Obligation Montepio Geral Banco 8% ( PTCMGUOM0026 ) en EUR

Montepio Geral Banco

100 % ⇌

Portugal

PTCMGUOM0026 ( en EUR )

8% par an ( paiement annuel )

26/12/2028

Prospectus brochure de l'obligation Caixa Económica Montepio Geral caixa ecónomica bancária S.A PTCMGUOM0026 en EUR 8%, échéance 26/12/2028

100 000 EUR

50 000 000 EUR

27/12/2025 ( Dans 174 jours )

Caixa Econômica Montepio Geral (Caixa Económica Bancária, S.A.) est une banque portugaise offrant des services bancaires de détail et de gros, ainsi que des services d'assurance et de gestion d'actifs.

L'Obligation émise par Montepio Geral Banco ( Portugal ) , en EUR, avec le code ISIN PTCMGUOM0026, paye un coupon de 8% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 26/12/2028

Base Prospectus
CAIXA ECONÓMICA MONTEPIO GERAL,
CAIXA ECONÓMICA BANCÁRIA, S.A.
(a Savings Bank (caixa económica bancária) incorporated as a public limited liability company under the laws of the Portuguese Republic)
6,000,000,000
Euro Medium Term Note Programme
On 19 May 2000, the Issuer (as defined below) entered into a 2,000,000,000 Euro Medium Term Note Programme (the "Programme") which has been increased and updated from time to time. Any Notes to be
issued after the date hereof under the Programme are issued subject to the provisions set out herein save that Notes which are to be consolidated and form a single series with Notes issued prior to the date hereof will
be issued subject to the Conditions of the Notes applicable on the date of issue for the first tranche of Notes of such series. Subject as aforesaid, this does not affect any Notes issued prior to the date hereof.
Under the Programme, Caixa Económica Montepio Geral, caixa económica bancária, S.A. ("Banco Montepio" or the "Issuer"), subject to compliance with all relevant laws, regulations and directives, may from
time to time issue Euro Medium Term Notes (the "Notes"). The aggregate nominal amount of Notes outstanding will not at any time exceed 6,000,000,000 (or the equivalent in other currencies).
Application has been made to the Commission de Surveillance du Secteur Financier (the "CSSF") in its capacity as competent authority under the Luxembourg Act dated 16 July 2019 relating to prospectuses for
securities (as amended, the "Luxembourg Act") for the approval of this base Prospectus (the "Base Prospectus") as a base prospectus for the purposes of Regulation (EU) 2017/1129 (the "Prospectus Regulation").
Pursuant to the Luxembourg Act, by approving this Base Prospectus the CSSF assumes no responsibility as to the economic and financial soundness of the Notes to be issued thereunder or the quality or solvency of
the Issuer. The CSSF has only approved this Base Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should not be
considered as an endorsement of the Issuer or the quality of the Notes that are the subject of this Base Prospectus and investors should make their own assessment as to the suitability of investing in the Notes.
Furthermore, such approval relates only to Notes which are to be admitted to trading on a regulated market for the purposes of the Prospectus Regulation and/or which are to be offered to the public in any Member
State of the European Economic Area ("EEA"). By approving this Base Prospectus, in accordance with Article 20 of the Prospectus Regulations, the CSSF does not engage in respect of the economic or financial
opportunity of the operation or the quality and solvency of the Issuer. This Base Prospectus is valid for a period of twelve months from the date of approval. The obligation to supplement this Base Prospectus in the
event of a significant new factor, material mistake or material inaccuracy does not apply when this Base Prospectus is no longer valid.
Application has also been made to the Luxembourg Stock Exchange for Notes issued under the Programme during the period of 12 months from the date of this Base Prospectus to be admitted to the Official List of
the Luxembourg Stock Exchange (the "Official List") and admitted to trading on the regulated market of the Luxembourg Stock Exchange (the "Market"). References in this Base Prospectus to Notes being "listed"
(and al related references) shall mean that such Notes have been admitted to the Official List and admitted to trading on the Market. The Market is a regulated market for the purposes of Directive 2014/65/EU (as
amended, "MiFID II") of the European Parliament and of the Council on markets in financial instruments. However, unlisted Notes may be issued pursuant to the Programme. The relevant Final Terms (as defined
below) in respect of the issue of any Notes will specify whether or not such Notes will be listed on the Official List and admitted to trading on the Market (or any other stock exchange).
Each Tranche of Notes (as defined in "General Description of the Programme") will be issued on the terms set out herein under "Terms and Conditions of the Notes" (the "Conditions") as completed by a document
specific to such Tranche called the final terms (the "Final Terms"). Details of the aggregate nominal amount of Notes, interest (if any) payable in respect of Notes and the issue price of Notes for each Tranche of
Notes will be set out in the relevant Final Terms which, with respect to Notes to be admitted to the Official List and to trading on the Luxembourg Stock Exchange, will be delivered to the CSSF and the Luxembourg
Stock Exchange on or before the date of issue of the Notes of such Tranche.
Each Series (as defined herein) of Notes will be issued in book-entry form (escriturais) and registered form (nominativas) that will be integrated in and held through Interbolsa Sociedade Gestora de Sistemas de
Liquidação e de Sistemas Centralizados de Valores Mobiliários, S.A. ("Interbolsa"), as management entity of the Portuguese Centralised System of Registration of Securities, Central de Valores Mobiliários.
The Programme has been rated: (P)Caa1 (senior unsecured) / (P)Caa1 (senior non-preferred) / (P)Caa1 (subordinated) / (P)Caa2 (junior subordinated) / (P)NP (short-term) by Moody's Investor Service España, S.A.
("Moody's"); CCC (senior unsecured) / CCC (senior non-preferred) / B (short-term) by Fitch Ratings Ltd. ("Fitch") and B (senior unsecured) / CCC (high) (subordinated) / R-4 (short-term) by DBRS Ratings Limited
("DBRS"). The "Caa" rating by Moody's indicates that the Programme is speculative, of poor standing and subject to very high credit risk. The "NP" rating by Moody's indicates that the Programme is rated as not
prime and does not fall within any of Moody's prime rating categories. The "CCC" rating by Fitch indicates the Programme is of substantial credit risk. The "B" rating by DBRS indicates the Programme is of highly
speculative credit quality and there is a high level of uncertainty as to the capacity to meet financial obligations. The "CCC (high)" rating by DBRS indicates that the Programme is of very highly speculative credit
quality and in danger of defaulting on financial obligations. The "R-4" rating by DBRS indicates that the Programme is of highly speculative credit quality (with R-5 being the highest level). Moody's is established
in the EU and registered under Regulation (EC) No 1060/2009 on credit rating agencies, as amended (the "CRA Regulation"). As such Moody's is included in the list of credit rating agencies published by the
European Securities and Markets Authority on its website in accordance with the CRA Regulation. Fitch and DBRS are established in the United Kingdom ("UK") and registered under Regulation (EU) No 1060/2009
on credit rating agencies as it forms part of the domestic law of the UK by virtue of the European Union (Withdrawal) Act 2018 ("EUWA") (the "UK CRA Regulation").
Tranches of Notes (as defined in "General Description of the Programme") to be issued under the Programme will be rated or unrated. Where a Tranche of Notes is to be rated, such rating will not necessarily be the
same as the rating assigned to the Programme and/or the Notes already issued. Where a Tranche of Notes is rated, the applicable rating(s) will be specified in the relevant Final Terms. Whether or not a rating in
relation to any Tranche of Notes will be treated as having been issued or endorsed by a credit rating agency established in the European Union or in the UK and registered under the CRA Regulation or the UK CRA
Regulation (as applicable) will be disclosed in the relevant Final Terms. A list of rating agencies registered under the CRA regulation can be found at https://www.esma.europa.eu/supervision/credit-rating-
agencies/risk. The UK CRA Regulation rating agency register can be found at: https://register.fca.org.uk/s/.
A security rating is not a recommendation to buy, sel or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency.
In the case of any Notes which are to be admitted to trading on a regulated market within the EEA or offered to the public in a Member State of the EEA in circumstances which require the publication of a prospectus
under the Prospectus Regulation, the minimum specified denomination shall be 100,000 (or its equivalent in any other currency as at the date of issue of the Notes).
The Notes are not intended to be offered, sold or otherwise made available, and should not be offered, sold or otherwise made available, to retail clients, as defined in MiFID II and/or Regulation (EU) No 2017/565
as it forms part of domestic law by virtue of the EUWA. Prospective investors are referred to the section headed "Important Information" of this Base Prospectus for further information.
Prospective investors should have regard to the risk factors described under the section headed "Risk Factors" in this Base Prospectus. This Base Prospectus does not describe all of the risks of an investment in the
Notes.
Arranger
BofA Securities
Dealers
BNP PARIBAS
BofA Securities
Caixa Económica Montepio Geral, caixa económica bancária, S.A.
Citigroup
Crédit Agricole CIB
Credit Suisse
Deutsche Bank
DZ BANK AG
J.P. Morgan
NatWest Markets
NATIXIS
UniCredit
Société Générale Corporate & Investment Banking

The date of this Base Prospectus is 17 June 2021

1

IMPORTANT INFORMATION
This document comprises a base prospectus for the purposes of the Prospectus Regulation.
The Issuer accepts responsibility for the information contained in this Base Prospectus (including in relation to the
Issuer, for the avoidance of doubt, any information contained in the relevant Final Terms relating to each Tranche
of Notes issued under the Programme). To the best of the knowledge of the Issuer the information contained in this
Base Prospectus as completed by the Final Terms is in accordance with the facts and does not omit anything likely
to affect the import of such information.
This Base Prospectus is to be read in conjunction with all documents which are incorporated herein by reference (see
"Documents Incorporated by Reference").
No person has been authorised to give any information or to make any representation other than those contained
in this Base Prospectus in connection with the issue or sale of the Notes and, if given or made, such information or
representation must not be relied upon as having been authorised by the Issuer or any of the Dealers or the Arranger
(as defined in "General Description of the Programme"). Neither the delivery of this Base Prospectus nor any sale
made in connection herewith shall, under any circumstances, create any implication that there has been no change
in the affairs of the Issuer since the date hereof or the date upon which this Base Prospectus has been most recently
supplemented or that there has been no adverse change in the financial position of the Issuer since the date hereof
or the date upon which this Base Prospectus has been most recently supplemented or that any other information
supplied in connection with the Programme is correct at any time subsequent to the date on which it is supplied or,
if different, the date indicated in the document containing the same.

2

IMPORTANT EUROPEAN ECONOMIC AREA RETAIL INVESTORS
If the relevant Final Terms in respect of any Notes includes a legend entitled "Prohibition of Sales to European Economic
Area Retail Investors", the Notes are not intended to be offered, sold or otherwise made available to and should not be
offered, sold or otherwise made available to any retail investor in the EEA. For these purposes, a retail investor means a
person who is one (or more) of: (i) a retail client as defined in MiFID II; (ii) a customer within the meaning of Directive
(EU) 2016/97 (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the
Prospectus Regulation. Consequently no key information document required by Regulation (EU) No 1286/2014 (as
amended, the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors
in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail
investor in the EEA may be unlawful under the PRIIPs Regulation.
IMPORTANT UK RETAIL INVESTORS
If the relevant Final Terms in respect of any Notes includes a legend entitled "Prohibition of Sales to United Kingdom
Retail Investors", the Notes are not intended to be offered, sold or otherwise made available to and should not be offered,
sold or otherwise made available to any retail investor in the UK. For these purposes, a retail investor means a person who
is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part
of domestic law by virtue of the EUWA; (ii) a customer within the meaning of the provisions of the Financial Services and
Markets Act 2000 (the "FSMA") and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97,
where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU)
No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article
2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA. Consequently no key information
document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the "UK
PRIIPs Regulation") for offering or sel ing the Notes or otherwise making them available to retail investors in the UK
has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in
the UK may be unlawful under the UK PRIIPs Regulation.
MiFID II PRODUCT GOVERNANCE / TARGET MARKET
The relevant Final Terms in respect of any Notes will include a legend entitled "MiFID II product governance" which will
outline the target market assessment in respect of the Notes and which channels for distribution of the Notes are
appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into
consideration the target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its
own target market assessment in respect of the Notes (by either adopting or refining the target market assessment) and
determining appropriate distribution channels.
A determination wil be made in relation to each issue about whether, for the purpose of the Product Governance rules
under EU Delegated Directive 2017/593 (the "MiFID Product Governance Rules"), any Dealer subscribing for any
Notes is a manufacturer in respect of such Notes, but otherwise neither the Arranger nor the Dealers nor any of their
respective affiliates will be a manufacturer for the purpose of the MiFID Product Governance Rules.
UK MiFIR PRODUCT GOVERNANCE / TARGET MARKET
The relevant Final Terms in respect of any Notes may include a legend entitled "UK MiFIR Product Governance" which
will outline the target market assessment in respect of the Notes and which channels for distribution of the Notes are
appropriate. A distributor should take into consideration the target market assessment; however, a distributor subject to the
FCA Handbook Product Intervention and Product Governance Sourcebook (the "UK MiFIR Product Governance
Rules") is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or
refining the target market assessment) and determining appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the UK MiFIR Product Governance
Rules, any Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither the Arranger

3

nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the UK MiFIR Product
Governance Rules.
SINGAPORE SFA PRODUCT CLASSIFICATION
In connection with Section 309B of the Securities and Futures Act (Chapter 289) of Singapore (as modified or amended
from time to time, the "SFA") and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore
(the "CMP Regulations 2018"), unless otherwise specified before an offer of Notes, the Issuer has determined, and hereby
notifies all relevant persons (as defined in Section 309A(1) of the SFA), that the Notes are 'prescribed capital markets
products' (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA
04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on
Investment Products).
BENCHMARKS REGULATION
Amounts payable under the Floating Rate Notes may be calculated by reference to the London Interbank Offered Rate
("LIBOR") and the Euro Interbank Offered Rate ("EURIBOR"). LIBOR is provided by ICE Benchmark Administration
Limited and EURIBOR is provided by the European Money Markets Institute. As at the date of this Base Prospectus, ICE
Benchmark Administration Limited does not appear on the register of administrators and benchmarks established and
maintained by the European Securities and Markets Authority (ESMA) pursuant to Article 36 of the Benchmarks
Regulation (Regulation (EU) 2016/1011, as amended) (the "Benchmarks Regulation"). As far as the Issuer is aware, the
transitional provisions in Article 51 of the Benchmarks Regulation apply, such that ICE Benchmark Administration
Limited is not currently required to obtain authorisation or registration. As at the date of this Base Prospectus, European
Money Markets Institute appears on the register of administrators and benchmarks established and maintained by the
European Securities and Markets Authority (ESMA) pursuant to Article 36 of the Benchmarks Regulation.
IMPORTANT INFORMATION RELATING TO THE USE OF THIS BASE PROSPECTUS AND OFFERS OF
NOTES GENERALLY
The distribution of this Base Prospectus and the offering or sale of the Notes in certain jurisdictions may be restricted by
law. Persons into whose possession this Base Prospectus comes are required by the Issuer, the Dealers and the Arranger to
inform themselves about and to observe any such restrictions. The Notes have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of
any state or other jurisdiction of the United States and, subject to certain exceptions, may not be offered or sold within the
United States or to, or for the account of or benefit of, U.S. Persons (as defined in Regulation S under the Securities Act
("Regulation S"). If TEFRA C is specified as "Applicable" in the relevant Final Terms, then the Notes are subject to U.S.
tax law requirements and may not be offered, sold or delivered within the United States or to, or for the account or benefit
of, U.S. persons as defined in the U.S. Internal Revenue Code of 1986, as amended, and regulations thereunder. For a
description of certain restrictions on offers and sales of Notes and on distribution of this Base Prospectus, see "Subscription
and Sale".
This Base Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuer, the Arranger or the
Dealers to subscribe for, or purchase, any Notes.
Save for Banco Montepio, no other person has separately verified the information contained herein. To the fullest extent
permitted by law, none of the Dealers (excluding Banco Montepio acting in its capacity as Issuer) or the Arranger accept
any responsibility for the contents of this Base Prospectus or for any other statement, made or purported to be made by the
Arranger or a Dealer or on its behalf in connection with the Issuer or the issue and offering of the Notes. The Arranger and
each Dealer accordingly disclaim all and any liability whether arising in tort or contract or otherwise (save as referred to
above) which it might otherwise have in respect of this Base Prospectus or any such statement. Neither this Base Prospectus
nor any other financial statements are intended to provide the basis of any credit or other evaluation and should not be
considered as a recommendation by any of the Issuer, the Arranger or the Dealers that any recipient of this Base Prospectus
or any other financial statements should purchase the Notes. Each potential purchaser of Notes should determine for itself
the relevance of the information contained in this Base Prospectus and its purchase of Notes should be based upon such
investigation as it deems necessary. None of the Dealers or the Arranger undertakes to review the financial condition or

4

affairs of the Issuer during the life of the arrangements contemplated by this Base Prospectus nor to advise any investor or
potential investor in the Notes of any information coming to the attention of any of the Dealers or the Arranger.
An investment in the Notes involves a reliance on the creditworthiness of the Issuer, which will be liable solely in its
corporate capacity for its obligations in respect of the Notes and such obligations will not be the obligations of its officers,
members, directors, employees, security holders or incorporators. The Notes are not guaranteed by any person. In addition,
an investment in Notes involves the risk that subsequent changes in the actual or perceived creditworthiness of the Issuer
may adversely affect the market value of the relevant Notes. See "Risk Factors".
The Notes will not represent an obligation or be the responsibility of the Arranger or the Dealers or any person other than
the Issuer.
The Notes may not be a suitable investment for all investors. Each potential investor in the Notes must determine the
suitability of that investment in light of its own circumstances. In particular, each potential investor should:
(i)
have sufficient knowledge and experience to make a meaningful evaluation of the relevant Notes, the merits
and risks of investing in the relevant Notes and the information contained or incorporated by reference in this
Base Prospectus or any applicable supplement;
(ii) have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular
financial situation, an investment in the relevant Notes and the impact such investment will have on its overall
investment portfolio;
(iii) have sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes, including
Notes where the currency for principal or interest payments is different from the currency in which such
investor's financial activities are principally denominated;
(iv) understand thoroughly the terms of the relevant Notes and be familiar with the behaviour of any relevant
indices and financial markets; and
(v)
be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic,
interest rate and other factors that may affect its investment and its ability to bear the applicable risks.
Investors generally purchase financial instruments as a way to reduce risk or enhance yield with an understood, measured,
appropriate addition of risk to their overall portfolios. A potential investor should not invest in Notes unless it has the
expertise (either alone or with the assistance of a financial adviser) to evaluate how the Notes will perform under changing
conditions, the resulting effects on the value of such Notes and the impact this investment will have on the potential
investor's overal investment portfolio.
An investment in Notes is not equivalent to an investment in a bank deposit. Although an investment in Notes may give
rise to higher yields than a bank deposit placed with the Issuer or with any other investment firm in the Group (as defined
in "Terms and Conditions of the Notes"), an investment in Notes carries risks which are very different from the risk profile
of such a deposit. Notes are expected to have greater liquidity than a bank deposit since bank deposits are generally not
transferable. However, Notes may have no established trading market when issued, and one may never develop.
Investments in Notes do not benefit from any protection provided pursuant to Directive 2014/49/EU of the European
Parliament and of the Council on deposit guarantee schemes or any national implementing measures implementing this
Directive in any jurisdiction (such as the UK's Financial Services Compensation Scheme). Therefore, if the Issuer becomes
insolvent or defaults on its obligations, investors investing in Notes in a worst case scenario could lose their entire
investment.
STABILISATION
In connection with the issue of any Tranche (as defined in "General Description of the Programme"), the Dealer or Dealers
(if any) named as the stabilisation manager(s) (the "Stabilisation Manager(s)") (or persons acting on behalf of any
Stabilisation Manager(s)) in the relevant Final Terms may over-allot Notes or effect transactions with a view to supporting
the market price of the Notes at a level higher than that which might otherwise prevail. However, there is no assurance
that the Stabilisation Manager(s) (or persons acting on behalf of a Stabilisation Manager) will undertake stabilisation

5

action. Any stabilisation action may begin on or after the date on which adequate public disclosure of the final terms of
the offer of the relevant Tranche is made and, if begun, may cease at any time, but it must end no later than the earlier of
30 days after the issue date of the relevant Tranche and 60 days after the date of the allotment of the relevant Tranche. Any
stabilisation action or over-allotment must be conducted by the relevant Stabilisation Manager(s) (or person(s) acting on
behalf of any Stabilisation Manager(s)) in accordance with all applicable laws and rules.
PRESENTATION OF INFORMATION
In this Base Prospectus, unless otherwise specified or the context otherwise requires, references to "" and "euro" are to
the currency introduced at the start of the third stage of European economic and monetary union pursuant to the Treaty
establishing the European Community, as amended from time to time. Certain amounts that appear in this Base Prospectus
have been subject to rounding adjustments. Accordingly, the figures shown as totals in certain tables may not be an
arithmetic aggregation of the figures that precede them and amounts expressed as percentages may not total 100 per cent.
when aggregated.
Financial information for the year ended and as at 31 December 2019 contained in this Base Prospectus has been extracted
from the Annual Report 2020. Certain figures for the year ended and as at 31 December 2019 that are extracted have been
restated for comparative purposes and where relevant, the Issuer has indicated this in the Base Prospectus. For further
information please see "Description of the Issuer Introduction to Banco Montepio" and Note 1 (Accounting policies)
item (a)(Basis of presentation Restatement of the consolidated financial statements of the previous financial year) on
pages 174 to 175 of the Annual Report 2020.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS
This Base Prospectus may contain forward-looking statements. Banco Montepio may also make written forward-looking
statements in their audited annual financial statements, in their interim financial statements, in their offering circulars, in
press releases and other written materials and in oral statements made by their officers, directors or employees to third
parties. Statements that are not historical facts, including statements about Banco Montepio's beliefs and expectations, are
forward-looking statements. These statements are based on current plans, estimates and projections and such statements
reflect Banco Montepio's judgement at the date of this document and are not intended to give any assurances as to future
results. Forward-looking statements speak only as at the date they are made, and Banco Montepio undertakes no obligation
to update publicly any of them in light of new information or future events. Banco Montepio will comply with their
obligations to publish updated information as required by law or by any regulatory authority but assume no further
obligation to publish additional information.
ALTERNATIVE PERFORMANCE MEASURES
This Base Prospectus and the documents incorporated by reference in this Base Prospectus contain certain management
measures of performance or alternative performance measures ("APMs"), which are used by management to evaluate the
Issuer's overall performance. These APMs are not audited, reviewed or subject to review by the Issuer's auditors and are
not measurements required by, or presented in accordance with, International Financial Reporting Standards ("IFRS").
Accordingly, these APMs should not be considered as alternatives to any performance measures prepared in accordance
with IFRS.
Many of these APMs are based on the Issuer's internal estimates, assumptions, calculations, and expectations of future
results and there can be no guarantee that these results will actually be achieved. Accordingly, investors are cautioned not
to place undue reliance on these APMs.
Furthermore, these APMs, as used by the Issuer, may not be comparable to other similarly-titled measures used by other
companies. Investors should not consider such APMs in isolation, as alternatives to the information calculated in
accordance with IFRS, as indications of operating performance or as measures of the Issuer's profitability or liquidity.
Such APMs must be considered only in addition to, and not as a substitute for or superior to, financial information prepared
in accordance with IFRS and investors are advised to review these APMs in conjunction with the audited consolidated
annual financial statements incorporated by reference in this Base Prospectus.

6

The descriptions (including definitions, explanations and reconciliations) of all APMs are set out in the Glossary at the
back of this Base Prospectus.
The Issuer believes that the description of these management measures of performance in this Base Prospectus follows
and complies with the ESMA Guidelines introduced on 3 July 2016 on Alternative Performance Measures.

7

SUPPLEMENT TO THE BASE PROSPECTUS
The Issuer has given an undertaking to the Dealers and the Luxembourg Stock Exchange that if at any time during the
duration of the Programme there is a significant new factor, mistake or material inaccuracy relating to information
contained in this Base Prospectus which is capable of affecting the assessment of any Notes whose inclusion would
reasonably be required by investors and their professional advisers, and would reasonably be expected by them to be found
in this Base Prospectus, for the purpose of making an informed assessment of the assets and liabilities, financial position,
profits and losses and prospects of the Issuer, and the rights attaching to the Notes, the Issuer shall prepare a supplement
to this Base Prospectus or publish a replacement Base Prospectus for use in connection with any subsequent offering of
the Notes and shall supply to each Dealer and the Luxembourg Stock Exchange such number of copies of such supplement
hereto as such Dealer and the Luxembourg Stock Exchange may reasonably request.

8

TABLE OF CONTENTS
RISK FACTORS . . ..... ....... ...... .... ...... .... . . ..... .... ...... . ..... ...... .... ...... . . ... ...... .... . . ... . .... . . ... ...... ...... . . 10
DOCUMENTS INCORPORATED BY REFERENCE . .... ...... ...... . ..... .... . ........... . ..... .... . .... . . ... ...... ...... . . 41
GENERAL DESCRIPTION OF THE PROGRAMME .... .... . .... . . ... ...... .... . . ..... .... ...... . . ... ...... .... . . ..... ... 43
TERMS AND CONDITIONS OF THE NOTES ... ...... .... . . ..... .... ...... .... . . ..... .... ...... ...... . ..... .... ...... ...... . . 50
FORM OF THE NOTES . . . ...... .... ...... . ..... ...... .... ...... ...... . ..... .... ...... ...... . ..... .... ...... ...... . ..... .... ...... ...... 81
USE OF PROCEEDS ... ...... ...... . ..... .... ...... ...... . ..... .... ...... ...... . ..... .... . .... . . ... ...... .... . . ..... .... ...... . . ... .. 83
DESCRIPTION OF THE ISSUER .... . ..... ...... .... ...... . ..... ...... .... ...... . . ... ...... .... . . ... . .... . . ... ...... ...... . ..... 84
THE PORTUGUESE BANKING SECTOR . .... . . ... ...... ...... . ......... . ..... ...... .... ...... . ..... ...... .... ...... . ..... .... 142
THE PORTUGUESE ECONOMY .... .... . . ..... .... ...... . ..... ...... .... ...... ...... . ..... .... ...... ...... . ..... .... ...... ...... . 168
TAXATION ..... ........... . ..... ...... .... ...... . . ... ...... .... . . ... . .... . . ... ...... .... . . ..... .... ...... . . ... ...... .... . . ... . ..... 172
SUBSCRIPTION AND SALE ... . ..... .... ...... ...... . ..... .... ...... ...... . ..... ...... .... ...... . ..... ...... .... ...... ....... ...... . 178
FORM OF FINAL TERMS . . . .......... . ..... .... . .... . . ... ...... ...... . ..... .... . .... . . ... ...... .... . . ..... .... ...... . ..... .... 185
GENERAL INFORMATION ..... . ..... .... ...... ...... . ......... . . ... ...... ........... . . ... ...... .... . . ... . ........... . ..... ...... . 197
GLOSSARY - ALTERNATIVE PERFORMANCE MEASURES ... .... ...... . . ... ...... .... . . ..... .... ...... . ..... ...... . 199

9

RISK FACTORS
The Issuer believes that the following factors may affect its ability to fulfil its obligations under Notes issued under the
Programme. All of these factors are contingencies which may or may not occur.
Factors which the Issuer believes may be material for the purpose of assessing the market risks associated with Notes
issued under the Programme are also described below.
The Issuer believes that the factors described below represent the principal risks inherent in investing in Notes issued
under the Programme, but the Issuer may be unable to pay interest, principal or other amounts on or in connection with
any Notes for other reasons and the Issuer does not represent that the risks of holding any Notes are exhaustive. Prospective
investors should also read the detailed information set out elsewhere in this Base Prospectus or incorporated by reference
herein and reach their own views prior to making any investment decision.
The risk factors described below are those that the Issuer believes are material and specific to the Issuer and that may
affect the Issuer's ability to fulfil each of the obligations under the Notes. The risk factors have been organised into the
following categories:
- Risk factors relating to Banco Montepio's legal status as a savings bank (caixa económica bancária);
- Risk factors relating to Banco Montepio's business;
- Risks related to the legal and regulatory framework;
- Factors which are material for the purpose of assessing the market risks associated with Notes issued under the
Programme
o Risks related to the structure of a particular issue of Notes;
o Risk relating to Subordinated Notes and Senior Non Preferred Notes;
o Risks related to the market generally;
o Risks related to Notes generally.
Within each category or subcategory, the most material risks, in the assessment of the Issuer, are set out first. The Issuer
has assessed the materiality of the risk factors based on the probability of their occurrence and the expected magnitude of
their negative impact. The order of the categories does not imply that any category or subcategory of risk is more material
than any other category or subcategory.
Risk factors relating to Banco Montepio's legal status as a savings bank (caixa económica bancária)
Change in legal framework of the Issuer
On 14 September 2017, the Issuer completed a change in its legal status from a savings bank affiliated (caixa económica
anexa) to Montepio Geral Associação Mutualista ("MGAM") into a full service savings bank (caixa económica bancária)
incorporated as a public limited liability company (sociedade anónima), under the supervision of Banco de Portugal. The
nature of the Issuer as a full service savings bank (caixa económica bancária) limits the types of entities that can hold the
majority of the capital or the voting rights in the Issuer, in particular, these are mutual associations, charities and beneficial
institutions. This legal limitation may have a material adverse effect on the Issuer's ability to meet its capital requirements
and a failure to meet such requirements may have a material adverse effect on the Issuer's condition, the ability to pursue
its business and results of its operations.
Reliance on Montepio Geral Associação Mutualista as an equity provider
Banco Montepio was established by MGAM in 1844, as an affiliated entity (caixa económica anexa) of MGAM, in order
to support MGAM in the pursuit of its goals. MGAM is a private institution of social support (i.e. a mutual benefits
association) whose principal purposes are to promote and develop initiatives designed to ensure the social protection and
welfare of its members, their families and other beneficiaries nominated by them.

10