Instruction No. 7/2025

Instruction No. 7/2025 BO No. 5/2025 2nd Supplement • 2025/06/03 .................................................................................................................................................................................................. Topics Markets :: Money Markets Mod. 99999940/T – 01/14 Index Text of the Instruction “Annex V – Protocol for representation in the Auction Information System (SITENDER) for the conduct of Eurosystem open market operations Text of the Instruction Subject: Amending Instruction No. 2/2016 Following the implementation of European Central Bank Guideline (EU) 2024/3129 (ECB/2024/22) on the management of collateral assets in Eurosystem credit operations, this instruction is amended accordingly. Thus, exercising the competence attributed to it by Articles 14, 15, 16, and 24 of its Organic Law, approved by Law No. 5/98 of January 31, the Bank of Portugal approves the following Instruction: Article 1. Object This Instruction amends Bank of Portugal Instruction No. 2/2016 of February 15. Article 2. Amendments

1. In the preamble, the first paragraph is amended to read as follows: “The Bank of Portugal provides eligible credit institutions as counterparties for Eurosystem open market operations with an information system for participation and information consultation, within the framework of conducting these operations.”
2. In Section I, numbers I.1 and I.3 are amended to read as follows: “I.1 The Auction Information System (SITENDER) is the Bank of Portugal’s information system provided to participating institutions in the system, hereinafter referred to as institutions, for the conduct of Eurosystem open market operations.”

Instruction No. 7/2025 BO No. 5/2025 2nd Supplement • 2025/06/03 Topics Markets :: Money Markets .................................................................................................................................................................................................. Mod. 99999940/T – 01/14 “I.3 SITENDER provides information regarding the conditions for conducting open market operations and their results, as well as the processing status of proposals registered by institutions. The financial settlement of open market operations processed in SITENDER can be consulted in the Eurosystem Collateral Management System (ECMS), regulated by Instruction No. 3/2015, and the confirmation of processing can be checked in TARGET-PT, regulated by Instruction No. 16/2022.” 3. In Section III, numbers III.1, III.3, III.8, and III.10 are amended to read as follows: “III.1 Access to SITENDER and data communications between the Bank of Portugal and institutions is carried out on the BPnet portal, under the terms and in accordance with the provisions of Bank of Portugal Instruction No. 16/2023. III.3 In justified contingency situations, institutions may transmit proposals to the Bank of Portugal through the following alternative means, in the following order of priority: (i) email, (ii) fax, and (iii) telephone. III.8 Logfiles of messages transmitted through data communication lines and communications made through dedicated telephone lines may be recorded. III.10 Proposals may be transmitted by a third-party institution, with which the proposing institution has previously concluded a representation protocol for this purpose, according to the template provided in Annex V of this instruction.” 4. In Section IV, numbers IV.2, IV.7, IV.8, and IV.9 are amended to read as follows: “IV.2 Four user profiles, the description of which is contained in specific documentation available on the BPnet portal, are available for subscription by institutions. IV.7 Proposals communicated by the institution to the Bank of Portugal through SITENDER, which were made based on identification via the user code on the BPnet portal and its access password, are associated with the respective user. IV.8 The user undertakes to maintain the confidentiality of the access password to the BPnet portal and the representation code in SITENDER, being solely responsible for any use by third parties.” 5. In Section V, numbers V.2, V.4, and V.5 are amended to read as follows: “V.2 SITENDER has a clock indicating the time and date. The displayed time is synchronized with the system server time and must be used as a reference for submitting proposals. Users must be aware that there may be a time differential between the registration and processing of a proposal by SITENDER, which could jeopardize the execution of the proposal; therefore, the Bank of Portugal is not responsible for proposals that have not been executed because they were entered close to the defined time limits. V.5 Telephone support for registering proposals in an open market operation is provided on Eurosystem business days, between 6:00 and 18:00. V.5 Eurosystem business day means any day on which TARGET is operational. TARGET closing days are published on the websites of the ECB (www.ecb.europa.eu/) and the Bank of Portugal (www.bportugal.pt/).” 6. In Section VII, number VII.2 is amended to read as follows: “VII.2 The recipients of this Instruction are institutions eligible for Eurosystem open market operations.” 7. In Annex I, the * is amended to read as follows: “* If the field is filled with 'No', the template for the letter deactivating the 'four-eyes principle' for SITENDER must be filled out. ** If the field is filled with 'Yes', the representation protocol contained in Annex V of this instruction must be filled out.” 8. In Annex II, footnote 1 is amended to read as follows: “1 Code in SITENDER. 2 Operation reference as stated in the announcement. 3 If applicable, as stated in the announcement. 4 Day/Month/Year (dd/mm/yyyy). 5 If the tender is in spread, it should be registered in basis points (e.g., 10 basis points). 6 Amount in units of the operation's currency (e.g., 1 000 000 = one million). 7 Currency code of the operation following ISO 4217.” 9. In Annex III, the “Note” is amended to read as follows: “Note: Only users with profile 1 and 2 in SITENDER must provide their signature, as only these profiles allow the registration of proposals for Eurosystem open market operations in SITENDER. For more information on the profiles available in SITENDER, consult the BPnet portal.” 10. A new annex is added, Annex V, which reads as follows:

Instruction No. 7/2025 BO No. 5/2025 2nd Supplement • 2025/06/03 Topics Markets :: Money Markets .................................................................................................................................................................................................. Mod. 99999940/T – 01/14 “Annex V – Protocol for representation in the Auction Information System (SITENDER) for the conduct of Eurosystem open market operations Between: ............, public limited company, with headquarters at…, in…., registered at the Commercial Registry Office of …, under the unique registration and corporate number….; represented in this act by............., holder of Citizen Card No.…, valid until …. , (position), and by….., holder of Citizen Card No ….., valid until…, (position), with full powers for the act, hereinafter designated as First Grantor; And ............, public limited company, with headquarters at…, in…., registered at the Commercial Registry Office of …, under the unique registration and corporate number….; represented in this act by............., holder of Citizen Card No.…, valid until…., (position), and by….., holder of Citizen Card No ….., with full powers for the act, hereinafter designated as Second Grantor; It is agreed, within the framework of access to the Auction Information System, hereinafter designated as SITENDER, for the conduct of Eurosystem open market operations, the following protocol: First Clause Mandate

1. The Grantors are authorized to access SITENDER for the conduct of Eurosystem open market operations.
2. The First Grantor intends for its intervention in the same to be carried out by the Second Grantor; therefore, by signing this Protocol, it confers upon the Second Grantor sufficient powers to, in accordance with the Second Clause, represent it in communicating instructions in SITENDER for the purposes referred to in the previous number. Second Clause Instructions
3. The First Grantor will communicate to the Second Grantor, in accordance with the Third Clause, the instructions it intends to transmit through SITENDER.

Instruction No. 7/2025 BO No. 5/2025 2nd Supplement • 2025/06/03 Topics Markets :: Money Markets .................................................................................................................................................................................................. Mod. 99999940/T – 01/14 2. The Second Grantor may only act after precise and concrete instructions from the First Grantor, communicated within the normal operating hours of the said system. 3. After the transmission of each instruction, the Second Grantor will communicate, in accordance with the Third Clause, to the First Grantor, the conditions under which each instruction was processed. Third Clause Communications

1. The means by which communications and information to be made under the Protocol are transmitted between the grantors, as well as their content and effectiveness, must be duly agreed upon by the parties. Fourth Clause Liability
2. The Second Grantor is solely responsible for the communications transmitted through SITENDER and for their compliance with current legislation.
3. The results arising from the fulfillment of instructions duly issued by the Second Grantor are the exclusive responsibility of the Grantors; the Bank of Portugal cannot be held liable for them nor for any acts or omissions practiced by the Grantors. Fifth Clause Validity
4. This protocol is valid for a period of (...) months, counted from the date of its knowledge by the Bank of Portugal, being automatically renewed for equal periods, unless denounced by either of the Grantors or rescinded by mutual agreement.
5. It is the exclusive responsibility of the grantors to verify the quality and powers of their signatories. Sixth Clause Denunciation
6. This protocol may be denounced at any time by any of the Grantors, via registered letter with acknowledgment of receipt, addressed to the other Grantor.
7. The denunciation takes effect from the (...) business day following the date of receipt of the letter referred to in the previous number, without prejudice to the settlement of accounts that may be due after the cessation of the protocol's validity.

Instruction No. 7/2025 BO No. 5/2025 2nd Supplement • 2025/06/03 Topics Markets :: Money Markets .................................................................................................................................................................................................. Mod. 99999940/T – 01/14 Seventh Clause Cessation of the Protocol The cessation of the validity of this Protocol will be communicated to the Bank of Portugal by the party that denounced it, on the date of denunciation, or by both parties on the date they decided on its rescission by mutual agreement. Eighth Clause Applicable Law and Jurisdiction

1. Operations carried out under this Protocol are subject to Portuguese law in general, and in particular to the provisions of Bank of Portugal Instructions.
2. For any dispute, notably regarding the validity, interpretation, and application of this Protocol, as well as the resolution of any conflicts, a voluntary arbitral tribunal, constituted in accordance with applicable law and operating in Lisbon, shall be competent.
3. Nothing limits the right of the Grantors, at their exclusive discretion, to initiate any actions in any national or foreign jurisdiction. Lisbon, The First Grantor The Second Grantor (Signatures of those with powers to represent the institutions)”
4. The expression “Department of Markets and Reserve Management” is replaced by the expression “Department of Markets.”
5. The expression “Rua Francisco Ribeiro, No. 2, 1150-165 Lisbon” is replaced by the expression “Av. Álvaro Pais, 2, 1600-083 Lisbon.” Article 3. Repeal Instruction No. 10/2015 of July 17, which regulates the COLMS-Collateral Management and Operations System, is repealed.

Instruction No. 7/2025 BO No. 5/2025 2nd Supplement • 2025/06/03 Topics Markets :: Money Markets .................................................................................................................................................................................................. Mod. 99999940/T – 01/14 Article 4. Entry into Force

1. This Instruction enters into force on June 16, 2025.
2. Bank of Portugal Instruction No. 2/2016 is republished with the wording introduced by this Instruction, which may be consulted at https://www.bportugal.pt/instrucao/22016