Banco Comercial Portugues, S.A. "New government retail funding campaign..."

Research evidence excerpt

Banco Comercial Portugues, S.A. "New government retail funding campaign..."

distributed by UBS AG, Bahrain Branch, duly licensed and regulated by the Central Bank of Bahrain (CBB) as an Investment Business Firm - Category 2 (Branch). Related

financial services or products are only made available to Accredited Investors, as defined by the CBB, and are not intended for any other persons. UBS AG, Bahrain Branch is

a Foreign Branch of UBS AG, Zurich/Switzerland and is located on Level 21, East Tower, Bahrain World Trade Centre, Manama, Kingdom of Bahrain. Brazil: This report is

distributed in Brazil by UBS BB Corretora de Câmbio, Títulos e Valores Mobiliários S.A. or its affiliates (“UBS”). Pursuant to CVM Resolution No. 20/2021, of February 25,

2021, the author(s) of the report hereby certify(ies) that the views expressed in this report solely and exclusively reflect their personal opinions and have been prepared

independently, including with respect to UBS. Part of the author(s)´s compensation is based on various factors, including the total revenues of the relevant UBS Group entity

of which they are in employment of, but no part of the compensation has been, is, or will be related to the specific recommendations or views expressed in this report. In

addition, UBS declares that: UBS has provided, and/or may in the future provide investment banking, brokerage, asset management, commercial banking and other financial

services to the subject company/companies or its affiliates, for which they have received or may receive customary fees and commissions, and which constituted or may

constitute relevant financial or commercial interests in relation to the subject company/companies or the subject securities. Canada: The information contained herein is not,