FINAL TERMS OF THE COVERED BONDS THE ... - Montepio

FINAL TERMS OF THE COVERED BONDS
Final Terms dated 29 September 2011
Caixa Económica Montepio Geral
Issue of €550,000,000 Floating Rate Covered Bonds due December 2016
under the €5,000,000,000 Covered Bonds Programme
THE COVERED BONDS (AS DESCRIBED HEREIN) ARE MORTGAGE COVERED
BONDS ISSUED IN ACCORDANCE WITH DECREE-LAW 59/2006, OF 20 MARCH 2006
(AS AMENDED, THE “COVERED BONDS LAW”). THE ISSUER HAS THE CAPACITY
TO ISSUE COVERED BONDS IN ACCORDANCE WITH THE COVERED BONDS LAW.
THE FINANCIAL OBLIGATIONS OF THE ISSUER UNDER THE COVERED BONDS
ARE SECURED ON THE COVER POOL MAINTAINED BY THE ISSUER IN
ACCORDANCE WITH THE COVERED BONDS LAW.
This document constitutes the Final Terms relating to the issue of Covered Bonds described
herein.
PART A – CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the terms and conditions of the
Covered Bonds (the “Terms and Conditions”) set forth in the Base Prospectus dated 20 October 2008, as
supplemented on 9 July 2009, on 13 May 2010, on 26 May 2010, on 13 October 2010, on 4 November 2010
and on 28 September 2011. This document constitutes the Final Terms of the Covered Bonds described herein
for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base
Prospectus dated 20 October 2008, as supplemented on 9 July 2009, on 13 May 2010, on 26 May 2010, on 13
October 2010, on 4 November 2010 and on 28 September 2011 which constitutes a base prospectus for the
purposes of the Prospectus Directive, save in respect of the Terms and Conditions which are extracted from
the Base Prospectus dated 20 October 2008, as supplemented on 9 July 2009, on 13 May 2010, on 26 May
2010, on 13 October 2010, on 4 November 2010 and on 28 September 2011 and are attached hereto. Full
information on the Issuer and the offer of the Covered Bonds is only available on the basis of the combination
of these Final Terms and the Base Prospectus dated 20 October 2008, as supplemented on 9 July 2009, on 13
May 2010, on 26 May 2010, on 13 October 2010, on 4 November 2010 and on 28 September 2011. The Base
Prospectus and the supplements to the Base Prospectus are available for viewing at Caixa Económica
Montepio Geral, Rua Áurea, 219-241, 1100-062 Lisboa and www.montepio.pt and copies may be obtained
from the same address. A copy of the Base Prospectus and the supplements to the Base Prospectus are
available for viewing at www.cmvm.pt.
1 Issuer: Caixa Económica Montepio Geral
(i) Series Number: 2
(ii) Tranche Number: 2
(this Tranche shall be fungible with Tranche 1 with
ISIN PTCMKTOE0007, on 30 September 2011)
Specified Currency or Currencies: EUR
(i) Aggregate Nominal Amount of
Covered Bonds:
A. Series: €700,000,000
B. Tranche: €550,000,000
(ii) Specify whether Covered Bonds are
to be admitted to trading
Yes

(i) Issue Price: 100 per cent. of the Aggregate Nominal Amount
plus accrued interest from 16 September 2011
(ii) Net Proceeds
2
€550,487,410
Specified Denominations: 50,000 EURO
(i) Issue Date: 30 September 2011
(ii) Interest Commencement Date: 16 September 2011
Maturity Date: Interest Payment Date falling in or nearest to 16
December 2016
Extended Maturity Date: 16 December 2017
Interest Period:
(i) Period to (but excluding) Maturity
Date:
(ii) Period from (and including) Maturity
Date up to (but excluding) Extended
Maturity Date:
Redemption/Payment Basis: Redemption at par
Change of Interest or Redemption/Payment
Basis
3-month EURIBOR + 0.75 per cent. Floating Rate
(further particulars specified below)
1-month EURIBOR+ 0.75 per cent. Floating Rate
(further particulars specified below)
Not Applicable
Put/Call Options: Not Applicable
(i) Status of the Covered Bonds: The Covered Bonds, any interest thereon and any
relative Coupons, if applicable, constitute direct,
unconditional, unsubordinated and secured
(ii) Date of Board approval for issuance
of Covered Bonds obtained:
obligations of the Issuer and rank pari passu
without any preference among themselves. The
Covered Bonds are mortgage covered securities
issued in accordance with the Covered Bonds Law,
which are secured by the Cover Pool maintained by
the Issuer in accordance with the terms of the
Covered Bonds Law, and rank pari passu with all
other obligations of the Issuer under mortgage
covered bonds issued or to be issued by the Issuer
pursuant to the Covered Bonds Law.
9 June 2011
Method of distribution: Non-syndicated
Listing/Admission to Regulated Market Eurolist by Euronext Lisbon
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
Fixed Rate Covered Bonds Provisions
To Maturity Date:
From Maturity Date up to
Extended Maturity Date:
Floating Rate Covered Bonds Provisions
To Maturity Date:
From Maturity Date up to
Extended Maturity Date:
Not Applicable See Floating Rate Covered Bond
Provisions
Not Applicable. See Floating Rate Covered Bond
Provisions
Applicable
Applicable

(i) Specified Period(s)/Specified Interest
Payment Dates:
To Maturity Date:
From Maturity Date up to
Extended Maturity Date:
(ii) Business Day Convention:
To Maturity Date:
From Maturity Date up to
Extended Maturity Date:
(iii) Additional Business Centre(s):
To Maturity Date:
From Maturity Date up to
Extended Maturity Date:
(iv) Manner in which the Rate of Interest
and Interest Amount is to be
determined:
To Maturity Date:
From Maturity Date up to
Extended Maturity Date:
(v) Party responsible for calculating the
Rate of Interest and Interest Amount
(if not the Calculation Agent):
To Maturity Date:
From Maturity Date up to
Extended Maturity Date:
(vi) Screen Rate Determination:
A. To Maturity Date:
3
16 December, 16 March, 16 June, 16 September in
each year commencing on 16 December 2011 up to
and including the Maturity Date, subject to
adjustment in accordance with the Business Day
Convention specified below
The 16th of each Calendar month subject to
adjustment in accordance with the Business Day
Convention specified below. From and including an
Interest Payment Date to but excluding the
following Interest Payment Date
Following Business Day Convention
Following Business Day Convention
Not Applicable
Not Applicable
Screen Rate Determination
Screen Rate Determination
Not Applicable
Not Applicable
Reference Rate: 3-month EURIBOR
Interest Determination Date: Second day of on which the TARGET2 System is
open prior to the start of each Interest Period
Relevant Screen Page: Reuters EURIBOR01 as of 11:00 am Brussels time
on the Interest Determination Date
B. From Maturity Date up to Extended
Maturity Date:
Reference Rate: 1- month EURIBOR
Interest Determination Date: Second day of on which the TARGET2 System is
open prior to the start of each Interest Period
Relevant Screen Page: Reuters EURIBOR01 as of 11:00 am Brussels time
on the Interest Determination Date
(vii) ISDA Determination:
A. To Maturity Date: Not Applicable
B. From Maturity Date up to Extended Not Applicable

Maturity Date:
(viii) Margin(s):
To Maturity Date:
From Maturity Date up to
Extended Maturity Date:
(ix) Minimum Rate of Interest:
To Maturity Date:
From Maturity Date up to
Extended Maturity Date:
(x) Maximum Rate of Interest:
To Maturity Date
From Maturity Date up to
Extended Maturity Date:
(xi) Day Count Fraction:
To Maturity Date
From Maturity Date up to
Extended Maturity Date:
(xii) Fall back provisions, rounding
provisions, denominator and any
other terms relating to the method of
calculating interest on Floating Rate
Covered Bonds, if different from
those set out in the Terms and
Conditions:
To Maturity Date
From Maturity Date up to
Extended Maturity Date:
Index Linked Covered Bonds Provisions
To Maturity Date:
From Maturity Date up to
Extended Maturity Date:
4
0.75 per cent. per annum
0.75 per cent. per annum
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Actual/360
Actual/360
Not Applicable
Not applicable
Not Applicable
Not Applicable
Zero Coupon Covered Bonds Provisions Not Applicable
PROVISIONS RELATING TO REDEMPTION
Call Option Not Applicable
Put Option Not Applicable
Final Redemption Amount of each
Covered Bond
€50,000 per Covered Bond of €50,000 Specified
Denomination
GENERAL PROVISIONS APPLICABLE TO THE COVERED BONDS
Form of Covered Bonds: Bearer Covered Bonds in book-entry form held
through Interbolsa
Additional Financial Centre(s) or other Not Applicable

special provisions relating to Payment
Dates:
Talons for future Coupons or Receipts to
be attached to Definitive Covered Bonds
(and dates on which such Talons mature):
Details relating to Partly Paid Covered
Bonds: amount of each payment
comprising the Issue Price and date on
which each payment is to be made and
consequences (if any) of failure to pay,
including any right of the Issuer to forfeit
the Covered Bonds and interest due on late
payment:
Details relating to Instalment Covered
Bonds:
(i) Instalment Amount(s):
(ii) Instalment Date(s):
5
No
Not Applicable
Not Applicable
Not Applicable
Redenomination applicable: Not Applicable
Other final terms: Not Applicable
DISTRIBUTION
(i) If syndicated, names of Dealers: Not Applicable
(ii) Stabilising Manager (if any): Not Applicable
If non-syndicated, name of relevant Dealer: Caixa Económica Montepio Geral
Whether TEFRA D or TEFRA C rules
applicable or TEFRA rules not applicable:
Not Applicable
Additional selling restrictions: Not Applicable
LISTING AND ADMISSION TO TRADING APPLICATION
These Final Terms comprise the final terms required to list the issue of the Covered Bonds described herein
pursuant to the €5,000,000,000 Covered Bonds Programme of Caixa Económica Montepio Geral.
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in these Final Terms.
Signed on behalf of the Issuer:
By: ................................................................... ...................................................................
Duly authorised Duly authorised

1 Listing
2. Ratings
3. Notification
PART B – OTHER INFORMATION
(i) Listing: Eurolist by Euronext Lisbon
(ii) Admission to trading: Application has been made for the Covered Bonds
to be admitted to trading on Eurolist by Euronext
Lisbon with effect from 30 September 2011
(iii) Estimate of total expenses related to
admission to trading
6
€3,275
Ratings: The Covered Bonds to be issued have been rated:
Not Applicable.
Moodys: Baa3
Fitch: BBB
4. Interests of Natural and Legal Persons Involved in the Issue
Moodys is established in the European Union and
is registered under Regulation (EC) no. 1060/2009,
as amended.
Fitch is established in the European Union and is
registered under Regulation (EC) no. 1060/2009, as
amended.
“Save as discussed in “Subscription and Sale”, so far as the Issuer is aware, no person involved in the offer
of the Covered Bonds has an interest material to the offer.”
5. Reasons for the Offer, Estimated Net Proceeds and Total Expenses
(i) Reasons for the offer See USE OF PROCEEDS wording in Base Prospectus
6. YIELD - Fixed Rate Covered Bonds only
Indication of yield: Not Applicable
7. Operational Information
ISIN Code: PTCMKZOE0009
Common Code: Not Applicable
Any clearing system(s) other than Interbolsa -
Sociedade Gestora de Sistemas de Liquidação e
de Sistemas Centralizados de Valores
Mobiliários, S.A. as operator of the Central de
Valores Mobiliários, Euroclear Bank S.A./N.V.
as operator of the Euroclear System and
Clearstream Banking, société anonyme and the
relevant identification number(s):
Not Applicable
Delivery: Delivery Free Of Payment

Names and addresses of additional Paying
Agent(s) (if any):
Intended to be held in a manner which would
allow Eurosystem eligibility:
7
Not applicable
Yes
Note that the designation “yes” simply means that
the Covered Bonds are intended upon issue to be
deposited with one of Euroclear and/or Clearstream
Luxembourg as common safekeeper and does not
necessarily mean that the Covered Bonds will be
recognised as eligible collateral for Eurosystem
monetary policy and intra-day credit operations by
the Eurosystem either upon issue or at any or all
times during their life. Such recognition will depend
upon satisfaction of the Eurosystem eligibility
criteria.