bcp_corporate presentation_2016

CORPORATE PRESENTATION

February 2016

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 of1933 or are exempt from such registration. Any public offering of securities in the United States, Canada, Australia orJapan would be made by means of a prospectus that will contain detailed information about the company andmanagement, including financial statements

The matters discussed in this document may include forward-looking statements that are subject to risks anduncertainties. By their nature, forward-looking statements involve known and unknown risks and uncertainties becausethey relate to events and depend on circumstances that may or may not occur in the future and may cause the actualresults, performance or achievements of BCP to be materially different from future results, performance or achievementsexpressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that arebeyond BCP's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviorof other market participants, the actions of regulators and other factors such as BCP's ability to continue to obtainfinancing to meet its liquidity needs, changes in the political, social and regulatory framework in which BCP operates or in

2

financing to meet its liquidity needs, changes in the political, social and regulatory framework in which BCP operates or ineconomic or technological trends or conditions, including inflation and consumer confidence. Attendees at thispresentation are cautioned not to place undue reliance on these forward-looking statements, which speak only as of thedate of this presentation. Even if BCP’s financial condition, business strategy, plans and objectives of management forfuture operations are consistent with the forward-looking statements contained in this presentation, those results ordevelopments, as well as BCP past performance, may not be indicative of results or developments in future periods. BCPexpressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements,whether as a result of new information, future events or otherwise, except as required by applicable law

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

2015 figures not audited

Summary

1. Portuguese macroeconomic update

2. Overview of Millennium bcp

3. Strategic Plan

A. Strategic plan metrics

B. Liquidity and Capital

3


4. Investment case

5. Appendix

A. 2015 Earnings

B. Other Information

Fiscal consolidation creates the conditions for the sustainability of the public debt, leading to normalisation of yields on sovereign debt

…with significant effort on expenditureBudget deficit decreases…

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

Source: Bank of Portugal; Ministry of Finance (2015 Budget).Source: Statistics Portugal; Ministry of Finance (2016 Budget Draft).

11.2

7.4

5.7 4.8

7.2

2.6 2.9

2010 2011 2012 2013 2014 2015E 2016E

(*)

51.850.0

48.550.1

51.7

48.3

46.3

2010 2011 2012 2013 2014 2015E 2016E

4

10y Portuguese bonds (yield, %)

Yields have been decreasing

Source: Thomson Reuters.

0

3

6

9

12

15

18

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Average: >10%

Average: ~4% <3%

Source: Bank of Portugal; Ministry of Finance (2015 Budget).

(Public debt, % of GDP)

(*) Excludes the capitalisation of Novo Banco (a one-off operation worth 2.8% of GDP)

Debt level is expected to reduce in 2015

Source: Statistics Portugal; Ministry of Finance (2016 Budget Draft).

96.2

111.1

126.2 129.0 130.2 128.8 127.7

2010 2011 2012 2013 2014 2015E 2016E

Source: Statistics Portugal; Ministry of Finance (2016 Budget Draft).

Portugal has been undergoing profound structural reforms, which are already showing positive results

� Structural changes in the economy and the public sector are being undertaken to increase the external competitiveness of the country and of the private sector

Source: Bank of Portugal.

Difference in annual change of nominal unit labor costs in Portugal vs. euro area

96

100

104

108

112

2008 2009 2010 2011 2012 2013 2014

Portugal Euro Area

Competitiveness gains

over 10% (2009-14)

5

13.9

16.8

15.3

13.5

12.2

2011 2012 2013 2014 4Q15

Real GDP Growth rate (yoy)

Source: Bank of Portugal; European Commission.

Current account balance (% of GDP)

-3.0

1.9

-1.8

-4.0

-1.6

0.91.5 1.6

2009 2010 2011 2012 2013 2014 2015 2016E

Source: Statistics Portugal; European Commission.

Unemployment rate (%)

Source: INE.

-10.4 -10.1

-5.6

-2.0

0.7 0.30.7 1.1

2009 2010 2011 2012 2013 2014 2015E 2016E

The positive impact of the structural changes is already apparent, with the improvement of the real GDP growth, external accounts and unemployment rate

Summary


2. 0verview of Millennium bcp

3. Strategic Plan


B. Liquidity and capital

6


4. Investment case

5. Appendix

A. 2015 Earnings


Overview of Millennium bcp

• Millennium bcp is the largest privately owned bank in Portugal, and second only to State-owned CGD. At 30 September 2015, Millennium bcp accounted for 18.2% of loans to Customers and for 17.3% of deposits in the Portuguese banking sector;

• At 31 December 2015, Millennium bcp had total assets of €75 billion, total Customer funds of €66 billion and gross loans to Customers of €55 billion. At the same date, the common equity tier I phased-in ratio reached 13.3%;

• Despite being one of the most productive banks in Portugal, with business volumes of

7

• Despite being one of the most productive banks in Portugal, with business volumes of €117 million per branch and of €10 million per employee at 31 December 2015, Millennium bcp is also one of the top-ranked Portuguese bank in Customer satisfaction, as per recent independent surveys;

• Millennium bcp is the most efficient bank in Portugal, and is well placed among Eurozone’s best as measured by its cost to income ratio;

• Internationally, Millennium bcp has significant operations in Poland, Angola and Mozambique.

10.2%

13.3%

CET1 fully implemented

CET1 phased-in

Millennium bcp is the largest private sector bank in Portugal, and second only to State-owned CGD

Main figures (Dec 2015. EUR bln, except percentages)

51.5

52.0

74.9

Customer deposits

Loans to Customers

Total assets

#x Ranking, latest available

#2

#2

#2

Loans as % ofAssets: 69%

#1

#2

#2

8

Market shares (September 2015)

BS Customer funds

Deposits

Loans to Customers #2

#2

#2

Consumer and other

Mortgages

Credit to Individuals

Credit to Companies #2

#2

#2

#1

18.2%

17.3%

17.7%

20.0%

16.6%

18.3%

10.6%

Despite being one of the most productive banks in Portugal, Millennium bcp is one of the top-ranked in Customer satisfaction

Deposits + Loans (EUR million)per branch per employee

154

117

11

10

73.2%

75.1%

Bank #1

Marktest Customer Satisfaction Index2015

#x Ranking, latest available

#2 #2 #2

9

85

71

103

9

7

9

75.2%

74.0%

70.8%Bank #2

Bank #3

Bank #4

EUR million

Millennium bcp is one of the most efficient banks in Portugal and in the Eurozone

Cost to core income*Cost to core income*

Bank 1

Latest available data

110.3%

71.9%

55.5%

2013 2014 2015

vs. peers in Portugalvs. Eurozone listed banks

-55pp

83%

55%

57%

55%

10* Core Income = net interest income + net fees and commissions.

� Millennium bcp is the most efficient bank in Portugal and is among the most efficient in the Eurozone, with a cost to core income* of 55% in 2015.

� Millennium bcp is also the most improved bank in Portugal in terms of cost to core income* in recent years: 55pp down from 2013

Bank 2

Bank 3

Bank 4

71%

57%

69%

80%

72%

97%

67%

Unique international presence focused on key strategic markets

Single brand Millennium

Market share: 4.6% in loans and 5.3% in deposits

Loans to customers (gross): €11,218m

Customer funds: €14,047m

Employees: 5,911

Branches: 411

Poland

All three international operations are profitable,

self funded and self sustainable (with capital for

11Data as at December 2015, except market shares (November 15).

Market share: 28.4% in loans and 27.7% in deposits Loans to customers (gross): €1,378mCustomer funds: €1,744mEmployees: 2,505Branches: 169

Mozambique

Market share: 3.7% in loans and 3.9% in deposits Loans to customers (gross): €996mCustomer funds: €1,692mEmployees: 1,225Branches: 90

Angola

sustainable (with capital for growth)

131

158

291

Unique international presence focused on key strategic markets delivering strong earnings growth

Net income

13.0% (CAGR)

7.2% (CAGR)

(Million euros)

Real GDP Growth*

2015 2016 2017

Poland +3.5% +3.5% +3.6%

Mozambique +7.0% +8.2% +7.9%

Angola +3.5% +3.5% +3.8%

12

24

7639

53

84

77

81119

158

2006 2010 2015

International presence of BCP

Netincome(2015)

ROE (2015)

LTD (2015)

BV(2015)

BCP stake

Poland €131m 9% 88% €1.5bn** 50.1%

Mozambique €84m 20% 74% €0.4bn 66.7%

Angola €76m 23% 56% €0.3bn 50.1%

* Source: IMF – WEO October 2015.** Market capitalisation as at 31 January 2016

Summary


2. 0verview of Millennium bcp

3. Strategic Plan



13


4. Investment case

5. Appendix

A. 2015 Earnings


Progress on 2012 strategic plan metrics

Recovery of profitability in PortugalCreating

growth and

Stronger balance sheetCET1*

(phased-in)

(fullyimplemented)

11.7%

7.8%

13.3%

10.2%

… >10% ��

LtD** 102% 97% … <110% ��

C/I 52% 44% … ≈50% ��

Demanding economic

environment2012-2013

Phases Priorities 2015

Strategic plan

2014 2015

Actual

14

Sustained net income growth, greater balance between

domestic and international operations

growth and profitability conditions

2014-2015

Sustained growth

2016-2017

Continued development of business in Poland,

Mozambique and Angola

C/I 52% 44% … ≈50% ��

Operatingcosts

€690M €642M … ≈€660M ��

Cost of risk(bp)

194 150 … ≈100 ��

ROE -6.5% 5.3% … ≈7% ��

* Includes the impact of the new DTAs regime for capital purposes according with IAS. | ** Loans to deposits ratio based on net loans and on balance sheet Customer funds.

Significant transformation of Millennium bcp over the last years, since the 2008 crisis

2015

Capital

Liquidity

Past

Capital ratio 13.3%CET1 phased-in

4.2%Core Tier 1 BoP, Mar 08

Loans to Deposits 101%175%Mar 09

0.4Commercial gapbillion euros

32.5Mar 09

5.3ECB funding usagebillion euros

15.4Sep 11

Cost-income 76.5%6M13

44.2%Cost-core income: 55.5%

15

Costs

Asset quality

Profitability

Branches in Portugal 920Set 08

671

Cost of risk in Portugal 243 bp9M14

175 bp

7.4Jun 12

5.6Credit at risk in Portugalbillion euros

-35.4%2012

5.3%ROE

-1,2192012

+235Net incomemillion euros

642Operating costs in Portugalmillion euros

1,0312008

Millennium bcp has returned to profits after 4 years of losses

-226.6

235.3

Net Income

Consolidated

(Million euros)

€29.2 million losses in the 4th quarter, including:

• One-off impacts in Poland: -€17 million (-€14 million, net of taxes);

• New contribution for the single resolution fund: -€31 million (-€22 million, net of taxes);

• Losses in sales of credit portfolios: -€14 million (-€10 million, net of

16

-848.6

-1,219.1

-740.5

2011 2012 2013 2014 2015

(-€10 million, net of taxes);

• Additional impairment charges in Portugal, resulting from the reinforcement of collective impairment (already reflected to a large extent in expected losses) and from the resolution of Banif.

Improvement trend on core income and operating costs in Portugal proceeds

Core Income(Million euros)

773960

1,160

2013 2014 2015

Commissions

Net interest income

Core net income*(Million euros)

39

270

518

2013 2014 2015

+200

+248

17* Core net income = net interest income + net fees and commission income – operating costs.** Excludes non-recurring costs of €119 million in 2013.

� Core income increases to €1,160 million in 2015

� Operating costs down to €642 million in the same period

� Continuation of the core net income** expansion trend begun 2 years ago to €518 million in 2015

Operating costs**(Million euros)

734 690 642

2013 2014 2015

-48

1Improvement of NII reflects lower cost of deposits and lower deposit spread

Continued improvement of deposits’ spreadsTime deposit spread vs. 3m Euribor (basis points)

Net interest income(Million euros)

343

527

711

2013 2014 2015

+184

1.0% +1.5%0.6%NIM

(124)

(310)(239)

(173) (150) (132) (110) (99)

2011 2012 2013 2014 1Q15 2Q15 3Q15 4Q15

2015:

(123)

18

Loan book spread vs. 3m Euribor

(Basis points)

Customer spread vs. 3m Euribor

(Basis points)

115161 131 136 139

395 430 430 410 394

2011 2012 2013 2014 2015

Companies

Mortgage

248318 303 286 292

(124)(215) (171)

(120) (85)

123 103 132 165 208

2011 2012 2013 2014 2015

Loans

Deposits

Customerspread

Operating costs: targets achieved 2 years earlier than the initial plan

Operating costs* (Million euros)

...with a >20% reduction in branches...Operating costs down by >30% vs pre-programme levels...

Total branches (#)

2

924690 642 ≈660

2011 2014 2015 2017

885695 671 ≈700

2011 2014 2015 2017

19* Or latest available, if previous. Excluding non recurring specific items. Non-annual figures were annualized. Figures related to the activity in Portugal were considered, whenever available.

Employees (#)

... and employees

2011 2014 2015 2017

Largest banks operating in PortugalOperating costs cumulative performance 2011-2015*

N/A

9,9597,795 7,459 ≈7,500

2011 2014 2015 2017

-29%

-10%-7% -7%

BCP Bank #1 Bank #2 Bank #3 Bank #4

Cost of risk to benefit from improved credit quality3

208233

175

<100

2011 2014 2015 2016-2018

(basis points)

Cost of risk Non-performing loans(Million euros)

Impairment charges

(Million euros)1,137

1,021730

5,3856,134

5,572

31Dec11 31Dec14 31Dec15

As a % of total loans

9.9%

14.0%13.4%

148bps on 2H15

20

(Million euros)

Loan-loss reserves� Cost of risk trending downwards to 175 bps in 2015

(233 bps in 2014), reflecting lower NPLs (down to €5.6bn in 31 December 2015 from €6.1bn at year-end 2014)

� Coverage of NPLs by provisions now at 53.7%, up from 49.5% at year-end 2014

� Cost of risk going forward likely to benefit from the expected improvement of credit quality

2,813 3,034 2,991

31Dec11 31Dec14 31Dec15

As a % of NPLs 52.2%49.5% 53.7%

Road to 2018: financial targets

2014Target20182015

Fully implemented CET1 ratio 7.8% 10.2%

Phased-in CET1 ratio 11.7%

≥11%

13.3%

Loans to Deposits 108% <100%102%

21

Cost-core income 64.0% <50%55.4%

Cost of risk 194 bp <75 pb150 bp

ROE* -6.5% >11%5.3%

Cost-income 51.7% <43%44.2%

* Consistent with a 11% CET1 ratio.

Summary



3. Strategic Plan



22


4. Investment case

5. Appendix

A. 2015 Earnings


29.5 28.3

20.513.1

7.8 6.7 3.90.4

Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Jun 14 Dec 14 Dec 15

Liquidity position: net loans as a percentage of BS Customer funds now at 100%

162% Loans to deposits ratio

-29.1

102%

Commercial gap (net loans – deposits)

(Billion euros)

23

162% Loans to deposits ratio

147% Loans to on BS funds ratio

102%

97%

5.2 4.92.9

5.5

1.13.0

0.6 0.7 1.7 0.9

2009 2010 2011 2012 2013 2014 2015 2016 2017 >2017

Refinancing needs of medium-long term debt

Already repaid(Billion euros)

To be repaid

11.7%13.1% 13.3%

7.8%9.6% 10.2%

Dec 14 Jun 15 Dec 15 Dec 14 Jun 15 Dec 15

Capital strengthened to European benchmarks, supported by profitability and specific measures

Common Equity Tier 1 ratio*Phased-in, latest available data

vs. Eurozone listed banks

Common Equity Tier 1 ratio*

Phased-in Fully implemented

Does not include effect of merge agreement in Angola (+0.4pp)

11.7%

13.3%

24

43.5 43.3 42.8 42.7

* Includes the impact of the new DTAs regime for capital purposes according with IAS.

RWAs(€Bln)

� Capital ratios strengthened from 31 December 2014 to 13.3% according to phased-in criteria and to 10.2% on a fully implemented basis, reflecting the sale of a 15.4% shareholding in Bank Millennium (Poland), the debt-equity swap, earnings for 2015 and lower RWAs

� Millennium bcp has the 2nd strongest capital in Portugal, and is in line with European benchmarks

� Leverage ratio at 7.3% according to phased-in criteria and on a fully implemented basis, this ratio stood at 5.6%

44.1 43.5

13.7%

12.1%

12.4%

Summary



3. Strategic Plan



25


4. Investment case

5. Appendix

A. 2015 Earnings


Millennium bcp: a leading bank, better prepared for the future

� Universal banking model; strong focus on Retail and Companies

� Largest privately-held Bank in Portugal

— Assets: €54 billion

— Customer funds: €48 billion

— Loans: €42 billion

— 671 branches

— 2.3 million Customers

Leading privately-held Bank in Portugal

Unique international presence, focused on high-potential markets

Loans: €11 billionCustomer funds: €14 billion411 branches

Poland

Mozambique

Leading bank in MozambiqueLoans: €1.4 billionCustomer funds: €1.7 billion169 branches

Angola

Loans: €1 billionCustomer funds: €1.7 billion90 branches

1 2

26

A more efficient and solid bank, prepared for the future

� Successful execution of the restructuring plan: cost reduction goal brought forward 2 years vs initial plan.

� A benchmark in efficiency: Best cost-income in Portuguese banking, one of the best in Europe

� Stronger liquidity and healthier balance sheet

� Capital position converging to European benchmark levels

3

Leadership vision paving the path for future growth � A comprehensive strategic agenda is

currently under implementation, paving the path for a “new Millennium”

� This strategic agenda includes:

— key performance initiatives

— Cross-cutting organisation initiatives

4

Investment case

Leading private sector market position in Portugal, benefiting from the domestic economic recovery

Successful ongoing execution of the restructuring plan in Portugal

1

2

Unique

27

Profitable, self-funded international operations in high growth markets (Poland, Mozambique, Angola)

Strong capital and liquidity position

Leadership vision paving the path for future growth

3

4

Unique position

5

Summary



3. Strategic Plan



28


4. Investment case

5. Appendix

A. 2015 Earnings


2015 Earnings

� Main Highlights

� Group

• Profitability

Liquidity

29

• Liquidity

• Capital

� Portugal

� International operations

� Conclusions and targets for 2018

Highlights

Profitability and efficiency

Back to profits

• Net profit of €235.3 million in 2015, compared to a loss of €226.6 million in 2014.

• Core net income* up 37.1%, from €647.4 million in 2014 to €887.9 million in 2015, reflecting a 16.6%

increase in net interest income and lower operating costs (-3.7%, including a 7.0% reduction in Portugal). Operating efficiency improved further, as cost to core income* decreased to 55.5%.

Business performance

Healthy balance sheet

• Customer deposits up by 3.5% to €51.5 billion as at December 31, 2015, with total Customers funds standing at €66.2 billion (€64.7 billion as at December 31, 2014).

• Commercial gap improved further, with net loans as a percentage of on-balance sheet Customer funds now standing at 97%. As a percentage of deposits (BoP criteria), net loans improved to 102% (108% as at December 31, 2014).

30

Capital and liquidity

Reinforced to European

benchmark levels

• Common equity tier 1 ratio** at 13.3% according to phased-in criteria, compared to 11.7% as at December 31, 2014. This figure stood at 10.2% on a fully implemented basis.

• Capital figures do not include the impact of the agreement to merge Millennium Angola and Banco PrivadoAtlântico, S.A., estimated at +0.4 percentage points on a phased-in basis.

• ECB funding usage down to €5.3 billion (€1.5 billion of which TLTRO) from €6.6 billion as at December 31, 2014.

Asset quality

Lower delinquency and

reinforced coverage

• Provision charges still sizable, but trending downwards: €833.0 million in 2015 (€1,107.0 million in 2014).

• Decrease of the non-performing loans ratio to 10.9% at year-end 2015 from 11.5% at year-end 2014. Coverage of non-performing loans reinforced to 57.3% from 52.9% at the end of 2014.

* Core net income = net interest income + net fees and commission income – operating costs, core income = net interest income + net fees and commission income. | ** Includes the impact of the new DTAs regime for capital purposes according with IAS.

Highlights

Net Income

(Million euros)

Contribution from Portuguese activity

(Million euros)

-226.6

235.3

2014 2015

-387.3

44.2

2014 2015

+€431.5million

+€462.0million

58.8Including

discontinued op.-384.6

31* Assuming 2014 shareholding in Bank Millennium to be the same as in 2015 (65.5% in 1Q, 50.1% from 2Q). | ** Includes the impact of the new DTAs regime for capital purposes according with IAS.

183.3

201.5176.5

2014 2015

Contribution from international activity

(Million euros)

Phased-in capital ratios (CET1 – CRD IV / CRR)**

11.7%

13.3%

Dec 14 Dec 15

-€25.0million

-€6.8 million on a comparable

basis*

On a comparable basis*

176.5Including

discontinued op.7.8% 10.2%Fully loaded158.0

Highlights

Operating costs in Portugal

(Million euros)

Net interest income in Portugal

(Million euros)

690.2 642.0

2014 2015

-7.0%

527.0

711.3

2014 2015

+35.0%1.0%

1.5%

NIM

50.9% 41.4%Cost to

income

32* According to the current version of Notice 16/2004 of the Bank of Portugal.

1,020.8729.8

2014 2015

108%102%

Dec 14 Dec 15

Loans to deposits ratio*Loan impairment in Portugal

(Million euros)

-28.5%

102%97%

Net loans to on-BS Customers funds

-6pp233bp

175bp

Cost of risk

148bp on 2H15

Highlights

Retail Companies and Corporate

▪ Mobile banking users increased twofold, resulting from the Mobile App’s new functions and from a new mobile website for smart phones and tablets

▪ Optimisation and renovation of the branch network

▪ More than 900,000 Customers now hold “package solutions”

� New funding lines totalling €700 million following agreements with EIB and EIF

� “PME Crescimento 2015” funding in excess of €160 million

� Support to 267 investment projects under the “Portugal 2020” programme

Best benchmark scores

“Basef Banca”, December scores

� Increased penetration as 1st bank (+1.7pp from Dec.2014): largest private sector bank

� Main bank among upper and upper-middle classes: market share up by 2.6pp from 2014

� Leader in Customer service (among 5 largest banks)

33

now hold “package solutions”

▪ Increased capture of new Customers (+15%)

▪ “Best banking website” for the 5th

year in a row – a “PC Guia” magazine award

� New digital solutions for companies

� “Professionals’ Choice 2016” – a “Escolha dos Consumidores” award

� Investment banking income up 25% to €34 million in 2015

Data E (Companies), 2015

(among 5 largest banks)

� Reinforced leadership as chosen bank among private sector banks (market share up by 1.5pp)

� Main bank of Portuguese companies

� Leader in innovation, efficiency and proximity to Customers

2015 Earnings

� Main Highlights

� Group

• Profitability

Liquidity

34

• Liquidity

• Capital

� Portugal



2015 earnings: profitability affirmed…

(million euros) 2014 2015 YoYImpact on

earnings

Net interest income 1,116.2 1,301.6 16.6% +185.4

Net fees and commissions 680.9 692.9 1.8% +12.0

Other operating income 495.4 509.1 2.8% +13.7

Banking income 2,292.5 2,503.5 9.2% +211.1

Staff costs -635.6 -616.1 -3.1% +19.5

Other administrative costs and depreciation -514.0 -490.5 -4.6% +23.5

Operating costs -1,149.6 -1,106.5 -3.7% +43.1

35

Operating costs -1,149.6 -1,106.5 -3.7% +43.1

Operating net income (before impairment and provisions) 1,142.9 1,397.0 22.2% +254.2

Loans impairment (net of recoveries) -1,107.0 -833.0 -24.7% +274.0

Other impairment and provisions -209.3 -161.3 -22.9% +48.0

Net income before income tax -173.4 402.7 -- +576.1

Income taxes 97.7 -56.4 -- -154.1

Non-controlling interests -110.1 -125.6 14.1% -15.6

Net income from discontinued or to be discontinued operations -40.8 14.6 -- +55.5

Net income -226.6 235.3 -- +462.0

… after 4 years of losses

-226.6

235.3

Net Income

Consolidated

(Million euros)

€29.2 million losses in the 4th

quarter, including:

• One-off impacts in Poland: -€17 million (-€14 million, net of taxes);

• New contribution for the single resolution fund: -€31 million (-€22 million, net of taxes);

• Losses in sales of credit portfolios: -€14 million (-€10 million, net of taxes);

36

-848.6

-1,219.1

-740.5

2011 2012 2013 2014 2015

million, net of taxes);

• Additional impairment charges in Portugal, resulting from the reinforcement of collective impairment (already reflected to a large extent in expected losses) and from the resolution of Banif.

647.4

887.9

Core net income improves, reflecting strong performance in Portugal

(Million euros)

Core net income*

Consolidated

Portugal

270.0

517.6

+91.7%

+37.1%

37

2014 2015

* Core net income = net interest income + net fees and commission income – operating costs.

International operations

377.4 370.4

2014 2015

2014 2015

-1.9%

Net interest income increases reflecting improvement in Portugal

1,116.2

1,301.6

(Million euros)

Net interest income

Consolidated

Portugal

+16.6%

527.0711.3

2014 2015

+35.0%

Net Interest Margin

1.0% 1.5%

38

2014 2015


589.1 590.2

2014 2015

+0.2%

2014 2015

Net Interest margin

Excluding CoCos

1.9%1.6%

2.0%1.8%

Net Interest Margin

3.2% 2.9%

Increased commissions, despite demanding regulatory environment

(Million euros)

433.2 448.2

2014 2015

Fees and commissions

Consolidated

Portugal

+3.5%

2014 2015 YoY

Banking fees and commissions 545.1 562.5 +3.2%

Cards and transfers 193.6 172.4 -11.0%

39

2014 2015

247.7 244.7

2014 2015

-1.2%

International Operations


Loans and guarantees 159.6 178.6 +11.9%

Bancassurance 72.7 75.3 +3.5%

Customer account related 76.6 84.4 +10.1%

Other fees and commissions 42.5 51.8 +21.8%

Market related fees and commissions 135.7 130.4 -4.0%

Securities operations 97.0 91.3 -5.9%

Asset management 38.7 39.1 +0.9%

Total fees and commissions 680.9 692.9 +1.8%

Other income: gains on the sale of sovereign debt were partially compensated by additional contributions(Million euros)

Other income

Consolidated

Portugal

395.7 390.1

-1.4%

495.4 509.1

+2.8%

40


99.8119.0

2014 2015

2014 2015

+19.3%

2014 2015

Cost reduction proceeds in Portugal

(Million euros)

Operating costs

Consolidated

690.2 642.0

2014 2015

-7.0%

Portugal

65.566.6

+1.6%

-3.7%

1,149.61,106.5

Other

Depreciation

Cost to income 50.9% 41.4%


41

2014 2015

459.4 464.5

2014 2015

+1.1%


635.6 616.1

448.5 423.8

2014 2015

-5.5%

-3.1%Staff costs

Other admnistrative

costs


Millennium bcp is one of the most efficient banks in Portugal and in the Eurozone

Cost to core income*Cost to core income*

Bank 1

Latest available data

110.3%

71.9%

55.5%

2013 2014 2015

vs. peers in Portugalvs. Eurozone listed banks

-55pp

83%

55%

57%

55%

42* Core Income = net interest income + net fees and commissions.

� Millennium bcp is the most efficient bank in Portugal and is among the most efficient in the Eurozone, with a cost to core income* of 55% in 2015.

� Millennium bcp is also the most improved bank in Portugal in terms of cost to core income* in recent years: 55pp down from 2013

Bank 2

Bank 3

Bank 4

71%

57%

69%

80%

72%

97%

67%

Impairment slowing down in Portugal…

Loan impairment (net of recoveries)

Consolidated

1,107.0

833.0

Cost of risk 194bp 150bp

(Million euros)

Portugal

1,020.8

729.8

-28.5%

-24.7%

126bp on2H15

Cost of risk233bp 175bp

148bp on 2H15

43

2014 2015

86.2 103.2

2014 2015

+19.7%


2014 2015

Cost of risk64bp 75bp

… with lower delinquency and increased coverage

(Million euros)

Loan impairment provisions (balance sheet)Credit quality

6,580 6,722 6,874 6,451 6,051

Dec 14 Mar 15 Jun 15 Sep 15 Dec 15

NPL

3,483 3,607 3,676 3,566 3,468


NPL %

Cred. atrisk %

11.5% 11.6% 12.0% 11.5% 10.9%

12.0% 12.1% 12.4% 11.9% 11.3%% of cred. at

risk

% of NPLS

50.8% 51.4% 51.7% 53.5% 55.1%

52.9% 53.7% 53.5% 55.3% 57.3%

44

1,352

634 541

265

2012 2013 2014 2015

On a comparable basis: excludes Romania, following the discontinuation processes.

Net NPL entries in PortugalCoverage of credit at risk by BS impairment and real/financial guarantees

106.4% 106.1% 105.2% 105.9% 105.9%


Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15

Diversified and collateralised portfolio

Mortgage 45%

Companies 47%

61% 31% 8%

Real guarantees Other guarantees Unsecured

Loan portfolio

Loans per collateral

Consolidated

LTV of mortgage portfolio in Portugal

14% 10% 13% 27% 10% 16% 11%

45On a comparable basis: excludes Romania, following the discontinuation process.

Consumer/other 8%

� Loans to companies accounted for 47% of the loan portfolio at year-end 2015, including 10% to construction and real-estate sectors

� 92% of the loan portfolio is collateralised

� Mortgage accounted for 45% of the loan portfolio, with low delinquency levels and an average LTV of 67%

14% 10% 13% 27% 10% 16% 11%

0-40 40-50 50-60 60-75 75-80 80-90 >90

2015 Earnings

� Main Highlights

� Group

• Profitability

Liquidity

46

• Liquidity

• Capital

� Portugal



Deposits increase, with individuals in Portugal and international operations standing out(Million euros)

Customer deposits in Portugal

22,295 23,449

9,768 9,6002,345 1,767

34,408 34,816

+5.2%

-1.7%

+1.2%

-24.7%

2,776 2,311

12,146 12,327

64,739 66,176

+2.2%

Customer funds

Consolidated

Other BS funds

Off-BS funds

Individuals

Companies

Other (inc public sector)

Market share: 17.5%

47On a comparable basis: excludes Romania and Millennium bcp Gestão de Activos, following the discontinuation processes.

Customer deposits in international operations

15,409 16,723

Dec 14 Dec 15

+8.5%

Dec 14 Dec 15

16,79320,543

33,02430,995

Dec 14 Dec 15

+3.5%

Demand deposits

Term deposits

Credit increases in international operations

(Million euros)

Loans to customers (gross)

25,545 25,048

57,16855,438

-3.0%

Portugal

Consolidated

Mortgage

43,784 41,595

Dec 14 Dec 15

-5.0%

Market share: 18.2%

New businessMortgage +60%Consumer +10%Companies* +20%

Factoring +140%Leasing +53%Loans +13%

48On a comparable basis: excludes Romania, following the discontinuation process. * Excludes public sector and credit recovery areas.

27,586 26,251

4,037 4,138

25,048

Dec 14 Dec 15


13,385 13,843

Dec 14 Dec 15

+3.4%

Companies

Consumer and other

Dec 14 Dec 15

Continued improvement of the liquidity position, current ratios exceed future requirements

Commercial gap* Loans to deposits ratio** (BoP)

(Billion euros)

108%102%

Dec 14 Dec 15

102%97%

Net loans to BS Customer funds

-6pp

-3.9

-0.4

Dec 14 Dec 15

+3.4

-1.1

+1.9

Difference between BS Customer funds and net loans

49* Based on Customer deposits and net loans to Customers. ** According to the current version of Notice 16/2004 of the Bank of Portugal.

Liquidity ratios (CRD IV/CRR***)

� Commercial gap narrows €3.4 billion from end-2014

� Loans to deposit ratio (Bank of Portugal criteria) at 102%, 97% if all BS Customer funds are included

� Liquidity ratios CRD IV/CRR higher than the required 100%

(As at December 2015)

116%

158%

NSFR (Net stable funding ratio)

LCR (Liquidity coverage ratio)

Lower refinancing needs in the medium to long term, Customer deposits are the main funding source

5.2 4.9

2.9

5.5

1.1

3.0

0.6 0.71.7

0.9

2009 2010 2011 2012 2013 2014 2015 2016 2017 >2017

Debt repayments (medium-long term)

Already repaid

(Billion euros)

To be repaid6.6

5.3

Dec 14 Dec 15

ECB Funding

(Billion euros)

50

Improvement of the funding structure

75% 80%

25% 20%

Dec 14 Dec 15

Customer deposits

Other

� Future debt repayments (medium-long term) significantly lower than in the past

� Net usage of ECB funding at €5.3 billion, compared to €6.6 billion year-end 2014

� €13.9 billion (net of haircut) of eligible assets available for refinancing operations with ECB, with a €8.6 billion buffer

� Customer deposits account for 80% of funding

2015 Earnings

� Main Highlights

� Group

• Profitability

Liquidity

51

• Liquidity

• Capital

� Portugal



11.7%13.1% 13.3%

7.8%9.6% 10.2%

Dec 14 Jun 15 Dec 15 Dec 14 Jun 15 Dec 15

Capital strengthened to European benchmarks, supported by profitability and specific measures

Common Equity Tier 1 ratio*Phased-in, latest available data

vs. Eurozone listed banks

Common Equity Tier 1 ratio*

Phased-in Fully implemented

Does not include effect of merge agreement in Angola (+0.4pp)

11.7%

13.3%

52

43.5 43.3 42.8 42.7

* Includes the impact of the new DTAs regime for capital purposes according with IAS.

RWAs(€Bln)

� Capital ratios strengthened from 31 December 2014 to 13.3% according to phased-in criteria and to 10.2% on a fully implemented basis, reflecting the sale of a 15.4% shareholding in Bank Millennium (Poland), the debt-equity swap, earnings for 2015 and lower RWAs

� Millennium bcp has the 2nd strongest capital in Portugal, and is in line with European benchmarks

� Leverage ratio at 7.3% according to phased-in criteria and on a fully implemented basis, this ratio stood at 5.6%

44.1 43.5

13.7%

12.1%

12.4%

Pension fund

Pension fundKey figures

Assumptions

(Million euros) Equities 21%

Bonds 42%

Property 9%

Loans to banks,

other 28%Dec 14 Jun 15 Dec 15

Pension liabilities 3,133 3,136 3,136

Pension fund 3,095 3,070 3,158

Liabilities' coverage 110% 109% 111%

Fund's profitability 8.1% 0.5% -0.8%

Actuarial differences (477) (38) (111)

53

� Pension liabilities coverage at 111%

� Negative actuarial differences in 2015 resulting from the fund’s profitability being below assumptions

� Assumptions unchanged in 2015

Assumptions

Discount rate

Projected rate of return of fund assets

Mortality Tables

Men

Women

until 2017

after 2017

until 2017

after 2017

0.75%

1.00%

0.00%

0.50%

Dec 15

TV 73/77 -2 years

Tv 88/90 -3 years

Dec 14

2.50%

2.50%

Salary growth rate

Pensions growth rate

2015 Earnings

� Main Highlights

� Group

• Profitability

Liquidity

54

• Liquidity

• Capital

� Portugal



2,673 2,241

10,800 10,909

47,881 47,965

Portugal: deleveraging effort improves liquidity position

(Million euros)

Loans to customers (gross)Customer funds

+0.2%

19,142

43,78441,595

-5.0%

Individual’s deposits up 5.2% vs end-

2014

Other BS funds

Off-BS funds

Mortgage

55

10,074 12,880

24,33421,936

2,673

Dec 14 Dec 15

On a comparable basis: excludes Millennium bcp Gestão de Activos (following the process of discontinuation).

22,139 20,708

2,5022,423

19,14218,465

Dec 14 Dec 15

On-demand deposits

Term deposits

funds

Companies

Consumer and other

Mortgage

Net income improves significantly

-387.3

44.2

2014 2015

(Million euros)

Net income � Improved net income resulting from an increased banking income (+14.3%), a 7.0% reduction in operating costs and a lower cost of risk

� The increase in banking income reflects higher core income

� Lower operating costs resulting from the implementation of the restructuring programme started at the end of 2012

56

2014 2015

1,355.91,549.6

2014 2015

690.2 642.0

2014 2015

+14.3% -7.0%

Banking income Operating costs

started at the end of 2012

Improvement trend on core income and operating costs in Portugal proceeds

Core Income(Million euros)

773960

1,160

2013 2014 2015

Commissions

Net interest income

Core net income*(Million euros)

39

270

518

2013 2014 2015

+200

+248

57* Core net income = net interest income + net fees and commission income – operating costs.** Excludes non-recurring costs of €119 million in 2013.

� Core income increases to €1,160 million in 2015

� Operating costs down to €642 million in the same period

� Continuation of the core net income** expansion trend begun 2 years ago to €518 million in 2015

Operating costs**(Million euros)

734 690 642

2013 2014 2015

-48

Increase on net interest income in Portugal reflects lower cost of deposits, in spite of the impact of lower loan volumes

Net interest income(Million euros)

Breakdown of net interest income growth(Million euros)

4Q15 vs.

3Q15

2015 vs.

2014

Effect of cost of time deposits +10.1 +182.7

Performing loans volume effect -2.8 -87.1

NPL effect (non recurring) +21.1 +43.5

CoCos effect -- +114.7

Other (inc. sovereign debt) -15.2 -69.5

Total +13.2 +184.3

343

527

711

2013 2014 2015

+184

1.0% +1.5%0.6%NIM

58

Net interest income per quarter(Million euros)

� Net interest income increased versus 3Q15, driven by:

− Consistent reduction of the cost of time deposits

− Non-recurring interest recovery from NPLs

− These effects were partially offset by the continued reduction in loan volumes

� Year-on-year increase of net interest income from commercial business, as the impact of the continued decline of the cost of term deposits, the reduction of NPL and the early repayment of CoCos more than compensated for the unfavourable impact of lower loan volumes and the lower contribution from the sovereign debt portfolio

97 111144

176 175154

184 198

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

+13

Continued effort to reduce the cost of deposits

Loan book spread

115161 131 136 139

395 430 430 410 394

2011 2012 2013 2014 2015

(124)

(310)(239)

(173) (150) (132) (110) (99)

2011 2012 2013 2014 1Q15 2Q15 3Q15 4Q15 Companies

Mortgage

(vs Euribor 3m, basis points)

2015:

(123)

Spread on term deposits portfolio (vs Euribor 3m, basis points)

59

� Continued reduction of the spread of the portfolio of term deposits, down to 123bp in 2015 from 173bp in 2014; December’s front book priced at an average spread of -54bp, substantially below current back book’s

� The slight decrease in the average spread on loans to companies was compensated by an improvement in mortgage loans, resulting in an improved spread on the total loan book

� The combination of an improved spread on loans and on deposits has resulted in a significant increase to the Customer spread, which stood at 208bp in 2015 (165 bp in 2014)

248318 303 286 292

(124)(215) (171)

(120) (85)

123 103 132 165 208

2011 2012 2013 2014 2015

Customer spread

(vs Euribor 3m, basis points)

Loans

Deposits

Customerspread

Increased commissions, benefiting from early repayment of State-guarantees

(Million euros)

2014 2015 YoY

Banking fees and commissions 368.0 389.8 +5.9%


Loans and guarantees 119.0 118.3 -0.6%

Bancassurance 72.7 75.3 +3.6%

60

Customer account related 76.5 84.2 +10.2%

State guarantee -22.7 0.0 --

Other fees and commissions 18.8 12.5 -33.8%

Market related fees and commissions 65.2 58.4 -10.4%

Securities operations 57.7 52.1 -9.6%

Asset management 7.5 6.2 -16.5%

Total fees and commissions 433.2 448.2 +3.5%

The implementation of the plan proceeded, on target with strategic goals

Employees

(Million euros)

246.9234.7

32.430.3

690.2642.0

-6.5%

-4.9%

-7.0%

Operating costs

7,7687,459

Dec 14 Dec 15

-309

Other administrative

Depreciation


61

Branches

410.8 376.9

246.9234.7

2014 2015

-4.9%

-8.3% 695 671

Dec 14 Dec 15

-24

Dec 14 Dec 15

Staff costs

administrative costs

Credit ratio Dec 14 Dec 15

Non-performing loans 14.0% 13.4%

Credit at risk 14.1% 13.5%

Coverage ratio Dec 14 Dec 15


Credit at risk 49.1% 53.1%

Reinforced coverage of delinquent loans

(Million euros)

3,034 2,991

Dec 14 Dec 15

Credit quality

6,134 5,572

Dec 14 Dec 15

Loans impairments provisions (balance sheet)

NPL

62

Dec 14 Dec 15Dec 14 Dec 15

1,021

730

2014 2015

233bp

175bp

Loan impairment(net of recoveries)

Dec 15 vs. Dec 14

Dec 15 vs. Sep15

Inicial stock 6,134 5,917

+/- Net entries +264.9 +10.0

- Write-offs -632.3 -230.1

- Sales -194.1 -124.0

Final stock 5,572 5,572

NPL buildup

148bp on 2H15

Cost of risk

Foreclosed assets sold above book value, confirming appropriate coverage

(Million euros)

Foreclosed assets Number of properties sold

259

2341,262

1,446

20.5%

Book value of sold properties

16.2%

Impairment

Coverage 2,2272,390

2014 2015

+7.3%

63

1,003

1,212

Dec 14 Dec 15

Book value of sold properties

(Million euros)

Sale value

Net value227 231

2014 2015

+1.8%244 257

2015 Earnings

� Main Highlights

� Group

• Profitability

Liquidity

64

• Liquidity

• Capital

� Portugal



Stable net income in international operations

(Million euros)

2014 2015

Q %

local

currency

Q %

eurosROE

International operations*

Poland 155.7 130.7 -16.0% -15.8% 9.1%

Mozambique 84.1 84.2 +0.2% -4.8% 19.6%

65Note: subsidiaries’ net income presented for 2014 at the same exchange rate as of 2015 for comparison purposes. | * Excludes Banca Millennium (Romania). | ** Assuming 2014 shareholding in Bank Millennium to be the same as in 2015 (65.5% in 1Q, 50.1% from 2Q).

Angola 50.4 75.7 +50.1% +47.7% 22.8%

Net income 290.2 290.6 +0.2% -1.5%

Other and non-controlling interests -88.7 -114.1

Total contribution int. operations 201.5 176.5 -12.4%

On a comparable basis** 183.3 176.5 -3.7%

Poland: growing Customer funds and loans to Customers

10,67111,218

+5.1%

(Million euros)

Loans to Customers (gross)Customer funds

7,095

78

711,508

1,59112,747

14,047Off-BS funds

+10.2%

-9.3%

+5.5%Other BS

funds

66FX effect excluded. €/Zloty constant in December 2015: Income Statement 4.18171667; Balance Sheet 4.2639.

3,162 3,334

1,144 1,328

6,3656,556

Dec 14 Dec 15

+3.0%

+16.0%

+5.4%4,403

5,290

6,759

7,095

Dec 14 Dec 15

+20.2%

+5.0%

On-demand deposits

Term deposits

Companies

Consumer and other

Mortgage

Net income penalised by additional contributions in the 4th

quarter of 2015

155.7130.7

2014 2015

-16.0%

(Million euros)

Net income

ROE 11.8%9.1%

� Net income decreases 16.0%, reflecting one-offs of -€34 million (-€29 million, net of taxes) due to the bankruptcy of SK Bank, a contribution to the mortgage restructuring fund, a fine by the competition authority related to 2006 and linked to interchange fees, and provisions for taxes and other; net income increased 2.5% without these impacts

� This difficult environment led to a 9.0% reduction of banking income, partially offset by lower operating costs (-2.2%) and by a reduction of the cost of risk

� Common equity tier 1 of 16.4% as at end-2015

+2.5% without one-offs

67

265.8 260.0

2014 2015

-9.0% -2.2%

2014 2015


FX effect excluded. €/Zloty constant in December 2015: Income Statement 4.18171667; Balance Sheet 4.2639.


529.8 482.4

2014 2015

Income reduction determined by additional contributions in the 4th

quarter 2015

130.8 130.8

135.0 129.2

265.8 260.0

2014 2015

Net interest income* Operating costs

-2.2%350.3

339.3

2014 2015

-3.2%

(Million euros)

NIM 2.5% 2.2% Cost to income 50.2% 53.9%

Staff costs

Other admin costs +

depreciation

68

* Pro forma data. Margin from derivative products, including those from hedging FX denominated loan portfolio, is included in net interest income, whereas in accounting terms, part of this margin (2.6M€ in 2014 and 12.8M€ in 2015) is presented in net trading income.

FX effect excluded. €/Zloty constant in December 2015: Income Statement 4.18171667; Balance Sheet 4.2639.

2014 2015

Commissions and other income BranchesEmployees

423 411

Dec 14 Dec 15

6,108 5,911

Dec 14 Dec 15

-197-12

2014 2015

Commissions

Other

146.3 142.6

33.20.6

179.5143.1

2014 2015

-2,5%

-98,3%

-20,3%

Includes -€34 millionone-offs

Stable credit quality, with high levels of coverage

Credit quality Loan impairment (balance sheet)

(Million euros)




Non-performing loans 101% 110%

319 343

Dec 14 Dec 15

315 312

Dec 14 Dec 15

69FX effect excluded. €/Zloty constant in December 2015: Income Statement 4.18171667; Balance Sheet 4.2639.


� NPL ratio improved to 2.8% of total credit as at 31 December 2015 from 3.0% on the same date of the previous year

� Provision coverage of NPLs increased to 110% from 101% at the end of 2015

� Lower provisioning effort, as reflected on cost of risk decreasing to 52bp in 2015 from 61bp in 2014


Cost of risk

61bp 52bp

63.5 57.7

2014 2015

229

29535

19

1,171

1,378

Mozambique: strong volume growth

+17.6%

+28.9%

(Million euros)


620

753

20

01,528

1,744+14.1%

Term

Other BS funds

Consumer

Mortgage

70

9081,064

229

Dec 14 Dec 15

+28.9%

+17.2%887 990

620

Dec 14 Dec 15

+11.6%

+21.4%

FX effect excluded. €/Metical constant as at December 2015: Income Statement 43.74125000; Balance Sheet 51.1600.

On-demand deposits

Term deposits

Companies

Consumer and other

Stable net income

84.1 84.2

2014 2015

+0.2%

(Million euros)

Net income � Net income up by 0.2%, with ROE at 19.6%

� Increase of 13.9% in banking income due to higher net interest income, commissions and results from foreign exchange operations

� Operating costs up by 12.8%

� Common equity tier 1 of 19.8% as at end-2015

ROE 22.6% 19.6%

71

2014 2015



212.0241.4

2014 2015

+13.9%

94.0 106.1

2014 2015

+12.8%


Growth in core income partially offset by the increase in operating costs

44.2 47.9

39.5 46.710.3

11.594.0

106.1

2014 2015

+12.8%

(Million euros)

Net interest income Operating costs

Staff costs

Other admin. costs

Depreciation

133.6 140.8

2014 2015

+5.3%

+8.3%

+18.2%

+11.5%

NIM 7.2% 6.3% Cost to income 44.4% 43.9%

72

2,367 2,351

Dec 14 Dec 15

2014 2015

* Excludes employees from SIM (insurance company)

Commissions and other income BranchesEmployees *


2014 2015

166169

Dec 14 Dec 15

-16 +3

Commissions

Other

43.0 45.1

35.355.5

78.3

100.6

2014 2015

+28.5%

+4.8%

+57.4%

Credit quality and coverage


(Million euros)





61.381.7

Dec 14 Dec 15

48.285.3

Dec 14 Dec 15

73


� Key indicators continued to show comfortable figures in spite of credit quality having deteriorated: NPL ratio at 6.2% with a 96% coverage at the end of 2015

� Increased provisioning effort, as reflected by a 155bp cost of risk, up from 84bp in 2014



Cost of risk 84bp 155bp

11.425.0

2014 2015

88

94

7

8

852

996

8071,230

1,692

Angola: strong volumes growth

+37.5%

+16.9%

(Million euros)


+6.3%

+ 16.8%

Consumer and other

Mortage

74

756894

Dec 14 Dec 15

651

884

579

Dec 14 Dec 15

FX effect excluded. €/Kwanza constant as at December 2015: Income Statement 132.42416667; Balance Sheet 147.4100.

+35.8%

+39.4%

+ 18.2%

On-demand deposits

Term deposits

Companies

and other

Net income increase driven by higher banking income

� Net income increases 50.1%, with ROE at 22.8%; increase of 39.1% in banking income, influenced by higher net interest income and trading gains; operating costs increased by 23.5%

� Capital ratio of 13.7% as at the end of 2015

� Merger with ATLANTICO according to plan, with completion scheduled for the beginning of the 2nd quarter 2016. Merger creates the 2nd largest private sector bank in Angola (market share of 10%), allowing for returns on invested capital at approximately 20%, and leading to a c.40bp impact on CET1 on a phased-in basis

(Million euros)

Net income

50.4

75.7

2014 2015

+50.1%ROE 18.4% 22.8%

75FX effect excluded. €/Kwanza constant as at December 2015: Income Statement 132.42416667; Balance Sheet 147.4100.


73.991.3

2014 2015

2014 2015

145.2

202.1

2014 2015

+39.1%

+23.5%


Strong growth in net interest income, partially compensated by increased operating costs

(Million euros)

Net interest income Operating costs

Staff costs

Other admin. costs

Depreciation86.7111.0

2014 2015

31.6 42.1

33.536.6

8.712.573.991.3

2014 2015

+23.5%+28.0%

Cost to income

50.9% 45.2%NIM 6.0% 6.0%


88 90

Dec 14 Dec 15

+21,143

1,225

Dec 14 Dec 15

Fees and commissions BranchesEmployees

+82

2014 2015 2014 2015

31.3 32.6

27.358.5

58,5

91,1

2014 2015

+55.6%

Commissions

Other

+4.3%

+114.5%

Credit quality and coverage

(Million euros)

41.2 47.9

Dec 14 Dec 15

54.880.0

Dec 14 Dec 15








102bp 137bp

9.615.2

2014 2015


� Key indicators continued to show comfortable figures in spite of credit quality having deteriorated: NPL ratio at 8.0% with a 60% coverage at the end of 2015

� Increased provisioning effort, as reflected by a 137bp cost of risk, up from 102bp in 2014

Cost of risk

2015 Earnings

� Main Highlights

� Group

• Profitability

Liquidity

78

• Liquidity

• Capital

� Portugal



Progress on 2012 strategic plan metrics

Recovery of profitability in PortugalCreating

growth and

Stronger balance sheetCET1*

(phased-in)

(fullyimplemented)

11.7%

7.8%

13.3%

10.2%

… >10% ��

LtD** 102% 97% … <110% ��

C/I 52% 44% … ≈50% ��

Demanding economic

environment2012-2013

Phases Priorities 2015

Strategic plan

2014 2015

Actual

79

Sustained net income growth, greater balance between

domestic and international operations

growth and profitability conditions

2014-2015

Sustained growth

2016-2017

Continued development of business in Poland,

Mozambique and Angola

C/I 52% 44% … ≈50% ��

Operatingcosts

€690M €642M … ≈€660M ��

Cost of risk(bp)

194 150 … ≈100 ��

ROE -6.5% 5.3% … ≈7% ��

* Includes the impact of the new DTAs regime for capital purposes according with IAS. | ** Loans to deposits ratio based on net loans and on balance sheet Customer funds.

Significant transformation of Millennium bcp over the last years, since the 2008 crisis

2015

Capital

Liquidity

Past

Capital ratio 13.3%CET1 phased-in

4.2%Core Tier 1 BoP, Mar 08

Loans to Deposits 101%175%Mar 09

0.4Commercial gapbillion euros

32.5Mar 09

5.3ECB funding usagebillion euros

15.4Sep 11

Cost-income 76.5%6M13

44.2%Cost-core income: 55.5%

80

Costs

Asset quality

Profitability

Branches in Portugal 920Set 08

671

Cost of risk in Portugal 243 bp9M14

175 bp

7.4Jun 12

5.6Credit at risk in Portugalbillion euros

-35.4%2012

5.3%ROE

-1,2192012

+235Net incomemillion euros

642Operating costs in Portugalmillion euros

1,0312008

Adapting Millennium bcp to a changing financial system

Market and Customers Competition Regulation

New trends, digital transformation

Changing competition profile

New supervision mechanism, increased capital requirements

Credit

A new framework for the financial system

The road to 2018

81

Companies Processes

Re-designing and simplifying operating model

Redefining the distribution model

Re-launching the affluent segment

Retail

Strengthening leadership in small businesses

Credit recovery

Optimising credit recovery areas

Adjusting business model to support growth

Digital evolution of Millennium bcp

The road to 2018: targets

2014 2015

Target2018

Branches 695 671 < 570

Customers with digital access[percentage of total Customers]

24% 26% > 35%

34%Digital transactions[percentage of total transactions]

40% > 50%

82

Cost per Customer[Retail, euros]

189 171 < 160

Credit at risk in Portugal 6.2 5.6 ≤ 4.5

Customer satisfaction[ranking in Marktest’s Customer satisfaction index]

#2 #2 #1

[percentage of total transactions]

New Prestige Customers[x1,000, net of Customers lost]

0 6 > 10Average p.a. 2016-2018

[billion euros]

Road to 2018: financial targets

2014Target20182015

Fully implemented CET1 ratio 7.8% 10.2%

Phased-in CET1 ratio 11.7%

≥11%

13.3%

Loans to Deposits 108% <100%102%

83

Cost-core income 64.0% <50%55.4%

Cost of risk 194 bp <75 pb150 bp

ROE* -6.5% >11%5.3%

Cost-income 51.7% <43%44.2%

* Consistent with a 11% CET1 ratio.

Appendix

84

Appendix

Sovereign debt portfolio

(Million euros)

Total sovereign debt maturitySovereign debt portfolio

< 1 year24%

>1 year and<2 years>2 years and

>5 years and< 10 years

37%

(As at December 2015)

Portugal 4,688 5,049 3,848 -18% -24%

T-bills 815 199 881 +8% >100%

Bonds 3,873 4,850 2,967 -23% -39%

Poland 1,820 1,722 2,312 +27% +34%

Angola 367 468 579 +58% +24%

Mozambique 587 499 472 -20% -5%

Q %

quarterly Dec 14 Dec 15 YoYSep 15

85

� Total sovereign debt at €7.3 billion, of which €1.8 billion maturing up to one year

� Portuguese and Mozambican sovereign debt decreased, whereas exposure to Polish and Angolan sovereigndebt have increased from end-2014

<2 years15%

>2 years and< 5 years

24%

Other 130 92 91 -30% -1%

Total 7,592 7,830 7,303 -4% -7%

Sovereign debt portfolio

(Million euros, as at December 2015)

Portugal Poland Mozambique Angola Other Total

Trading book* 180 96 0 2 38 316

≤ 1 year 0 14 0 2 0 16

> 1 year and ≤ 2 years 0 34 0 0 38 73

> 2 year and ≤ 5 years 175 36 0 0 0 211

> 5 year and ≤ 10 years 4 12 0 0 0 16

> 10 years 0 0 0 0 0 0

Banking book** 3,668 2,216 472 577 53 6,987

≤ 1 year 885 447 265 137 0 1,734

86* Includes financial assets held for trading at fair valu through net income (€152 million).** Includes AFS portfolio (€6,868 million) and HTM portfolio (€118 million).

≤ 1 year 885 447 265 137 0 1,734

> 1 year and ≤ 2 years 201 571 66 175 0 1,013

> 2 year and ≤ 5 years 145 1,034 141 200 51 1,570

> 5 year and ≤ 10 years 2,436 146 0 66 2 2,650

> 10 years 1 18 0 0 0 19

Total 3,848 2,312 472 579 91 7,303

≤ 1 year 885 461 265 139 0 1,750

> 1 year and ≤ 2 years 201 605 66 175 38 1,086

> 2 year and ≤ 5 years 321 1,070 141 200 51 1,782

> 5 year and ≤ 10 years 2,440 158 0 66 2 2,666

> 10 years 1 18 0 0 0 19

Financial Statements

87

Financial Statements

Consolidated Balance Sheet*

(Million euros)

31 December

2015

31 December

2014

Assets

Cash and deposits at central banks 1,840.3 1,707.4

Loans and advances to credit institutions

Repayable on demand 776.4 795.8

Other loans and advances 921.6 1,456.0

Loans and advances to customers 51,970.2 53,685.6

Financial assets held for trading 1,188.8 1,674.2

Financial assets available for sale 10,779.0 8,263.2

Assets with repurchase agreement - 36.4

Hedging derivatives 73.1 75.3

Financial assets held to maturity 494.9 2,311.2

31 December

2015

31 December

2014

Liabilities

Amounts owed to credit institutions 8,591.0 10,966.2

Amounts owed to customers 51,538.6 49,816.7

Debt securities 4,768.3 5,709.6

Financial liabilities held for trading 723.2 953.0

Hedging derivatives 541.2 352.5

Provisions for liabilities and charges 284.8 460.3

Subordinated debt 1,645.4 2,025.7

Current income tax liabilities 22.3 31.8

Deferred income tax liabilities 14.8 6.7

Other liabilities 1,074.7 1,051.6

88* Following the first application of IFRIC 21 in June 2015, whose impacts at Group level are related with the recognition of the contributions from the banking sector, for the deposits guarantee fund and for the resolution fund, it was also necessary to restate the consolidated financial statements for 2014.

Financial assets held to maturity 494.9 2,311.2

Investments in associated companies 315.7 323.5

Non current assets held for sale 1,765.4 1,622.0

Investment property 146.3 176.5

Property and equipment 670.9 755.5

Goodwill and intangible assets 210.9 252.8

Current tax assets 43.6 41.9

Deferred tax assets 2,561.5 2,398.6

Other assets 974.2 784.9

74,884.9 76,360.9

Other liabilities 1,074.7 1,051.6

Total Liabilities 69,204.3 71,374.0

Equity

Share capital 4,094.2 3,706.7

Treasury stock (1.2) (13.5)

Share premium 16.5 -

Preference shares 59.9 171.2

Other capital instruments 2.9 9.9

Fair value reserves 23.3 106.9

Reserves and retained earnings 192.2 458.1

Net income for the year attrib. to Shareholders 235.3 (226.6)

Total equity attrib. to Shareholders of the Bank 4,623.2 4,212.5 -

Non-controlling interests 1,057.4 774.4 -

Total Equity 5,680.6 4,986.9

74,884.9 76,360.9

(Million euros)

Consolidated Income Statement*Per quarter

Net interest income 325.2 328.4 299.6 328.7 344.9

Dividends from equity instruments 0.1 2.0 3.8 0.1 6.1

Net fees and commission income 174.7 169.9 180.7 169.7 172.5

Other operating income -10.1 -18.0 -23.9 -13.7 -66.2

Net trading income 85.0 200.1 308.1 45.8 41.4

Equity accounted earnings 7.7 6.1 14.6 4.5 -1.6

Banking income 582.5 688.4 782.9 535.1 497.2

Staff costs 157.6 153.3 155.7 152.1 155.0

Other administrative costs 117.3 106.7 106.4 102.3 108.5

Per quarter

4Q 14 4Q 153Q 152Q 151Q 15

89* Following the first application of IFRIC 21 in June 2015, whose impacts at Group level are related with the recognition of the contributions from the banking sector, for the deposits guarantee fund and for the resolution fund, it was also necessary to restate the consolidated financial statements for 2014.

Other administrative costs 117.3 106.7 106.4 102.3 108.5

Depreciation 17.2 16.7 16.6 15.7 17.7

Operating costs 292.0 276.6 278.6 270.2 281.2

Operating net income bef. imp. 290.5 411.8 504.3 264.9 216.0

Loans impairment (net of recoveries) 232.5 205.6 269.4 153.0 205.0

Other impairm. and provisions 66.3 70.1 21.7 25.5 43.9

Net income before income tax -8.3 136.1 213.2 86.3 -32.9

Income tax 73.9 36.3 18.1 26.4 -24.5

Non-controlling interests 28.2 30.1 38.7 36.1 20.7

Net income (before disc. oper.) -110.4 69.6 156.3 23.8 -29.1

Net income arising from discont. operations -6.8 0.8 14.0 0.0 -0.1

Net income -117.1 70.4 170.3 23.8 -29.2

Consolidated Income Statement (Portugal* and International Operations)

For the 9-month periods ended 31th December, 2014 and 2015

(Million euros)

D ec 14 D ec 15 ∆ % D ec 14 D ec 15 ∆ % D ec 14 D ec 15 ∆ % D ec 14 D ec 15 ∆ % D ec 14 D ec 15 ∆ % D ec 14 D ec 15 ∆ % D ec 14 D ec 15 ∆ %

Interest income 2,653 2,316 -12.7% 1,699 1,376 -19.0% 953 940 -1.4% 616 553 -10.2% 207 221 7.0% 124 160 28.7% 6 6 -6.3%

Interest expense 1,536 1,015 -34.0% 1,172 665 -43.3% 364 350 -3.9% 269 227 -15.8% 66 80 21.6% 36 49 35.3% -8 -6 16.7%

N et interest inco me 1,116 1,302 16.6% 527 711 35.0% 589 590 0.2% 347 326 -5 .9% 141 141 0.1% 88 111 26.0% 14 12 -12.1%

Dividends from equity instruments 6 12 >100% 2 9 >100% 4 3 -20.2% 0 1 23.0% 0 0 -20.3% 3 2 -26.4% 0 0 <-100%

Intermediat io n margin 1,122 1,314 17.1% 529 720 36.1% 593 593 0.1% 347 327 -5 .8% 141 141 0.1% 91 113 24.2% 14 12 -12.1%

Net fees and commission income 681 693 1.8% 433 448 3.5% 248 245 -1.2% 146 143 -2.3% 45 45 -0.3% 32 33 2.7% 25 24 -1.7%

Other operating income 11 -122 <-100% 14 -86 <-100% -2 -36 <-100% -14 -51 <-100% 14 16 12.3% -1 0 >100% -1 -1 -0.8%

B asic inco me 1,814 1,885 3.9% 976 1,083 10.9% 838 802 -4 .3% 479 419 -12.6% 200 202 0.9% 122 146 20.0% 38 36 -5.5%

Net trading income 442 595 34.7% 344 443 29.0% 99 152 54.6% 48 52 8.2% 23 40 72.3% 26 56 >100% 2 4 >100%

M illennium bim (M o z.)

Internat io nal o peratio ns

Gro up P o rtugal T o tal B ank M illennium (P o land) M illennium A ngo la Other int . o peratio ns

90

* Following the first application of IFRIC 21 in June 2015, whose impacts at Group level are related with the recognition of the contributions from the banking sector, for the deposits guarantee fund and for the resolution fund, it was also necessary to restate the consolidated financial statements for 2014.

Equity accounted earnings 36 24 -34.6% 36 24 -33.8% 0 0 <-100% 0 0 <-100% 0 0 -- 0 0 -- 0 0 >100%

B anking inco me 2,292 2,504 9.2% 1,356 1,550 14.3% 937 954 1.8% 527 470 -10.7% 223 241 8.3% 148 202 37.0% 39 40 2.0%

Staff costs 636 616 -3.1% 411 377 -8.3% 225 239 6.4% 130 131 0.2% 47 48 3.0% 32 42 31.1% 16 18 16.9%

Other administrative costs 448 424 -5.5% 247 235 -4.9% 202 189 -6.2% 120 100 -16.9% 42 47 12.4% 34 37 7.3% 6 6 3.1%

Depreciation 66 67 1.6% 32 30 -6.5% 33 36 9.7% 13 12 -8.6% 11 11 6.0% 9 13 42.2% 0 0 -10.2%

Operat ing co sts 1,150 1,107 -3.7% 690 642 -7.0% 459 465 1.1% 263 242 -8.0% 99 106 7.3% 75 91 21.6% 22 25 12.7%

Operat ing net inco me bef. imp. 1,143 1,397 22.2% 666 908 36.4% 477 489 2.6% 263 228 -13.4% 124 135 9.1% 72 111 52.9% 17 15 -11.6%

Loans impairment (net o f recoveries) 1,107 833 -24.7% 1,021 730 -28.5% 86 103 19.7% 65 61 -6.3% 12 25 >100% 10 15 55.4% 0 2 >100%

Other impairm. and provisions 209 161 -22.9% 208 153 -26.5% 2 9 >100% -1 3 >100% 2 4 >100% 1 1 >100% 0 0 -78.9%

N et inco me befo re inco me tax -173 403 >100% -563 25 >100% 389 378 -3.1% 200 164 -17.8% 110 106 -3 .6% 62 94 52.0% 17 13 -26.3%

Income tax -98 56 >100% -176 -18 89.5% 78 75 -4.4% 45 34 -24.6% 20 20 0.5% 11 19 71.9% 2 2 -16.9%

Non-contro lling interests 110 126 14.1% 0 -1 <-100% 110 126 15.1% 0 0 -- 1 1 8.5% 0 0 -- 109 125 15.2%

N et inco me (befo re disc. o per.) -186 221 >100% -387 44 >100% 201 177 -12.4% 155 131 -15.8% 88 84 -4 .8% 51 76 47.7% -93 -114 -22.1%

Net income arising from discont. operations -41 15 >100%

N et inco me -227 235 >100%

Consolidated Pro Forma Balance Sheet with Banco Millennium Angola equity-consolidated

(Million euros)31 December

2015

Assets

Cash and deposits at central banks 1,335

Loans and advances to credit institutions

Repayable on demand 734

Other loans and advances 877

Loans and advances to customers 51,022

Financial assets held for trading 1,338

Financial assets available for sale 10,250

Assets with repurchase agreement 0

Hedging derivatives 73

Financial assets held to maturity 427

Investments in associated companies 484

31 December

2015Liabilities

Amounts owed to credit institutions 8,375

Amounts owed to customers 49,847

Debt securities 4,768

Financial liabilities held for trading 723

Hedging derivatives 541

Provisions for liabilities and charges 281

Subordinated debt 1,645

Current income tax liabilities 22

Deferred income tax liabilities 0

Other liabilities 992

Total Liabilities 67,196

91

Investments in associated companies 484

Non current assets held for sale 1,754

Investment property 146

Property and equipment 511

Goodwill and intangible assets 207

Current tax assets 44

Deferred tax assets 2,562

Other assets 944

72,709

Total Liabilities

Equity

Share capital 4,094

Treasury stock -1

Share premium 16

Preference shares 60

Other capital instruments 3

Fair value reserves 23

Reserves and retained earnings 192

Net income for the year attrib. to Shareholders 235

Total equity attrib. to Shareholders of the Bank 4,623

Non-controlling interests 890

Total Equity 5,513

72,709

Consolidated Pro Forma Income Statement with Banco Millennium Angola equity-consolidated

(Million euros)

Net interest income 1,191

Dividends from equity instruments 10

Net fees and commission income 660

Other operating income -122

Net trading income 539

Equity accounted earnings 61

Banking income 2,339

Staff costs 574

Dec 15

92

Staff costs 574

Other administrative costs 387

Depreciation 54

Operating costs 1,015

Operating net income bef. imp. 1,324

Loans impairment (net of recoveries) 818

Other impairm. and provisions 160

Net income before income tax 346

Income tax 38

Non-controlling interests 88

Net income (before disc. oper.) 221

Net income arising from discont. operations 15

Net income 235

Summary



3. Strategic Plan



93


4. Investment case

5. Appendix

A. 2015 Earnings


884

1

45166

Canada

Luxemburg

UKGermany

Spain

France

December 2011

Incorporation and

M&A to reach “critical mass”

Leadership in Portugal, setting the

foundations for expansion in Poland

and Greece

Consolidation of international

expansion with a single brand

Focus on Portugal and on affinity markets

Reference Bank in Portugal

Portugal - Poland –Mozambique - Angola

1985 - 19951995 - 2000

2000 - 2005 2005 – 2010

2011 – …

Building the largest bank in Portugal and a relevant bank in Europe and in affinity markets

From foundation…

94

138

61

1

120

884

U.S.A.

Australia

China

Venezuela

Brazil

South Africa

Incorporation and organic growth to become relevant

player

… to leadership in Portugal and to international presence through growth in selected affinity retail markets

• February: Access to wholesale funding market (€500mln senior debt issue)

Delivering on key areas

2014 20152013

Reduction of

Restructuring Plan

approved by the EC

• December: Sale ofMillennium BankGreece (inc. Piraeus shares)

• February: Set up of the Non-Core Business Portfolio and respective governance model

• January: Sale of Banca Millennium Romania

• May: Sale of Millennium bcp Asset Management

• On going: Reduction of ECB funding

• On going: Headcount and branch network optimisation in Portugal

95

(€500mln senior debt issue)

• August: Repayment of €2.25bln of CoCos (only €750mln outstanding)

• October: Repayment of all State-Guaranteed debt

Reduction of the State

support and ECB funding

Capital Measures and

other

• May: Non-Life Insurance sale

• July: €2.25bln rights issue

• October: Approval of the special regime for DTAs

• March: sale of a 15.41% stake in Bank Millennium Poland

• June: €454mln debt-equity swap

• September: Agreement for the merger between Millennium Angola and Atlantico

Retail49%

Institutional **24%

Qualified holdings *

28%

Diversified shareholder base, geographically scattered

Shareholder structure Qualified participations (>2%)

Sonangol

Sabadell group

EDP group

Interoceânico

(As of 31 December 2015)

96

24%

(thousands)

170.9 182.3 187.2 174.2189.8 196.1

Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15

Portugal 54.0%

Africa 18.1%

US/UK 7,4%

Others 20.5%

(As of 31 December 2015)

* Black Rock is not included (considered insitutional)** Includes BlackRock which have a financial holding above 2%

Number of shareholders Geographic distribution

One-tier management and supervisory model, composed by a Board of Directors

Board forInternational Strategy

Remunerationand Welfare Board

• Commission for Nominations and Remunerations• Commission for Corporate Governance, Ethics and Professional Conduct• Commission for Risk Assessment

Client Ombudsman

General Meeting ofShareholders

Board of Directors

97

• Approval of New Products• Legal Affairs• Costs and Investments

- Costs and Investments Sub-Committee• Companies• Banking Services and Processes• Human Resources• Retail

- Customer Experience Sub-Committee- Investment Products Sub-Committee

Statutory Auditor Audit Committee

Committees ans Sub-Committees

• Non Core Business• Compliance

- AML Sub-Committee• Pension Fund Monitoring• Credit• Capital, Assets and Liabilities Management• Risk•Credit at Risk Monitoring•Pension Funds Risk Monitoring•Security

• Commission for Risk Assessment

Executive Committee Company Secretary

Ratings

Moody's Standard & Poor's

Primary Analist: María Viñuela Arizcun Primary Analist: Elena Iparraguirre

IntrinsicBaseline Credit Assessment Adjusted Baseline Credit Assessment

caa1caa1

Stand-alone credit profile (SACP) b+

LT/ST

Counterparty LT / STDeposits LT / STSenior Unsecured LTOutlook

Ba3 / NPB1 / NPB1 / NPStable

Counterparty Credit Rating LT / STSenior Unsecured LT / STOutlook

B+ / BB+ / B

Positive

Other

Subordinated Debt - MTNPreference SharesOther short term debtCovered Bonds

((P) Caa2C (hyb)P (NP)

Baa1

Subordinated DebtPreference SharesCertificates of Deposits

CCCD

B+ / B

Fitch Ratings DBRS

98

Fitch Ratings DBRS

Primary Analist: Roger Turró Primary Analist: Maria Rivas

IntrinsicViability RatingSupportSupport Floor

bb-Intrinsic Assessment (IA) BB (high)5

No Floor

LT/STDeposits LT / STSenior unsecured debt issues LTOutlook

BB- / BBB- / BStable

LT/ST Debt & Deposit

Trend

BB (high)/ R-3

Stable

OtherSubordinated Debt Lower Tier 2Preference SharesCovered Bonds

B+B-

BBB-

Dated Subordinated NotesCovered Bonds

BB A (low)

Mozambique: fact sheet

NampulaTete

Nacala

Pemba

Country fact sheet Key economic indicators

Source: IMF (World Economic Outlook – Oct 2014)

2014E

Population (million) 26,5

Area (thousand km) 800

Capital Maputo

Official language Portuguese

Other languages Swahili, Makhuwa, Sena

Currency Metical (MZN)

Gini index 45.7 (Medium)

2014E

GDP (US$ bn) 16.6

Real GDP Growth Rate (%) 8.3

GDP per capita (US$, current) 626.3

Inflation 4.6%

Public Debt (% GDP) 51.4

99

1992: End of 16 years of civil war between the ruling party (FRELIMO) and the Rhodesian & South African funded Mozambique Resistance Movement (RENAMO)

2004: Guebuza (FRELIMO) is elected as president with 64% (160/250 parliament seats) as Chissano steps down after 18 yrs

2014: FRELIMO was again elected in the Presidential, government and provincial elections

1999: Joaquim Chissano (FRELIMO) is reelected with 52.3% (133/250 parliament seats)

1975: Independence of Mozambique following almost five centuries as a Portuguese colony

1975 20141990 1995 2000 2005

1994: First multi-party elections held, won by Joaquim Chissano (FRELIMO)

2006: World Bank cancels most of Mozambique's debt under a plan promoted by the G8 nations

2009: Guebuza (FRELIMO) is reelected with 75% (191/250 parliament seats)

MaputoMatola

Beira

Source: IMF and World Bank

Political regime Presidential Republic

Sovereign debt ratingMoody’s B1, stable

Fitch B, stableS&P B+, stable

2015…

April 2015: approval of Budget 2015 after several months of negotiations

10

7

17

8

10

Millennium bim is market leader in Mozambique with around 30% market share, over 1.5 million clients, 2,505 employees, and 169 branches with a countrywide coverage

20 years

1.5 million clients

Cabo Delgado

Niassa

Nampula

Zambézia

Tete

Branches

Millennium bim: market leader in Mozambique

100

17

8

13

12

17

50

169 branches

2,505 employees

Net income (2014)

Sofala

Manica

Inhambane

Gaza

Mpt província

Shareholder structure

FDC 1.1%

EMOSE 4.2%

State of Mozambique 17.1%

Social Security 5.0%

Other Employees 6.0%

BCP (Portugal) 66.7%

3,7

34,3

37,9

88,5M i l l e n n i um b im

Mpt Cidade

Bank 2

Bank 3

Bank 4

Angola: fact sheet

Country fact sheet Key economic indicators

Source: IMF (World Economic Outlook – Oct 2014)

2014E

Population (million) 21.4

Area (thousand km) 1,246

Capital Luanda

Official language Portuguese

Other languages Klimbundo, Kikongo

Currency Kwanza (AOA)

Gini index 42.7 (Medium)

2014E

GDP (US$ bn) 131.4

Real GDP Growth Rate (%) 3.9

GDP per capita (US$, current) 6,128

Inflation 7.3%

Public Debt (% GDP) 38.4

101

After independence in November 1975, Angola faced a devastating civil war which lasted several decades and claimed millions of lives and produced many refugees

2002: Jonas Savimbi, the leader of UNITA, was killed in combat by government troops. Civil war ends.

2010: new constitution

1975: Independence of Angola following almost five centuries as a Portuguese colony

1975 2013/14…1990 1995 2000 2010

The FNLA, MPLA and UNITA were fighting each other and the country was well on its way to being divided into zones controlled by rival armed political groups

2008: first elections after conflicts were organized

Source: IMF and World Bank

Political regime Presidential Republic

Sovereign debt ratingMoody’s Ba2, stable

Fitch BB-, stableS&P BB-, stable

2.9% 3.2% 3.7%

Millennium Angola: nationwide coverage, rapid growth

Deposits

Loans

2.8%3.4%

3.9%

Market share of Millennium Angola

102

Dec 12 Dec 13 Nov 15

90 Mass-market branches

12 Prestige branches

8 Corporate Centers

1,225 Employees

395 thousands of Customers

December 2015

Loans

Shareholder structure

Globalpactum 5.0%

Sonangol 29.9%

BPA 15.0%

Millennium bcp 50.1%

bcp_corporate presentation_2016

Documents