Organizational Model - Remunerations and Welfare Board

The Remunerations and Welfare Committee, composed of shareholders and elected at the Annual General Meeting held on May 27, 2008, has the following composition:

Chairman: José Manuel Rodrigues Berardo
Directors: Luís de Melo Champalimaud
Manuel Pinto Barbosa

In light of the requirement of independence, two out of the three members of this committee are qualified as independent with regards the Company.
All the members of the Remunerations and Welfare Committee are shareholders and independent from the Administration of the Bank, and not influenced by the latter in the execution of their functions.