EQUITIES MODEL PORTFOLIO Jan/13

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1 STRATEGY EQUITIES 15 October 2013 Reality check MODEL PORTFOLIO September, in terms of equities, was quite strong, the major markets went up between 3% and 8%, but the UK market (+0.8%) and almost all markets performed positively, without major differences between regions, so, last month, was clearly a bull market that drove equities; In September, the PSI20 went up 2.5%, major contributors were PT (plus 150bp) and JM (plus 50bp); In September the Aggressive Portfolio went up 8.6%, outperforming the PSI20 by 6%; it was mainly due to overweight in Sonae Industria, Sonae, Novabase and Telefónica;. Summing up, soft data in the main economies US and EA have been showing a positive trend and equity markets have been reacting positively, however hard data, namely earnings growth rates have been quiet in the US, since May and before were downwards reviewed, while the EA is still experimenting a small downward trend. So there is clearly a dissonance between soft and hard data and could not last forever, thus over the next quarters, maybe by the end of 1Q14, it will be time for a reality check Oct/12 Oct/12 Nov/12 Dec/12 Jan/13 Feb/13 Mar/13 Apr/13 May/13 Jun/13 Jul/13 Aug/13 Sep/13 PSI20 Eurostoxx António Seladas, CFA antonio.seladas@millenniumbcp.pt 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 Performance Overview September, in terms of equities, was quite strong, the major markets went up between 3% and 8%, but the UK market (+0.8%) and almost all markets performed positively, without major differences between regions, so, last month, was clearly a bull market that drove equities. The Eurostoxx50 went up 6.3%; DAX plus 6.1%; CAC40 5.3%; IBEX an amazing 10.8% (major cap s, mainly banks, outperformed). Regarding the US market the S&P500 went up 3%, Nasdaq100 plus 4.7% and Russel2000 plus 6.2%. Topix went up 8%. The PSI 20 went up 2.5%, mainly due to PT s performance. Concerning the Other Assets, the CRB, the commodity price index, went down 1.9% as most commodities dropped. The Euro went up 2.5% vs. the USD and JPY. Regarding Long Bond yields, German Bunds went down 8bp to 1.78%; US treasuries went down 17bp to 2.61% and Portuguese OT s dropped 6bp to 6.68% (please see tables on pages 10 and 11). Best & worst performers Source: Mib In September, as mentioned above, the PSI20 went up 2.51%. Major contributors were Telecoms, plus 180bp (PT 150bp) and Retail 90bp (JM 50bp), while Oils, minus 60bp (Galp), contributed negatively, for more information please see table in page 4. In September the Aggressive Portfolio went up 8.6% outperforming the PSI20 by roughly 6%; it was mainly due to the overweight in Sonae Industria, Sonae, Novabase and Telefónica. Year to date the Portfolio is outperforming the PSI20 by 31%. Mib Aggressive Portfolio is made up of the five stocks with the highest upside potential of our coverage universe. It is equal weighted and rebalanced on Friday s close, 5 stocks; 20% each. For more information, namely performance attribution, please see Weekly released on Fridays. 2

3 Mib Aggressive Portfolio Return vs. PSI20 1 Month YTD Portfolio 8.6% 36.4% 22.1% -36.5% -7.3% 72.1% -43.7% -2.5% 37.9% PSI20 Index 2.5% 5.3% 2.9% -27.6% -10.3% 33.5% -51.3% 16.3% 29.9% Gain/Loss 6.0% 31.1% 19.2% -8.9% 3.1% 38.6% 7.6% -18.8% 8.0% Source: Mib; Ytd returns were recalculated on 15 of March 300% 250% Return since inception (30th July 2004) Portfolio PSI20 200% 150% 100% 50% Aug-04 Feb-06 Aug-07 Mar-09 Sep-10 Mar-12 Sep-13 Source: Mib 3

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5 Investment Strategy The soft data in the EA (Euro Area) and US have been generally strong and have been able to keep a positive trend. This kind of behaviour is from our point of view the major reason behind the good performance of the major equity markets. We also mentioned one month ago, that this sort of data allow us to speculate that the major recession after the Great Depression of 1929, is probably overcome. The equity risk premium has been coming down in a very consistent way since last year s Spring and the same is true regarding multiples expansion. This environment over a period of time of almost 18 months is just possible, when confidence levels are soaring. Euro Stoxx - Adjusted PER 30 S&P 500 Adjusted PER ,7 12,1 11, ,5 14,5 13,3 5 jul-95 ago-97 ago-99 ago-01 ago-03 set-05 set-07 set-09 set-11 out-13 PER MA DP 10yA 1DP 10 jul-95 mar-98 set-00 mai-03 dez-05 jul-08 PER MA DP DP fev-11 10yA set-13 10,0% ERP EuroStoxx 8% 7% ERP S&P 500 7,5% 6% 5% 5,0% 4% 2,5% 3% 2% 0,0% Abr-00 Abr-02 Abr-04 Abr-06 Abr-08 Abr-10 Abr-12 ERP EuroStoxx -1Std Deviation +1Std Deviation 1% 0% Abr-00 Abr-03 Abr-06 Abr-09 Abr-12 ERP -1STD +1STD Source: Mib, Bloomberg 5

6 However, it is notorious some dissonance between the soft and the hard data. Regarding equities if we assume that hard data are earnings released and estimates revisions, what we noticed was a stabilization on earnings growth rates, while the earnings seasons have been pretty much as expected. 30% Euro Stoxx -Annual EPS Growth (YoY) 15% S&P500 Annual EPS Growth (YoY) 25% 20% 15% 10% 5% 0% 16,5% 8,2% 13% 11% 9% 11,1% -5% -10% -10,4% -15% mai-12 ago-12 out-12 jan-13 abr-13 jul-13 out-13 EPS Gr 12 EPS Gr 13 EPS Gr 14 7% 5% mar-12 ago-12 dez-12 mai-13 out-13 EPS Gr 12 EPS Gr 13 EPS Gr 14 7,4% 7,0% Source: Mib, Factset So and despite a good performance of the major indices year to date, earnings growth rates in the US were firstly downward reviewed and since May/2013, have been flat; while in the EA are still experimenting small downwards adjustments. As a result, the expected upwards earnings revisions have been delayed creating this conflict between soft and hard data. This kind of behaviour is acceptable during a period of time, however it cannot last forever, thus next quarters will be interesting in the sense that hard data will meet soft data or vice versa and it is not irrelevant, as if hard data do not move upwards, will mean that soft data or earnings should start to be downwards reviewed. Taking in consideration that multiples were expanded for the last 15 to 18 months and ERP s went down, markets are clearly vulnerable to any disappointment. If we assume that the 3Q13 earnings season will be pretty much as expected, similar to 1Q13 and 2Q13, and taking in consideration the current market s momentum, it should be enough to finish the year in a positive tone. As a result and maybe by the end of 1Q14, if hard data do not move upwards it will be time for a reality check. Equity Risk Premium Actual Standard Deviation Mov. Average Long Term Valuation * Index Figure -2STD -1STD +1STD (18months) Average Level S&P500 5,27% 4,72% 5,59% 7,32% 6,45% 3,40% Unattractive Eurostoxx 5,71% 5,37% 6,26% 8,04% 7,15% 4,87% Unattractive 298 DAX 6,22% 5,60% 6,39% 7,96% 7,18% 5,40% Unattractive FTSE100 6,15% 5,85% 6,67% 8,30% 7,48% 4,43% Unattractive TOPIX 5,57% 4,43% 5,02% 6,21% 5,62% 4,50% Neutral *Attractive/Unattractive: more or less than (+/-) one standard deviation respectively Source: Mib, FactSet 6

7 Summing up, soft data in the main economies US and EA have been showing a positive trend and equity markets have been reacting positively, however hard data, namely earnings growth rates, in the US, have been quiet since May and before were downwards reviewed, while the EA is still experimenting a small downward trend. Accordingly there is clearly a dissonance between soft and hard data and could not last forever, thus over the next quarters, maybe by the end of 1Q14, it will be time for a reality check. 7

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9 Latest Target Risk Trnvr ( mn) M Cap Change (%) EPS P / E EV / Sales EV / EBITDA Div Yield P/BV Upsd Rating Pr ( ) YE13 Rating 3m 6m ( mn)o Week 1M 3M 12M YTD E 2014E E 2014E E 2014E E 2014E E 2013E PSI 20 5, , IBEX 9, , Financials , BCP (1) , BES % Buy High , loss % 0.0% 0.4 BPI % Buy High , % 0.0% 0.7 Telecoms , % 6.3% 2.1 Telefónica % Buy Medium , % 6.5% 2.3 Portugal Telecom % Buy Medium , % 6.0% 1.1 Zon Optimus % Reduce Medium , % 2.7% 1.8 Sonaecom % Neutral High % 4.3% 0.7 Media % - - Impresa (2) % - - Media Capital (2) % - - Cofina (2) % - - Technology Indra (3) % Buy High , % 3.1% 1.6 Novabase (3) % Buy High % 2.4% 1.1 Utilities , % 4.3% 0.7 Iberdrola % Buy Low , % 7.7% 0.6 EDP % Neutral Low , % 6.9% 1.1 EDP Renováveis % Buy Low , % 1.2% 0.6 REN % Buy Low , % 7.7% 1.1 Conglomerates , Sonae % Buy Medium , % 3.6% 1.4 Semapa % Reduce High % 3.5% 1.1 Sonae Capital % Sell High loss loss loss loss % 0.0% 0.2 Retail , % 1.9% 7.3 Inditex (3) % Reduce Medium , % 1.9% 7.4 Jerónimo Martins % Buy Medium , % 2.0% 6.8 Industrials , % - - Sonae Industria % Buy High loss loss loss % 24.4% 0.6 Altri % Sell High % 1.5% 1.7 Portucel % Reduce Medium , % 8.0% 1.4 Construction Mota-Engil % Sell High % 3.8% 1.3 Oil & Gas Galp Energia % Buy High , % 2.3% 1.8 (1) We do not have a recommendation on BCP, as Mib is a registered trademark of BCP; (2) Not Covered; (3) Price Target YE14 9

10 Volatility 1M 6M 1Y 2Y 3Y 5Y 10Y 30-Sep-13 1M 1Y Developed Markets Pan Europe IBEX 9186,1 10,8% 16,0% 12,5% (?% ) 19,2% -12,6% -16,4% 37,0% 10,5% 20,1% Euro Stox x ,2 6,3% 10,3% 9,8% 17,9% 5,3% -4,8% 20,8% 10,7% 17,2% DAX 8594,4 6,1% 10,3% 12,9% 19,1% 38,0% 47,4% 163,9% 10,0% 15,3% Euro Stoxx 292,9 5,9% 10,1% 12,3% 20,0% 10,8% 3,7% 36,7% 9,4% 15,3% C AC 4143,4 5,3% 11,0% 13,8% 23,5% 11,5% 2,8% 32,2% 10,9% 17,3% Stox x ,5 4,4% 5,7% 11,0% 15,6% 19,5% 21,2% 50,1% 7,7% 12,6% PSI ,5 2,5% 2,3% 5,3% 14,4% -20,7% -25,9% -3,4% 11,7% 19,8% Footsie 6462,2 0,8% 0,8% 9,6% 12,5% 16,5% 31,8% 58,0% 9,0% 12,6% PSI20 M ov ers (price change) Portugal Telecom 3,3 16,6% -13,8% -11,1% -13,4% -66,0% -53,1% -41,3% 30,1% 33,0% Sonaecom 2,054 14,7% 22,0% 38,7% 48,9% 45,1% 24,5% 3,2% 27,4% 28,9% Sonae Indústria 0,559 14,3% 4,7% 14,3% 0,7% -73,3% -74,5% n.a. 36,6% 37,2% Espírito Santo Financial Group 5,200-1,1% -0,6% -1,5% -3,7% -63,4% -59,4% -63,3% 4,7% 12,6% Galp Energia 12,295-3,5% 0,6% 4,5% -2,6% -2,9% 5,6% n.a. 17,3% 20,6% Banif 0,010-9,1% -91,8% -93,2% -94,0% -99,0% -99,4% -98,4% 95,5% n.a. Stox x 600 Sectors Technology 276,5 8,6% 11,4% 20,6% 34,3% 40,1% 38,6% 25,0% 12,0% 15,8% Auto 441,1 8,5% 26,1% 25,6% 44,1% 51,8% 71,0% 166,4% 16,7% 21,0% Telecoms 274,5 8,5% 14,5% 21,8% 11,5% 3,4% 9,2% 24,1% 9,3% 15,0% Trav el & Leisure 168,3 2,0% 3,9% 14,7% 24,4% 40,1% 44,7% 44,5% 12,3% 14,8% H ealth C are 557,7 2,0% 1,9% 14,4% 15,0% 48,0% 58,3% 82,0% 5,5% 11,9% Oil & Gas 320,9-0,2% -0,2% -0,6% -5,2% 6,7% -0,1% 30,1% 8,4% 12,9% EU M illennium bcp Proprietary Index es M illenniumbcp Value & Grow th EU 1197,1 11,6% 13,3% 20,1% 26,5% -6,4% -10,3% n.a. 12,5% 17,9% M illenniumbcp Technical EU 1489,1 4,1% 4,6% 4,5% 10,6% -2,2% 12,2% 29,3% 10,3% 16,1% US Philadelphia semicondutor 490,8 7,2% 12,4% 27,8% (?% ) 28,4% 40,5% 59,9% 16,9% 14,4% 19,1% Russel ,8 6,2% 12,8% 26,4% 28,2% 58,8% 58,0% 120,2% 9,2% 14,9% N asdaq ,2 4,7% 14,2% 20,9% 15,0% 61,1% 101,8% 146,9% 8,7% 13,6% Russel ,5 3,3% 7,7% 18,9% 18,4% 49,2% 48,3% 76,5% 9,0% 11,8% S&P ,6 3,0% 7,2% 17,9% 16,7% 47,3% 44,2% 68,8% 9,1% 11,8% Dow Jones Industrial 15129,7 2,2% 3,8% 15,5% 12,6% 40,2% 39,4% 63,1% 10,4% 10,8% S&P 500 Sectors Industrials 400,7 5,5% 10,7% 21,9% 25,5% 48,0% 45,7% 83,6% 12,3% 13,5% Cons. Staples 480,3 5,3% 14,3% 27,7% 29,7% 82,3% 117,1% 120,2% 9,8% 13,0% Materials 265,0 4,2% 7,1% 11,5% 13,8% 31,1% 32,1% 96,3% 15,1% 15,6% C ons. Discretionary 410,2 1,0% -0,1% 13,7% 10,9% 42,3% 43,8% 97,3% 10,8% 11,2% U tilities 189,8 0,7% -4,5% 6,9% 2,7% 19,1% 13,0% 71,4% 15,4% 12,6% Telecom Serv. 149,3-0,6% -5,5% 2,2% -5,0% 22,8% 29,8% 50,6% 12,4% 14,3% U S M illennium bcp Proprietary Index es M illenniumbcp Technical U S 3430,5 2,6% -3,1% 1,5% -1,8% 37,8% 136,8% 205,3% 10,3% 12,5% M illenniumbcp Value & Grow th U S 1475,7 2,3% 6,6% 16,2% 25,7% 54,7% 117,5% n.a. 11,0% 14,6% Asia N ikkei 14455,8 8,0% 16,6% 39,1% (?% ) 63,0% 54,3% 28,4% 41,5% 20,9% 26,5% Topix 1194,1 8,0% 15,4% 38,9% 61,9% 44,0% 9,8% 17,2% 18,3% 24,0% H ang Seng 22859,9 5,2% 2,5% 0,9% 9,7% 2,2% 26,9% 103,6% 13,2% 15,8% *Index calculated and maintained by M illennium investment banking Source: Millennium investment banking, Bloomberg September 2013 September was quite strong, in terms of equities, the major markets went up between 3% and 8%, but the UK market (+0.8%) and almost all markets performed positively, without major differences between regions, so, last month, it was clearly a bull market that drove equities. The Eurostoxx50 went up 6.3%; DAX plus 6.1%; CAC40 5.3%; IBEX an amazing 10.8% (major cap s, mainly banks, recorded an excess performance). Regarding the US market the S&P500 went up 3%, Nasdaq100 plus 4.7% and Russel2000 plus 6.2%. Topix went up 8%. The PSI 20 went up 2.5%, mainly due to the performance of PT. Concerning the Other Assets, the CRB, the commodity price index, went down 1.9% as most commodities dropped. The Euro went up 2.5% vs. the USD and JPY. Regarding Long Bond yields, German Bunds went down 8bp to 1.78%; US treasuries went down 17bp to 2.61% and Portuguese OT s dropped 6bp to 6.68%. 25% 15% 5% -5% 60% 40% 20% 0% -20% -40% -60% -80% -100% IBEX Euro Stoxx 50 Ibex outperforms DAX Euro Stoxx 1M CAC PT outperforms in the Port. Market 1M Portugal Telecom Sonaecom 1Y Sonae Indústria Espírito Santo Financial Group 1Y Stoxx 600 PSI20 Galp Energia Footsie Banif 10

11 Actual 31Dec09 Last Month Millennium investment banking Model Portfolio 15 October 2013 Volatility 1M 6M 1Y 2Y 3Y 5Y 10Y 30-Sep-13 1M 1Y Emerging Markets Other equity indexes Turkey: ISEN ,7 12,7% -13,6% -6,5% (?% ) 12,3% 9,2% 101,0% 446,1% 37,1% 29,1% Russia: MICEX 1462,8 7,2% 1,7% -0,8% 0,3% 1,6% 42,3% 184,0% 18,4% 16,3% MSCI Emerging Markets (USD) 987,5 6,2% -4,6% -6,4% -1,5% -8,2% 25,5% 161,5% 15,8% 13,0% Brazil: Bovespa 52338,2 4,7% -7,1% -14,1% -11,6% -24,6% 5,6% 226,9% 21,5% 20,8% South Africa: FTSE/JSE Africa All Shares 44031,8 4,3% 10,5% 12,2% 23,1% 49,5% 84,7% 393,3% 13,3% 14,1% India: SENSEX ,8 4,1% 2,9% -0,2% 3,3% -3,4% 50,7% 335,2% 29,5% 16,9% South Korea: Kospi 1997,0 3,7% -0,4% 0,0% 0,0% 6,6% 37,9% 186,3% 9,0% 12,7% China: Shanghai 2174,7 3,6% -2,8% -4,2% 4,2% -18,1% -5,2% 59,1% 19,4% 19,3% Poland: WIG ,5 0,3% 0,9% -7,4% 0,8% -8,6% 0,3% 61,9% 28,7% 16,8% Other Markets Commodities Wheat 678,5 5,5% -1,3% -12,8% (?% ) -24,8% 0,7% -0,2% 88,3% 19,4% 22,4% CRB 285,5-1,9% -3,7% -3,2% -7,7% -0,5% -17,4% 31,4% 9,5% 10,5% Natural Gas 3,6-3,4% -15,2% -4,9% -10,5% -34,1% -57,5% n.a. 23,3% 26,3% Gold 1331,8-4,7% -16,7% -20,5% -24,8% 1,9% 52,1% 243,9% 28,1% 20,4% Crude 102,3-4,9% 5,2% 11,4% 11,0% 28,0% 1,7% 250,4% 19,8% 21,1% Brent 108,4-4,9% -1,5% -2,5% -3,6% 31,7% 10,4% 292,5% 20,1% 18,6% Gov Bond's Yield 10y Greece 9,3% (?bp) Turkey 5,09% Ireland 3,67% n.a. Spain 4,30% USA 2,61% France 2,32% Germany 1,78% Portugal 6,68% UK 2,72% Japan 0,69% Italy 4,43% Poland 4,48% CDS (Credit Default Swaps) Europe Sub Investment Grade 5y 407, (?bp) n.a. Europe Investment Grade 5y 103, n.a. US Investment Grade 5y 82, n.a. Currencies (local currency by 1 euro) Euro Dollar 1,3531 2,5% 5,6% 2,5% (?% ) 5,1% -0,7% -3,8% 16,0% Euro Libra 0,8362-2,0% -0,9% 2,9% 4,9% -3,4% 5,8% 19,1% Euro Suiss Franc 1,2239-0,4% 0,6% 1,4% 1,2% -8,4% -22,4% -20,4% Euro Yen 132,9000 2,5% 10,0% 16,3% 32,5% 16,9% -11,0% 2,1% Euro Zloty 4,2218-1,1% 1,0% 3,4% 2,6% 6,3% 24,2% -8,2% Euro Rupee 84,7550-2,6% 21,6% 17,0% 24,5% 38,5% 28,3% 58,5% Euro Ruble 43,8226-0,3% 10,0% 8,6% 9,0% 5,5% 21,3% 22,8% Euro Real 3,0121-4,1% 16,2% 11,4% 15,5% 30,3% 11,2% -11,7% Euro Yuan 8,2829 2,5% 4,0% 0,6% 2,3% -9,1% -14,0% -14,2% Euro Rand South Africa 13,5941 0,3% 14,7% 21,5% 27,3% 42,9% 16,0% 67,9% Euro Won South Korea 1454,2402-0,8% 1,9% 3,4% 1,5% -6,0% -14,3% 8,5% Source: Millennium investment banking, Bloomberg September 2013 Turkey outperforms 20% 10% 0% -10% 1M 1Y -20% Turkey: Russia: MSCI Brazil: ISEN30 MICEX Emerging Bovespa Markets (USD) 10 Years Governments Italy Japan UK Portugal Germany France USA Spain Ireland South Africa: India: South Korea: China: FTSE/JSE SENSEX30 Kospi Shanghai Africa All Shares Turkey Greece 0% 2% 4% 6% 8% 10% 12% 14% 11

12 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 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. 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 Millennium bcp was part of the consortium, as Co-Manager, of BES rights issue completed in May Millenniumbcp 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). Recommendations on Millennium bcp covered companies (%) Recommendation Sep-13 Jun-13 Mar-13 Dec-12 Jun-12 Dec-11 Dec-10 Dec-09 Dec-08 Dec-07 Dec-06 Dec-05 Dec-04 Buy 59% 77% 76% 77% 78% 68% 79% 63% 54% 41% 37% 30% 63% Neutral 9% 9% 10% 12% 4% 11% 7% 15% 4% 27% 11% 40% 6% Reduce 18% 14% 14% 4% 0% 0% 0% 7% 0% 0% 21% 5% 6% Sell 14% 0% 0% 4% 7% 7% 4% 4% 0% 14% 16% 5% 0% Unrated/Under Revision 0% 0% 0% 4% 11% 14% 11% 11% 42% 18% 16% 20% 25% Performance 7.1% -4.6% 3.0% 20.4% -14% -28% -10% 33% -51% 16% 30% 13% na PSI 20 5,954 5,557 5,822 5,655 4,698 5,494 7,588 8,464 6,341 13,019 11,198 8,619 7,600 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. 12

13 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 (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 Martins (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