CGD | Investor journal n01_2016

CGD INVESTOR’S JOURNAL
#01_2016
2015 Full Year Overview
01

2015 Full Year Report2
Head Office
Avenida João XXI, 63
1000-300 Lisboa
Tel: (+351) 217 953 000
Fax: (+351) 217 905 050
cgd@cgd.pt
www.cgd.pt
EXECUTIVE BOARD
José Agostinho Martins de Matos
CEO
Nuno Maria Pinto de Magalhães Fernandes Thomaz
Executive Vice-President
João Nuno de Oliveira Jorge Palma
Executive Board Member, CFO
José Pedro Cabral dos Santos
Executive Board Member
Ana Cristina de Sousa Leal
Executive Board Member, CRO
Maria João Borges Carioca Rodrigues
Executive Board Member
CUSTOMER-CENTERED
BUSINESS.
SUPPORT
OF PORTUGUESE
ECONOMIC ACTIVITY.
PROMOTION
OF HUMAN TALENT
AND TEAMWORK.
HIGHEST ETHICAL
STANDARDS.
INNOVATION.
SOCIAL RESPONSIBILITY,
GLOBAL SUSTAINABILITY
AND INVESTMENT
IN THE FUTURE.

CGD INVESTOR’S JOURNAL 3
2015 was an important year for
CGD, as we were able to reach a
near zero net income before taxes
and minority interests. This is a
strong development compared to
previous years, which, together
with efficiency initiatives already in
place, will allow us, in the future,
to contribute positively to an even
more robust balance sheet.
Caixa has reinforced its franchise
in the home market maintaining
the leadership both in customer
resources and in lending activities,
while benefiting from its cross-
border operations, a seamless
network of banks, branches and
representative offices across the
globe.
As the growth in the Portuguese
economy accelerated, Caixa took
advantage from the continued
confidence from its clients, both
individuals and corporates.
Deposits continued to grow
notwithstanding the repricing,
driven by ever low interest rates,
and the growth of new production
in home loans in 2015 was very
strong.
2015: SOLID DEVELOPMENTS
Positive contribution from
international operations
Geographical diversification bears
its fruits, as Caixa Group spans
over 23 countries and 4 continents,
benefiting from an exposure to
fast-growing economies. Loans
and advances to customers have
also increased in the international
area, driven namely by the support
to corporates operating across-
borders, either based in Portugal
or in the jurisdictions where Caixa
Group is present. The contribution
of international operations to net
operating income has been very
positive.
Caixa’s consolidated accounts
show an increase in net interest
margin and total operating income
and its liquidity and solvency
indicators remain stable, above
mandatory requirements, reflecting
the equilibrium of Caixa’s current
position and underpinning its
sustainability and soundness.
Caixa is also the only bank present
in every Portuguese municipality.
The only bank present
in every Portuguese
municipality.
EDITORIAL

BUSINESS PERFORMANCE
FY2015
Income from financial operations
Net Interest Income
M€
M€
Source: 2015 Consolidated Accounts
CGD achieved net interest income of
€1,187.9 million in 2015, up 14.4% over
2014, on the back of a decrease in funding
costs which more than offset the reduction in
interest on lending activities.
Income from financial operations, in 2015,
totalled €350.0 million against €201.7 million
in the preceding year, benefiting from the
good performance of the government debt
markets.
Income from equity instruments
Net interest income
DEC 2014
350.0
201.7
DEC 2015
73.6%
DEC 2014
1,038.3 1,187.9
74.3
1,113.6
988.7
49.6
DEC 2015
14.4%
TOTAL

Total Operating Income M€
Net Operating Income
Before Impairments
M€
Income from financial operations
Commissions (net)
Net interest income
Other operating income (NOT ON SCALE)
Investment banking
International activity
Domestic commercial banking
Other(NOT ON SCALE)
Net Operating Income Before Impairments
was up 58.2% to €649.7 million owing
to contributions both from CGD’s domestic
activity and the Group’s international
operations.
Total operating income was up 17.5% over
last year, to €2,042.0 million.
410.8 649.7
TOTAL
19.1
-0.5
34.6
-14.5
DEC 2014 DEC 2015
390.4
334.3
240.6
56.4
58.2%
-7.4
201.7
-16.5
DEC 2014 DEC 2015
511.5
515.0
1,187.91,038.3
350.0
TOTAL
1,738.4 2,042.0
17.5%

Cost to Income
Consolidated Net Income
M€
DEC 2014
DEC 2015
Benefiting from the growth of total operating
income, the cost-to-income indicator was
down to 66.6%.
Consolidated net income of €-171.5 million,
an improvement of €454.7 million over 2014
taking adjustments into account.
(a) For comparability purposes, the amounts of net
income and net income before tax and non-controlling
interests for 2014 have been adjusted to reflect the
appropriation of 15% of the net income of Fidelidade and
20% of Cares and Multicare, which correspond to the
equity percentages presently held by CGD Group, and the
exclusion of the capital gains recognised on the disposal of
the referred to insurance companies that occurred in that
period.
(b) Value excluding the effects of the provisioning of
the ‘Plano Horizonte’ (65M€). This program defines a
number of conditions allowing employes to apply for Pre or
Voluntary Retirements.
ADJUSTED (a) ADJUSTED (b)
-626.1
-106.5
DEC 2014 DEC 2015
66.6%
75.5%
-348.0
-171.5

ECB Funds
CGD Group continued to reduce its
borrowings from the Eurosystem to an end of
year total of €2,766 million (2.7% of its total
assets), down €344 million over 2014.
M€
Balance Sheet
Funding Structure
Robust funding structure reflecting a
dominant retail contribution (deposits and
other retail instruments), due to a large and
stable Customer base.Source: 2015 Consolidated Accounts
INSTITUTIONAL INVESTORS
AND PORTUGUESE STATE + COCOS
CENTRAL BANKS + CI RESOURCES
OTHER LIABILITIES
DEC 2015DEC 2013 DEC 2014DEC 2012
79%
RETAIL
8%7%6%
8,415
6,335
3,110 2,766
FUNDING, LIQUIDITYAND CAPITAL
FY2015

Liquidity Coverage Ratio
Capital Ratios
The LCR indicator at 146.4% was
significantly above the minimum
requirements and indicative of CGD’s
comfortable liquidity position.
The CET 1 phased-in and fully implemented
ratios, calculated under CRD IV/CRR rules,
at 10.8% and 10.0% in December 2015
respectively, confirmed a balanced CGD’s
current capital position.
DEC 2014
DEC 2015
DEC 2014
COMMON EQUITY
TIER 1
(PHASED-IN)
COMMON EQUITY
TIER 1
(FULLY IMPLEMENTED)
TOTAL
(PHASED-IN)
TIER 1
(PHASED-IN)
DEC 2015
146.4%
103.6%
11.1% 10.8% 11.1%
12.9%
10.2%10.8%
12.2%
10.0%
FUNDING, LIQUIDITYAND CAPITAL

DEC 2014
DEC 2015
Strong contribution
to net operating income on the
back of sustained growth from
international operations.
International Area Top 4
Contributions to Net Income
M€
International Area Contributions
to Net Operating Income
before Impairments
M€
DEC 2014 DEC 2015
390.4
334.3
INTERNATIONALACTIVITY
FY2015
BNU MACAU
FRANCE BRANCH
BCG ANGOLABCG SPAIN
58.8
41.943.2
-41.1
33.9
18.1
25.3
20.1
16.8%

FRANCE
Results - France Branch
NET INCOME NET OPERATING INCOME
BEFORE IMPAIRMENTS
LOANS AND ADVANCES
TO CUSTOMERS (NET)
CUSTOMER DEPOSITS
M€
DEC 2014
DEC 2015
51.9
2,455
3,727
-41.1
67.8
2,441
4,029
43.2
CHINA/MACAO
BEFORE IMPAIRMENTS
LOANS AND ADVANCES
TO CUSTOMERS (NET)
CUSTOMER DEPOSITS
Results - BNU Macau
M€
DEC 2014
DEC 2015
4,300
55.7
2,272
41.9
5,837
75.0
3,081
58.8

ANGOLA
Results - BCG Angola
BEFORE IMPAIRMENTS
LOANS AND ADVANCES
TO CUSTOMERS (NET)
CUSTOMER DEPOSITS
M€
DEC 2014
DEC 2015
85.2
1,442
18.1
506
88.1
1,489
33.9
527
SPAIN
Results - BCG Spain
BEFORE IMPAIRMENTS
LOANS AND ADVANCES
TO CUSTOMERS (NET)
CUSTOMER DEPOSITS
M€
DEC 2014
DEC 2015
3,145
46.4
2,926
20.1
2,513
54.5
2,324
25.3

CGD’S INTERNATIONAL NETWORK
Global Reach
Caixa operates across borders
through an extensive network
of Banks, Branches and
Representative Offices.
The international network links
the developed markets in Europe
and North America with regions
of the globe witnessing the most
rapid development, as shown by
GDP expected growth trends for
2013-2020, according to the IMF
– developing Asia (6.5%), Sub-
Saharan Africa (4.8%) and Latin
America and Caribbean (1.9%).
GDP GROWTH
2013-2020 Annual % Average Rate
LATIN AMERICA
AND CARIBBEAN
NORTH AMERICA
SUB-SAHARAN
AFRICA
DEVELOPING
ASIA
Source: IMF statistics, October 2015
Contribution to International
Loans and Advances to Customers
Contribution to International
Customer Deposits
(*) Portuguese speaking African Countries
Other France Spain PALOP* Asia
7% 14% 15% 24% 40%
Other PALOP* Asia France Spain
9% 16% 21% 26% 28%
6.5%2.2%1.9%1.8% 4.8%EURO AREA + UK
LATIN AMERICA
AND
CARIBBEAN
NORTH AMERICA
CAYMAN ISLANDS
USA
VENEZUELA
CANADA
BRAZIL

Large network connecting mature and fast growing markets.
Extensive network of Banks, Branches and Representative Offices.
GDP GROWTH
764
Number of Branches
INTERNATIONAL NETWORK
ALGERIA
SUB-SAHARAN
AFRICA
DEVELOPING
ASIA
EURO AREA + UK
SOUTH AFRICA
ANGOLA
CAPE VERDE
UK
SPAIN
FRANCE
PORTUGAL
GERMANY
BELGIUM
LUXEMBOURG
SWITZERLAND
MOZAMBIQUE INDIA
EAST TIMOR
CHINA
Source: www.cgd.pt
20 1422 191 40 44 141
0.9%6.6% 5.0%1.1%2.4% 8.9% 4.6% 3.3% 2.0%2.3%1.3% 1.7%3.8%
2 48 112
PORTUGALCHINA EAST
TIMOR
BRAZILUSA MOZAMBIQUE ANGOLA CAPE
VERDE
SOUTH
AFRICA
UNITED
KINGDOM
LUXEMBOURG FRANCE SPAIN

4th
Q 2015 TIMELINE
CGD ISSUES / SECONDARY MARKET
CGD Issues (% yields)
Source: Thomson Reuters
€1BN 7 YEAR COVERED BONDS 2022
€750M 5 YEAR COVERED BONDS 2018
€750M 5 YEAR COVERED BONDS 2019
4th
Q Events
Source: www.cgd.pt

PRIMARY MARKET
CGD DEBT €1bn / 7 YEAR COVERED BONDS
ISSUER Caixa Geral de Depósitos SA
RATINGS Moody´s: Baa2; Fitch: BBB; DBRS: A
FORMAT 7 Year Covered Bonds 2022
PRICING DATE 20-Jan-2015
SETTLEMENT 27-Jan-2015
MATURITY 27-Jan-2022
ISSUE SIZE €1bn
COUPON 1%
REOFFER YIELD 1.099%
REOFFER PRICE 99.336%
BOOKRUNNERS Caixa BI, LBBW, Natixis, Nomura,
Santander.
Breakdown by Type of Investors
Source: www.cgd.pt
Geographic Breakdown
Source: www.cgd.pt
€7.0bn
COVERED
BONDS TOTAL
OUTSTANDING

MARKET SHARES
(ASOFNOVEMBER2015)
32%
Individuals - Deposits
11%
Corporates - Deposits
Total - Deposits
28%
Corporates - Loans and Advances
18%
Individuals - Loans and Advances
23%
Total - Loans and Advances
Source: Associação Portuguesa de Bancos ‘Statistics and CGD’s calculations.
22%
Leading Customer deposits
and loans and advances market share

CGD PRIZESAND DISTINCTIONS
These prizes are the sole responsibility
of the awarding entities.
CDLI - Carbon Disclosure Leadership Index.[100]
CPLI - Carbon Performance Leadership Index,
LEVEL B[Iberia 125 Climate Change Report 2014]
Green Leadership Award, 2014.
Sustainability Strategy.
Bank with environmental certification, 2014.
[APCER] [ISO 14001]
Silver Award - Web Campaign, 2015. Brand Excellence Award, 2014.
Best Ethical Practices Awards, 2014.
Social Responsibility.
Banking - Most Valuable Portuguese Brand,
2015.
Marketeer Awards, 2015.
Banking. Marketing, Advertising, Communication.
Portugal Best Bank, 2014.Digital Marketing Innovation Award.
Summer Festivals Caixa, 2014.
Marktest Reputation Index, 2014.
1st - Banking Category.
BRAND VALUE
$m503
BRAND RATING
AA+
2016 CGD Brand
Source: The Banker / Brand Finance
Prime Company, 2014.
[Oekom Ranking]

11% paper stationaries reduction since 2013.
All paper sources are certified and from sustainable origins.
CGD INVESTMENT IN THE FUTURE
ENVIRONMENTAL MANAGEMENT SYSTEM
PAPER CONSUMPTION REDUCTION
Carbon Disclosure Project
(CDP)
Only company in the financial
sector with maximum score
(100 points) in the Carbon
Disclosure Leadership Index
(CDLI) in the “Iberia 125
Climate Report 2014”, and B
in the band performance.
Environmental Management
System (EMS)
CGD obtained environmental
certification, according to ISO
14001.
14% electricity power usage per employee reduction since 2006.
28% electric power consumption reduction since 2006, equivalent to 7,000 homes.
ELECTRICITY CONSUMPTION REDUCTION

27% CO2 reduction per employee since 2006 95% of produced waste
is recycled
WATER CONSUMPTION REDUCTION
11% water consumption reduction since 2013, equivalent to 72,500 ten minute showers.
CARBON FOOTPRINT REDUCTION
ENVIRONMENTAL PERFORMANCE
2012 2013 2014
Fuel consumption of buildings (GJ) 1,653 1,559 1,726
Electricity (GJ) 299,624 291,643 267,555
Total GHG emissions (tCO2e) 32,598 34,334 34,128
Water consumption (m3
) 175,877 164,287 146,880
Photocopy paper consumption (t) 452 451 431
Waste production (t) 1007 771 657
Cost of energy and water per
employee (EUR thousand/FTE) 1.77 1.68 1.72
Source: CGD - 2015 Sustainability Report
RECYCLING

(+351) 217 953 000
Fax (+351) 217 953 479
www.cgd.pt/Investor-Relations
INVESTOR RELATIONS OFFICE
Av. João XXI, 63, 8º piso
1000-300 Lisboa
PORTUGAL
investor.relations@cgd.pt
CONTACT US

FURTHER READING
01_2014 02_2014 03_2014 04_2014
01_2015 02_2015 03_2015 04_2015
INT. NETWORK
SPECIAL EDITION
CGD INVESTOR´S
FACTSHEET
2014
ANNUAL
REPORT
2015
ANNUAL
REPORT
LATEST ISSUES

This document is only provided for infor-
mation purposes and does not constitute,
nor must it be interpreted as, an offer to
sell or exchange or acquire, or an invita-
tion for offers to buy securities issued by
any of the aforementioned companies in
any jurisdiction where, or to any person
to whom, it is unlawful to make such an
offer or sale. Any decision to buy or invest
in securities in relation to a specific issue
must be made solely and exclusively on
the basis of the information set out in the
pertinent prospectus filed by the company
in relation to such specific issue. Nobody
who becomes aware of the information
contained in this report must regard it as
definitive, because it is subject to changes
and modifications. The Company makes
no representation or warranty, express or
implied, as to the accuracy or complete-
ness of the information containeherein.
This document contains or may contain
forward looking statements regarding
intentions, expectations or projections of
Caixa Geral de Depósitos or of its mana-
gement on the date thereof that refer to
miscellaneous aspects, including pro-
jections about the future earnings of the
business and involve significant elements
of subjective judgment and analysis that
may or may not be correct. The state-
ments contained herein are based on
our current projections, although the said
earnings may be substantially modified in
the future by certain risks, uncertainty and
others factors relevant that may cause the
results or final decisions to differ from such
intentions, projections or estimates. These
factors include, without limitation, (1) the
market situation, macroeconomic factors,
regulatory, political or government guide-
lines, (2) domestic and international stock
DISCLAIMER
market movements, exchange rates and
interest rates, (3) competitive pressures,
(4) technological changes, (5) alterations
in the financial situation, creditworthiness
or solvency of our customers, debtors or
counterparts. These factors could condi-
tion and result in actual events differing
from the information and intentions stated,
projected or forecast in this document and
other past or future documents. Caixa
Geral de Depósitos does not undertake to
publicly revise the contents of this or any
other document, either if the events are
not exactly as described herein, or if such
events lead to changes in the stated stra-
tegies and intentions. The contents of this
statement must be taken into account by
any persons or entities that may have to
make decisions or prepare or disseminate
opinions about securities issued by Caixa
Geral de Depósitos and, in particular, by
the analysts who handle this document
and any recipient thereof should conduct
its own independent analysis of the Com-
pany and the data contained or referred to
herein. This document may contain sum-
marised information or information that has
not been audited, and its recipients are
invited to consult the documentation and
public information filed by Caixa Geral de
Depósitos with stock market supervisory
bodies, in particular, the prospectuses and
periodical information filed with the Portu-
guese Securities Exchange Commission
(CMVM).
Unless otherwise indicated all figures were
disclosed in latest quarter consolidated
operations (unconsolidated accounts).
Distribution of this document in other juris-
dictions may be prohibited, and recipients
into whose possession this document
comes shall be solely responsible for in-
forming themselves about, and observing
any such restrictions. By accepting this
document you agree to be bound by the
foregoing restrictions.

CGD | Investor journal n01_2016

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