IBERIA. Tuesday Sonaecom s 4Q13 Earnings Wednesday CTT s 4Q13 Earnings; Sone Industria s 4Q13 Earnings. Best & Worse Performers -1 Week (%) 12.

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1 EQUITY RESEARCH TOP STORY IBERIA March Sonaecom went up this week 12.7%, supported by the fact that Sonae has been buying Sonaecom shares and is approaching the 90% of capital threshold. This has raised the belief among investors that Sonae may want to delist Sonaecom in the short term (page 5). WEEKLY OUT THIS WEEK Earnings Comment Sonae Sierra, Altri Snapshots/Company Reports Zon Optimus, Galp Energia, Topics II Price Target / Recommendation Changes Zon Optimus, Indra, Novabase, REN Other News Portugal Telecom, Sonaecom, Utilities Sector, REN, Sonae Capital WEEK AHEAD Monday REN s 4Q13 Earnings Tuesday Sonaecom s 4Q13 Earnings Wednesday CTT s 4Q13 Earnings; Sone Industria s 4Q13 Earnings PORTFOLIOS This week, Mib Aggressive Portfolio went up 2.01%%, outperforming the PSI20 by 0.72pp. Sonaecom was the main contributor for this outperformance (page 10). This week, Mib Liquidity Portfolio went up 2.01%%, outperforming the PSI20 by 0.72pp. Sonaecom was the main contributor for this outperformance (page 11). Stock Market Last 1W YTD 2013 Daily Vol. ( mn) 1W 1M 6M 2013 PSI 20 7, % 13.97% 15.98% PSI IBEX 35 10, % 2.50% 21.42% IBEX 35 2,565 2,312 2,867 2,570 Euro Stoxx 50 3, % -0.44% 17.95% Euro Stoxx 50 8,818 7,535 7,924 7,456 Forex Rates Last 1W YTD 2013 Interest Rates Last 1W Chg YE13 EUR/USD % 0.75% 4.46% Euribor 6m 0.40% 0.38% 1bp 0.38% EUR/GBP % -0.62% 2.49% 10Y Bond PT 4.58% 4.85% -27bp 5.66% EUR/BRL % -0.37% 20.33% 10Y Bond SP 3.36% 3.51% -15bp 3.90% Best & Worse Performers -1 Week (%) Best & Worse Performers - YTD (%) António Seladas, CFA Sonaecom BCP Novabase REN Indra Sonae Industria Mota-Engil Zon Optimus Jerónimo Martins EDP Renováveis Impresa Novabase Sonae Capital BPI Sonae Industria Galp Energia Telefónica Inditex Sonaecom Jerónimo Martins antonio.seladas@millenniumbcp.pt Page 1 of 14 All prices are those of the end of the trading session unless otherwise indicated. For important Disclosure and Disclaimer go to the second last page.

2 CHANGES EARNINGS Page 2 of 14

3 NEXT WEEK RESULTS REN Reduce Low Risk (Target YE14: 2.80) 4Q13 Earnings Preview Vanda Mesquita Sales YoY EBITDA YoY EBIT YoY Net Profit YoY % % % % REN will release its 4Q13 on March 10th after the market closes. EBITDA for 4Q13 should be 138.6mn, 99.4mn of which should come from electricity activities and 36.7mn from gas activities. Net financial costs should stand at 38mn, remaining almost flat YoY. REN should report a net profit of 37mn. CTT Reduce Medium Risk (Target YE14: 6.95) 4Q13 Earnings Preview João Flores Sales YoY EBITDA YoY EBIT YoY Net Profit YoY % % 17.3 nm 11.8 nm CTT will disclose 4Q13 Earnings on March 12 th before the market opens. We expect 4Q13 consolidated sales will decline 3.4% YoY to 178.8mn, reflecting decline in Mail revenues (2.8% YoY to 133.2mn). EBITDA is expected to rise 35.8% YoY to 29.3mn, benefiting from mail unit (+65% YoY to 21.2mn). Overall, we expect CTT numbers will show encouraging numbers, benefiting from economic recovery and cost cutting measures. Based on 9M13/9M12 and FY earnings we estimated pro-forma numbers to 4Q12 in order to have a basis to estimate 4Q13 numbers. Sonae Industria Sell High Risk (Target YE14: 0.66) 4Q13 Earnings Preview António Seladas, CFA Sales YoY EBITDA YoY EBIT YoY Net Profit YoY % % nm nm Sonae Industria should release 4Q13 earnings Wednesday after the market closing. We expect flat revenues YoY ( 308Mn) and a markedly deterioration in term of Ebitda ( 3.9Mn) as we expect that some costs related with Horn particle board closure be already accounted for in 2013m, namely 16Mn. More information should be released in terms of Horn closure and assets sales in France, announced by the end of the year. The major point of interest would be related with debt roll over as current liabilities have been increasing for the last few quarters. EQUITY MARKETS Topics II António Seladas, CFA If Europe replicates the USA Starting in 2010, the recovery of the financial sector in the USA has been the catalyzer for the global performance of the results in indexes such as the S&P 500, contributing significantly for the evolution of the index s value, which is, at this moment, at an historical maximum. Believing a similar scenario for the Euro Zone, if a parallelism is established it is possible to see that, concerning the results, the beginning of the European financial sector s recovery have started in 2012, three years after of the American one, Page 3 of 14

4 and it is expected that the Euro Stoxx will continue to gain, hitting 430 points by the end of 2018, which gives a potential appreciation of 37% and a CAGR of 6,5% (compared with values of December 31 st 2013). (For further details, please refer to our report out today) TELECOMS Portugal Telecom Buy Medium Risk (Target YE14: 3.80) Alexandra Delgado, CFA Portugal Telecom adjourns bondholder meeting to March 18th Portugal Telecom has rescheduled a meeting of bondholders to approve its merger with Oi, after the initial meeting held last Monday did not achieve the required quorum. Holders of only 45% of the 400 million in debt due July 2016 attended the meeting, while at least 50% was needed to pass the resolution. Of the 45% holders represented, more than 99% voted in favour of consent. The adjourned meeting is scheduled for March 18th. At the same time, Portugal Telecom disclosed it obtained the consent from the remaining notes, totalling 5.1 billion. Zon Optimus Neutral Medium Risk (Target YE14: 5.65) Strategy Day Positive message, neutral valuation wise Alexandra Delgado, CFA Zon Optimus held last Friday a Strategy Day. Here is a brief summary of the key takeouts. The company said convergent offers will drive the Portuguese market in the coming years, and since Pay TV is the anchor to upsell mobile, Zon Optimus as the leader of Pay TV but only third mobile player, is in a great position to grow mobile market share. The main objective of Zon Optimus is to grow domestic market share, more specifically, it intends to increase telecom market share by c. 4 5% from current 25% by In terms of synergies (cost & capex), Zon Optimus believes they should amount to 800 mn (NPV) from previous announced 400 mn; this stands for a mn annual run rate synergies to be reached in 2017 vs. previously announced mn. The company projects EBITDA margin should advance by 3-4% between 2013 and 2018 (37.6% in FY13). Recurrent capex should be around 250 mn annually but total capex will be 30 35% higher in 2014 & 2015 (and 10-15% in 2016) due to non-recurrent investment (additional customer driven capex, network expansion and integration related capex). If we compare our estimates with targets released by the company, assuming a 0.5% market CAGR in the next 5years, we conclude that our estimates are not that far away (please refer to table on page 3). Updating our revenues slightly up (3% beyond 2018), maintaining margin evolution and revising capex (decreasing estimates by a 15 mn average beyond 2018, but increasing between to account for non-recurrent capex), increases our price target by only 1% ( 0.05/ share). It is important to highlight that, beyond KPIs and targets, we believe the message that came through was quite positive, in terms of how the integration is happening, how the executive team is working, and how the strategy was clearly explained. We remain comfortable with our estimates and maintain the price target for Zon Optimus at 5.65 (YE14), with a Reduce, Medium Risk recommendation. (For further details, please refer to our snapshot out last Friday) Page 4 of 14

5 Sonaecom Sonaecom under revision Under Revision Alexandra Delgado; CFA We are placing Sonaecom under revision in order to update our valuation following tender over minorities. Sonae buys Sonaecom shares and now has 89.5% of capital Sonaecom has launched an offer over minorities (24.2% of capital, the rest is held by Sonae) back in February. The offer to exchange own shares for Zon Optimus shares was accepted by only 62.1% of targeted shares, as disclosed on February 20th. Considering that acquired shares (15% of capital) will be cancelled, Sonae held 89.2% of Sonaecom s capital after the tender. On March 4 th Sonaecom disclosed that Sonae had acquired 856k Sonaecom shares between February 24 th and March 3 rd (19% - 33% of daily volume, prices between 2.17 and 1.95). After these acquisitions, Sonae holds c. 89.5%of Sonaecom s capital. If Sonae reaches the 90% threshold, then it can request CMVM to delist Sonaecom, after guaranteeing that this is approved by more than 90% of capital in a shareholders meeting. Sonae must also buy shares (in the following 3 months) from shareholders that vote against this resolution in the shareholders meeting. We were surprised by how quickly Sonae has started buying Sonaecom shares. We do not know what are Sonae s intentions, but we admit the company might want to solve this issue as soon as possible, targeting to reach rapidly the 90% of Sonaecom s capital (buying 1.7 mn shares) in order to call for an extraordinary shareholders meeting as explained above. It is unclear what price will need to be offered to acquire remaining shares, but average Sonaecom price (last 6 months) is 2.35, price of the tender over minorities was 2.45, and the highest price paid by Sonae since the tender was UTILITIES Utilities Sector Vanda Mesquita, Electricity consumption rising for eight months in a row in Portugal Monthly electricity consumption (adjusted for temperature and working days) went up by 2.4% YoY in Portugal in February (please see Iberian indicators table presented below). This increase is the highest rise in eight months. In Spain, monthly electricity consumption dropped by 0.6% YoY. In the case of EDP, earnings from the distribution business are not significantly affected by the changes in volumes (as the bulk of the distribution model has a fixed component), meaning that the aforesaid increase does not have a meaningful impact. At the same time, in terms of liberalized activities, the positive effect of the aforesaid increase in Portugal is minimized due to the drop in Spain and also to the fact that liberalized activities in Iberia only accounted for 10% of 2013 EBITDA. Page 5 of 14

6 In the case of Iberdrola, given the aforesaid drop in consumption in Span, we do not expect a meaningful impact (Spanish liberalized activities represented about 19% of 2013 EBITDA). *Light vehicle sales; **Electricity Consumption adjusted to temperature and working days (in GWh); ***Retail trade turnover index (seasonally adjusted and at constant prices). Source: ACAP, Anfac, REN, REE, INE, European Commission, DGE, DGGE, Mib REN Reduce Low Risk (Target YE14: 2.80) Vanda Mesquita REN's CEO resigned This week, REN announced that Mr. Rui Cartaxo have presented his resignation for the post of Chairman of the Board of Directors and Chief Executive Officer of the company. In the same announcement, the company stated that some of its shareholders will submit to the REN's annual meeting the election of Mr. Rui Vilar as Chairman REN's Board of Directors until the end of the current mandate ( ) and also as a Chief Executive Officer during a transitional phase. Mr. Rui Cartaxo's resignation was unexpected. Mr. Rui Vilar was already already a REN's Board Member (he was a member of the REN's Audit Committee). In his previous activities, Mr. Rui Vilar was former President of the Fundação Calouste Gulbenkian and Caixa Geral de Depósitos' CEO. CONGLOMERATE Sonae Neutral Medium Risk (Target YE14: 1.35) João Flores; Sierra`s 4Q13 Earnings Highlights Outlook: showing confidence Sonae Sierra, the shopping malls segment of Sonae, disclosed yesterday, after market close, its 4Q13 figures. Recall Sonae will disclose its 4Q13 Earnings on March 19th. Overall, Sierra`s numbers showed resilience while Outlook showed confidence. Sierra NAV declined by 4.7% YoY (-3.5% QoQ), reaching (slightly below estimated 31.88). Recall Sierra valuation in Sonae`s SoTP is done using a 10% discount over NAV estimated YE14, thus estimated NAV in Sonae`s SoTP is Revenues declined 14% YoY to 62mn (vs estimated 66mn) while EBITDA declined 10% to 27mn ( 29mn estimated). These direct net profits are influenced by the sale of assets in 2012 under the Company's capital recycling strategy, particularly Munster Arkaden in Germany and stake in three non-strategic shopping centres in Brazil. On a like-for-like basis, the Direct net profit and EBITDA remain stable. We highlight LFL tenant sales decreased 1.8% YoY (from -2.8% 9m13; -3.5% 1H13) in Europe (penalized by Iberia) while rose 5.5% YoY (from +4.8% 9M13; +4.2% 1H13) in Brazil (Brl). According to the company, there are moderate expectations for further improvement during 2014 in Europe. Indirect results reached - 12mn (- 6mn in 3Q13), thus Sonae Indirect numbers will be c.- 6mn (50% x - 12mn) vs estimated minus 14mn. Page 6 of 14

7 Global Occupancy Rate was 94.0% (-2.0pp YoY, -1.0pp QoQ). Outlook showing confidence: since October achieved MoM sales growth across the majority of its portfolio, combined with a stabilising of yields, particularly in Portugal and Spain. Sierra feels confident that the momentum will continue to pick up as we move into (For further details, please refer to our snapshot out this week) Sonae Capital Sell High Risk (Target YE14: 0.37) António Seladas, CFA; Sonae Capital acquires 44MW of cogeneration installed capacity Sonae Capital informed yesterday evening that had acquired 44MW of cogeneration installed capacity in Portugal, from Enel Green Power, split through 10 units, of which 8 units are now majority held by Sonae Capital and the weighted average years with feed-in tariff are 3 years. The acquisition price was 9.6Mn, meaning a net investment of 4.2Mn, as the units were cash positive. It s clearly a strategic area for the group, however it s difficult to fully assess the impact on valuation, as the information is pretty scarce, so for the time being until more information be available, we assume that the acquisition is value neutral. Having said that, we are aware that the team in charge of this business area is quite specialized so it should be accretive over time. INDUSTRIALS Altri Sell High Risk (Target YE14: 2.25) António Seladas, CFA 4Q13 Earnings Comment Weak volumes, strong cash flow Altri released the 4Q13 earnings this week. Top line 133Mn; minus 5%YoY and 7% below our estimates; Ebitda, 29.1Mn minus 20%YoY and 15% below our estimates, mainly explained by lower volumes (flat YoY vs. our estimate of plus 8%), while prices went down by 6%YoY pretty much as expected. Ebitda Mg was 21.9% vs. 23.9% expected. Below the Ebitda line, depreciations were as expected, 12.3Mn while lower net interest charges; 1.2Mn from Affiliated companies and almost no taxes were enough to reach a net income of 12.2Mn, -2%YoY and above our estimate of 11.3Mn; Concerning cash flow generation net debt, as we measured, went down 32MnQoQ and at the end of the year was 618Mn, slightly better than our estimate of 636Mn (a positive impact on valuation of roughly 4%, ceteris paribus). So a strong quarter in terms of cash flow generation also explained by working capital management, it was reduced to 13% of sales vs. for instance 16% one year ago, allowing roughly an improvement of 11Mn QoQ; Regarding other subjects, Celby should reach an installed capacity above 700 thousand tons of BEKP and Caima conversion project would allow an installed capacity of 105 thousand tons, both projects should be completed by the beginning of We are expecting 23Mn of capex in 2014 and the final figure shouldn t be different. Meanwhile Celby plant stopped for maintenance 10 days in late February, however the negative impact should be mitigated by slightly higher stocks at the end of the year; Summing up figures below our estimates, mainly due to lower volumes sold, however cash flow generation wasn t impacted which is positive. Having said that we still feel comfortable with our valuation; however some adjustments would need to be done, mainly in terms of Cost of Equity as Portuguese government bond yields have been rallying. (For further details, please refer to our snapshot out this week) Page 7 of 14

8 OIL & GAS Galp Energia Buy High Risk (Target YE14: 15.95) Vanda Mesquita, Capital Markets Day No surprises at all Galp held a Capital Markets day this week, in which it unveiled the financial outlook. Nothing really new was unveiled under this event. In terms of guidance, Galp s expectations for 2014 are worse than our estimates for EBITDA and production figures. However, over the long run estimates are not substantially different than the company s guidance. On the E&P front, Galp lowered expectations regarding production evolution (not really surprising for us and in line with what we estimate). In terms of production growth, Galp expects to deliver an approximately 40% CAGR13-20E, not very different from our estimates of 41%. This guidance (approximately 263 kbpd) is not comparable with the previous guidance for 2020 (300 Kbpd), since the current guidance only considers the operating, sanctioned and pre-sanctioned projects. The company considers that the target of 300 kbpd is still achievable with the addition of other projects. EBITDA 2014 should range from 1.1bn to 1.3bn vis-à-vis our higher estimates of 1.35bn. CAGR E is estimated to be at least 25% vis-à-vis our estimates of a 26.6% CAGR for that period. Capex in 2014 should amount to 1.3bn- 1.5bn and from 2014 to 2018 average capex per year should be between 1.5bn and 1.7bn. Comparing with our estimates, Galp s capex plan is more intense than our estimates (approximately 200mn higher per year). The company reaffirmed that it expects to a positive cash flow situation from 2017 onwards (we expect it to turn positive from 2019 onwards, two years later than Galp s guidance). Valuation wise, if we were to consider lower earnings in 2014 ( 1.2bn mainly via a lower refining margin and lower production figures) and also a higher capex plan in 2014 ( 1.3bn) together with the update of the company s portfolio of reserves and resources at YE13, lower earnings from R&M over the long run ($4 per barrel) and also a lower EUR: USD exchange rate (1.30 vis-à-vis 1.37 in our current estimates), our price target would remain almost unchanged (we estimate a slight positive impact of less than 1%). Having said this, following this event, we feel comfortable with our estimates and maintain our buy recommendation. (For further details, please refer to our snapshot out this week) Page 8 of 14

9 SECTOR PERFORMANCE PSI20 Media Financials Electric Utilities Industrials & Other Oil & Gas Telecoms & IT Retail * Sector Performance -1 Week (%) Sector Performance - YTD (%) PSI Media 29.8 Financials 29.5 Industrials & Other 21.8 Electric Utilities Oil & Gas Telecoms & IT Retail * * includes Jeronimo Martins and Sonae This week, the PSI20 went up 1.7%. The best performing sector was Media, plus 4.1% and the worst was Retail, minus 0.9%. On a Ytd basis, the PSI20 went up 14.0%. The best performing sector was Media, plus 29.8% and the worst was Retail, minus 4.9%. AGGRESSIVE PORTFOLIO This week, Mib Aggressive Portfolio went up 2.01%, outperforming the PSI20 by 0.72pp. Sonaecom was the main contributor for this outperformance. We highlight that the portfolio is composed by the five stocks with the highest upside potential of our coverage universe. It is equal weighted and rebalanced on a weekly basis. LIQUIDITY PORTFOLIO This week, Mib Liquidity Portfolio went up 2.01%%, outperforming the PSI20 by 0.72pp. Sonaecom was the main contributor for this outperformance. We highlight that the portfolio is composed by the five stocks with the highest upside potential of our coverage universe, excluding the less liquid stocks. It is equal weighted and rebalanced on a weekly basis. Page 9 of 14

10 Return since inception (30th July 2004) Portfolio PSI Jul 28-Feb 06-Oct 13-May 19-Dec 26-Jul 03-Mar Mib AGGRESSIVE PORTFOLIO Portfolio weekly return Company Risk Market Price Upside Weekly Performance Rating Price ( ) Target ( ) Potential Return Contribution Deviation Jerónimo Martins Medium % -1.9% -0.38pp -0.64pp Galp Energia High % 0.2% 0.03pp -0.09pp Telefónica Medium % 1.7% 0.34pp 0.08pp Sonaecom % 2.54pp 2.28pp EDP Renováveis Low % -2.6% -0.52pp -0.62pp Portfolio 2.01% PSI % Gain/loss 0.72pp Explained by the portfolio 1.02pp Explained by being underweight in the remaining PSI20 stocks -0.30pp Ytd Return Portfolio PSI Dec 16-Jan 01-Feb 17-Feb 05-Mar Next week Portfolio Changes in Portfolio Company Risk Market Price Upside Rating Price ( ) Target ( ) Potential In Out Jerónimo Martins Medium % PT Sonaecom Galp Energia High % Telefónica Medium % EDP Renováveis Low % Portugal Telecom Medium % Return vs. PSI YTD 1 Month 1 Week Portfolio -43.6% 71.9% -7.30% -36.6% 22.1% 47.1% 12.1% 2.8% 2.0% PSI % 33.5% % -27.6% 2.9% 16.0% 14.0% 7.9% 1.3% Gain/loss 7.7pp 38.5pp 3.0pp -9.0pp 19.2pp 31.1pp -1.9pp -5.1pp 0.7pp Source: Bloomberg; Millennium investment banking "Mib Aggressive Portfolio" is composed by the five stocks with a higher upside potential of our coverage universe. "Mib Aggressive Portfolio" is equal-weighted and its composition changes at the end of the last trading day of each week. The portfolio YTD return was recalculated on the week of March 15. Page 10 of 14

11 Return since inception (31th December 2011) Portfolio PSI Dec 10-May 19-Sep 29-Jan 10-Jun 20-Oct 01-Mar Mib LIQUIDITY PORTFOLIO Portfolio weekly return Company Risk Upside Weekly Performance Rating Market Price ( ) Price Target ( ) Potential Return Contribution Deviation Jerónimo Martins Medium % -1.9% -0.38pp -0.64pp Galp Energia High % 0.2% 0.03pp -0.09pp Telefónica Medium % 1.7% 0.34pp 0.08pp Sonaecom % 2.54pp 2.28pp EDP Renováveis Low % -2.6% -0.52pp -0.62pp Portfolio 2.01% PSI % Gain/loss 0.72pp Explained by the portfolio 1.02pp Explained by being underweight in the remaining PSI20 stocks -0.30pp Ytd Return Portfolio PSI Dec 16-Jan 01-Feb 17-Feb 05-Mar Next week Portfolio Changes in Portfolio Company Risk Rating Market Price ( ) Price Upside Target ( ) Potential In Out Jerónimo Martins Medium % PT Sonaecom Galp Energia High % Telefónica Medium % EDP Renováveis Low % Portugal Telecom Medium % Return vs. PSI YTD 1 Month 1 Week Portfolio % 41.2% 5.4% 2.4% 2.0% PSI20-2.9% 16.0% 14.0% 7.9% 1.3% Gain/loss pp 25.2pp -8.6pp -5.5pp 0.7pp Source: Bloomberg; Millennium investment banking "Mib Liquidity Portfolio" is composed by the five stocks with a higher upside potential, excluding less liquid stocks. "Mib Liquidity Portfolio" is equal-weighted and its composition changes at the end of the last trading day of each week. The portfolio YTD return was recalculated on the week of March 15. Page 11 of 14

12 Latest Pr ( ) Target YE14 Upsd Rating Risk Trnvr ( mn) M Cap Change (%) EPS P / E EV / Sales EV / EBITDA Div Yield P/BV Rating 3m 6m ( mn)o Week 1M 3M 12M YTD E 2014E E 2014E E 2014E E 2014E E 2013E PSI 20 7, , IBEX 10, , Financials , BCP (1) , BES % Sell High , loss % 0.0% 0.6 BPI % Sell High , % 0.0% 0.9 Telecoms , % 6.0% 2.0 Telefónica % Buy Medium , % 6.6% 2.1 Portugal Telecom % Buy Medium , % 3.1% 0.9 Zon Optimus % Neutral Medium , % 3.4% 2.6 Sonaecom (3) % - - Media % - - Impresa (2) % - - Media Capital (2) % - - Cofina (2) % - - Technology Indra % Reduce High , % 2.4% 1.7 Novabase % Neutral High % 1.9% 0.9 Utilities , % 4.0% 0.8 Iberdrola % Reduce Low , % 6.2% 0.8 EDP % Reduce Low , % 5.7% 1.1 EDP Renováveis % Buy Low , % 1.0% 0.6 REN % Reduce Low , % 5.9% 1.1 Conglomerates , Sonae % Neutral Medium , % 2.5% 1.3 Semapa % Sell High , % 2.3% 1.1 Sonae Capital % Sell High loss loss loss loss % 0.0% 0.3 Retail , % 1.9% 7.7 Inditex % Neutral Medium , % 2.1% 7.9 Jerónimo Martins % Buy Medium , % 2.4% 6.4 Industrials , CTT % Reduce Medium - - 1, % 2.9 Sonae Industria % Sell High loss loss loss % 0.0% 1.2 Altri % Sell High % 0.9% 2.0 Portucel % Sell Medium , % 8.1% 1.5 Construction , Mota-Engil % Sell High , % 2.2% 1.8 Oil & Gas Galp Energia % Buy High , % 2.4% 1.8 (1) We do not have a recommendation on BCP, as Mib is a registered trademark of BCP; (2) Not Covered; (3) Under Revision Page 12 of 14

13 DISCLOSURES This report has been prepared on behalf of Millennium investment banking (Mib), a registered trademark of Banco Comercial Português, S.A. (Millennium BCP). Millennium BCP is regulated and supervised by Comissão do Mercado de Valores Mobiliários (CMVM). Recommendations: Buy means more than 10% absolute return; Neutral means between 0% and +10% absolute return; Reduce means between -10% and 0% absolute return; Sell means less than -10% absolute return. Unless otherwise specified, the time frame for price targets included in this report is current year-end or next year-end. Risk is defined by the analyst s view in a qualitative way (High, Medium, Low). Usually we update our models and price targets in between 3 and 9 months. Millennium BCP prohibits its analysts and members of their households to own any shares of the companies covered by them. BCP group may have business relationships with the companies mentioned in this report. Millennium BCP expects to receive or intends to seek compensations for investment banking services from the companies mentioned in this report. The views expressed above, accurately reflect personal views of the authors. They have not and will not receive any compensation for providing a specific recommendation or view in this report. There were not any agreements between the companies covered and the analysts regarding the recommendation. Analysts are paid in part based on the profitability of BCP group, which includes investment banking revenues. BCP group has more than 2% of EDP. BCP group was chosen to evaluate EDP regarding the 8th stage of the privatization process. BCP group was chosen to evaluate REN regarding the 2nd stage of the privatization process. A member of the Executive Board of Directors of Millennium BCP is member of the General and Supervisory Board of EDP - Energias de Portugal, SA. Millennium BCP through its investment banking department is providing investment banking services to Tagus Holdings S.a.r.l. ( Offeror in the launch of a tender offer over Brisa - Autoestradas de Portugal, S.A. shares). Banco Comercial Português, S.A. (also known as Millennium BCP) was chosen as a Co-leader of the Initial Public Offering of CTT, that took place on December The Board of directors of Mota Engil has appointed Banco Comercial Português as joint-book runner concerning the offering of ordinary shares of Mota Engil through an accelerated book building according to the announcement released on 25th of February Recommendations on Millennium BCP covered companies (%) Recommendation Feb-14 Jan-14 Dec-13 Sep-13 Jun-13 Dec-12 Jun-12 Dec-11 Dec-10 Dec-09 Dec-08 Dec-07 Dec-06 Dec-05 Dec-04 Buy 26% 30% 55% 59% 77% 77% 78% 68% 79% 63% 54% 41% 37% 30% 63% Neutral 17% 35% 23% 9% 9% 12% 4% 11% 7% 15% 4% 27% 11% 40% 6% Reduce 17% 9% 18% 18% 14% 4% 0% 0% 0% 7% 0% 0% 21% 5% 6% Sell 35% 26% 5% 14% 0% 4% 7% 7% 4% 4% 0% 14% 16% 5% 0% Unrated/Under Revision 4% 0% 0% 0% 0% 4% 11% 14% 11% 11% 42% 18% 16% 20% 25% Performance 10.2% 2.1% 10.2% 7.1% -1.7% 20.4% -14% -28% -10% 33% -51% 16% 30% 13% na PSI 20 7,380 6,697 6,559 5,954 5,557 5,655 4,698 5,494 7,588 8,464 6,341 13,019 11,198 8,619 7,600 The Politics of Conflict of Interests Millennium BCP is available at or sent to customers when requested. DISCLAIMER This information is not an offer to sell or a solicitation to enter into any particular deal or contract. It consists of data compiled by or of opinions or estimates from Banco Comercial Português, S.A. and no representation or warranty is made as to its accuracy or completeness. This information is merely an auxiliary means of analysis to be used by its recipients, who will be solely responsible for its use, including for any losses or damages that may, directly or indirectly, derive from it. Its reproduction is not allowed without permission from the BCP group. The data herein disclosed are merely indicative and reflect the market conditions prevailing on the date they have been collected. Thus, its accuracy and timing must absolutely be confirmed before its usage. Any alteration in the market conditions shall imply the introduction of changes in this report. This information / these opinions may be altered without prior notice and may differ or be contrary to opinions expressed by other business areas of BCP group as a result of using different assumptions and criteria. The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. Page 13 of 14

14 OFFICE LOCATIONS Millennium investment banking Av. Prof. Dr. Cavaco Silva (Tagus Park) Edif 2 - Piso 2 B Porto Salvo Porto Salvo Portugal Telephone Fax / 39 Equity Team Luis Feria - Head of Equities Equity Research António Seladas, CFA - Head (Industrials and Small Caps) Alexandra Delgado, CFA (Telecoms and IT) João Flores (Media and Retail) Vanda Mesquita (Banks, Utilities and Oil&Gas) Ramiro Loureiro (Market Analysis) Sónia Primo (Publishing) Prime Brokerage Vitor Almeida Equity Sales/Trading Paulo Cruz - Head Gonçalo Lima Jorge Caldeira Nuno Sousa Paulo Santos Pedro Ferreira Cruz Pedro Gonçalves Pedro Lalanda Equity Derivatives Maria Cardoso Baptista, CFA Head Ana Lagarelhos Diogo Justino Marco Barata