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Pag. 0Montepio CBs, Sep 2012September 2012

Covered Bonds

Pag. 1Montepio CBs, Sep 2012

1. Programme Overview

2. Montepio Overview

3. Origination and Underwriting Guidelines

4. Servicing

5. CB Pool Overview (as of 31/07/2012)

Appendices

A Portuguese Housing and Mortgage Market

B The Portuguese Economy

C Financials

Contents


1. Programme Overview


The issuance of Covered Bonds (Obrigações Hipotecárias – O.H.) is regulated by DL 59/2006,from the Ministry of Finance, and by several regulatory notices (Avisos) issued by the Bank ofPortugal

Montepio is seeking to meet a further diversification of funding sources at an optimal cost offunding through the EUR 5 bln Covered Bond Programme. Currently and given the fact that theCovered Bond issuance markets are closed to Portuguese issuers, the main purpose of the CBProgramme is to turn idle credits into assets eligible for Repo purposes, thereby improvingMontepio’s liquidity position

The Covered Bonds are issued by Montepio and collateralised by a dynamic pool of high qualityresidential mortgages backed by first (and subsequent) ranking mortgages

The Cover Pool is segregated on the Issuer’s Balance Sheet and O.H. holders have a specialcreditor’s privilege over the Cover Pool

Programme Overview

Montepio

Cover PoolCovered Bonds

OC

Borrowers

RBS N.V. as Hedge Counterparty

KPMG as Cover Pool Monitor

Coupons and Principal

Interest and Amortisation

Hedging Contracts

The Cover Pool Monitor, registered with CMVM and independent of Montepio submits an annual

audit report to Montepio and Bank of Portugal

Represents interests of the Covered Bond holders e.g. in case of amendments or insolvency

Citicorp as a Common

Representative


Programme Overview

The Cover Pool (including Mortgage Credits, Hedging Contracts and Other Assets) is segregated on Montepio’sbalance sheet; by law, in the event of Montepio’s insolvency, Covered Bond obligations are secured by aspecial creditor privilege over the Cover Pool

The Cover Pool is managed in accordance with eligibility criteria established by Covered Bonds Law:

First or first-and-subsequent ranking mortgages on property in Portugal

All current LTVs below 80% (residential properties) or 60% (commercial)

Mortgage loans must be replaced if more than 90 days overdue

All properties covered by insurance

Substitute collateral must be low-risk and highly liquid, and is limited to 20% of the Cover Pool

Mortgage collections from the Cover Pool are deposited into a separate, dedicated account at Montepio on adaily basis; such funds are used to comply with the regular Cover Pool liabilities

In respect of mortgages in the Cover Pool, all properties are valued at their commercial / market value, initiallydetermined by a full and independent valuation, and subsequently following a regular 3Y revaluation, usingindices and models recognised by the Bank of Portugal

ExperiencedOriginator

ALM and

Regulation

CoverPool

ALMand

Regulation

Interest mismatches are hedged via swap agreements

The Cover Pool must be compliant with “prudential tests”, namely:

minimum over-collateralisation (5.26% legal; 35% commitment to Fitch)

NPV of Covered Bonds must not exceed that of the Cover Pool (+/- 200 bps parallel shift of yield curve)

Average maturity of Covered Bonds must not exceed that of the Cover Pool

Interest payable on Covered Bonds must not exceed that received from the Cover Pool

100+ day exposure to a single credit institution capped at 15% of nominal value of outstanding CoveredBonds

Regular reporting to the Bank of Portugal with a detailed description of the Cover Pool and confirming thecompliance with the above


Programme Overview

Caixa Económica Montepio Geral (Montepio) is the oldest financial institution in Portugal (established in 1844)with short-term ratings of NP/B/R-2L and long-term ratings of Ba3/BB/BBBL by Moody’s/Fitch/DBRSrespectively.

Montepio is the sixth largest Portuguese banking institution and one of the largest providers of housing andconstruction mortgage finance, with total mortgage assets in excess of €9.8 million, as at 31 December 2011.Montepio’s consolidated total assets net of provisions and depreciation amounted to €21.5 million as at 31December 2011.

Montepio is an experienced mortgage originator with an established track record acting as originator andservicer for its Pelican RMBS transactions (6 issues under the Programme) and for its Pelican SME transaction.

A granular and geographically well-diversified collateral consisting of prime first or first-and-subsequent lienPortuguese residential mortgages.

Low WA original (60.6%) and current (54.4%) LTVs; 23.9 years WA remaining term; highly seasoned pool with a7.8 years WA seasoning; 1.18% WA margin.

99.9% monthly-paying loans; 95.2% floating rate, of which 37.4% accrue on an Euribor 3M basis and 57.8% onan Euribor 6M basis.

ExperiencedOriginator

ALM and

Regulation

Strong Portuguese Covered Bond framework specifies robust collateral criteria including inter alia:

(i) All current LTVs below 80% (residential properties) or 60% (commercial)

(ii) Loans with more than 90 days arrears become ineligible for the Cover Pool

(iii) All properties covered by insurance and valued regularly in accordance with Bank of Portugal requirements

(iv) Substitute collateral must be low-risk and highly liquid, and is limited to 20% of the Cover Pool

(v) Legal requirements governing reporting to the Bank of Portugal pursuant to Decree Law 59/2006 addressproper segregation of the Cover Pool

(vi) Highly rated transaction counterparties including RBS N.V. as provider of the interest rate swaps

Experienced Originator

QualityCollateral

SoundStructure


2. Montepio Overview


Caixa Económica Montepio Geral ("Montepio") is a savings bank and the oldest financial institution in Portugal(established on 24 March 1844).

Montepio is fully owned by Montepio Geral Associação Mutualista (MGAM), a private mutual association, which isa non-profit organization, constituted in 1840, with the aim of promoting and developing social protection andhealth benefits for its mutual members.

Montepio was created to serve the mutualism aims, offer mutualism schemes and develop banking intermediation.

Montepio annual net income is distributed to MGAM for mutualism purposes.

Until middle 80 s, Montepio’s main activity was to collect retail deposits and to grant credit to individuals andcompanies, especially mortgage loans, as one of the three specialized credit institutions (together with CGD andCPP) authorized to provide mortgage loans before the market was liberalized, in 1991.

In the late 1980 s Montepio began the enlargement of its position in the financial market, with some acquisitionsin the insurance sector and in the mutual and pension funds sector: Lusitania-Companhia de Seguros, Lusitania-Vida and Futuro.

Since 1990, Montepio started a successful strategy of organic growth, through the expansion of its branch network,in order to fully cover the Portuguese mainland as well as the autonomous regions of Madeira and Azores. This wascoupled with a multi-channel strategy, internet banking “Net 24” and the contact centre, as well as otherdevelopments in ATMs and phone banking.

In 1992, with the D.L. 298, that liberalised the Portuguese banking activity, Montepio was classified as an universalcredit institution similar to a bank. Since than, Montepio developed its offer, reinforced the enlargement of itsfinancial activity and increased its market penetration as the sixth banking group in Portugal.

Montepio operates as a universal bank focused in the retail market. Together with its subsidiaries, Montepio offersa wide range of banking and financial products and services, aimed at catering for all its customers financial needs.

Montepio Overview

History & Profile


In 2011, Montepio acquired Finibanco Group, which allowed to consolidate its market position in Portugal withthe reinforcement of the branch network, a further penetratation in the SME and Corporate segments and theachievement of a presence in Angola.

42

3

397

10

15

7

24

6

20

11

6

2

77

17

29

8

7

11

International Branches

Angola 9

Cape Verde IFI

Domestic Branches: 468

Mainland 440

Azores

Madeira

20

8

Offices Worldwide: 6

Germany Frankfurt

Switzerland Genéve

U.K. London

U.S.A. Newark

France Paris

Canada Toronto

342

513 483

2010 2011 Jun.12

* Includes the Offices Worldwide and Angola’s Branches.

Branches*Employees

257 270

381

311

2002 2006 2010 Jun.12

436

643840

1 1684.8%

5.6% 6.0%

8.5%

2002 2006 2010 Jun.12

N. ATM Mkt. Share

ATM (Private Network)

Nº of Promoters

2009 2010 2011 % Chg.

63 205 235 +15%

2 896

3 910 3 862

2010 2011 Jun.12

ATM (Multibanco – SIBS)

History & Profile (cont.)

Montepio Overview


Montepio is in the 6th ranking position in Total Net Assets (among 36 credit institutions).

The overall market share (Credit + Deposits) is increasing and reached 6,42% in Jun.12.

Total Net Assets Ranking (1)

Banking Sector Ranking Position & Market Shares

15.373

20.967

42.603

44.656

85.292

92.999

117.694

BANIF

MONTEPIO

SANTANDER

BPI

BES

BCP

CGD

Jun.12

2011

Banif

(1) Global Activity

CGD

Millennium

BES

Santander

BPI

Montepio

M €

Sources: Bank of Portugal Financial and Monetary Statistics, and Banks Financial Reports

5,28

6,40 6,42

2010 2011 Jun.12

Banking Activity Market Share (%)

(Credit + Deposits)

Montepio Overview


81.974 87.069

126.225 130.965

2009 2010 2011 Jun.12

1.182.560 1.198.023

1.322.910 1.322.619

2009 2010 2011 Jun.12

The total number of customers has been rising after Finibanco’s integration, despite the strong

competition.

In the Corporate segment, the nº of customers is increasing significantly due to Montepio’s diversification

strategy.

Individuals Segment Corporate Segment

Main goals: improve loyalty,

through cross-selling and deep-selling

Main goals: acquire new customers, mainly in

the small business and SME segments.

+10,4% +45,0%

Total number of Customers

2009 2010 2011 Jun.12

1.264.534 1.285.092 1.449.135 1.453.584

+13% +0,3%+2%

Customers

Montepio Overview


In 2012, Montepio reached the 1st place in the Portuguese banking sector corporate reputation (the

RepTrak™ Model), being considered the bank with best perception in “Products and Services”, “Corporate

Governance”, “Citizenship/Social Responsibility” and “Performance”.

64.067.6

57.760.9

55.8 56.5

67.562.9 61.4 60.6 58.6

53.7

Bank A Bank B Bank C Bank D Bank E

2011 2012

Corporate Reputation Trend

Rep Track Pulse 2011-2012

Source: Reputation Institute - RepTrak™ Pulse 2012

Franchise Strength

Montepio Overview


Non-Domestic Activity

Montepio Geral Associação Mutualista

100% Caixa Económica Montepio Geral (CEMG)

HTA – Hotéis, Turismo e Animação

dos Açores

Lusitania, SA(Insurance)

Lusitania Vida, SA(Life Insurance)

MG Cabo Verde

Finibanco Angola, SAFinicrédito, IFIC, SA Finivalor, SA

Finibanco Holding, SGPS, SA

Finibanco, SA

Scope of consolidation from Dec 2007 to Dec 2010

Broader scope of consolidation since March

31st 2011

Equity Method

Equity Method

Equity Method

Full Consolidation Method

Full Consolidation Method

Domestic Activity

100%20%26% 39%

100%

100% 100% 100% 61%

Non Domestic Activity

Acquisition of 100% of Finibanco Holding, SGPS, SA on March2011.

With that acquisition, Montepio gained an interestinginternational presence with Finibanco Angola.

Montepio Consolidation Scope

Pension Funds Management

[ 9,8% ]

Asset Management

[ 0,1% ]

Health Services and Infrastructures

promoting residential services for retired

people

Outside the scope of consolidation

Montepio Overview


Retail

DivisionAudit

Division

AssociaçãoMutualista (AM)

Group Financial Strategy Office

Development of Mutual Offer Office

Communication and Mutual Relations Office

Global Services Division

Marketing

Division

Legal and

Fiscal

Advisory

Division

Risk

Division

Legal and

Credit

Recovery

Division

Board Support Office

LusitaniaLusitania

VidaLeacock

Residências

AssistidasAssets

Management

Operations

Division

Futuro

Human Resources Division

Purchasing Division

FinisegurFinibanco

VidaFinimóveis Lestinvest

A.C.E.

Credit Recovery

Finibanco

Holding

Organizational Development

Division

Support Services Division

Credit Analysis Division

Financial

Division

Corporate

Division

Public and Institutional Relations Office

Corporate Social Responsibility Office

Customer ProcuracyOffice

General Secretary

Planning, Studies and Accounting Division

Compliance Office

Real State and Facilities Division IT Division

Caixa Económica

Montepio Geral

Montepio Organisation Group Structure

Montepio Overview


Funding & Capital Plan Goals

97% 100% 98% 100% 100% 100% 100% 100% 100%

182%162% 148%

124% 120% 118% 117% 115% 112%

2008 2009 2010 2011 Jun.12 2012 2013 2014 2015Stable Funding* CTD ratio

* Stable Funding (all funding sources, including capital) / Total Assets

Leverage and Stable Funding

Ratio

IMF/ECB/EC and Bank of Portugal goals to be met by end-2014:

- Leverage ratio of 120% (indicative goal)

- Stable funding of 100%

Capital and Core Tier 1

6,5%

8,0%

9,2% 9,3%10,2% 10,1%

11,2% 11,5% 11,7% 11,8%

9,0% 9,0%

10,0% 10,0% 10,0% 10,0%

635 660 760 800

1.245 1.245 1.295 1.295 1.295 1.295

2007 2008 2009 2010 2011 Jun.12 2012 2013 2014 2015

4454010025 50 Capital

Increases (M€)50

Core Tier 1 Minimum required

Capital (M€)

Core Tier 1

Achievement of the indicative

deleveraging goal of 120% in

Jun.12, set in the F&C Plan to be

met in December 2014, due to

the favorable performance of

Customer Deposits.

Stable Funding Ratio remains at

100%, also fulfilling the

requirement before time (set to

reach 100% by end-2014).

Achievement of the Core Tier 1

ratio minimum requirements for

the end of the year (10%).

€50M capital raising approved in

the MGAM’s General Assembly of

December 2011 to be used when

needed to more comfortably

comply with the capital

requirement.

Montepio Overview


Credit Diversification Strategy

8.485 8.577 8.452 8.153

1.593 1.659 1.457 1.342

4.5186.361 6.750 6.764

444

829 751 702

Dec.10 Jun.11 Dec.11 Jun.12

Housing Construction Corporates + SMEs Consumption

17 427

M€

15 041

16 96017 410

-2,7%

yoy.

-15,3%

+6,3%

-19,1%

-5,0%

(100%)(100%)

(39,9%)

(48,1%)

(7,9%)

(49,2%)

(9,5%)

(36,5%)

113.604 114.285 113.025 111.780

24.032 24.169 23.132 22.068

116.478 119.976 111.244 107.952

27.607 27.29026.580 25.283


Housing Construction Corporstes + SMEs Consumption

285 720

M€

281 721267 082273 981

-6,5%

yoy

-7,4%

-10,0%

-8,7%

-2,2%

(100%)(100%)

(100%)(100%)

(40,4%)

(41,9%)

(8,3%)

(40,0%)

(8,5%)

(42,0%)

Source: Banco de Portugal – Monetary and Financial Statistics

Sustained decrease of Montepio’s credit portfolio, due to the implementation of the banking deleveragingprocess, even though lower than the banking sector average;

Decrease in mortgage credit portfolio at a higher degree than in the banking sector, in line with thediversification policy;

Increased allocation of credit to other corporations outside the construction sector, namely micro-enterprisesand SMEs engaged in export markets.

Loan Portfolio by Purposes Loan Portfolio – Total Sector

Montepio Overview


Credit to Corporate and Individuals Structure Portfolio

Credit Diversification Strategy

Services 1,6% (1,6%)Hotels and Restaurants

1,6% (1,6%)

Manufacturing 4,3% (3,8%)

Trade 5,6% (5,7%)

Real Estate 5,7% (5,8%)

Construction 13,0% (13,5%)

Other Sectors 6,1% (5,6%)

Individuals 62,2% (62,4%)

Jun.12

(Jun.11)

The proportion of Credit to Individuals remained practically unchanged on June 2012 (62,2%) when comparedto the previous year. The credit to Corporate, 37,8% of the portfolio, continued the diversification policy,exhibiting a reduction of -0,5 p.p. in Construction and an increase of +0,5 p.p. and +0,4 p.p. in Manufacturingand Other Sectors, respectively.

Montepio Overview


5.2

5.9 6.1 6.1


Credit Diversification Strategy - Market Shares

1,4

2,4

3,54,0

1,9

4,5 4,85,4

1,6

4,74,3

5,3

1,9

4,1 4,3

5,5

Transport and Storage Manufacturing Hotels and Restaurants Services

2010 Jun.11 2011 Jun.12*

+2.3p.p.

(a) EMF – Monetary and Financial Statistics (Individual figures)

Sources: Bank of Portugal Financial and Monetary Statistics

Individuals Market Shares Corporate Market Shares

7,9 8,0 7,9 7,7

3,4 4,3 4,5 4,5


Consumption and Other Purposes

Housing

7,17,37,0

7,3

8,5 9,2 9,3 9,2

2,94,3 4,3 4,5


Non-f inancial exc. ConstructionConstruction

4,15,3 5,45,3

Gains in Montepio’s credit market share

due to a lower portfolio decrease when

compared with the banking sector

evolution.

Gains in market share in credit to

corporations other than the construction

sector, namely in the manufacturing

sector.

Credit to Customers Market Share

(%) +0,2 p.p.

(%) (%)

(%)

Montepio Overview


90% 104% 94% 88%

107%122% 111% 102%

3,8% 3,8%

4,7%5,1%

3,2% 3,2%

4,0%4,4%


NPL Coverage NPL Coverage > 90d

NPL Ratio NPL Ratio > 90d

486.761

565.552

693.892751.893


Total NPL’s > 90d (m€)

NPL Ratio and Coverage

The increase in Non Performing Loans > 90d of 8,4%,since December 11, resulted from the severemacroeconomic conditions, affecting bothcompanies and families.

But, NPL’s growth level is below the banking sectoravg.

Thus NPL Ratio >90d increased to 4,4% in Jun.12from 4,0% in Dec.11 and 3,2% in Jun.11.

NPL > 90 days coverage ratio is above 100%, reaching102%.

+8,4%

NPL’s Trend

6.07 6.714.90

10.7

33.842.2

0.6

33.6

14.9

Jun.11 Dec.11 Jun.12

Market Share (%) Sector (y.o.y.%)

Montepio (y.o.y.%)

NPL’s – Montepio v.s. Banking

Sector

Source: BoP, Monetary and Finacial Statistics

Montepio Overview


Deposits Evolution and Breakdown

Source: Banco de Portugal – Monetary and Financial Statistics

Customers Deposits increased by 8,5% y.o.y. largely above total sector’s average;

Favorable trend due to the growth of deposits from individuals and small business (+13,6%), enhancing a stable funding profile, while in the total sector the growth was only +6,2%.

Customers Deposits Trend by Segments

7.7859.828

10.849 11.162

1.852

2.2452.248 1.962

385

506512 527


Individuals and Small Business Corporate Other Segments

12 579

M€

10 022

13 65113 609

+8,5%

yoy

+4,1%

-12,6%

+13,6%

(100%)

(100%)

(14,4%)

(81,8%)(78,1%)

(17,8%)

118.990 124.514 130.598 132.264

36.499 31.23033.412 29.878

23.634 30.73426.301 26.319


Individuals Corporate Other Segments

186 478179 123188 461190 311

+1,1%

yoy

-14,4%

-4,3%

+6,2%

(100%)(100%)

(66,8%)

(16,7%)

(70,2%)

(15,9%)

Customers Deposits – Total Sector

M€

Montepio Overview


3,7

5,2

4,1 4,3


6,6

8,08,3 8,4


5,4

6,5 6,8 6,9


Deposits – Market Share

Montepio increased its Customer Deposits share, due to the higher growth compared with banking sector

average;

The better performance was mostly due to the growth of individuals’ deposits, aiming to preserve a high

granularity portfolio profile, mostly comprising small household savings.

Individuals Corporate

(%) (%)(%)

Total Deposits Market Share

(a) EMF – Monetary and Financial Statistics (Individual figures)

Sources: Bank of Portugal Financial and Monetary Statistics

+0,4 p.p.

Montepio Overview


Breakdown of Other Net Banking IncomeBreakdown of Banking Income

Banking Income increased 9,9% with the positiveperformance of Fees and Commissions (+10,9%) whichcontributed to raise the weight of Other Net BankingIncome in total Banking Income structure to 40,3%;

Other Banking Income increased 37%, also due to thefavorable performance of Dividend income and otherincome;

The increase of Operating Expenses, still affected by theformer Finibanco Group acquisition, led to a 6%decrease in Net Income.

Net Income BreakdownProfitability

271319

158 153151

240

75103

-248

-369

-154 -170-123 -145

-75 -82

51 455 5

2010(*) 2011 Jun.11 Jun.12

Net Interest Income Other Income Operating Expenses

Impairments and Other Net Income

-3%

+37%

-11%

-10%

-6%

yoy

48,9%39,2%

58,1%46,9%

31,8%

29,4%

38,4%

-8,6%

19,3%31,4%

3,5%

61,7%

Dec.10(*) Dec.11 Jun.11 Jun.12

Fee and Commissions Trading Income Dividend income and other income

64,2%57,1%

67,8%59,7%

35,8%42,9%

32,2%40,3%

Dec.10(*) Dec.11 Jun.11 Jun.12

Net Interest Income Other Net Banking Income

256,7233,6558,6422,3+9,9%

(*) 2010 figures do not consider Finibanco

M€

M€ M€103,4

75,2239,9149,0+37,4%

Montepio Overview


The progressive reduction in senior notes has been mainly compensated by retail funding.

2009• Institutional Capital: € 100 mn• Pelican Mortgages #5: € 1 000 mn• Covered Bonds: € 1 150 mn

2010• Institutional Capital: € 40 mn• Pelican SME #1: € 1 167 mn• Covered Bonds: € 500 mn*

2011• Institutional Capital: € 345 mn• Seek Diversification (Repo’s,...)• Covered Bonds: € 700 mn

Caixa Económica Montepio Geral

2.9%8.4% 9.3% 9.4%

53.2%

54.8%63.7% 65.9%

18.2%

13.4%6.1% 3.3%

6.7% 4.6% 3.3% 3.2%

5.7% 5.5% 5.9% 6.9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

31-12-2009 31-12-2010 31-12-2011 30-06-2012

Central Bank Resources Credit Institutions Resources Customer Funds

EMTN Bonds Domestic Bonds Covered Bonds

Subordinated Notes Other Funding Resources Equity

2012• Pelican Mortgages #6: € 1 000 mn


Total outstanding debt in issue, including the type of debt, and maturity:

36%

22%

31%

11%

WS maturity profile by time bracket

M < 1Y

1Y< M < 3Y

3Y< M < 5Y

5Y< M < 7Y

As of 31/07/2012 the total outstandingamount of wholesale funding was € 921.8M;

The maturity profile of such debt is welldistributed, over 42% matures beyond 3Ytime;

Montepio’s Total liquid Assets cover 350% ofall the funding needs derived from theamortization profile of WS debt.

Caixa Económica Montepio Geral

€mn as at 30-Jun-12

Debt 2012 Total

2013 2014 2015 2016 2017 2018 TotalQ1 Q2 Q3 Q4 2012

FRN 332.7 63.6 102.7 77.9 576.8Covered Bonds 652.9 652.9 652.9Schuldscheins 18.0 20.0 20.0 40.0 98.0Subordinated Debt

50.0 50.0

EIB 100.0 100.0 200.0Total 652.9 652.9 332.7 81.6 122.7 170.0 117.9 100.0 1 577.7

Assumptions:Covered Bonds redeemed in Jully 2012FRN 2017 Call is exercised in 2014 (€63.5 million)Subordinated LT2 Apr/16 - Call is not exercised (€50 million)


Montepio will continue pursuing the reduction of the Eurosystem refinancing window and the exposure of the BS

to financial markets until the end of 2013, with a simultaneous reduction of applications vis a vis wholesale

funding;

The reduction of net commercial gap, enhanced by the reinforcement of Customer Deposits as the main source

of funding, along with a decrease in debt securities held and in other financial investments in credit institutions

that will mature, should allow for a reduction of debt securities issued until late 2013, as well as ECB funding.

852502

1.540

2.003 1.968 1.9681.700

1.200880

8.3299.177

9.993

13.678 13.800 13.887 14.225 14.708 15.326

5.448 5.2954.217

2.950 2.400 1.838 1.555 1.429 1.346

2008 2009 2010 2011 Jun.12 2012 2013 2014 2015

Eurosystem refinancing Customer Deposits Debt Securities Issued

Reduction of the Eurosystem refinancing

Focus on prudent liquidity management

M€

Montepio Overview


Montepio obtained a remarkable reduction of ECB refinancing (-11.3%), by comparison with the banking sector (+31,2%);

The ECB Net Funding represented 8.5% of net assets in Montepio, against 11.7% in the banking sector.

Montepio ECB Refinancing

0.9

0.5

1.5

2.2

2.0 2.0 2.0

2008 2009 2010 Jun.11 2011 Jun.12 Dec. 12 (g)

-6.8-5.7

-4.8 -4.5-3.3 -2.8 -2.5

2008 2009 2010 Jun.11 2011 Jun.12 Dec.12 (g)

Montepio commercial gap trend

Bn €

Bn €

10.216.5

41.9 44.9 46.9

61.6

2008 2009 2010 Jun.11 2011 Jun.12

ECB Funding of the Portuguese banking system

+31,2%

3.5%

1.1%

7.1%

8.6%

7.4% 8.5%

0.7%1.3%

7.2%

8.1%

8.4%

11.7%

2008 2009 2010 Jun.11 2011 Jun.12

Montepio

Sector

ECB Net Funding in % of Net Assets

Bn €

2nd

LTR

O of

0,4

Bn€

1st

LTR

O of

1,3

Bn€

Source: Bank of Portugal, Statistical

Bulletin (August 2012)

(g) goal.

-11,3%

Liquidity - ECB Refinancing

Montepio Overview


Collateral Pool trend

853502

1 5402 220 2 000 1 968 1 968 1 700

1 200880

500 1 124

1 894 681 9911 429 1 567

1 5521 823

1 574

2008 2009 2010 Jun.11 2011 Jun.12Dec.12 (g)2013 (g) 2014 (g) 2015 (g)

million €

1.3531.626

3.434 3.2523.535

2.991 3.023

2.454

3.397

Collateral Pool Dec.11 Mar.12 Jun.12

Pelican RMBS 434 675 623

Pelican SME no.1 363 283 244

Aqua Finance no.3 85 86 86

Aqua Mortgage no.1 68 67 71

Mortgage Bonds 996 1.035 1.003

Corporate Bonds 206 134 116

Sovereign Bonds 839 851 735

Portfolios of Credit Claims - - 518

TOTAL 2.991 3.132 3.397

M €

2.901

Collateral Pool breakdown

ECB Collateral Pool increased € 496 million since June 11,as well as the proportion of collateral available, from 23% to 42%.

The evolution of the ECB Collateral Pool was built upon the following:

Pelican 6 securitization issuance held in March 2012, which allowed an increase of € 240 million;

In June 2012, new collateral being created under the framework recently approved by the BdP, namely the usage of a pool of loan portfolios and individually rated loans amounting to € 518 million;

Covered bonds to be issued in the 3rdQ 2012 which will entail an increase of € 400 million;

Redemption of securities held.

93,1% Credit to Corporations

6,9% Consumer Credit

(g) goal.

496

406

Liquidity - ECB Refinancing

Montepio Overview


Deposits increase and the commercial gap reduction allowed the pursue of debt securities issued reduction

(€ -600 million since Dec.11 and € -1,500 million since June 2011);

In the first half of 2012, Montepio repaid a total of € 711 million compared with a projected value of € 431

million;

The debt securities refinancing needs until 2015 will only be around 29% of the figure for 2008-June12

period.

Bn €

Debt securities issued

5.4 5.3

4.23.9

3.02.4

1.81.6 1.4 1.3

2008 2009 2010 June 11 2011 June 12 Dec 12(g) 2013(g) 2014(g) 2015(g)

843

1 237

837

1 029

711 663

363166 168

2008 2009 2010 2011 Jun.12 Dec.12 2013 2014 2015

Done: 4.657 M€ Future redemptions: 1.360 M€

Redemption Plan M €

-38,7%

(g) goal.

Liquidity - Debt Securities

Montepio Overview


3. Origination and Underwriting Guidelines


Montepio’s residential mortgage loans are originated at the branch level, as a result of direct contactwith borrowers, no loans are originated through brokers. Montepio has a mortgage portal on itswebsite, but all applications are submitted at branch level;

At the branch, the information required according to internal credit rules (i.e. financing application,identification documents, informative questionnaires, official documents showing customer’s income) iscollected, checked and submitted to the application scoring system. Credit analysis filters through 4levels of decision, according to the nature and the amount of the credit;

The levels of authorisation are the Branch Managers, the Regional Department Manager, the CommercialManager and the Credit Committee (involving the Board);

The Credit Scoring System automatically checks whether there are any incidents stored in the internaland/or external databases and also checks credit policies/rules (i.e. Loan-to-Value, Debt-to-Income);

Once a favourable decision has been taken by the competent decision level, the customer is formallyinformed, by means of a letter.

Montepio’s Origination and Underwriting


The process involves various departments within Montepio, including logistic (Marketing, Risk, IT, Auditand Legal Depts.) and operational areas (Branches and Commercial/Regional Managers);

Montepio has a set of credit policy instruments which support the underwriting activity, including:

Definition of credit products;

Promotion and Marketing;

Monitoring and Analysis of the Credit Application Process;

Norms and decision procedures;

Preventive Monitoring and Control;

Credit Recovery.

Montepio Credit Policy Guidelines are updated on a regular basis, including the update and renewal ofthe basic intervention principles of the underwriting activity and respective preventive monitoring andrecovery.

Underwriting Approval


- Sets the Global Marketing Plan.

- Sets, together with the Regional

Marketing Team, the measures

to be undertaken at the regional

level.

- Sets the pricing schedule for the

credit operations.

- Verification of the criteria that

govern the granting of credit to

customers.

- Periodic revision of the

appraisal of the credit portfolio;

- Analysis of the large risks and

levels of concentration by

client, group and industry.

- Provides legal support.

- Draws-up the credit contracts,

namely, those with underlying

guarantees.

- Supervises the binding conditions

of the credit contracts.

- Undertakes litigious procedures.

- Submits the Credit Policy

guidelines and instruments to

the approval by the Board of

Directors.

- Provides the Scoring Models

- Provides data regarding the

status of the credit contracts.

- Monitors the provisioning of the

clients’ accounts for instalment

payment purposes.

- Sends reminders to defaulting

clients.

Credit

Process

Marketing

Risk Department

Audit

IT

Legal

Logistical Support


- Sets the evaluation and decision-makingcriteria for personal credit applications.

- Developed from historical experience andfor a given probability of default.

- Scores derived from socio-professional,demographic and financial variables.

- System verifies incidents registered ininternal and external Data Bases.

- Model checks credit rules, including: DTI,LTV ratios and proof of employment.

- Allows for the automatic decision makingand can only be overridden if endorsed bythe Board.

- Supports credit risk assessment andmarketing actions, focusing on pre-approved loans.

- Evaluates risk of each customer, based onhis/her relationship with Montepio.

- Three different models used to differentiatebetween customers with:

- mortgage loans

- other loan types

- savings products but no credit.

Credit Scoring Model Behavioural Scoring Model

Credit Scoring System


Before granting a mortgage loan, an appraisal of the property is mandatory:

Up to € 2.5M, only 1 appraiser is required;

Otherwise, 2 appraisers are required;

The appraisal process and staff is completely independent from the underwriting / commercial departments;

External appraisers – Civil Engineers or Architects registered in the Portuguese Association of Engineers orArchitects , most of them with a University Degree in property appraisals;

Internal appraisers – Qualified appraisers with a University Degree and Specialization;

In December 2006, a centralised structure resident in the Real Estate Department was implemented,comprising internal and external Appraisers, with the following tasks:

Developing a web-based application (Portal de Avaliadores) that centralises the requests from theBranches and distributes them by the appraisers;

Validation and quality control of the Appraisal reports;

The Appraisers send the valuation reports through the web-based application, which are then analysed andsent via computer system to the Branches;

All relevant data feed is permanently stored into a special database;

The valuation reports take into account relevant factors like the property location, the building type, theconstruction phase, the land and construction values, dimension and areas, and the existing of insurancepolicy.

Appraisals

Montepio’s Mortgage Business (cont.)


4. Servicing


Montepio has been performing the role of Servicer under its Pelican Mortgages Programme, anactivity which dates back to 2002, and which requires the management, monitoring and regularreporting on the performance of the securitised assets;

The Pelican and the CB Investor reports can be downloaded from

http://www.montepio.pt/SitePublico/pt_PT/institucional/grupo/sobre/informacao-

financeira/funding-programmes.page?

Servicing

Experience as Servicer


Servicing - Collections

Automatic debit in Client’s account held

by Montepio

Client has

enough funds ?

1. Reminder /Letter sent to Client;

2. Daily automatic system attempts to debit the overdue funds

BranchManagement

Receipt Sent to Client

YES

NO

Daily running

Automatic report to:

Insurance premiums and other costs related with loan management are debited in the Client’s accounts along with the mortgage instalment.

Servicing


Branches

(Personal and telephone contacts to settle payment and/or set-up plan)

Client Default

1st

Lett

er S

ent

2n

dLe

tter

Sen

t

P0

P1P2

Branches Procedures:

First contact with borrower, either personally or by phone, or, if necessary, with guarantors

Draw-up new settlement plan and decide about it, for loans in arrears with less than 2 months

Monitor the evolution of the loans with new settlement plans

Contact Centre Procedures:

Delinquency 15 days : 1st contact with borrowers

Delinquency 30 days: 2nd contact with borrowers and guarantors

Delinquency 45 days: 3rd contact with borrowers and guarantors

Different scripts for the 3 contacts.

Draw-up settlement plans.

(Delinquency+ 0 days)

(Delinquency + 30 days)


Contact Center

Loan Recovery Process and Procedures

Servicing

Contacts with clients are recorded in a database easily accessible for monitor purposes


Montepio Recuperação de Crédito, ACE (MRC)

Credit Recovery and Litigation

Litigation stage

(Legal Court Action)

Fore

clo

sure

P

roce

du

re b

egin

s

P2P3

Montepio Recuperação de Crédito Procedures:

The aim of MRC is to settle the defaulted mortgage loans mainly out of the court.

To achieve this goal the contacts and negotiations are made mostly by specialized credit recovery companies, that report on a daily basis with the MRC by electronic communications.

Automated means: letters and SMS. Remote contacts: telephone contacts, faxes, emails, personalized letters and meetings

CR managers negotiate possible solutions. Approve and monitor payment / settlements plans.

Credit Recovery


(Delinquency+ 6 months)

Court Decision

(Specialized teams : personal and telephone

negotiation of debt restructuring, contractual changes ,

property repossession, guarantors exoneration, etc)

Loan Recovery Process and Procedures

Servicing

3rd

Lett

er S

ent

(in

cl. G

ua

rant

or)

Contacts with clients are recorded in a database easily accessible for monitor purposes


5. CB Pool Overview (as of 31/07/2012)


CB Pool Stratification

Breakdown by Loan-to-Value

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

<10 10-20 20-30 30-40 40-50 50-60 60-70 70-80 80-90 90-100 >100

Unindexed LTV Indexed LTV



Breakdown by Seasoning (mths)

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%



Breakdown by Term to Maturity

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

0-60 60-120 120-180 180-240 240-300 300-360 360-420 420-480 480-540 540-600



Breakdown by Spread

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

<0 0-0.5 0.5-1 1-1.5 1.5-2 2-2.5 2.5-3 3-3.5 3.5-4 4-4.5 4.5-5 >5



Breakdown by Employment Status of Borrower

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

Employed Employee of the Seller

Pensioner Self-Employed Student Unemployed Unknown



Breakdown by Borrower Loan Balance

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

Original Loan Balance Current Loan Balance



Breakdown by Amortisation Type

90.7%

8.8% 0.5% 0.0% 0.0%

CONSTANT MIXED Increasing

FIXED Other

Breakdown by Rate Type

37%

58%

5%

Euribor 3M Euribor 6M Fixed



Breakdown by Mixed Amortisation Loans Incremental Period

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00

original current



Breakdown by Loan Purpose

86%

7%4% 3%

Acquisition Equity Release

Mortgage Transfer Refurbishment

Breakdown by Occupancy Type

86%

1%7% 6%

First, Owner-Occupied Buy-To-Let

Other Second Home


Appendix APortuguese Housing and Mortgage Market


Portuguese Housing and Mortgage Market

After the liberalisation, in the early 90s, the Portuguese housing market became highly competitive.

The market saw a significant growth with the decrease in interest rates and the improvement of the economic

conditions.

Portugal had a very strong culture of home ownership: according to the latest Census 2011, approximately 74%

of individuals were owner-occupiers.

Housing credit in Portugal is concentrated in Lisboa & Vale do Tejo and Porto.

The adverse financial and economic conditions, as a consequence of the Portuguese Financial Assistance

Program, impact in the mortgage market, that decreased, by the reduction of demand, as well as the more

restrictive conditions in the offer side, with the decrease in the new housing construction.

In favour of mortgage market recovery, after the consolidation period, are noted the following issues:

Expected increase in demand for repairs and renovation works in line with the development of the

housing rental market, the related legislation has been revised in late 2011;

Raise in the number of families (+10,8% from 2001 to 2011, according to Census 2011) and their changing

composition (increasing number of families with only one or two persons);

Stabilized property prices in the last decade comparing with other EU countries;

Changing in the regulatory framework, with the simplification of procedures and contractual terms;

Highlights


-1.2-7.0-15.4

-7.5

0.2

-25-20-15-10

-505

101520

Dec.95 Dec.97 Dec.99 Dec.01 Dec.03 Dec.05 Dec.07 Dec.09 Dec.11

(g.r. - %)

Portugal Spain Ireland Greece Euro area

Portuguese Housing Prices

House Price Index

Source: BIS

In Portugal, property prices have stabilized, since 2002 (average growth of 1,4% in the Dec.02-Jun.12 period),

while in other Euro Area countries prices increased significantly until 2007 declining sharply afterwards, with

the impact of the sub-prime and the financial crisis.

Recent data shows that European residential property prices have lost momentum after the recovery observed

in 2010. Some countries, like Belgium, France, and in a small degree, Spain, Finland and Italy, still have their

housing prices over valued according to ECB estimates (in ECB Financial Stability Review, Jun.12).

The steadiness of the Portuguese housing market, whose price levels compare favourably with other European

countries, may attract investments in second homes and residential tourism in the future.

Dec.11 (Greece);Mar.12 (Euro Area)

Jun.12 (Portugal, Spain; Ireland)



Residential Mortgage Credit Evolution

Market Rates / Mortgage Growth

0%

2%

4%

6%

8%

10%

12%

14%

0

20.000

40.000

60.000

80.000

100.000

120.000

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Jun.12

Total volume New loans Lisbor 3M until 2000, Euribor 3M after 2000 (right scale)

M.€

Source: Bank of Portugal

+22 013

+26 753

+32 405

+27 763

Since 2006, Mortgage Credit total volume has been easing its growth as new loans record a decreasingtrend.

Since 2011, Mortgage Credit volume has fallen slightly, as a result of the financial and economical crisis butstill representing 82% of total Households Credit and 41% of Total Credit in the Portuguese Banking Sector(Jun.12).

-1 824



12,210,5

2,1

-6,5

13,1

15,6

3,4

-2,2

3,3

13,7

-1,9

-7,4

16,4

6,0

-2,7 -5,9

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Jun.12

Total LoansHousing LoansConsumer and Other Purposes LoansCompanies Loans

Source: Bank of Portugal Monetary Statistics

Credit in Portugal (excludes securitised credit)

Loans Growth Rate (%) Non Performing Loans (as % of Total Loans)

After an increasing period until 2006 (+15,6 a.g.r.), housing loans began a downward trend to a slow rate of3,4% until 2010.

Since 2011, housing loans have been registering a negative growth trend, reaching -2,2% in Jun.12, as result ofthe liquidity constraints and the deleveraging process.

In spite of the unfavourable environment, Non Performing Housing Loans ratio continue to be the lowest, witha slightly increased, from 1,3% in 2007 to 1,9% in Jun.12.

1,21,3

1,92,0 1,7

3,5

2,4

1,5

8,7

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Jun.12

Housing Loans

Loans to Individuals

Loans to Companies


Residential Mortgage Credit Evolution


Appendix B

The Portuguese EconomySource: IGCP


The Portuguese Economy

Highlights from the 5th review of the Economic and Financial Adjustment Programme

Deficit targets revised upwards: 5% in 2012, 4.5% in 2013 and 2.5% in 2014;

Financing guaranteed for the next 12 months, with no need for additional financial support;

External adjustment continues to surprise on the upside.

Budget deficit targets adjusted upwards

The Government and the EU-IMF mission team have agreed to adjust the budget deficit path, mainly to allow forthe partial operation of automatic fiscal stabilizers. The target for 2012 was revised from 4.5 to 5% of GDP, whilethe target for 2013 was raised by 1.5pp of GDP to 4.5%. Deficit is to fall below 3% by 2014, with a 2.5% target ;

Crucially, the structural adjustment continues tobe significant, sustained by a strong contractionof primary spending. The cyclically adjustedprimary balance is expected to be close tobalance this year and to increase further to morethan 3% of potential GDP by 2014



In 2012, the higher contraction of domestic demand and wage bill led to both lower fiscal revenue (especially VAT)and lower social security contributions. Moreover, higher unemployment than initially projected increased thelevel of social transfers above target. The two effects combined contributed to raise the budget deficit around 2ppof GDP this year, with a similar carryover for 2013 The Government and the EU-IMF mission team have agreed toadjust the budget deficit path, mainly to allow for the partial operation of automatic fiscal stabilizers. The target for2012 was revised from 4.5 to 5% of GDP, while the target for 2013 was raised by 1.5pp of GDP to 4.5%. Deficit is tofall below 3% by 2014, with a 2.5% target ;

In the 2012 budget, this adjustment will be partly offset by lower spending than initially projected, namely with thewage and interest bills, as well as higher revenues from concessions and a new schedule of EU transfers.



The adjustment of the target in 2013 by 1.5pp ofGDP reduces the need to compensate the carryover effect from 2012 and the less favourablemacroeconomic environment. However,additional consolidation measures will need tobe taken.

New measures (amounting to about EUR 2.5 billion) include:

Fiscal devaluation through a reduction of the employers’ social security contribution (23.75% to 18%), coupled withan increase of the employees’ social security contribution (11% to 18%), with a net positive effect for the budgetdeficit of about 0.3pp of GDP;

Streamline Public Administration, by increasing the pace of reduction of public employment and intermediateconsumption;

Reduction of pensions by 5% on average to replicate the civil servants’ wage cut that occurred in 2011;

Additionally, structural measures already included in the medium-term budget framework presented in April willcontinue to be implemented, namely those aiming to reduce SOE’s losses, or bring down the costs of PPP



Financing plan: no additional EU-IMF loans required

The financing plan for 2013 was discussed and the EU-IMF mission team concluded that the financing sourcesavailable are sufficient to match the foreseen borrowing requirements;

Moreover, the rescheduling of the deficit targets does not require additional EU-IMF financial support, given thecurrent cash position and the available set of financing sources;

Financing conditions favourable to return to MLT market until September 2013, in line with Programmeprojections.



Macroeconomic scenario: lower GDP in 2013, faster external adjustment

The macroeconomic scenario for 2012 remainsbroadly in line with previous projections, while theforecast of real GDP growth in 2013 was revised from0.2% to -1%. This reflects the worse externalenvironment, as well as the expected short-termimpact on domestic demand of the additionalconsolidation measures

As part of the deleveraging process, domesticdemand has already declined significantly in 2011and first half of 2012. However, this has been partlycompensated by the positive performance of netexports



In fact, the external adjustment has continued to surprise on the upside. Exports of goods have deceleratedsomewhat in the first semester, but still less than what would be expected given the external environment,which reflects significant gains of market share. The observed reduction of nominal labor costs, furtherenhanced with the above-mentioned fiscal devaluation measure, should help sustain this trend

Moreover, imports are contracting at a strong pace, so that the goods and services account was already close tobalance in Q2 (-0.2% of GDP) and it is expected to improve further to 2.3% of GDP in 2013, almost 12pp abovethe trough observed in 2008 (-9.5%)


Appendix C

Financials(Consolidated Basis)


Balance Sheet (Consolidated Basis)

000 Eur

Net Assets % Net Assets % Net Assets % Value %

Assets

Cash and Deposits at Central Banks 461.483 2,1 400.791 1,8 271.353 1,3 (129.438) -32,3

On sight availabilities with Credit Institutions 223.834 1,0 112.947 0,5 236.596 1,1 123.649 109,5

Financial assets held for negotiation 180.776 0,8 145.563 0,7 159.060 0,8 13.497 9,3

Finantial assets at fair value through profit or loss 3.606 0,0 3.685 0,0 3.667 0,0 (18) -0,5

Finantial assets available for sale 2.574.368 12,0 3.002.586 13,8 2.595.935 12,4 (406.651) -13,5

Applications in credit institutions 284.232 1,3 324.030 1,5 332.390 1,6 8.360 2,6

Costumers Credit 16.706.626 77,7 16.792.057 77,5 16.260.934 77,6 (531.123) -3,2

Investments held until maturity 76.994 0,4 48.314 0,2 21.886 0,1 (26.428) -54,7

Coverage derivatives 1.311 0,0 1.955 0,0 1.370 0,0 (585) -29,9

Other assets available for sale 137.011 0,6 235.068 1,1 230.107 1,1 (4.961) -2,1

Property and Equipment 0 - 19.309 0,1 44.211 0,2 24.902 129,0

Other tangible assets 108.657 0,5 150.463 0,7 105.796 0,5 (44.667) -29,7

Intangible fixed assets 90.205 0,4 80.142 0,4 61.335 0,3 (18.807) -23,5

Interests in Associated Companies 57.856 0,3 58.453 0,3 60.747 0,3 2.294 3,9

Current income tax assets 2.768 0,0 2.538 0,0 2.840 0,0 302 11,9

Deferred income tax assets 80.693 0,4 4.933 0,0 67.847 0,3 62.914 1.275,2

Other assets 504.970 2,3 296.726 1,4 510.531 2,4 213.805 72,1

Total Assets 21.495.390 100,0 21.679.562 100,0 20.966.605 100,0 (712.957) -3,3

Liabilities

Resources from the Central Banks 2.003.300 9,3 2.220.044 10,2 1.968.212 9,4 (251.832) -11,3

Financial liabilities held for negotiation 79.121 0,4 77.152 0,4 68.319 0,3 (8.833) -11,4

Debts with credit institutions 743.797 3,5 992.208 4,6 616.137 2,9 (376.071) -37,9

Debts with costumers 13.701.919 63,7 12.609.862 58,2 13.819.480 65,9 1.209.618 9,6

Debts ecurities 2.473.112 11,5 3.426.188 15,8 1.938.584 9,2 (1.487.604) -43,4

Financial liabilities associated to transferred assets 453.061 2,1 461.187 2,1 303.330 1,4 (157.857) -34,2

Hedging derivatives 13.041 0,1 1.120 0,0 18.595 0,1 17.475 1.560,2

Provisions for liabilities and charges 7.985 0,0 4.310 0,0 4.519 0,0 209 4,9

Current income taxa liabilities 10 0,0 0 - 0 - - -

Deferred income tax liabilities 36 0,0 1.084 0,0 1.145 0,0 61 5,6

Subordinated debt 477.843 2,2 493.346 2,3 464.630 2,2 (28.716) -5,8

Other liabilities 282.677 1,3 273.579 1,3 310.859 1,5 37.280 13,6

Total Liabilities 20.235.902 94,1 20.560.079 94,8 19.513.810 93,1 (1.046.269) -5,2

Equity

Share capital 1.245.000 5,8 1.145.000 5,3 1.245.000 5,9 100.000 8,7

Other equity instruments 15000 0,1 15000 0,1 15.000 0,1 - 0,0

Fair value reserves -319.551 (1,5) -296.189 (1,4) -125.284 (0,6) 170.905 57,7

Reserves and retained earnings 262.629 1,2 240.723 1,1 300.846 1,4 60.123 25,0

Profit for the year 45.029 0,2 5.068 0,0 4.774 0,0 (294) -5,8

Minority Interest 11381 0,1 9.881 0,0 12.459 0,1 2.578 26,1

Total Equity 1.259.488 5,9 1.119.483 5,2 1.452.795 6,9 330.733 26,3

Total Liabilities and Equity 21.495.390 100,0 21.679.562 100,0 20.966.605 100,0 (715.536) -3,3

YoYDec 2011 Jun 2011 Jun 2012


Results by Margin (Consolidated Basis)

000Eur

Amount % Amount % Amount % Amount %

Interest Income 1 182 911 524 152 643 117 118 965 22.7

Interest Expense 864 189 365 810 489 784 123 974 33.9

1 - NET INTEREST INCOME 318 721 57.1 158 342 67.8 153 333 59.7 -5 009 -3.2

Other Net Banking Income 239 909 42.9 75 211 32.2 103 362 40.3 28 151 37.4

2 - BANKING INCOME 558 630 100.0 233 553 100.0 256 695 100.0 23 142 9.9

Staff Costs 225 373 92 486 97 693 5 207 5.6

Supplies and Third Parties' Services 115 442 48 843 57 088 8 245 16.9

3 - ADMINISTRATIVE COSTS 340 815 61.0 141 329 60.5 154 781 60.3 13 452 9.5

4 - OPERATING CASH-FLOW ( 2-3 ) 217 815 39.0 92 224 39.5 101 914 39.7 9 690 10.5

5 - Depreciation 28 270 12 442 15 321 2 879 23.1

6 - Net Provisions 157 937 73 831 76 541 2 710 3.7

7 - Result from subsidiaries and associated

companies 999 -950 -515 435 45.8

8 - Income Tax and Minority Interests -12 422 -67 4 763 4 830 -

9 - RESULTS FOR FINANCIAL YEAR (4-5-6+7-8) 45 029 5 068 4 774 -294 -5.8

10 - CASH-FLOW FOR THE FINANCIAL

YEAR ( 5+6+9 ) 231 236 91 341 96 636 5 295 5.8

11 - COST-TO-INCOME ((3+5) / 2) 66.1% 65.8% 66.3% - 0.4p.p.

12 - LEVEL OF NET PROVISIONS (6 / 4) 72.5% 80.1% 75.1% - -5.0p.p.

2011 YoYJun 2012Jun 2011


Disclaimer

This document is confidential and is not to be reproduced by any person, nor to be distributed to any personother than its original recipient and not without the written consent of Montepio. Montepio doesn’t take anyresponsibility for the use of these materials by any person

This document does not constitute a prospectus for any bond offering (an "offering“) and shall not be consideredas an invitation to invest. Any decision to buy or purchase bonds should be only on the basis of the informationcontained in the Prospectus. In particular, investors should pay special attention to any risk factors described inthe prospectus

Only the contents of the Prospectus are binding on Montepio

Some information contained herein and other information or material may include forward-looking statementsbased on current beliefs and expectations about future events. These forward-looking statements are notguarantees of future performance and are subject to inherent risks, uncertainties and assumptions aboutMontepio. Those events are uncertain, and their outcome may differ from current expectations, which may inturn significantly affect expected results. Actual results may differ materially from those projected or implied inthese forward-looking statements. Any forwards-looking statement contained in this document speaks as of thedate of this document, without any obligation from Montepio to update

This document is not an offer to purchase securities in the United States. Securities may not be sold in the UnitedStates absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.Montepio does not intend to register any portion of any Offering in the United States or to conduct a publicOffering of securities in the United States

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