Division 4.2.4 Branches and Employees

The Core Activities will reduce its current structure in Portugal as follows:

1. 4.2.4.1.

   From 829 (31 December 2012) to [750-800] retail domestic branches^f1 before the […].

2. 4.2.4.2.

   Branches may not be replaced by other entities or structures that essentially provide the same services and involve a meaningful amount of manpower. However, CGD may install automated points of service instead (e.g. ATM or the like).

3. 4.2.4.3.

   From 11 904 domestic employees (without insurance business unit by 31 December 2012) to [10 000-15 000] employees by […], to [10 000-15 000] employees by […], to [10 000-15 000] employees by end of […], to [10 000-15 000] employees by […].

4. 4.2.4.4.

   After the year […] and until the end of the Restructuring Period the number of branches in Portugal shall not increase.

5. 4.2.4.5.

   Should it become likely that above branch and employee targets are not met, CGD shall on its own initiative, and in any case upon request by the Monitoring Trustee, present Remedial Actions within a month from the request by the Monitoring Trustee. The Monitoring Trustee will analyse the Remedial Actions proposed and will report to the Commission on their adequacy to meet the targets set out in the Restructuring Plan.