  27. 2010 totally refinanced, comfortable portfolio of eligible assets (Eur billion) Consolidated Refinancing needs of long term debt 27.1 Already repaid Eligible assets with Central Banks MTN Jan10: €0.8bn Mar10: €0.3bn Private Placements €1.6bn Issued in 2010 Issued during 2009** * Includes 0.5 billion euros of bonds that were early redeemed **Includes the issue of 1 billion euros of Subordinated Perpetual Securities (June, August and December 2009)

  28. Liquidity Plan (Eur billion) • Reduce commercial gap • Reinforce relationships with correspondent banks • Increase eligible assets with central banks to >€20bn • Coverage of all refinancing needs until 2011 • Commitment with wholesale refinancing Eligible assets with central banks

  29. Customer funds grew driven by the increase on deposits QoQ and YoY Consolidated (Eur million) Customer funds* Versus Sep 09 +1.9% +2.0% +8.4% -14.6% +1.7% +2.8% Off BS customer funds Other customer funds from BS Deposits * Excluding Turkey and USA, in accordance with the sale agreements established

  30. Loans to customers in line with business cycle Consolidated (Eur million) Loans to customers (gross)* -0.3% Versus Sep 09 -2.0% -0.3% +4.3% -3.7% -2.9% Mortgage Consumer loans Loans to companies * Excluding Turkey and USA, in accordance with the sale agreements established

  31. Net income reaches 217.4 million euros (Eur million) Net income Portugal Consolidated +9.0% +22.0 % International operations + 9x Specific items in 9M 09: accounting gain from the entry of new shareholders in Banco Millennium Angola's share capital, amounting to 21.2 million euros and the gain from the sale of assets of 57.2 million euros Specific items in 9M 10: impairment in the Greek operation goodwill, amounting to 73.6 million euros

  32. Focus andProfitability: focus on profitability Recovering banking income... ... and cutting costs NII + Commissions Operating costs (Eur million)

  33. Focus and Profitability: focus on core international operations (Eur million) Net income of core international operations Poland + 457.8% +226.1% Angola Mozambique +12.6% +52.8%

  34. The new Macau on-shore branch creates the base of a new strategic triangle Portugal Biggest private bank 908 branches 2,546 thousand clients 21% market share in assets (2nd) Poland 5th biggest bank 460 branches 1,122 thousand clients Guangzhou 1 rep office Macau Present since 1995 1 branch Moçambique Market leader, with presence since 1995 118 branches 820 thousand clients 36% market share in assets (1st) Angola Present since 2006 and experiencing a strong growth 33 branches 68 thousand clients 3% market share in assets Source: The values of market share for Portugal (June 2010), Angola (June 2010) and Mozambique (June 2010) were based on public data available on Bank of Portugal, National Bank of Angola and Bank of Mozambique, respectively.

  35. Launch of an innovative bank Sign up ActivoBank is on Facebook Get short, timely messages from ActivoBank .

  36. Future: Focus and Profitability • Overcoming • financial and • economic crisis • Increase trust • Focus and Profitability Credit re-pricing Increase Net Interest Income and Commissions Cost control Managing capital ratios Liquidity plan Improve results • Focus on international portfolio • Sale of the Turkish and US operations • Portugal – keep on track • Poland, Mozambique and Angola: profitable expansion • Macau – on-shore license • Activobank - launching of an innovative bank

  37. Investor Relations Division: • Sofia Raposo, Head of Investor Relations • Francisco Pulido Valente • João Godinho Duarte • Tl: +351 21 1131 085 • Email: Investors@millenniumbcp.pt Banco Comercial Português, S.A., a public company (sociedade aberta) having its registered office at Praça D. João I, 28, Oporto, registered at the Commercial Registry of Oporto, with the single commercial and tax identification number 501 525 882 and the share capital of EUR 4.694.600.000