Press Release

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7 August 2014 Banco Comercial Português informs about the reimbursement to the Portuguese State of €1,850 million of CoCos

Banco Comercial Português, S.A. ("BCP") informs that it will repaid €1,850 million of common equity tier I capital instruments (CoCos) issued by the Portuguese State, after having received the authorization from the Bank of Portugal, based on the regulator's analysis of the evolution of BCP's capital ratios and as announced during the recent capital increase.

After this repayment, and considering the impacts of the capital increase and the sale of Millennium Bank in Romania and based on a conservative interpretation of the DTA's regulation, BCP's pro forma common equity tier 1 ratio as of June 30,
2014 in accordance with the phased-in criteria of the CRD IV/CRR will be 12.5%,
above the required 7%, while the pro forma common equity tier 1 ratio on the same date for in accordance with the fully implemented criteria of CRD IV/CRR will be
9.0%.
With this repayment BCP is ahead of the originally defined calendar for repayment of the CoCos, allowing a savings of more than 300 million euros for net income. The Bank also reaffirms its intention to repay the remaining 750 million euros no later than the beginning of 2016, confirming the execution capability of the Bank's strategic plan.

End of announcement Banco Comercial Português Investor Relations Rui Coimbra

Phone +351 211 131 084 investors@millenniumbcp.pt
rui.coimbrafernandes@millenniumbcp.pt joaogodinho.duarte@millenniumbcp.pt

Media Contact Erik T. Burns Phone +351 211 131 242 Mobile +351 917 265 020

erik.burns@millenniumbcp.pt cintia.barbas@millenniumbcp.pt

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