Presentation of proposed new management team Lisbon, 4 December 2007
Agenda 1. Background 2. Proposed new management team 3. Other key messages 4. Conclusion 2
Overview of Millennium bcp 1985-2007: From incorporation to leadership 2008 2010 2005 2007 On the path to the future 1985-1995 Organic growth to become relevant player 1995-2000 Consolidation to reach critical dimension 2000-2005 Leadership in Portugal, setting up the basis for expansion in Poland and Greece Consolidation and M&A focus Consolidation in Poland and Greece, launching greenfield operation in Romania and attempt to grow by acquisitions with a single brand, focused on organic growth and value creation 3
The year 2007 The year 2007 was affected by: Loss of focus regarding organic growth focusing on M&A deals since the end of 2005 Shareholder instability and internal management differences Impact from Regulatory measures in Portugal Now we are turning the page with a very strong management team supported by a significant set of shareholders. 4
Agenda 1. Background 2. Proposed new management team 3. Other key messages 4. Conclusion 5
New proposed management team President and CEO Filipe Pinhal Vice-President Christopher de Beck José João Guilherme Manuel Alves Monteiro Miguel Maya Paulo Macedo Rui Horta e Costa 6
President and CEO Filipe Pinhal 61 years old. Filipe Pinhal joined Millennium bcp in 1986, the year of the Bank s opening. Has been a member of the Board of Directors since February 1988, leading Retail operations among other key responsibilities. Along with his fellow board members at the time, he conceived and implemented the strategy that transformed BCP from a niche operator into a universal Bank with nationwide coverage, and the undisputed leading innovator in financial services, bringing it to the level of the large institutions of the time. Has also led the Bank s mortgage business since its inception in the early nineties, having turned it into the largest operator in the market. Vice Chairman of the Executive Board since 1998 and Head of Retail for the past 9 years. CEO since September 2007. 7
Vice-President Christopher de Beck 61 years old. Christopher de Beck joined Millennium bcp in 1985, the year of the Bank s incorporation. He has been a member of the Board of Directors since November 1988 and has, among other key responsibilities, designed and overseen the implementation of the Group s IT strategy, which has developed into a clear competitive advantage and has been a critical factor in achieving and maintaining leadership in innovation. He has managed the IT and support services integration processes of the various acquisitions, both in Portugal and abroad. He was also a key element in implementing the Bank s internationalisation strategy, having been responsible for all start-ups outside Portugal. Vice Chairman of the Executive Board since 1998, has been the Chief Operating Officer for the past 2 years. 8
José João Guilherme 50 years old. José João Gulherme joined Millennium bcp in 1986. He worked in investment banking and in the commercial area with experience on the several segment served by the Bank, from Corporate, Private and Retail Banking. He was responsible for launching Millennium Big Bank SA and Vice Chairman of Big Bank Gdansk (now Millennium bcp Poland) He had several management position in the insurance companies of the Millennium bcp Group. More recently, he was the Head of Divestment Department and of the Credit Recovery Department. Nowadays he is Head of Commercial Products Innovation and Commercial Promotion. 9
Manuel Alves Monteiro 50 years old. He is a member of the Supervisory Board of EDP, and member of its Audit Committee and of its Corporate Governance Committee. He is a nonexecutive board member of the listed companies CIN and NOVABASE, as well as of AICEP the Portuguese Official Agency for the Foreign Investment and External Trade. In the past he acted as CEO of the Portuguese Stock Exchange, after being for several years CEO of the Oporto Stock Exchange and CEO of INTERBOLSA. He held various Senior Managing positions as Board member of Euronext Holding (Holland), Euronext Paris, Euronext Brussels, Euronext Amsterdam and Clearnet (France). Also acted as member of executive bodies of international institutions related with the Capital Market (FIABV-Ibero-American Federation of Stock Exchanges, ECOFEX-Committee of Options and Futures Exchanges, IFCI- International Finance and Commodities Institute (Committee Founder), ECMI European Capital Markets Institute). 10
Miguel Maya 43 years old. Miguel Maya joined Millennium bcp in 1990. He worked in the commercial area with experience on the companies segment, participated in the integration of BPA into BCP, was the Coordination Manager of the retail network NovaRede and the CEO of the company Managerland SA (internet banking operation of BCP and Banc Sabadell). More recently, he was the Head of Innovation and Commercial Promotion Division and member of the Retail Banking Executive Committee, besides other responsibilities. Nowadays he is the Head of the Chairman of the Executive Board of Directors Office of Millennium bcp. 11
Paulo Macedo 44 years old. Paulo Macedo joined Millennium bcp in 1993, where he headed several departments. He had several management positions inside the Bank: board member of the leasing company of the BCP Group, board member of Interbanco, the automobile financing bank of the BCP Group and CEO of Médis, the Portuguese leading health insurance company, belonging to the BCP Group until May 2004. Between May 2004 and July 2007 he was head of the Directorate-General of Taxes, the Portuguese tax department. Nowadays he is a general manager of BCP, with the responsibility for the Millennium 2010 programme implementation. 12
Rui Horta e Costa 47 years old. Managing Director of UBS, member of UBS Investment Banking s Executive Committee for Europe, Middle-East and Africa and Head of the Utilities Sector Team for EMEA regions in UBS Investment Banking. More recently he was a Board Member and Chief Financial Officer of EDP and member of the Boards of all key companies within EDP Group in Portugal, Spain and Brazil. In the past he was an Executive Director of UBS Warburg, responsible for originating and executing equity, equity-linked, debt and financial advisory mandates in the Portuguese market, and previously he was an Executive Director of Grupo José de Mello with management position in Nutrinvest and co-responsible for all the activity in the area of the merchant banking of Incofina. 13
Agenda 1. Background 2. Proposed new management team 3. Other key messages 4. Conclusion 14
Other key messages Executive Board remuneration Proposal for limiting the remuneration cap from 10% of net income to 2% Disclosure of individual remuneration of the CEO and aggregate remuneration for the rest of the Executive Board going forward Voting limitation From current 10% of represented votes in a GM to 10% of share capital BCP s strategy To be presented by the new team 15
Agenda 1. Background 2. Proposed new management team 3. Other key messages 4. Conclusion 16
Conclusion The Bank will enter 2008 with: A new and cohesive management team supported by a significant set of Shareholders; A new Supervisory Board Chairman. 17
Banco Comercial Português, S.A., a public company (sociedade aberta) having its registered office at Praça D. João I, 28, Oporto, registered at the Commercial Registry of Oporto, with the single commercial and tax identification number 501 525 882 and the share capital of EUR 3.611.329.567,00 18