Banco BPI, S.A.

Publicly held company
Head Office: Rua Tenente Valadim, no.284, Porto, Portugal
Share capital: € 990 000 000
Registered in Oporto C.R.C. and corporate body no. 501 214 534

DISCLOSURE OF MANAGEMENT TRANSACTIONS

Pursuant to and for the purposes of CMVM Regulation No. 5/2008, Banco BPI hereby discloses the information received on the 7th May 2012, on the following transaction with Banco BPI shares:

Identification of the legal person to whom the reported transaction concerns

CaixaBank, S.A.

Circumstances that determine the disclosure requirement

The requirement to make the present disclosure results from the combination of the following: a) The imposition, by CMVM Regulation 5/2008 of the duty to disclose to the market the transactions of shares of a listed company carried out by persons discharging managerial responsibilities ("dirigentes") of such company pursuant to article 248º-B of the Securities Code or by persons closely associated with them;
b) The fact that members of the Board of Directors of Banco BPI, SA - Isidro Faine Casas, Juan Maria Nin, Marcelino Armenter Vidal and Ignacio Alvarez-Rendueles - are "dirigentes" in CaixaBank, SA, which is therefore considered pursuant to the above mentioned article 248-
b of the Securities Code, a person closely associated with "dirigentes" of Banco BPI, S.A.

Disclosed transaction

Nature

Date

Location

Price (€)

Quantity

Sale

07.05.2012

OTC

0,50

93.420.330

Participating interest following transaction Number of Banco BPI shares held after the transaction by the legal person to whom the

transaction concerns
391.410.330 (representing 39,536% of Banco
BPI, S.A.'s share capital )
In accordance with the information sent by CaixaBank, S.A. to Banco BPI, S.A. the above mentioned sale is subject to the following condition: non opposition of the Bank of Portugal to the transaction in the terms of the applicable legislation.
Porto, 8th May 2012

Banco BPI, S.A.
distributed by