www.ir.bpi.pt BANCO BPI, S.A. – Publicly held company Share capital: € 1 190 000 000 Registered in Oporto C.R.C. and corporate body no. 501 214 534 Head Office: Rua Tenente Valadim, no.284, Porto, Portugal

Earnings release

BANCO BPI CONSOLIDATED RESULTS IN 2013 (Unaudited) Oporto, 30 January 2014

ƒ Consolidated net profit of 66.8 M.€ negatively affected by the cost of CoCos (85 M.€); ƒ Costs decrease by 17.2 M.€ (-2.7%); costs in the domestic activity decrease by 20.3 M.€ (-3.9%); ƒ Credit at risk ratio of 5.1%, less than half of the Portuguese banking system average indicator; ƒ Deposits increase 751 M.€ (+3.2% in year-on-year terms); ƒ Transformation ratio of deposits into loans of 96%; ƒ Net MLT debt refinancing needs of only 1.1 Bi€ until 2018; ƒ Pension liabilities covered at 104%; ƒ BPI’s Social Responsibility grants amounted to 4.8M.€ in 2013 ƒ Moody’s upgraded Banco BPI’s rating outlook from “negative” to “stable” and S&P removed Portuguese Banks’ ratings from CreditWatch with negative implications. ƒ Core Tier 1 capital ratios at 31 December 2013: ƒ Bank of Portugal: 16.5%; ƒ Basel 3 - CRD IV fully implemented: 11.2%; above the 7% minimum ratio required by EBA; ƒ Basel 3 - CRD IV phasing in: 15.6%; above the 8% capital benchmark for the asset quality review to be carried out by ECB. ƒ BPI expects to make effective in the 1st Quarter 2014 an early repayment of € 500 M.€ of CoCo’s, reducing the outstanding amount from 920 M.€ to 420 M.€. ƒ Public Exchange Offer on subordinated securities for newly issued BPI shares, will impact positively excess Core Tier 1 capital, thus providing the Bank with additional capacity for the early repayment of CoCo’s - The Board of Directors decided to propose to the AGM a capital increase in kind to make possible the aforementioned Offer.

INDEX I. Capital and CoCo redemption

2

II. BPI Group’s consolidated results

5

III. Domestic activity results

8

IV. International activity results

17

V. Annexes

22

Banco BPI 2013 consolidated results

1/30

I. CAPITAL AND COCO REDEMPTION Core Tier 1 ratio according to Bank of Portugal rules of 16.5% The Core Tier 1 ratio attained 16.5% on 31 December 2013, which corresponds to an excess capital of 1 375 M.€ relative to 10% core capital requirement prescribed by the Bank of Portugal. Own funds and own funds requirements Core capital Risk weighted assets Core tier 1 capital ratio

Amounts in M.€

31 Dec. 12

31 Dec. 13

3 683.8

3 476.6

24 511.8

21 016.0

15.0%

16.5%

Core Tier 1 capital ratios according to CRD IV / CRR rules Core Tier 1 ratios at 31 December 2013 At 31 December 2013 the Bank presents a Core Tier 1 ratio of 11.2%, calculated according to CRD IV / CRR fully implemented rules, which corresponds to an excess capital of 713 M.€ relative to the minimum Core Tier 1 ratio of 4.5% and the capital conservation buffer of 2.5% (ratio of 7%). The Core Tier 1 ratio calculated according to CRD IV / CRR rules for 2014 amounts to 15.6%, at 31 December 2013, which corresponds to an excess capital of 1 468 M.€ relative to the benchmark of 8% to be considered in the banks’ assessment that the ECB will carry out. EBA’s Recommendation on new capital preservation requirements published on 22 July On 22 July, following the entry into force of the new capital rules established by CRD IV/CRR, EBA has made public the decision to replace its 2011 Recommendation with new measures on capital preservation. The new rules foresee, among other issues, that Banks maintain the amount of capital in euros necessary to comply with the capital requirements set by the previous EBA recommendation with reference to 30 June 2012, or a lower amount, as long as they comply with a Core Tier 1 capital ratio of 7.0% according to CRD IV “fully implemented” rules (that is, without benefiting from the phasing-in period envisaged in those rules). Assets review by the BCE On 23 October, the European Central Bank (ECB) announced the details of the banks’ assessment to be conducted in preparation to assume responsibility for banking supervision as part of the single supervisory mechanism. This assessment will be based on a capital benchmark of 8% Core Tier 1, drawing on the definition of CRD IV, including transitional arrangements. Early redemption of CoCo In the 4th quarter 2013, the Board of Directors of Banco BPI asked the Bank of Portugal and EBA the approval of a request to redeem 588 M.€ of CoCo to submit to the Ministry of Finance. BPI expects, under the approval request above mentioned, to make effective a repayment of 500 M.€ in the 1st quarter of 2014, reducing the amount of CoCos which is currently held by the State from 920 M.€ to 420 M. €.

Banco BPI 2013 consolidated results

2/30

Considering the 500 M.€ redemption of CoCo above mentioned, the proforma core tier 1 ratios at 31 December 2013 are: ƒ Core Tier 1 CRD IV / CRR fully implemented ratio of 8.3%, which corresponds to an excess capital of 213 M.€ relative to the minimum Core Tier 1 ratio of 4.5% and the capital conservation buffer of 2.5% (ratio of 7%). ƒ Core Tier 1 ratio according to the CRD IV / CRR rules for 2014 of 13.1%, which corresponds to an excess capital of 968 M.€ relative to the ECB benchmark of 8%. Leverage and Liquidity ratios according to CRD IV / CRR rules At 31 December 2013, the leverage ratio stands at 5.5% according to CRD IV fully implemented rules. Considering the 500 M.€ redemption of CoCo above mentioned, the proforma leverage ratio amounts to 4.1%. At 31 December 2013, the Liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR) stand at 350% and 113% according to CRD IV Fully Implemented rules. Public Exchange Offer on subordinated securities for BPI shares BPI expects to carry out in the 1st half of 2014 a voluntary Public Exchange Offer directed to the holders of the preference shares and subordinated debt securities, issued by it, offering in return exclusively shares to be issued by Banco BPI. The replacement of the aforesaid securities by share capital - under the Public Exchange Offer - will strengthen the Bank's own funds and, in particular, those comprising the Core Tier 1. The excess of Core Tier 1 capital generated will provide the Bank additional capacity for the redemption of CoCo’s still being held by the Portuguese State. The following are the securities object of the Exchange Offer and their valuation for exchange purposes:

Securities description

Valuation for exchange purposes

Preference Shares Series C issued by BPI Capital Finance, Ltd.

75%

Subordinated bonds Banco BPI Apr. 2007 / Apr. 2017 EMTN 149

95%

Subordinated bonds Banco BPI Dec. 2007 / Dec. 2017 EMTN 193

100%

Participating bonds BFN 1987 - 1st Issue

100%

Participating bonds BFN 1987 - 2nd Issue

100%

Banco BPI 2013 consolidated results

3/30

Recalculation of the capital buffer for sovereign debt exposure Recalculation of the EBA’s capital buffer under the previous rules revoked on 22 July 2013 According to the previous European Banking Authority’s (EBA) Recommendation of 2011 in force until 22 July 2013 and the Bank of Portugal’s Notice 5/2012, which considered, for purposes of Core Tier 1 ratio calculation, the valuation of the sovereign debt exposures at market prices ruling on 30 September 2011, it was calculated for BPI a temporary capital buffer of 1 184 M.€. If the temporary capital buffer was updated based on Banco BPI’s current exposure and at market prices ruling on 24 January 2014, the respective value would decline by 877 M.€, from 1 184 M.€ to 307 M.€. Recalculation of the capital buffer to sovereign debt exposure 30 Sep. 11

M.€

Securities

Sovereign bonds (after tax)

24 Jan. 14

31 Dec. 13

EBA temporary buffer1)

Nominal value

Amounts in M.€

Derivatives

Nominal value

Recalculation of temporary capital needs for sovereign debt exposure1) Securities

Total

Derivatives

Nominal value

Recalculation of temporary capital needs for sovereign debt exposure1) Securities

Total

Derivatives

Total

4 576

- 822

- 256 -1 078

6 174

- 49

- 241

- 290

6 227

36

- 258

- 222

2 766

- 582

- 125

- 708

5 199

- 86

- 148

- 234

5 252

- 10

- 159

- 169

Government Bonds

2 732

- 582

- 125

- 708

1 704

- 92

- 148

- 240

1 704

- 18

- 159

- 177

Treasury bills

34

-

-

-

3 495

6

6

3 548

9

Italy

975

- 66

- 73

- 139

975

37

- 55

975

45

Ireland

355

- 37

- 19

- 56

Greece

480

- 136

- 39

- 175

Portugal Of which

Local governments

1 058

Capital buffer for sovereign risk exposures Amount recognised in results (Greece) Temporary capital needs

- 281

772

-1 359

- 93

- 117

2)

9 - 99

772

- 85

- 406

- 307

- 406

- 307

175

-1 184

1) Includes hedging of interest rate risk. 2) Exposures as of 31 Dec.13 and applying average haircuts per maturity estimated by BPI based on 31 Dec.13 market prices. 3) Exposures as of 31 Dec.13 and applying average haircuts per maturity estimated by BPI based on 24 Jan.14 market prices.

Portuguese and Italian sovereign debt appreciation It is worth mentioning that, between the end of 2013 and 24 January 2014, the appreciation occurred in the portfolios of Portuguese and Italian government debt corresponds to an increase of 94 M.€ in the excess Core Tier 1 capital.

Banco BPI 2013 consolidated results

- 53

4/30

3)

II. BPI GROUP’S CONSOLIDATED RESULTS Net profit of 66.8 million euro – BANCO BPI (Euronext Lisboa - Reuters \BBPI.LS; Bloomberg BPI PL) posted in 2013 a consolidated net profit of 66.8 million euro (M.€). Earnings per share (Basic EPS) were 0.048 € (0.217 € in 2012). Consolidated net profit in 2013 has been penalized by the negative contribution of 28.3 M.€ in the domestic activity. The net income of domestic activity is penalized by the cost of CoCo’s and continues to be pressured by the cost of time deposits, the low level of Euribor interest rates and a level of impairments which stands in historical maximums, whereas the favourable costs evolution (reduction of 3.9% in 2013) was insufficient to offset those effects. The international activity had a positive contribution for consolidated net profit of 95.2 M.€ (+10% relative to 2012).

Income statement

Amounts in M.€

Dec.12 Net interest income

Dec.13

Chg. M.€

Chg.%

582.6

475.1

-107.5

(18.4%)

23.0

24.8

1.7

7.6%

Commissions and other similar income (net)

332.3

310.3

-22.0

(6.6%)

Gains and losses in financial operations

401.4

261.5

-139.8

(34.8%)

Operating income and charges

( 9.3)

( 23.7)

-14.4

(155.2%)

1 330.0

1 048.1

-281.9

(21.2%)

Personnel costs, excluding non-recurring costs

381.3

366.8

-14.5

(3.8%)

Outside supplies and services

233.4

232.4

-1.1

(0.5%)

33.1

31.4

-1.7

(5.1%)

Operating costs, excluding non-recurring costs

647.8

630.5

-17.2

(2.7%)

Non-recurring costs

( 8.5)

20.0

28.5

335.3%

Operating costs

639.3

650.5

11.3

1.8%

Operating profit before provisions

690.7

397.5

-293.2

(42.4%)

15.5

17.6

2.1

13.3%

Loan provisions and impairments

269.4

272.6

3.3

1.2%

Other impairments and provisions

36.8

( 12.0)

-48.8

(132.7%)

Profits before taxes

400.1

154.5

-245.6

(61.4%)

Corporate income tax

88.3

20.4

-67.9

(76.9%)

Equity-accounted results of subsidiaries

23.8

27.1

3.3

13.8%

Minority shareholders' share of profit

86.5

94.4

7.9

9.1%

249.1

66.8

-182.3

(73.2%)

Technical results of insurance contracts

Net operating revenue

Depreciation of fixed assets

Recovery of loans written-off

Net Profit

Banco BPI 2013 consolidated results

5/30

Return on shareholders’ equity (ROE) The return on shareholders’ equity (ROE) was 2.9% in 2013. The contribution of domestic activity to consolidated net profit in 2013 was negative by 28.3 M.€. In the international activity, in its individual accounts, BFA’s posted a return on shareholders’ equity (ROE) of 31.6% and BCI’s ROE reached 25.5%. The contribution of international activity to consolidated net profit in 2013 stood at 95.2 M.€ and the ROE of international activity, after consolidation adjustments, reached 28.4%. Capital allocation, recurring profit and ROE by business area in 2013 Domestic Activity

International activity

Commercial Banking

Investment Banking

1 881.6

35.9

As % of total

83.0%

1.6%

0.7%

Net profit (M.€)2)

( 45.4)

7.8

9.3

-2.4%

21.7%

61.2%

1

Capital allocated adjusted (M.€)

ROE

Amounts in M.€

Shareholdings and other

Total

BFA (individual accounts)

BPI Group (consolidated)

Contribution to consolidated (BFA, BCI and Other)

585.5

334.6

2 267.2

85.2%

-

14.8%

100.0%

( 28.3)

184.9

95.2

66.8

-1.5%

31.6%

28.4%

2.9%

15.1 1 932.7

1) The average capital considered in the calculation of ROE excludes the fair value reserve (net of deferred taxes) relating to the portfolio of available-for-sale financial assets . The allocated capital to each individual area of domestic activity, excluding the fair value reserve, is adjusted to reflect a capital employment equal to the average capital employed in the domestic activity. Accounting capital is used in the international activity. 2) The contribution for consolidated profit of the domestic activity business areas has been adjusted by the capital reallocation.

Loans and resources At 31 December 2013, the net consolidated Customer loans portfolio amounted to 26.0 Bi.€, which corresponds to a year-on-year contraction of 5.0%. Customer deposits increased by 751 M.€, year-onyear (+3.2%). Recourse to the European Central Bank of 4.0 Bi.€ At 31 December 2013, BPI’s recourse to the ECB amounted to 4.0 Bi.€. Transformation ratio of deposits into loans At 31 December 2013, in the consolidated accounts, the transformation ratio of deposits into loans is 96%1. Income and costs Consolidated net operating revenue decreased by 21.2% (-281.9 M.€) relative to 2012, essentially penalized by: ƒ the decline in net interest income by 18.4% (-107.5 M.€), which is mainly explained by the increase in the cost of the CoCo’s, from 56 M.€ in 2012 to 85 M.€ in 2013, and the sale until the end of January 2013 of a portfolio of Portuguese Treasury Bonds acquired in 2012 with a high yield (around 12%) which in 2012 had generated an interest income of 76 M.€; ƒ the fall in profits from financial operations by 34.8% (-139.8 M.€). This caption included in 2012 realised capital gains of 292.3 M.€ with the repurchase of own debt and with the sale of T-bonds and in 2013 included realised capital gains of 129.3 M.€ with the sale of T-bonds. 1) Calculated in accordance with Bank of Portugal Instruction 23 / 2011. Includes deposits of BPI Vida e Pensões. Banco BPI 2013 consolidated results

6/30

ƒ The decrease in commissions by 6.6% (-22.0 M.€) explained by the reduction (-27.2 M.€) in commissions earned from the mounting and placing of corporate bonds issues. Consolidated operating costs, excluding non-recurring items, declined by 17.2 M.€ (-2.7%) year-on-year, benefiting from the 20.3 M.€ drop (-3.9%) seen in domestic activity. Including non-recurring items, the aforesaid variations are +1.8% and +1.6%, respectively. The consolidated efficiency ratio – operating costs as a percentage of net operating revenue - was 62.1%. Quality of the loan portfolio At 31 December 2013, the ratio of Customer loans in arrears for more than 90 days was situated at 3.6% in the consolidated accounts. The credit at risk 1 ratio stood at 5.1% in the consolidated accounts. Loan portfolio quality – consolidated accounts

Amounts in M.€

Dec. 12 M.€ Loans in arrears (+90 days) Credit at risk (Instruction 23/2011 BoP) Loans impairments (in the balance sheet) Write offs (in the period)

Dec. 13 % of loan portfolio 1)

% of loan

M.€

portfolio 1)

891.9

3.2%

976.3

3.6%

1 157.4

4.2%

1 277.0

5.1%

824.4

2.9%

978.7

3.6%

81.3

84.8

28 128.6

26 897.1

Note: Gross loan portfolio 1) As % of the gross loan portfolio

Cost of credit risk In 2013 loan impairment charges of 272.6 M.€ were recorded (1.03%of the loan portfolio). On the other hand, arrear loans and interest previously written off of 17.6 M.€ were recovered (0.07% of the loan portfolio), with the result that impairments after deducting the abovementioned recoveries amounted to 255.0 M.€, which represents 0.96% of the loan portfolio. Loan portfolio quality

Amounts in M.€

Dec. 12

Loan impairments Recovery of loans and interest in arrears written-off Loan impairments, after deducting the recovery of loans and interest in arrears written-off

Dec. 13 % of loan

% of loan

M.€

portfolio1)

M.€

portfolio1)

269.4

0.97%

272.6

1.03%

15.5

0.06%

17.6

0.07%

253.9

0.92%

255.0

0.96%

1) As percentage of the average balance of the performing loans portfolio.

1) Calculated in accordance with Bank of Portugal Instruction 23 / 2011. For purposes of calculating the non-performing ratio according, the perimeter of the Group subject to the Bank of Portugal supervision is taken into account which results, in the case of BPI, in the recognition of BPI Vida e Pensões using the equity method (whereas in accounting reporting, in accordance with IAS / IFRS, that subsidiary is consolidated in full).

Banco BPI 2013 consolidated results

7/30

III. DOMESTIC ACTIVITY RESULTS Net income The net income from domestic operations for 2013 was negative by 28.3 M.€ (net profit of 162.6 M.€ in 2012). Domestic activity result is penalized by the cost of CoCo’s (85 M.€.). In addition to this factor, the result is pressured by the cost of time deposits and the low Euribor interest rates coupled with a level of impairments standing in historical maximums, whereas the favourable costs evolution (reduction of 3.9% in 2013) was insufficient to offset those effects. Income statement

Amounts in M.€

Dec.12 Net interest income

Dec.13

Chg. M.€

Chg.%

401.3

284.4

( 116.8)

(29.1%)

23.0

24.8

1.7

7.6%

Commissions and other similar income (net)

281.9

256.5

( 25.4)

(9.0%)

Gains and losses in financial operations

325.7

171.6

( 154.1)

(47.3%)

( 13.7)

( 21.6)

( 7.9)

(57.9%)

1 018.2

715.7

( 302.5)

(29.7%)

Personnel costs, excluding non-recurring costs

318.5

302.5

( 16.0)

(5.0%)

Outside supplies and services

179.9

177.9

( 2.0)

(1.1%)

20.4

18.1

( 2.3)

(11.3%)

Operating costs, excluding non-recurring costs

518.8

498.5

( 20.3)

(3.9%)

Non-recurring costs

( 8.5)

20.0

28.5

335.3%

Operating costs

510.3

518.5

8.2

1.6%

Operating profit before provisions

507.9

197.2

( 310.7)

(61.2%)

12.8

15.3

2.5

19.4%

Loan provisions and impairments

254.4

264.3

9.8

3.9%

Other impairments and provisions

33.7

( 14.2)

( 47.9)

(142.2%)

Profits before taxes

232.6

( 37.5)

( 270.2)

(116.1%)

Corporate income tax

81.9

5.0

( 76.9)

(93.9%)

Equity-accounted results of subsidiaries

13.6

16.3

2.7

20.3%

1.7

2.1

0.4

26.6%

162.6

( 28.3)

( 191.0)

(117.4%)

Technical results of insurance contracts

Operating income and charges Net operating revenue

Depreciation of fixed assets

Recovery of loans written-off

Minority shareholders' share of profit Net Profit

Banco BPI 2013 consolidated results

8/30

Resources and loans Resources Customer deposits increased by 2.0%, from 18.5 Bi.€ in December 2012 to 18.9 Bi.€ in December 2013. Capitalisation insurance and off-balance sheet resources (unit trust funds, Retirements savings – PPR - and equity savings – PPA - plans) registered a growth of 17.7% and 7.7% yoy, respectively. Total Customer resources increased 1.1%year-on-year, to 25.9 Bi.€. Customers resources

Amounts in M.€

De c. 12

De c.13

Chg.% De c.12/ De c.13

18 530.2

18 906.9

2.0%

Retail bonds

1 941.7

912.0

(53.0%)

Subtotal

20 471.9

19 818.9

(3.2%)

2 723.7

3 205.8

17.7%

23 195.5

23 024.6

(0.7%)

2 913.3

3 137.5

7.7%

25 645.6

25 923.5

1.1%

1 127.6

1 194.4

On-balance s he e t r e s our ce s Customers’ deposits

Capitalisation insurance and PPR (BPI V ida) On-balance s he e t r e s our ce s Of f -balance sheet

resources 1)

Total Cus tom e r re s our ce s

2)

Note: A mount of corporate bonds placed 1) Unit trus t funds , P P R and P P A . 2) C o rrec ted fo r do uble c o unting.

Loans The Customer loans portfolio in domestic operations contracted by 5.2% (-1.4 Bi.€), in year-on-year terms. Loans to large and medium-sized companies declined by 4.9% (-0.3 Bi.€), when one takes into account, both the Corporate Banking loan book and the BPI Vida e Pensões securitised loan portfolio, which corresponds essentially to bonds and commercial paper issued by large Portuguese companies. Loans domiciled at the Madrid branch fell by 11.1% (-0.2 Bi.€) and loans to the public sector decreased by 10.4% (-0.2 Bi.€). The loans to individuals and small businesses portfolio presents a year-on-year decline of 4.6% (-0.7 Bi.€), with decreases of 3.0% (-0.4 Bi.€) in mortgage loans and of 10.5% (-0.2 Bi.€) in loans to small businesses. It is worth noting that within the scope of the agreed transfer of part of the pension liabilities to the social security system, the State undertook to buy from Banco BPI loans advanced to the Public Sector of 0.7 Bi.€, an operation which has not yet taken place.

Banco BPI 2013 consolidated results

9/30

Loans to Customers

Amounts in M.€

Dec. 12

Dec. 13

Chg.% Dec.12/ Dec.13

Corporate banking

5 302.2

4 049.9

(23.6%)

Large companies

2 503.7

1 702.8

(32.0%)

Medium-sized companies

2 798.6

2 347.0

(16.1%)

Project Finance - Portugal

1 201.3

1 158.4

(3.6%)

Madrid branch

1 750.1

1 555.1

(11.1%)

749.6

739.5

(1.3%)

1 000.5

815.6

(18.5%)

2 208.0

1 979.1

(10.4%)

Central Administration

115.1

104.6

(9.1%)

Regional and local administrations

916.5

771.4

(15.8%)

State Corporate Sector - in the budget perimeter

189.8

192.6

1.5%

State Corporate Sector - outside the budget perimeter

909.9

863.7

(5.1%)

76.7

46.9

(38.8%)

14 386.0

13 728.0

(4.6%)

11 739.0

11 386.3

(3.0%)

Consumer credit / other purposes

677.7

601.1

(11.3%)

Credit Cards

162.3

165.0

1.7%

Car financing

230.3

164.3

(28.7%)

1 576.8

1 411.3

(10.5%)

BPI Vida

771.1

1 725.1

123.7%

Loans in arrears net of impairments

151.9

82.8

(45.5%)

Other

492.5

615.0

24.9%

Total

26 263.2

24 893.5

(5.2%)

Project Finance Corporates Public Sector

Other Institutional Individuals and Small Businesses Banking Mortgage loans to individuals

Small businesses

Liquidity At the close of December 2013, the resources raised by BPI from the European Central Bank (ECB) amounted to 4.0 Bi.€, close to the value of the Treasury Bills portfolio held (balance sheet value of 3.5 Bi.€). On the same date, BPI still had 5.5 Bi.€ of additional assets (net of haircuts) capable of being transformed into liquidity via operations with the ECB. It must also be noted that the refinancing needs for medium and long-term debt up till the end of 2018, net of the maturities of bonds held (excluding the Treasury Bills portfolio previously mentioned), are low (1.1 Bi €) while in 2019 2.7 Bi.€ of the MLT Eurozone sovereign debt held by BPI in portfolio will be redeemed. Additionally, BPI should reimburse 920 M.€ of CoCo until the end of 2015.

Banco BPI 2013 consolidated results

10/30

Net operating revenue Net operating revenue generated by domestic operations decreased by 29.7% (-302.5 M.€) yoy, reflecting the reduction in net interest income by 29.1% (-116.8 M.€), the fall in profits from financial operations by 47.3% (-154.1 M.€) and the decrease in commissions by 9.0% (-25.4 M.€). The reduction in net interest income was mainly explained by the following factors: ƒ Cost of the contingent convertible subordinated bonds. In 2013 were recorded 84.9 M.€ of interest costs relating to those bonds which compares with 55.9 M.€ recorded in 2012. ƒ The sale until the end of January 2013 of a portfolio of Portuguese Treasury Bonds acquired in 2012 with a high average yield (around 12%). In 2012 that portfolio had generated interest income of 76 M.€ while in 2013 were recorded 2 M.€ of interest income; ƒ The contraction in the average margin on sight deposits, a direct consequence of the downward movement in market interest rates (average Euribor 3M fell from 0.57% in 2012 to 0.22% in 2013); Those negative effects were partially offset over the year by the gradual adjustment to the spreads on new loans, above all in the corporate segment, and by the acquisition since the beginning of 2012 of a portfolio of treasury bills. It is worth mentioning that the (negative) margin on term deposits recorded its second consecutive quarter of improvement, reaching 1.75% in 4th quarter of 2013, which followed a period of stability around 1.9% since the end of the 1st quarter of 2012 until the 2nd quarter of 2013. Commissions (net) were down by 9.0% (-25.4 M.€) year-on-year, which was mainly explained by the reduction in commissions earned from mounting and placing of corporate bonds issues (27.2 M.€ reduction in primary market and capital market commissions, of which 21.9 M.€ in Commercial Banking and 5.3 M.€ in Investment Banking). Net commissions and fees

Commercial banking

1)

Asset management Investment banking

1)

Total

Amounts in M.€

31 Dec. 12

31 Dec. 13

Chg. M.€

Chg.%

223.5

197.8

- 25.7

(11.5% )

39.8

42.3

+2.5

6.2%

18.6

16.3

- 2.2

(12.1% )

281.9

256.5

- 25.4

(9.0%)

1) Excluding commissions from unit trust, pension funds and Private Banking, which are presented, in aggregate terms, in the caption "Asset management".

Profits from financial operations in domestic operations totalled 171.6 M.€ in 2013, and include gains of 129.3 M.€ realised in the 1st quarter with the sale of Treasury Bonds acquired in 2012.

Banco BPI 2013 consolidated results

11/30

Equity-accounted results of subsidiaries The equity-accounted results of subsidiaries in domestic operations amounted to 16.3 M.€, which corresponds to a year-on-year increase of +2.7 M.€, and is attributable to the positive behaviour of the contributions from Cosec and Allianz Portugal (+3.3 M.€ and +2.2 M.€, respectively). Equity-accounted earnings

Amounts in M.€

31 Dec. 12

31 Dec. 13

Chg. M.€

Insurance companies

10.8

16.3

+5.5

Allianz Portugal

8.3

10.5

+2.2

Cosec

2.5

5.8

+3.3

Finangeste

0.0

( 1.8)

- 1.8

Unicre

2.4

1.4

- 0.9

Other

0.3

0.4

+0.0

Total

13.6

16.3

+2.7

Operating costs Recurring operating costs decreased by 3.9% relative to 2012 (-20.3 M.€). Non-recurring costs of 20.0 M.€ in 2013 include costs of 23.3 M.€ with early retirements and a gain of 3.3 M.€ resulting from changes in the calculation of the death subsidy1. Recurring personnel costs were down 5.0% (-16.0 M.€) relative to 2012, which chiefly resulted from the 3.8% reduction (y-o-y) in the average headcount engaged in domestic operations, reflecting in part the execution of early retirement programmes. Third-party supplies and services registered a 1.1% decline (-2.0 M.€), while depreciation and amortization decreased 11.3% (-2.3 M.€). Operating costs

Amounts in M.€

31 Dec. 12

31 Dec. 13

Chg. M.€

Chg.%

Personnel costs, excluding non-recurring costs

318.5

302.5

- 16.0

(5.0%)

Outside supplies and services

179.9

177.9

- 2.0

(1.1%)

20.4

18.1

- 2.3

(11.3%)

518.8

498.5

- 20.3

(3.9%)

-8.5

20.0

+28.5

335.3%

510.3

518.5

+8.2

1.6%

50.1%

72.4%

71.0%

86.5%

Depreciation of fixed assets Operating costs, excluding non-recurring costs Non-recurring costs Operating costs Operating costs as a % of net operating revenue Operating costs as a % of net operating revenue

1)

1) Excluding non-recurring impacts in costs and revenues.

The efficiency ratio in domestic operations – operating costs as a percentage of net operating revenue – was situated at 72.4% in 2013.

1) Following the publication of Decree-Law 13/2013 of 25 January, which gave rise to a decrease in liabilities of 3 M.€. Banco BPI 2013 consolidated results

12/30

Excluding non-recurring impacts on both costs and income, the efficiency ratio in domestic activity was 86.5%. Cost of credit risk In 2013 loan impairment charges of 264.3 M.€ were recorded in the domestic activity accounts. The indicator loan impairment allowances as a percentage of the loan portfolio’s average balance was situated at 1.04% in 2013 (0.96% in 2012). On the other hand, arrear loans and interest of 15.3 M.€ previously written off were recovered (0.06% of the loan portfolio), with the result that impairments after deducting the abovementioned recoveries amounted to 249.0 M.€ in 2013, which represents 0.98% of the loan portfolio. Credit risk cost

Amounts in M.€

Dec. 12

Loan impairments Recovery of loans and interest in arrears written-off Loan impairments, after deducting the recovery of loans and interest in arrears written-off

Dec. 13

% of loan

% of loan

M.€

portfolio 1)

M.€

portfolio 1)

254.4

0.96%

264.3

1.04%

12.8

0.05%

15.3

0.06%

241.6

0.91%

249.0

0.98%

1) As percentage of the average balance of the performing loans portfolio.

Quality of the loan portfolio At 31 December 2013, the ratio of Customer loans in arrears for more than 90 days stood at 3.6% in the domestic operations’ accounts. Cover for loans in arrears for more than 90 days by accumulated impairment allowances in the balance sheet (without considering cover from associated guarantees) was situated at 98% in December 2013. The credit at risk ratio, calculated in accordance with Bank of Portugal1) Instruction 23/2011 was 5.0% on that date. The accumulated impairment allowances in the balance sheet represented 75% of the credit at risk.

1)

For purposes of calculating the credit at risk ratio (non-performing ratio), the perimeter of the Group subject to the Bank of Portugal supervision is taken into account which results, in the case of BPI, in the recognition of BPI Vida e Pensões using the equity method (whereas in accounting reporting, in accordance with IAS / IFRS, that subsidiary is consolidated in full).

Banco BPI 2013 consolidated results

13/30

Loans in arrears for more than 90 days, falling due loans associated, credit at risk and loan impairments Dec.12

Loans in arrears (+90 days) Credit at risk (Instruction 23/2011 BoP) Loans impairments (in the balance sheet) Write offs (in the period)

Dec. 13 % of loan

% of loan

M.€

portfolio1)

M.€

portfolio 1)

838.8

3.1%

925.9

3.6%

1 082.5

4.1%

1 203.3

5.0%

745.4

2.8%

904.0

3.5%

65.5

84.8

26 973.4

25 755.9

Note: Gross loan portfolio 1) As % of the gross loan portfolio

The following table details by major credit segments the credit at risk ratio, calculated in accordance with Bank of Portugal Instruction 23/2011. The increase in credit at risk in absolute value relative to December 2012 was explained by the deterioration in the corporate segment. In the individuals and small businesses segment the credit at risk registers a reduction. Credit at risk ratios (according to the Bank of Portugal Instruction 23/2011) Dec. 12

M.€

Dec. 13

% of loan portfolio 1)

M.€

% of loan portfolio 1)

Corporate banking

455.0

4.2%

618.4

6.7%

Individuals Banking

620.7

4.2%

580.1

4.1%

Mortgage loans

411.5

3.4%

382.1

3.3%

45.6

4.1%

40.5

4.2%

163.7

9.5%

157.5

10.1%

6.8

1.4%

4.8

0.8%

1 082.5

4.1%

1 203.3

5.0%

Other loans to individuals Small businesses Other Domestic activity 1) As % of the gross loan portfolio

Impairments for foreclosure properties In the 4th quarter 2013, BPI adjusted the excess coverage of foreclosed properties which was identified in the assets assessment exercise concluded on the 4th quarter. At 31 December 2013 the accumulated amount of impairment allowances for foreclosed properties amounted to 33.2 M.€, corresponding to 19.9% of their balance sheet value of 166.5 M.€.

Banco BPI 2013 consolidated results

14/30

Real estate loans recovery

Amounts in M.€

Dec.12

Dec.13

61.5

66.6

Mortgage Gross value Impairments

26.7

2.7

43.4%

4.0%

Net value

34.9

63.9

Appraisal

75.3

78.5

Gross value

99.0

99.9

Impairments

36.7

30.5

37.1%

30.6%

Net value

62.2

69.4

Appraisal

94.6

81.9

Gross value

160.5

166.5

Impairments

63.4

33.2

39.5%

19.9%

Net value

97.1

133.3

Appraisal

169.9

160.4

Coverage by impairments

Other

Coverage by impairments

Total

Coverage by impairments

Employee pension liabilities At 31 December 2013 BPI’s pension liabilities amounted to 1082.4 M.€ and are 104% covered by the pension fund. Financing of pension liabilities

Amounts in M.€

31 Dec.12

31 Dec.13

Pension obligations

937.1

1 082.4

Pension funds

987.4

1 129.1

50.3

46.7

105.4%

104.3%

97.1

112.7

( 89.5)

( 92.4)

Available margin in the corridor

7.6

20.3

Deviations with impact in regulatory capital (outside the prudential corridor)

0.0

0.0

20.0%

16.2%

Financing surplus Cover of pension obligations Total prudential corridor Total actuarial deviations1)

Pension fund return

1) At the end of 2011, BPI adopted the method of recognizing actuarial gains and losses directly in Shareholders’ equity (OCI - Other Comprehensive Income), in accordance with the revision of IAS19 which becomes mandatory from 1 Jan. 2013. At 31 December 2013, the negative actuarial deviations of 92.4 M.€ are recognised in shareholders' equity.

Banco BPI 2013 consolidated results

15/30

Pension funds’ income In 2013, the Bank’s pension funds posted a return of 16.2%. It should be pointed out that, up till the end of December 2013, the actual return achieved by Banco BPI’s pension fund since its creation in 1991 was 9.4% per annum, and that in the last ten, five and three years, the actual annual returns were 7.1%, 9.1% and 9.4%, respectively. Change in actuarial assumptions At the end of 2013, BPI reduced the discount rates by 0.5 p.p. (from 4.83% to 4.33% for current employees and from 4.00% to 3.50% in the case of retirees1) and the pension fund’s assumed return from 4.50% to 4.00%. On the other side, a longer life expectancy began to be considered for the population covered by virtue of, maintaining the mortality tables, considering 2 years / 3 years less than the actual age of the beneficiaries men / women, whereas 1 year less than the actual age was previously considered. The fund’s actual income above the discount rate generated a positive actuarial deviation of 115 M.€ which practically offset the negative deviations of -117.9 M.€ resulting from the changes in actuarial assumptions described above (-93.7 M.€ from the change in the discount rates, -42.6 M.€ from the change in life expectancy and +18.5 M.€ from other factors) Actuarial assumptions D ec.11

Jun.12

Dec.12

Jun.13

Dec.13

Discount rate - current employees

5.83%

5.83%

4.83%

4.83%

4.33%

Discount rate - retirees

5.00%

5.00%

4.00%

4.00%

3.50%

Salary growth rate

2.00%

2.00%

1.50%

1.50%

1.50%

Pensions growth rate

1.25%

1.25%

1.00%

1.00%

1.00%

Expected pension fund rate of return

5.50%

5.50%

5.50%

4.50%

(M): TV 73/77 – 1 year (1) Mortality table (W ): TV 88/ 90 – 1 year (1)

4.00% (M): TV 73/77 – 2 years

(2)

(W): TV 88/ 90 – 3 years

(2)

1) Beneficiaries were assumed to be one year younger than their actual age, that procedure translating into a higher life expectancy. 2) Men (M) and Women (W) were assumed to be two years and three years younger than their actual age, respectively, that procedure translating into a higher life expectancy.

1) The amount of pension liabilities that result from the use of discount rates for current and retirees employees of 4.33% and 3.50%, respectively, is similar to the one obtained in the case a unique global discount rate of 4.0% was used for the total population (5.5% in December 2012 and 4.5% in June 2013). Banco BPI 2013 consolidated results

16/30

IV. INTERNATIONAL ACTIVITY RESULTS Net profit The international activity’s net profit stood at 95.2 M.€ in 2013 (+10.0% over the 86.5 M.€ obtained last year). BFA‘s contribution to the Group’s consolidated profit, which corresponds to a 50.1% appropriation of BFA’s net profit by BPI, has totalled 88.0 M.€1, 10.4% higher than the contribution in 2012 (79.7 M.€). Minority interests of 92.3 M.€ were recognised in BFA’s net profit (84.8 M.€ in 2012). The contribution to the consolidated net profit of the 30% participating interest in BCI (Mozambique), which is equity-accounted, stood at 9.9 M.€ (9.4 M.€ in 2012). BFA’s return on the average Shareholders’ equity (individual accounts) stood at 31.6% in 2013 and BCI’s return on the average Shareholders’ equity reached 25.5%. The return on the average Shareholders’ equity allocated to the international activity, after consolidation adjustments, stood at 28.4% in 2013. Income statement

Amounts in M.€

Dec.12 Net interest income

Dec.13

Chg. M.€

Chg.%

181.3

190.7

9.4

5.2%

Commissions and other similar income (net)

50.4

53.9

3.5

6.9%

Gains and losses in financial operations

75.7

89.9

14.3

18.8%

4.4

( 2.1)

( 6.5)

(147.9%)

311.8

332.4

20.6

6.6%

Personnel costs

62.8

64.3

1.5

2.5%

Outside supplies and services

53.5

54.4

0.9

1.7%

Depreciation of fixed assets

12.7

13.3

0.6

4.8%

Operating costs

129.0

132.1

3.1

2.4%

Operating profit before provisions

182.8

200.3

17.5

9.6%

2.7

2.3

( 0.4)

(15.3%)

Loan provisions and impairments

14.9

8.4

( 6.6)

(44.0%)

Other impairments and provisions

3.1

2.2

( 0.9)

(30.0%)

Profits before taxes

167.5

192.1

24.6

14.7%

Corporate income tax

6.4

15.4

9.0

141.0%

Equity-accounted results of subsidiaries

10.3

10.8

0.5

5.2%

Minority shareholders' share of profit

84.8

92.3

7.4

8.7%

Net Profit

86.5

95.2

8.7

10.0%

Technical results of insurance contracts

Operating income and charges Net operating revenue

Recovery of loans written-off

1) Contribution of BFA to the Group’s consolidated profit, net of taxes on dividends. Banco BPI 2013 consolidated results

17/30

Customer resources and loans Total Customer resources in the international activity, measured in euro (consolidation currency), have increased 7.1%1, reaching 5 644.6 M.€ in December 2013. Customers resources

Amounts in M.€

Dec. 12

Dec. 13

Chg.% D ec.12/ Dec.13

Sight deposits

2 811.1

3 028.6

7.7%

Term deposits

2 459.1

2 616.0

6.4%

Total

5 270.2

5 644.6

7.1%

BFA’s market share in deposits reached 15.9% in November 2013, granting it the second post in the Angolan market ranking. The loans to Customers portfolio, expressed in euro, decreased 1.0%1), from 1 082.3 M.€ in December 2012, to 1 071.6 M.€ in December 2013. Loans to Customers

Performing loans Loans in arrears Loan impairments Interests and other Total Guarantees

Amounts in M.€

Dec. 12

Dec. 13

Chg.% Dec.12/ Dec.13

1 091.9

1 081.5

(1.0%)

55.2

52.0

(5.9%)

( 72.9)

( 69.5)

(4.6%)

8.0

7.7

(4.6%)

1 082.3

1 071.6

(1.0%)

317.7

227.6

(28.3%)

Securities portfolio At 31 December 2013, BFA’s securities portfolio totalled 2 426 M.€, or 38% of the Bank’s assets. The portfolio of short-term securities, comprising Treasury Bills, amounted to 507 M.€ at the end of December (-12 M.€ relative to December 2012) and the Treasury Bonds portfolio amounted to 1916 M.€ (+424 M.€ relative to December 2012). Customers The number of Customers has increased by 11%, from 1.1 million Customers in December 2012 to close to 1.2 million Customers in December 2013.

1) When expressed in American dollars, Customer resources increased 11.8% yoy and the loan portfolio increased 3.4% yoy. When analysing the evolution of BFA’s commercial activity, one considers the financial figures translated to US dollars, since the largest share of Customer resources and loans is denominated in U.S. dollars, hence changes expressed in that currency are more representative of the business evolution in Angola. Banco BPI 2013 consolidated results

18/30

Physical distribution network The distribution network in Angola increased 4.8% over December 2012. Seven new branches and one corporate centre were opened in 2013. At the end of December 2013, the distribution network comprised 151 branches, 8 investment centres and 16 corporate centres, representing a market share of 17.0% as regards the number of branches. BFA has been implementing an expansion programme, involving the opening of branches, an expressive increase in the headcount and staff skills, the launching of innovative products and services onto the market, and a segmented approach to Customers aiming at meeting and harnessing the huge potential for growth in the Angolan market. Cards BFA holds a prominent position in the debit and credit cards with a 23.6% market share in December 2013 in terms of valid debit cards. At the end of December 2013, BFA had 823 thousand valid debit cards (Multicaixa cards) and 14 707 active credit cards (Gold and Classic cards). Automatic and virtual channels As regards the automatic and virtual channels, we emphasize the growing use of electronic banking (403 thousand subscribers of BFA NET in December 2013, of which 394 thousand are individuals) and an extensive terminal network with 347 ATM and 4 842 active point-of-sale (POS) terminals connected to the EMIS network, corresponding to market shares of 16.0% (ranking 2nd) and 24.8% (ranking 1st), respectively. Number of employees BFA’s workforce at the end of December 2013 stood at 2 428 employees, which represents an increase in staff of 161 (+7.1%) relative to the staff complement in December 2012. At the end of December 2013, BFA’s workforce represented approximately 28% of the Group’s total number of Employees. Revenues and costs Net operating revenue in the international activity reached 332.4 M.€ in 2013 (+6.6% over the last year). This growth was explained by the increase in net interest income (+9.4 M.€), in profits from financial operations (+14.3 M.€) and in commissions (+3.5 M.€). Operating costs have increased by 2.4% (+3.1 M.€) over 2012. Personnel costs increased 2.5% (+1.5 M.€) yoy. The investment programme for the expansion of BFA’s presence in Angola has been a determinant factor for this evolution. The ratio “operating costs as percentage of net operating revenue” stood at 39.7% in 2013.

Banco BPI 2013 consolidated results

19/30

Cost of credit risk In the international activity, loan provision charges were 8.4 M.€ in 2013, which corresponded to 0.77% of the average performing loan portfolio. On the other hand, 2.3 M.€ of loans and interests in arrears, previously written-off, were recovered. Loan provisions, deducted from recoveries of loans in arrears, have thus reached 6.1 M.€ in 2013, corresponding to 0.56% of the average performing loan portfolio. Loan impairments and recoveries

Amounts in M.€

Dec. 12

Loan impairments

% of loan

% of loan

M.€

portfolio 1)

M.€

portfolio 1)

14.9

1.31%

8.4

0.77%

2.7

0.24%

2.3

0.21%

12.2

1.07%

6.1

0.56%

Recovery of loans and interest in arrears written-off Loan impairments, after deducting the recovery of loans and interest in arrears written-off

Dec. 13

1) As percentage of the average balance of the performing loans portfolio.

At 31 December 2013, the ratio of Customer loans in arrears for more than 90 days stood at 4.4%. The provisioning coverage of loans in arrears for more than 90 days stood, at the end of December 2013, at 148%. Loans in arrears for more than 90 days and impairments Dec.12

Dec. 13 % of loan

% of loan

M.€

portfolio 1)

M.€

portfolio 1)

Loans in arrears (+90 days)

53.0

4.6%

50.4

4.4%

Credit a risk (Instruction 23/2011 BoP)

74.9

6.5%

73.8

6.5%

Loans impairments (in the balance sheet)

79.1

6.8%

74.7

6.5%

Write offs (in the period)

15.9

Note: Gross loan portfolio

1 155.2

1 141.1

1) As % of the gross loan portfolio

Banco BPI 2013 consolidated results

20/30

Equity-accounted results of subsidiaries In the international activity, the equity-accounted earnings of subsidiaries amounted to 10.8 M.€ in 2013 (+0.5 M.€ over 2012)1, and refer to the appropriation of 30% of the net profit earned by BCI, a commercial bank operating in Mozambique and in which BPI holds a 30% participating interest. BCI recorded a 14.6% yoy increase in net total assets. Customer deposits have grown by 13.3% yearon-year, to 1 449 M.€ at the end of December 2013, while the Customer loan portfolio has expanded by 16.3% year-on-year, to 1 093 M.€. BCI market shares in deposits and loans, at the end of December 2013, reached 28.2% and 28.9%, respectively. At the end of December 2013, BCI served 777 thousand clients (+38% relative to December 2012) through a network of 132 branches (+4 than one year before), representing 24.0% of the total Mozambican banking system distribution network. The staff complement reached 2 121 Employees at 31 December 2013 (+11.3% than in December 2012).

Contact for Analysts and Investors Investor Relations Officer Ricardo Araújo Tel. direct: (351) 22 607 31 19 Fax: direct: (351) 22 600 47 38 e-mail: [email protected]

1) BCI’s total contribution to consolidated net profit was of 9.4 M.€ in 2012 and 9.9 M.€ in 2013, given that, besides the equity-accounted results, deferred tax relating to the distributable earnings of BCI is recorded in the caption “Corporate income tax" (0.9 M.€ in 2012 and in 2013). Banco BPI 2013 consolidated results

21/30

V. ANNEXES Leading indicators

Amounts in M.€ Domestic activity Dec.12

Dec.13

International activity

Chg.%

Dec.12

Dec.13

Consolidated

Chg.%

Dec.12

Dec.13

Chg.%

Net profit, efficiency and profitability Net profit (as reported) Net profit (as reported) per share (EPS)1) Weighted average number of shares 1), 2) 3)

Efficiency ratio Efficiency ratio excl. non-recurring impacts Return on average total assets (ROA) Return on Shareholders' equity (ROE) Balance sheet Net total assets 4) Loans to Customers Deposits Deposits and retail bonds On-balance sheet Customer resources Off-balance sheet Customer resources 5) Total Customer resources 6) Asset quality Loans in arrears for more than 90 days Ratio of loans in arrears 7) Credit at risk 8) 9)

Cost of credit risk Pension liabilities Employees pension liabilities Employees pension funds assets Cover of pension obligations 10) Capital Shareholders' equity and minority interests

162.6 0.142

- 28.3 -0.020

(117.4%) (114.4%)

86.5 0.075

95.2 0.069

10.0% (8.8%)

249.1 0.217

66.8 0.048

(73.2%) (77.8%)

1,146 50.1%

1,384 72.4%

20.7%

1,146 41.4%

1,384 39.7%

20.7%

1,146 48.1%

1,384 62.1%

20.7%

71.0%

86.5%

41.4%

39.7%

62.1%

69.4%

0.4% 10.2%

-0.1% -1.5%

3.0% 27.4%

3.0% 28.4%

0.8% 13.1%

0.4% 2.9%

39 659

37 339

(5.8%)

6 048

6 456

6.7%

44 565

42 694

(4.2%)

26 263 18 530

24 893 18 907

(5.2%) 2.0%

1 082 5 270

1 072 5 645

(1.0%) 7.1%

27 345 23 800

25 965 24 551

(5.0%) 3.2%

20 472 23 196

19 819 23 025

(3.2%) (0.7%)

5 270 5 270

5 645 5 645

7.1% 7.1%

25 742 28 466

25 463 28 669

(1.1%) 0.7%

2 913 25 646

3 138 25 924

7.7% 1.1%

5 270

5 645

7.1%

2 913 30 916

3 138 31 568

7.7% 2.1%

839 3.1%

926 3.6%

10.4%

53 4.6%

50 4.4%

(5.0%)

892 3.2%

976 3.6%

9.5%

4.1% 0.91%

5.0% 0.98%

6.5% 1.07%

6.5% 0.56%

4.2% 0.92%

5.1% 0.96%

937 987

1 082 1 129

937 987

1 082 1 129

105.4%

104.3%

105.4%

104.3%

1 443

1 642

2 061

2 306

11.9%

3 684

3 477

(5.6%)

3 675 24 512

3 403 21 016

(7.4%) (14.3%)

15.0% 14.9% 15.0%

16.5% 16.2% 16.2%

15.5% 14.4%

13.8%

618

664

7.5%

Core Tier I Own funds Risk weighted assets Core Tier I Tier I Capital ratio CRD IV/CRR phasing in (rules for 2014)

15.6%

Core Tier I Leverage ratio

7.6% 350%

LCR = Liquidity coverage ratio NSFR = Net Stable Funding Ratio CRD IV/CRR fully im plemented

114% 11.2% 5.5% 350%

Core Tier I Leverage ratio LCR = Liquidity coverage ratio NSFR = Net Stable Funding Ratio Distribution network and staff Distribution network 11) BPI Group staff

15.5% 14.4%

12)

113% 747 6 400

696 6 274

(6.8%) (2.0%)

167 2 280

175 2 446

4.8% 7.3%

914 8 680

871 8 720

(4.7%) 0.5%

1) Figures adjusted for the capital increase through cash injection in August 2012. 2) Average outstanding number of shares, deducted of treasury stock. 3) Operating costs as % of net operating revenue. 4) The total assets for each of the geographical segments presented above has not been corrected for the balances resulting from operations between these segments. 5) Unit trust funds, PPR and PPA (excludes pension funds). 6) Corrected for double counting: placements of unit trust funds managed by BPI in the Group's deposits, structured products and unit trust funds. 7) Loans in arrears for more than 90 days. 8) Calculated in accordance with Bank of Portugal Instruction 23/2011. It includes loans in arrears for more than 90 days, falling-due loans associated, restructured loans (previously with instalments in arrears for more than 90 days), insolvencies that have not yet been included in loans in arrears for more than 90 days. 9) Loan impairments in the period (P&L account), net of arrear loans recovered, as percentage of the average performing loan portfolio. 10) Cover of pension obligations by the pension funds assets. 11) Includes traditional branches, housing shops, investment centres, corporate centres, Institutionals and one Project Finance centre. Domestic activity distribution network includes branches in Paris (12 branches). 12) Excludes temporary workers.

Banco BPI 2013 consolidated results

22/30

Consolidated income statement

Amounts in M.€ 2012

2013

Chg.% 2012 /2013

1Q

2Q

3Q

4Q

2012

1Q

2Q

3Q

4Q

2013

117.6

157.2

140.4

133.7

548.9

108.9

110.3

112.1

113.4

444.7

(19.0%)

Unit linked gross margin

0.7

0.7

0.6

0.6

2.7

0.7

0.7

0.8

0.8

3.0

12.7%

Income from securities (variable yield)

0.1

2.9

0.1

0.3

3.5

0.1

3.1

0.1

0.4

3.7

5.1%

Commissions related to deferred cost (net)

6.2

6.7

6.7

8.0

27.5

6.5

6.3

5.5

5.5

23.8

(13.6%)

124.6

167.5

147.9

142.6

582.6

116.2

120.4

118.4

120.1

475.1

(18.4%)

6.4

5.8

5.9

4.9

23.0

5.7

5.6

6.0

7.5

24.8

7.6%

Commissions and other similar income (net)

75.7

81.1

98.3

77.1

332.3

71.8

85.3

77.5

75.7

310.3

(6.6%)

Gains and losses in financial operations

88.6

89.5

43.9

179.4

401.4

155.6

32.7

40.5

32.7

261.5

(34.8%)

Operating income and charges

(3.9)

(2.5)

(3.3)

0.4

(9.3)

(4.7)

(4.9)

(6.3)

(7.8)

(23.7)

(155.2%)

291.4

341.4

292.7

404.4 1 330.0

344.6

239.1

236.3

228.2 1 048.1

(21.2%)

Personnel costs, excluding non-recurring costs

92.6

94.2

93.3

101.2

381.3

92.5

91.3

91.6

91.4

366.8

(3.8%)

Outside supplies and services

58.6

60.9

62.9

51.1

233.4

58.5

61.0

61.4

51.5

232.4

(0.5%)

8.5

8.4

8.1

8.0

33.1

8.1

7.8

7.8

7.7

31.4

(5.1%)

159.7

163.5

164.3

160.3

647.8

159.1

160.1

160.8

150.5

630.5

(2.7%)

(7.3)

(0.1)

(1.1)

(8.5)

(3.3)

4.1

19.2

20.0

335.3%

Net interest income (narrow sense)

Net interest income Technical results of insurance contracts

Net operating revenue

Depreciation of fixed assets Operating costs, excluding non-recurring costs Non-recurring costs Operating costs

159.7

156.2

164.2

159.2

639.3

155.8

164.2

160.8

169.8

650.5

1.8%

Operating profit before provisions

131.8

185.2

128.5

245.2

690.7

188.8

74.9

75.5

58.4

397.5

(42.4%)

4.0

3.6

3.7

4.2

15.5

5.3

5.1

3.8

3.4

17.6

13.3%

Loan provisions and impairments

53.5

92.9

66.9

56.0

269.4

69.8

80.8

31.9

90.2

272.6

1.2%

Other impairments and provisions

6.4

28.2

9.4

(7.2)

36.8

46.5

(36.0)

8.9

(31.5)

(12.0)

(132.7%)

Profits before taxes

75.9

67.8

55.8

200.6

400.1

77.8

35.1

38.5

3.1

154.5

(61.4%)

Corporate income tax

18.1

9.2

8.3

52.6

88.3

24.4

0.8

7.2

(12.1)

20.4

(76.9%)

1.5

7.2

6.4

8.7

23.8

5.7

4.5

7.4

9.5

27.1

13.8%

Minority shareholders' share of profit

20.0

20.0

21.9

24.6

86.5

18.5

20.4

24.9

30.6

94.4

9.1%

Net Profit

39.3

45.8

32.0

132.1

249.1

40.5

18.4

13.8

(5.8)

66.8

(73.2%)

Recovery of loans written-off

Equity-accounted results of subsidiaries

Banco BPI 2013 consolidated results

23/30

Consolidated balance sheet

Amounts in M.€

31 Dec.12

31 Dec.13

Chg.% Dec.12/ Dec.13

1 269.4

1 372.2

8.1%

Assets Cash and deposits at central banks Amounts owed by credit institutions repayable on demand Loans and advances to credit institutions Loans and advances to Customers Financial assets held for dealing

453.4

466.9

3.0%

1 710.7

1 886.1

10.2%

27 345.5

25 965.1

(5.0% )

1 111.6

1 295.8

16.6%

10 252.9

9 694.2

(5.4% )

Financial assets held to maturity

445.3

136.9

(69.3% )

Hedging derivatives

280.7

194.0

(30.9% )

Investments in associated companies and jointly controlled entities

202.3

222.0

9.8%

Other tangible assets

210.7

197.3

(6.3% )

14.0

19.1

36.6%

Tax assets

617.7

539.7

(12.6% )

Other assets

650.4

704.7

8.4%

Total assets

44 564.6

42 694.1

(4.2%)

4 270.9

4 140.1

(3.1% ) (43.4% )

Financial assets available for sale

Intangible assets

Liabilities and shareholders' equity Resources of central banks Credit institutions' resources Customers' resources and other loans Debts evidenced by certificates

2 568.4

1 453.2

24 621.1

25 495.0

3.5%

3 787.6

2 598.5

(31.4% )

Technical provisions

2 255.4

2 689.8

19.3%

Financial liabilities associated to transferred assets

1 591.0

1 387.3

(12.8% )

Hedging derivatives

815.0

548.5

(32.7% )

Provisions

138.4

123.8

(10.6% )

Tax liabilities

120.2

57.6

(52.1% )

Contingently convertible subordinated bonds

1 200.3

920.4

(23.3% )

Other subordinated loans

156.3

136.9

(12.4% )

Other liabilities

979.3

836.8

(14.6% )

1 190.0

1 190.0

278.6

678.7

143.7% (60.1% )

Share capital Share premium account and reserves Other equity instruments Treasury stock Net profit Shareholders' equity attributable to the shareholders of BPI Minority interests Shareholders' equity Total liabilities and shareholders' equity

Banco BPI 2013 consolidated results

8.6

3.4

( 18.3)

( 17.1)

6.5%

249.1

66.8

(73.2% )

1 708.0

1 921.9

12.5%

352.7

384.4

9.0%

2 060.6

2 306.3

11.9%

44 564.6

42 694.1

(4.2%)

24/30

Domestic activity income statement

Amounts in M.€ 2012

Net interest income (narrow sense)

2013

Chg.% 2012 /2013

1Q

2Q

3Q

4Q

2012

1Q

2Q

3Q

4Q

2013

71.8

109.0

97.4

90.5

368.7

66.3

62.9

61.9

63.2

254.4

(31.0%) 12.7%

Unit linked gross margin

0.7

0.7

0.6

0.6

2.7

0.7

0.7

0.8

0.8

3.0

Income from securities (variable yield)

0.1

2.9

0.1

0.3

3.5

0.1

3.1

0.1

0.4

3.7

5.1%

Commissions related to deferred cost (net)

6.2

6.7

6.7

6.9

26.5

6.4

6.2

5.4

5.4

23.4

(11.7%)

78.7

119.3

104.9

98.4

401.3

73.4

72.9

68.2

69.9

284.4

(29.1%)

6.4

5.8

5.9

4.9

23.0

5.7

5.6

6.0

7.5

24.8

7.6% (9.0%)

Net interest income Technical results of insurance contracts Commissions and other similar income (net)

62.8

70.2

84.6

64.2

281.9

58.9

71.1

63.9

62.5

256.5

Gains and losses in financial operations

74.2

71.6

21.1

158.7

325.7

137.3

10.1

14.5

9.8

171.6

(47.3%)

Operating income and charges

(3.9)

(2.6)

(3.3)

(3.9)

( 13.7)

( 4.7)

( 4.4)

( 5.9)

( 6.7)

(21.6)

(57.9%)

218.2

264.4

213.2

322.4 1 018.2

270.5

155.4

146.7

143.0

715.7

(29.7%)

Personnel costs, excluding non-recurring costs

77.8

77.9

76.9

85.9

318.5

76.2

74.4

74.7

77.2

302.5

(5.0%)

Outside supplies and services

45.3

46.6

48.4

39.6

179.9

45.1

46.4

46.8

39.6

177.9

(1.1%)

5.4

5.2

5.0

4.8

20.4

4.8

4.6

4.4

4.3

18.1

(11.3%)

128.6

129.7

130.2

130.3

518.8

126.1

125.4

125.9

121.1

498.5

(3.9%)

(7.3)

(0.1)

(1.1)

( 8.5)

( 3.3)

4.1

19.2

20.0

335.3%

128.6

122.4

130.1

129.2

510.3

122.8

129.5

125.9

140.3

518.5

1.6%

89.7

142.0

83.0

193.2

507.9

147.8

25.9

20.8

2.7

197.2

(61.2%)

3.3

3.1

3.0

3.4

12.8

4.6

4.5

3.3

3.0

15.3

19.4%

67.7

77.2

30.6

88.7

264.3

3.9%

8.1 ( 31.4)

(14.2)

(142.2%)

( 51.7)

(37.5)

(116.1%)

Net operating revenue

Depreciation of fixed assets Operating costs, excluding non-recurring costs Non-recurring costs Operating costs Operating profit before provisions Recovery of loans written-off Loan provisions and impairments

50.3

89.1

63.6

51.4

254.4

Other impairments and provisions

5.6

27.4

8.6

(7.9)

33.7

Profits before taxes

37.1

28.6

13.7

153.2

232.6

Corporate income tax

16.7

7.7

6.7

50.7

81.9

19.9

( 6.2)

0.6

( 9.3)

5.0

(93.9%)

Equity-accounted results of subsidiaries

(0.1)

4.9

3.9

4.9

13.6

2.6

3.3

5.4

4.9

16.3

20.3%

0.3

0.5

1.0

2.1

26.6%

( 0.8) ( 10.3)

( 38.5)

(28.3)

(117.4%)

Minority shareholders' share of profit Net Profit

Banco BPI 2013 consolidated results

45.8 ( 36.7)

38.9 ( 10.1) ( 14.6)

0.5

0.3

0.6

0.3

1.7

0.4

19.8

25.5

10.3

107.1

162.6

21.2

25/30

Domestic activity balance sheet

Amounts in M.€

31 Dec.12

31 Dec.13

Chg.% Dec.12/ Dec.13

233.2

314.8

35.0%

Assets Cash and deposits at central banks Amounts owed by credit institutions repayable on demand Loans and advances to credit institutions Loans and advances to Customers Financial assets held for dealing Financial assets available for sale

378.4

457.8

21.0%

1 191.5

1 284.2

7.8%

26 263.2

24 893.5

(5.2% )

957.8

1 155.4

20.6%

8 393.2

7 408.3

(11.7% )

Financial assets held to maturity

445.3

136.9

(69.3% )

Hedging derivatives

280.7

194.0

(30.9% )

Investments in associated companies and jointly controlled entities

163.4

177.0

8.4%

Other tangible assets

80.5

69.3

(13.9% )

Intangible assets

11.9

16.9

41.9%

Tax assets

617.6

536.5

(13.1% )

Other assets

642.5

694.9

8.2%

Total assets

39 659.1

37 339.5

(5.8%)

4 270.9

4 140.1

(3.1% )

3 690.9

2 535.4

(31.3% )

19 307.0

19 796.5

2.5% (31.4% )

Liabilities and shareholders' equity Resources of central banks Credit institutions' resources Customers' resources and other loans Debts evidenced by certificates

3 787.6

2 598.5

Technical provisions

2 255.4

2 689.8

19.3%

Financial liabilities associated to transferred assets

1 591.0

1 387.3

(12.8% )

Hedging derivatives

815.0

548.5

(32.7% )

Provisions

104.7

102.1

(2.5% ) (65.1% )

Tax liabilities Contingently convertible subordinated bonds Other subordinated loans Other liabilities Shareholders' equity attributable to the shareholders of BPI Minority interests Shareholders' equity Total liabilities and shareholders' equity

112.1

39.1

1 200.3

920.4

(23.3% )

156.3

136.9

(12.4% )

925.3

803.1

(13.2% )

1 383.7

1 571.7

13.6% 18.9%

59.0

70.2

1 442.8

1 641.9

13.8%

39 659.1

37 339.5

(5.8%)

Note: The balance sheet relating to domestic operations presented above has not been corrected for the balances resulting from operations with the “International Operations” geographical segment.

Banco BPI 2013 consolidated results

26/30

International activity income statement

Amounts in M.€ 2012

Net interest income (narrow sense)

2013

Chg.% 2013 2012 /2013

1Q

2Q

3Q

4Q

2012

1Q

2Q

3Q

4Q

45.8

48.2

43.1

43.1

180.3

42.6

47.4

50.1

50.2

190.3

5.6%

1.1

1.1

0.2

0.1

0.1

0.0

0.4

(62.6%)

Unit linked gross margin Income from securities (variable yield) Commissions related to deferred cost (net) Net interest income

45.8

48.2

43.1

44.2

181.3

42.7

47.5

50.2

50.2

190.7

5.2%

Commissions and other similar income (net)

13.0

10.9

13.7

12.9

50.4

13.0

14.2

13.6

13.1

53.9

6.9%

Gains and losses in financial operations

14.4

17.9

22.8

20.6

75.7

18.3

22.6

26.1

22.9

89.9

18.8%

4.4 ( 0.0) ( 0.5) ( 0.4)

Technical results of insurance contracts

( 0.0)

0.1

0.0

4.3

( 1.1)

( 2.1)

(147.9%)

Net operating revenue

73.2

77.0

79.5

82.0

311.8

74.0

83.7

89.5

85.1

332.4

6.6%

Personnel costs

14.8

16.3

16.4

15.3

62.8

16.3

16.9

16.9

14.2

64.3

2.5%

Outside supplies and services

13.3

14.3

14.5

11.5

53.5

13.4

14.6

14.6

11.8

54.4

1.7%

3.1

3.2

3.2

3.2

12.7

3.3

3.2

3.4

3.4

13.3

4.8%

Operating costs

31.1

33.8

34.1

30.0

129.0

33.0

34.8

34.9

29.4

132.1

2.4%

Operating profit before provisions

42.1

43.3

45.5

52.0

182.8

41.0

49.0

54.6

55.7

200.3

9.6% (15.3%)

Operating income and charges

Depreciation of fixed assets

Recovery of loans written-off

0.7

0.5

0.7

0.7

2.7

0.7

0.6

0.5

0.5

2.3

Loan provisions and impairments

3.2

3.8

3.3

4.6

14.9

2.0

3.6

1.3

1.4

8.4

(44.0%)

Other impairments and provisions

0.8

0.8

0.8

0.8

3.1

0.8

0.8

0.7 ( 0.1)

2.2

(30.0%)

Profits before taxes

38.9

39.2

42.1

47.3

167.5

38.9

45.2

54.8

192.1

14.7%

Corporate income tax

1.4

1.5

1.6

1.9

6.4

4.5

7.1

6.6 ( 2.7)

15.4

141.0%

Equity-accounted results of subsidiaries

1.7

2.3

2.5

3.8

10.3

3.1

1.2

1.9

10.8

5.2%

Minority shareholders' share of profit

19.6

19.7

21.3

24.3

84.8

18.1

20.2

24.5

29.5

92.3

8.7%

Net Profit

19.5

20.3

21.7

24.9

86.5

19.3

19.2

24.0

32.6

95.2

10.0%

Banco BPI 2013 consolidated results

53.1

4.6

27/30

International activity balance sheet

Amounts in M.€

31 Dec.12

31 Dec.13

Chg.% Dec.12/ Dec.13

1 036.1

1 057.5

2.1%

94.5

18.3

(80.6% )

Loans and advances to credit institutions

1 623.3

1 690.6

4.1%

Loans and advances to Customers

1 082.3

1 071.6

(1.0% )

153.8

140.4

(8.7% )

1 859.7

2 285.9

22.9%

38.9

45.0

15.6%

130.2

128.0

(1.7% )

Intangible assets

2.1

2.3

6.9%

Tax assets

0.1

3.2

3131.0%

Other assets

26.9

12.9

(51.9% )

Total assets

6 047.9

6 455.6

6.7%

1.0

15.7

1460.8%

5 314.1

5 698.5

7.2%

33.7

21.7

(35.6% )

8.1

18.4

127.8%

73.0

36.8

(49.6% )

Shareholders' equity attributable to the shareholders of BPI

324.2

350.2

8.0%

Minority interests

293.6

314.3

7.0%

Shareholders' equity

617.9

664.5

7.5%

6 047.9

6 455.6

6.7%

Assets Cash and deposits at central banks Amounts owed by credit institutions repayable on demand

Financial assets held for dealing Financial assets available for sale Financial assets held to maturity Hedging derivatives Investments in associated companies and jointly controlled entities Other tangible assets

Liabilities and shareholders' equity Resources of central banks Credit institutions' resources Customers' resources and other loans Debts evidenced by certificates Technical provisions Financial liabilities associated to transferred assets Hedging derivatives Provisions Tax liabilities Contingently convertible subordinated bonds Other subordinated loans Other liabilities

Total liabilities and shareholders' equity

Note: The balance sheet relating to international operations presented above has not been corrected for the balances resulting from operations with the “Domestic Operations” geographical segment.

Banco BPI 2013 consolidated results

28/30

Profitability, efficiency, loan quality and solvency Consolidated indicators according to the Bank of Portugal Notice 23/2011 31 Dec. 12

31 Dec. 13

Net operating revenue and results of equity accounted subsidiaries / ATA

3.0%

2.5%

Profit before taxation and minority interests / ATA

1.0%

0.4%

Profit before taxation and minority interests / average shareholders’ equity (including minority interests)

30.2%

8.2%

Personnel costs / net operating revenue and results of equity accounted subsidiaries 1

25.3%

36.0%

Operating costs / net operating revenue and results of equity accounted subsidiaries 1

45.0%

60.5%

Loans in arrears for more than 90 days + doubtful loans / loan portfolio (gross)

3.3%

4.0%

Loans in arrears for more than 90 days + doubtful loans, net of accumulated loan impairments / loan portfolio (net)

0.4%

0.3%

4.2%

5.1%

1.4%

1.4%

Non-performing loans ratio

2 2

Non-performing loans ratio , net of accumulated loan impairments / loan portfolio (net) 3

Restructured loans as % of total loans

6.1%

Restructured loans not included in non-performing loans ("credit at risk") as % of total loans 3

4.4%

Total capital ratio (according to Bank of Portugal rules)

15.0%

16.2%

4)

Tier I (according to Bank of Portugal rules)

14.9%

16.2%

4)

Core Tier I

15.0%

16.5%

4)

106%

96%

Loans (net) to deposits ratio 1) Excluding early-retirement costs. 2) Loans in arrears for more than 90 days + falling-due loans associated + restructured loans (previously with instalments in arrears for more than 90 days) + insolvencies that have not yet been included in loans in arrears for more than 90 days. 3) According to Bank of Portugal Instruction 32/2013. 4) Includes the result for the 2nd half 2013 and the corresponding minority interests. ATA = Average total assets.

Banco BPI 2013 consolidated results

29/30