IBERIA. Thursday Bankinter s 4Q11 Earnings AGGRESSIVE PORTFOLIO. Best & Worse Performers -1 Week (%) 33.3 BPI Cofina 5.6 BE S

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1 EQUITY RESEARCH TOP STORIES IBERIA 13 January 2012 WEEKLY António Seladas, CFA Galp Energia - According to the Brazilian press, the agreement between Galp and Sinopec still awaits authorization from the Petrobras. However, Galp is said to have clarified that this agreement does not need approval from Petrobras. Still regarding this deal, Petrobras is believed to be worried about an additional sale to Sinopec in the future (page 7). Cement sales in Portugal and Spain, in the FY11, came 15.6% and 17.5% lower YoY. Both countries reached 25 year lows. For the FY12,we estimate further falls of 8% and 9% for the FY12 in Portugal and Spain (page 6). OUT THIS WEEK Snapshots / Company Reports Jerónimo Martins, Sector Overview Price Target / Recommendation Changes Impresa, Bankinter News Media Sector, Telefónica, EDP, Mota-Engil, Banking Setor, Galp Energia, Cement Sector WEEK AHEAD Thursday Bankinter s 4Q11 Earnings AGGRESSIVE PORTFOLIO This week our Mib Aggressive Portfolio went up 0.60%, outperforming the PSI20 by 2.73pp. Excluding Semapa, all stocks contributed 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. Stock Market Last 1W YTD D aily Vol. ( mn) 1 W 1M 6M 2011 PSI 20 5, % % % PSI IBEX 35 8, % -1.35% % IBEX 35 3,049 3,170 3,088 4,925 Euro Stoxx 50 2, % 0.9 3% -5.56% Euro Stoxx 5 0 8,261 7,289 9,447 14,831 Forex Rates Last 1W YTD Interest Rates Last 1W Chg YE11 EUR /USD % % -3.17% Eurib or 6m 1.51% 1. 56% -5bp 1.62% EUR/GBP % -0.25% -2.96% 10Y Bond PT 12.46% 13.25% -79bp 13.36% EUR /BRL % % 8.86% 10 Y Bo nd SP 5.22% 5. 71% -48bp 5.09% Av. José Malhoa, Lote Lisboa Tel / Fax: / 09 Best & Worse Performers -1 Week (%) Impresa 33.3 BPI 7.5 Bankinter 6.7 Cofina 5.6 BE S 5.5 Br isa -2.7 Jerónimo M artins -2.7 Galp Energia -3.5 Semapa -5.6 EDP Renováveis Be st & Wors e Per former s - YTD (%) Impresa 19.1 Zon Multimedia 7.9 Galp Energia 7.7 BP I 7.3 So na ec om 6.0 Portugal Telecom -4.1 EDP Renováveis -4.8 Cimpor -5.3 BES -7.1 Sonae Capital Page 1 of 11 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 New Previous Rating Target Rating Target Motive Impresa Sell 0.38 Reduce 0.38 Price Performance Bankinter Reduce 4.80 Neutral 4.80 Price Performance EARNINGS Company 4Q2011 1Q2012 2Q2012 3Q2012 Investor Day Jerónimo Martins * AM n.a. n.a. n.a. Bankinter BM n.a. n.a. n.a. Sonae * n.a. n.a. n.a. BPI AM n.a. n.a. n.a. BCP AM AM AM AM Novabase n.a. n.a. n.a. BES AM AM AM AM Galp Energia BM BM BM BM Indra n.a. n.a. n.a. Telefónica BM BM BM BM Cimpor Sonae Indústria Martifer AM n.a. n.a. n.a. Jerónimo Martins n.a. n.a. n.a. Brisa AM AM AM AM Sonaecom AM n.a. n.a. n.a. EDP AM n.a. n.a. n.a. Sonae n.a. n.a. n.a. Portucel n.a. n.a. n.a. n.a. Media Capital n.a. n.a. n.a. n.a. Glintt n.a. n.a. n.a. n.a. EDP Renováveis n.a. n.a. n.a. n.a. Zon Multimedia n.a. n.a. n.a. n.a. Semapa n.a. n.a. n.a. n.a. Banco Popular n.a. n.a. n.a. n.a. Impresa n.a. n.a. n.a. n.a. Altri n.a. n.a. n.a. n.a. Cofina n.a. n.a. n.a. n.a. Portugal Telecom n.a. n.a. n.a. n.a. REN n.a. n.a. n.a. n.a. Sonae Sierra n.a. n.a. n.a. n.a. Ibersol n.a. n.a. n.a. n.a. SAG n.a. n.a. n.a. n.a. Mota-Engil n.a. n.a. n.a. n.a. Sonae Capital n.a. n.a. n.a. n.a. Soares da Costa n.a. n.a. n.a. n.a. ESFG n.a. n.a. n.a. n.a. AM - After market; BM - Before market; n.a. - Not available; (e) Expected; *Trading Statement 2011 FY Page 2 of 11

3 DIVIDENDS Gross Payment Ex-Div Last Year Company AGM Obs DPS Date Date Pay Date Gross DPS Portugal Telecom May-11 4-Jan Dec-11 Approved Approved: Dividend already approved by AGM SECTOR OVERVIEW Sector Overview Spotting turning points - A recessive Europe vs resilient US Macro qualitative indicators in the US kept showing resistance at expansive levels. The long fall of the PMI manufacturing for the Eurozone was interrupted for the first time in seven months in December. All in all, the relative interruption in the Eurozone s downturn is supported by an apparently resisting expansive US economy, and possible favorable comebacks of China and Brazil. In the 11M11, domestic cement sales in Portugal and Spain reached respective 15.4% and 17.2% lower YoY levels. The Iberian countries are heading probable 15% and 17% YoY falls in the FY11. For the FY12, we estimate further 8% and 9% YoY falls in Portugal and Spain. Cement consumption in Brazil grew 7.9% YoY in the 9M11 and in South Africa, domestic cement sales continued heading North with a 3.6% higher YoY level in the 11M11. Cement consumption in Turkey grew 12% YoY in the 10M11. The Brazilian mobile market growth continues at an impressive pace, showing acceleration every month; the number of mobile subscribers in Brazil grew 19.5% in the last 12 months. Monthly electricity consumption in Iberia has been decreasing in recent months, with a YoY drop in December of 7.7% in Portugal and of 4.9% in Spain. We believe that the drop in Portugal is related to the increase in VAT for electricity, influenced mainly by the consumption of residential and public lightning. (For further details, please refer to our report out this week) FINANCIALS Banking Sector Rita Silva; Bank recapitalization rules The official conditions for bank recapitalization were approved by the Portuguese Government that will allow the country s banks to tap a 12bn lifeline. Detailed conditions have not yet, however, been approved. Details such as the limit of the State s ownership and the price associated to the loan are still not known. Simultaneously, an exception for buyouts was introduced as it is no longer mandatory to launch a tender offer in cases in which the threshold of 33.34% ownership (as a consequence of the State s divestment) is exceeded. TELECOMS Telefónica Buy Medium Risk (Target YE12: 21.00) Telefónica signs deal to use Deutsche Telekom s fibre network in Germany Alexandra Delgado, CFA Telefónica has signed an agreement to use parts of Deutsche Telekom s fibre network in Germany. This deal will allow Telefónica to use parts of Deutsche Telekom s network to connect circa 2000 of Telefónica s points of concentration (where voice and data traffic from various mobile-phone masts is bundled) to the Spanish operator s fibre backbone, which will lead to higher mobile transmission rates. No financial details of the long-term contract were disclosed. Page 3 of 11

4 Telefónica Germany CEO has stressed that The agreement with Telekom gives us the chance to operate cost-efficiently, quickly and flexibly in the rapidly growing market for mobile data." The Telekom board member responsible for German business pointed out: "To be able to exploit synergies in broadband expansion, network operators have to work together. And Telekom is willing to do that". Telefónica will be able to increase speed and capacity of its mobile network in Germany with this agreement, avoiding significant capex it would require if it were to invest in its own network. On the other hand, Deutsche Telekom gains through leasing its lines. Telecom companies face a tough environment in developed markets: saturation and increased competition pressure revenues and margins. Network sharing deals have become quite common, in a quest to protect operators solid cash flow generation. MEDIA Media Sector João Flores; TV Audience Shares Jan12 (Mtd): Cable returns to 2 nd place TVI/Media kept audience shares, not being penalized by reality show Secret Story end (Dec 31th). SIC/Impresa declined on a weekly basis (returning to 3 rd place in audience shares), penalized by Cable recovery (premiered TV series new season). All-Day SIC TVI RTP1 2: Others Mtd Jan12* 23.2% 27.3% 19.9% 3.9% 25.6% Dec % 26.5% 21.2% 3.9% 26.7% Chg (pp) MoM 1.5pp 0.8pp -1.3pp 0.0pp -1.1pp Jan % 28.0% 23.4% 4.5% 20.0% Chg (pp) YoY -0.9pp -0.7pp -3.5pp -0.6pp 5.6pp *last data January 11th Source: Marktest; numbers are simple average of monthly data 32% Audience Share - all-day (daily) 28% 24% 20% 16% Jan -01 Jan -03 Jan -05 Jan -07 Jan -09 Jan -11 Jan -13 Jan -15 Jan -17 Jan -19 Jan -21 Jan -23 Jan -25 Jan -27 Jan -29 Jan -31 Wkds SIC TVI RTP1 Others Source: Millennium investment banking Page 4 of 11

5 UTILITIES EDP Buy Low Risk (Target YE12: 3.05) Vanda Mesquita, General Shareholders meeting on February, 20 EDP has convened all the EDP s shareholders for a general shareholders meeting on February, 20. The general shareholders meeting agenda includes the election of the members of EDP s general and supervisory board for the three-year period from 2012 to 2014, the election of the members of EDP s executive board of directors for the three-year period from 2012 to 2014 and also the extension of the voting rights limit from 20% to 25%. EDP has also announced that, as a major shareholder of EDP Renováveis and EDP Brazil, it suggests João Manso Neto to assume the CEO position in EDP Renováveis in substitution of Ana Maria Fernandes, who is suggested to assume the CEO position in EDP Brazil (in substitution of António Pita de Abreu). Finally, a group of EDP s shareholders (namely Parpública, Caja de Ahorro de Asturias, José de Melo Energia, Banco Comercial Português and Banco Espírito Santos) has proposed a list for EDP s executive board of directors and a list for EDP s executive board of directors. As a reminder, China Three Gorges (CTG) cannot exercise voting rights until the sale process is concluded, so Parpública continues to exercise its voting rights. As a reminder the mandates of EDP s executive board of directors and EDP s general and supervisory board for the three year period have come to an end. As far as EDP s executive board of directors is concerned, the number of directors has been kept (7 directors), although with some changes as Miguel Stiwell de Andrade and Marques da Cruz are the new proposed directors who will substitute the former directors Ana Maria Fernandes and Jorge Cruz Morais. As for EDP s general and supervisory board, the number of elements is extended from 17 to 23. Eduardo Catroga is proposed for President (substituting the former president António Almeida) and 4 new elements from China Three Gorges are suggested to join general and supervisory board. As regards the extension of voting rights limit from 20% to 25%, it seems that the Government wants to explore the possibility of selling the remaining 4% stake (currently under convertible bonds) to CTG. Finally, as regards the suggestion of João Manso Neto for EDP Renováveis CEO, in our view he gathers all the technical competences to lead the expansion of the renewable business. EON formed a strategic partnership with MPX to invest in Brazil EON and MPX (Brazilian company) have announced that they have created a strategic partnership with MPX to invest in Brazil and Chine. EON paid $471mn for a 10% stake in the aforementioned Brazilian company. MPX is a company with operations in South America (Brazil, Chile and Colombia) in areas such as power generation and exploration of natural resources. As a reminder, EDP through its subsidiary Energy of Brazil has a partnership (in which holds about 50%) with MPX in Pecem project (coal plant), which is one of the MPX s projects. This partnership confirms the global interest that utilities have in Brazil, a country where there are still many business opportunities due to growing demand for energy. RETAIL Jerónimo Martins Buy Medium Risk (Target YE12: 15.85) João Flores, Preliminary Sales Positive numbers both in Poland and Portugal Jerónimo Martins (JM) published today, after market close, its FY11 preliminary sales. 4Q11 preliminary sales rose 6.8% YoY to 2.518mn (above estimated 2.460mn), reflecting resilience in Portugal and Biedronka`s strong numbers. Overall, numbers in Portugal were better than estimated while Poland was in line with estimates. Biedronka (in Zlotys) kept strong positive momentum, growing 21.3%. Biedronka`s sales in Euros were penalized by Zloty devaluation against the Euro (Zloty devaluated c12% YoY in 4Q11), thus Page 5 of 11

6 sales in Euros reached 8.8% to 1.459mn (vs estimated 1.469). Positive numbers benefited from increase in number of visits (+7.1% YE11), increase in average basket (+6% YE11) and ambitious expansion plan (net stores openings in 2011 reached 224 stores vs 200 estimated). We highlight LfL growth kept 2 digits (10.3%). Domestic Retail ex-madeira rose by 4.8% YoY to 842mn (above estimated 802mn), showing resilience in a tough environment. The increase in the number of visits was partially offset by declining average ticket (trading down, moving to cheaper store brands, ). We highlight LfL sales (YoY) in Retail Portugal (sup.+ hyp.) declined to 0.2% (-0.5% ex-petrol). Hypermarkets (former Feira Nova ) LfL sales returned to negative trend (-4.5%) probably reflecting increased competition from Sonae`s hypermarkets (aggressive marketing campaigns). Supermarkets (net) openings reached 7 stores (vs 4 estimated). Wholesale, ( 188mn +5.6% YoY vs estimated 183mn), Madeira ( 44mn 10% YoY vs estimated 39mn) and Services ( 25mn 2% YoY vs estimated 23mn) showed numbers above estimated. Following sales numbers, we felt confident with our valuation, keeping the price target for JM at 15.85, for the YE12, with a Buy, Medium risk recommendation. Furthermore, JM`s accurate strategy led to increased market share both in Portugal and Poland. JM will disclose 2011 FY Results on March 7th. (For further details, please refer to our snapshot out this week) INDUSTRIALS Cement Sector João Mateus, Cement consumption for the FY11 in Iberia Cement sales in Portugal came 19.1% lower YoY in December and 15.6% lower YoY in the FY11, down to a 26-year low. Domestic consumption came 56.6% under the highest reached in the FY00. In Spain, Oficemen figures show a 21.9% YoY contraction in December, down to a 17.5% YoY plunge in the FY11. The FY11 domestic cement consumption in Spain plummeted 63.8% in only four years, since the all-time high reached in the FY07. In the same period, per capita consumption fell from over 1200kg to close to slightly over 400kg, while in Portugal, per capita consumption came from over 1000kg in 2000 and 2001 to the same over 400kg in the FY11. For the FY12, Oficemen expects another contraction that may come between 8% and 10%, down to a 40-year low in the FY12. We estimate further falls of 8% and 9% for the FY12 in Portugal and Spain. We maintain our valuation of Cimpor at 6.10 per share, for the YE12, with a recommendation of Buy, Medium Risk and maintain our valuation of Semapa at 9.35 per share, for the YE12, with a recommendation of Buy, High Risk. CONSTRUCTION Mota-Engil Buy High Risk (TargetYE12: 1,45) António Seladas, CFA Mota Engil s family reinforce in Mota Engil Mota Engil announced yesterday before that the family, main shareholder, bought shares between the 5 and the 11 of January, having increased the stake to 65% of the share capital. We should highlight that the family has been buying shares during 2011, namely in the 4Q11, where apparently there are an order to buy shares at For the last 12 months the family increased the stake in ME from 62% to 65%, of which 2% were done during the 4Q11, mainly at Page 6 of 11

7 OIL & GAS Galp Energia Buy High Risk (Target YE12: 18.15) Interim Agreement between Galp and Sinopec still waits for final Vanda Mesquita, approval from Petrobras According to the Brazilian economic press, the agreement between Galp and Sinopec still awaits authorization from the Brazilian national oil company (Petrobras), which is said to be delaying the final approval. As a reminder, last year (in November), Galp reached an agreement with Sinopec for the capital increase at Galp s Brazilian subsidiary (Petrogal Brasil), that will be totally subscribed by Sinopec. After the completion of this operation, Galp will hold 70% of the company, while Sinopec 30%. Still according to the Brazilian economic press, Galp is said to have clarified that the increase of capital in Petrogal Brasil (Galp s Brazilian subsidiary) does not need approval from the Brazilian national oil company, but only from the competent authorities. Still regarding this deal, Petrobras is believed to be worried about an additional sale to Sinopec in the future. In addition, the Brazilian national oil company is said to have advised Galp that in the case of a future sale, Galp should maintain the control of the Brazilian company and that a financial investor would be welcomed. Finally, Petrobras is said to have mentioned that it is not against Chinese investments in Brazil, saying that money has no homeland. In our opinion, this may be a clear warning sign against the domination from Chinese companies in the Brazilian energy market. In fact, to promote China s development, the Chinese companies needs oil reserves, as these kinds of resources are not abundant in China and Brazil is one of the most promising countries in the oil business. Finally, we would like to remind that last year, when Repsol reached an agreement with Sinopec, Petrobras did not comment the deal. Therefore, we believe that the agreement between Galp and Sinopec will be authorized by the competent authorities, but at the same time we consider that further deals between those companies might be limited. SECTOR PERFORMANCE Sector Performance -1 Week (%) PSI Financials 2.4 Telecoms -1.0 Industrials & Other -1.8 Retail -2.4 Motorways -2.7 Electric Utilities -3.1 Oil & Gas Sector Performance - YTD (%) PSI Oil & Gas 7.7 Motorways 0.2 Retail -0.8 Telecoms -1.5 Industrials & Other -2.3 Electric Utilities -2.3 Financials This week, the PSI20 went down 2.1%. The best performing sector was Financials with a 2.4% growth and the worst was Oil & Gas with a 3.5% fall. On a Ytd basis, the PSI20 went down 0.3%. The best performing sector was Oil & Gas with a 7.7% growth and the worst was Financials with a 3.6% fall. AGGRESSIVE PORTFOLIO This week our Mib Aggressive Portfolio went up 0.60%, outperforming the PSI20 by 2.73pp. Excluding Semapa, all stocks contributed 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. Page 7 of 11

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9 2012/01 /13 Latest Pr ( ) Target YE12 Upsd Rating Ris k Trnvr ( mn) M Cap Change (%) EPS P / E EV / Sales EV / EBITDA Div Yield P/BV Rating 3m 6m ( mn) Week 1M 3 M 1 2M YTD E 2012E E 20 12E E 2012E E 2012E E 201 1E PSI 20 5, , Financials , Banco Popular (3) , % - - Bankinter % Reduce High , % 2.0 % 0.8 BCP (1) BES % Bu y High , % 0.0 % 0.3 BPI (3) % - - Telecoms , % 9.8% 2.5 Telefó nica % Bu y Med ium , % 10.0 % 2.8 Portu gal Telecom % Bu y Med ium , % 14.2 % 1.0 Zon Multim edia % Bu y Med ium % 7.0 % 3.5 Sonaecom % Bu y High % 4.6 % 0.5 Media % 6.1% 0.9 Impresa % Sell High Media Cap ital (2) % % 11.9 % 1.0 Cofina % Sell High % 3.1 % 4.9 Technology Indra % Bu y High , nm % 5.7 % 1.6 Novabase % Bu y High nm % 4.0 % 0.7 Utilities , % 5.1% 0.9 EDP % Bu y Low , % 7.1 % 1.0 EDP Re nová veis % Bu y Low , % 0.0 % 0.7 REN % Bu y Low , % 6.7 % 1.1 Motorways Brisa % Bu y Low , % 10.1 % 0.7 Conglomerates , Sonae % Bu y Med ium % 7.0 % 0.6 Semapa % Bu y High % 4.6 % 0.6 Sonae Capita l % Bu y High loss 16.4 loss ,870.5 loss 0.0% 0.0 % 0.2 Retail Jerónimo Ma rtins % Bu y Med ium , % 2.0 % 7.5 Industrials , % - - Sonae Ind ustria % Bu y High loss loss loss % 0.0 % 0.4 Altri % Neutra l High % 1.7 % 1.7 Portu cel % Bu y Med ium , % 7.9 % 1.0 Cimpor % Bu y Med ium , % 3.9 % 1.5 Cons truction Mota-Engil % Bu y High % 7.6 % 0.4 Martifer (3) loss % - - Oil & Gas Galp Energia % Bu y High , % 1.8 % 3.7 (1 ) We do not h ave a recommendation on BCP, as Mib is a registered tradem ark of BCP; (2) Un rated due to low free-flo at; (3) Under Revision Page 9 of 11

10 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 by Comissão de Mercado de Valores Mobiliários. 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 6 and 18 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 has more than 2% of Cimpor. BCP group has more than 2% of Sonaecom. 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. Banco Millennium bcp Investimento, S.A. (merged into Millennium bcp) was chosen as a joint global coordinator of the Initial Public Offering of EDP Renováveis. Banco Millennium bcp Investimento, S.A. (merged into Millennium bcp) was part of the consortium, as a Co-Leader, of BES rights issue, done in April Recommendations on Millennium bcp covered companies (%) Recommendation Dec-11 Sep-11 Jun-11 Mar-11 Dec-10 Jun-10 Jan-10 Dec-09 Dec-08 Dec-07 Dec-06 Dec-05 Dec-04 Buy 68% 93% 76% 79% 79% 77% 78% 63% 54% 41% 37% 30% 63% Neutral 11% 0% 14% 14% 7% 7% 4% 15% 4% 27% 11% 40% 6% Reduce 0% 0% 0% 0% 0% 0% 7% 7% 0% 0% 21% 5% 6% Sell 7% 0% 0% 4% 4% 3% 0% 4% 0% 14% 16% 5% 0% Unrated/Under Revision 14% 7% 10% 4% 11% 13% 11% 11% 42% 18% 16% 20% 25% Performance -7% -20% -6% 2% 7% -11% -6% 33% -51% 16% 30% 13% na PSI 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 10 of 11

11 OFFICE LOCATIONS Millennium investment banking Av. José Malhoa, Lote Lisboa Portugal Telephone Fax / 39 Equity Team Luis Feria (Head of Equities) Equity Research António Seladas, CFA (Head) Fundamental Analysis Alexandra Delgado, CFA (Telecoms and IT) João Flores (Media and Retail) João Mateus (Industrials and Utilities) Rita Silva (Banks) Vanda Mesquita (Utilities and Oil&Gas) Market Analysis Ramiro Loureiro Sónia Martins Telma Santos Publishing Sónia Primo Prime Brokerage Vitor Almeida (Head) Hugo Ferreira Pinto Paula Val Institutional Equity Sales Karsten Sommer (Head) Manuel Lança Lopes Equity Trading Paulo Cruz (Head) Diogo Palma Gonçalo Lima Jorge Caldeira Paulo Santos Pedro Gonçalves Pedro Lalanda Rodrigo Roque Pinho Equity Derivatives Jorge Pina (Head) Ana Lagarelhos Diogo Justino Marco Barata Maria Cardoso Baptista, CFA