IBERIA. Wednesday Sonae s 2Q14 Earnings. Best & Worse Performers -1 Week (%) 13.2 Sonae Capital BPI 8.1 REN. 5.2 Indra 0.

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1 EQUITY RESEARCH IBERIA August Top Stories WEEKLY Portugal Telecom dropped 4.1% this week, vs. PSI20 index up 1.8%. The company disclosed the Board s proposal that will be voted by shareholders on Sep 8th, but there were no new material information regarding the agreement with Oi. A lot of uncertainty regarding what the next weeks will bring, as well as constant news in the press, continue to keep investors away from the company (page 4). ES Saúde shares advanced 13.2% this week, partially reversing last week s performance (-8.8%). We believe latest news saying that there are six companies interested in ES Saúde partially explains stock recovery (page 7). Out This Week Snapshots/Company Reports Model Portfolio Price Target / Recommendation Changes Sonae, EDP Other News EDP, EDPR, Galp, Banking Sector, JM, PT, ES Saúde Week Ahead Wednesday Sonae s 2Q14 Earnings Portfolios This week, Mib Aggressive Portfolio went up 1.87%, outperforming the PSI20 by 0.06pp. Sonae Capital and Novabase were the contributors for this outperformance (page 8). This week, Mib Liquidity Portfolio went up 1.66%, underperforming the PSI20 by 0.15pp. Excluding NOS and BPI, all stocks contributed for this underperformance (page 9). Stock Market Last 1W YTD 2013 Daily Vol. ( mn) 1W 1M 6M 2013 PSI 20 5, % % 15.98% PSI IBEX 35 10, % 3.81% 21.42% IBEX 35 2,277 2,559 3,084 2,570 Euro Stoxx 50 3, % -1.64% 17.95% Euro Stoxx 50 7,325 7,864 8,487 7,456 Forex Rates Last 1W YTD 2013 Interest Rates Last 1W Chg YE13 EUR/USD % -3.03% 4.46% Euribor 6m 0.30% 0.30% 0bp 0.38% EUR/GBP % -3.85% 2.49% 10Y Bond PT 3.54% 3.84% -30bp 5.66% EUR/BRL % -6.73% 20.33% 10Y Bond SP 2.49% 2.56% -7bp 3.90% António Seladas, CFA antonio.seladas@millenniumbcp.pt Best & Worse Performers -1 Week (%) ES Saúde 13.2 Sonae Capital 10.7 EDP 8.7 BPI 8.1 REN 5.2 Indra 0.3 Sonae -0.1 Sonaecom -0.5 Galp Energia -0.6 Portugal Telecom Best & Worse Performers - YTD (%) CTT 34.5 EDP Renováveis 31.3 EDP 25.8 Semapa 25.5 ES Saúde 21.0 Inditex NOS Jerónimo Martins Sonaecom Portugal Telecom Page 1 of 12 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 Sonae Buy 1.70 Buy 1.55 Moving Valuation to YE15 EDP Reduce 3.10 Neutral 3.10 Price Performance Earnings Page 2 of 12

3 Dividends Next Week Results Sonae Buy Medium Risk (Target YE15: 1.70) 2Q14 Earnings Preview João Flores; Sales YoY EBITDA YoY EBIT YoY Net Profit YoY % % 59-23% 45 43% Sonae will disclose 2Q14 Earnings on August 20th after the market close. Since Sonae Sierra and NOS already disclosed 2Q14 numbers, attentions will be focused on Retail numbers (margin in food will be key, following decline in last quarters). Equity Markets Equity Markets António Seladas, CFA; Model Portfolio August Markets are adjusting July was clearly negative for European and US equity investors, markets went down between minus 0.2% Footsie100 and 12.1% PSI20, while DAX dropped 4.3%, Eurostoxx 3.5%, Ibex 2% and S&P500 minus 1.5%. Asian markets were positive for the month, as Topix rose 2.1%, Hang Seng plus 6.8%. Emerging markets were also positive, the performance was broad based but European markets; The PSI20 went down 12.1%, banks underperformed and contributed 450bp (BES -430bp was the main contributor), telecom companies also underperformed and contributed roughly minus 350bp (PT -310bp). Last but not least retail also went down, contribution was 310bp (JM -280bp); In July, the Aggressive Portfolio went down 15.8% underperforming the PSI20 by 370bp. The major reason was the overweight in BES and PT that went down by roughly 66% and 40%. Year to date the portfolio is underperforming the PSI20 by 320bp. (For further details, please refer to our report out this week) Financials Banking Sector Vanda Mesquita; Deposit rates continue to drop In June corporate loans fell by 8.7% yoy and individual loans dropped by 4.1% yoy. Deposits in May rose by 3.1% yoy for corporate and dropped by 0.4% yoy for individuals. The annualized agreed rate for corporate dropped by 108bps yoy to 4.45% and for mortgages it went up by 9 bps yoy to 3.25%. Deposit rates for corporate companies dropped by 30 bps yoy to 1.05% Page 3 of 12

4 and decreased by 10 bps mom. Deposit rates for individuals dropped by 46 bps yoy to 1.54% and decreased by 17 bps mom. After reaching a peak in May, overdue loans ratio (> 30 days) for the corporate sector dropped by 0.3pp mom to 13.8% (vis-à-vis 11.9% the same period the previous year). For individuals, overdue loans (> 30 days) stood at 4.7%, +0.4pp yoy and remained stable mom. In conclusion, the drop in loan yields for the corporate sector together with lower loans volumes may damage NII evolution. However, the drop in deposits rates may give a boost to NII evolution. (For further details, please refer to our sector news out this week) Telecoms Portugal Telecom Buy Medium Risk (Target YE14: 3.00) Boards proposal to the shareholders meeting to be held on Sep 8th and internal audit report Alexandra Delgado, CFA Portugal Telecom has disclosed yesterday evening the Board s proposal to be voted by shareholders in the extraordinary shareholders meeting to be held on September 8th, with the terms of merger with Oi being revised following the default of RioForte on 0.9 bn commercial paper subscribed by PT. There is no new information regarding the revised agreement between PT & Oi: RioForte s debt will be transferred to PT in exchange for mn Oi ordinary shares (ON) plus mn preferred shares (PN), partially reversing Oi s capital increase by 0.9 bn; PT will be granted a 6-year maturity call to repurchase those Oi shares; merger of Oi and its holding to create CorpCo; reduction of PT s capital and distribution of CorpCo shares held by the company to its shareholders (2.10 CorpCo shares per each PT share); PT SGPS will then hold only two assets: RioForte debt and the option on Oi shares. PT alerts shareholders to the risks that this operation involves. We highlight that PT admits that: it may not be able to recover any of the amounts outstanding of the treasury applications in RioForte and that it is impossible to anticipate the duration and outcome of the controlled management proceedings with the Luxembourg authorities; that the value of the call option will be affected by factors beyond PT s control, such as the evolution of Oi share prices; that PT may not have sufficient financial resources to exercise the call option, if it cannot recover applications in RioForte and if it is unable to monetize this option through derivative instruments; that PT may not be able to maintain listing on the Euronext Lisbon regulated market after the implementation of this agreement; that PT could be subject to liabilities relating any future litigation or governmental or regulatory inquiries relating to the Rioforte investments; that PT could be subject to liabilities and restrictions relating to future disputes that may arise if no agreement is reached with Oi. It was also disclosed today in the press the outcome of the investigation made by PT s Audit Committee regarding applications in RioForte. The report says the treasury applications were neither approved by the executive committee, nor by the Board of Directors. CEO Henrique Granadeiro took the responsibility in July 10th s executive committee for telling CFO Pacheco de Melo to renew 200 million in RioForte commercial paper. The committee considers the CFO didn t have to bring this topic to the executive committee or the Board because they were short term applications and not long term financial investments, but because of the amounts involved, he should have required the executive committee and the Board to approve them. The report says information disclosed to executives regarding PT s financial situation classified them as cash deposits by BES (there was no mention of RioForte). Out of the 0.9 bn, 0.2 bn were subscribed by PT SGPS, 0.7 bn by PT International Finance. The 0.2 bn (and the underlying contract) were transferred to PT Portugal from PT SGPS before Oi s capital increase, so Oi (Zeinal Bava was both Oi s CEO and PT Portugal CEO) should have known at least of this contract by May. In summary, PT s Audit Committee didn t find a responsible for what happened. More, apparently it interviewed some people but not the top 3 executives- Henrique Granadeiro, Pacheco de Melo, Zeinal Bava- which is unreasonable. We remind our price target for PT of 3.00/ share (YE14), is the result of: an exchange ratio of 2.1 Page 4 of 12

5 CorpCo shares per PT share applied to our CorpCo valuation ( 2.50/ share), plus a repayment of 10% of RioForte debt ( 0.10/ share), plus a call option on Oi shares worth 350 million ( 0.40/ share). Utilities EDP Reduce Low Risk (Target YE14: 3.10) Vanda Mesquita, EDP has delivered a non-binding proposal to acquire EON assets in Spain According to the press, EDP has delivered a non-binding proposal to acquire EON assets in Spain that are valued at 3bn. EON in Spain has an installed capacity of 4.500MW (conventional and renewable energy) and a distribution network with a portfolio of 650 thousand customers. Still according to the press, this deal is expected to be closed before December. We remind that in the earnings CC, EDP s CEO stated that it made sense to analyze this deal as long as it does not compromise the financial stability of the company. From the strategic point of view, this proposal makes sense, since if the proposal is accepted, EDP strengthens its presence in the Spanish market, where it is already one of the largest operators. However, from a financial point of view, this operation could compromise the achievement of the target financial ratios, namely the target of a net debt/ebitda ratio (excluding regulatory receivables) lower than 3x in EDP Renováveis Buy Low Risk (Target YE14: 5.60) EDPR has announced that it has signed one power purchase agreement for 25MW Vanda Mesquita, EDPR has announced that it has signed a 15-year power purchase agreement for 25MW. This contract is for a wind park that is already under operation since EDPR also informed that this contract decreases the merchant exposure in the US to 562 MW, which accounts for 6.5% of EDPR s total installed capacity as of June As mentioned before, the signature of these contracts is positive, since it increases the predictability of cash flows (electricity sold in the market is more subject to the fluctuation of market prices). Conglomerate Sonae Buy Medium Risk (Target YE15: 1.70) Sonae Focus on Food retail margins João Flores; We fine-tuned our Sonae`s estimates based on latest data and new estimates. Furthermore, we updated Portuguese 10yr Government yield bond to 4% from 5% while moved reference year to YE15 from YE14. Our price target was revised upwards to 1.70 YE15 from 1.55 YE14, with a Buy (Medium Risk) recommendation, with a 60% upside vs current price. Breakdown of changes in price target: i) updated retail estimates had a 0.05 negative effect; ii) WACC update had a 0.05 positive effect; and iii) moving reference year to YE15 had a 0.15 positive effect. Overall, we believe Sonae is benefiting from a positive momentum on Iberia retail sales (based on economic recovery) while simplifies its holding structure to focus on retail areas, becoming comparable to its retail peers on operational numbers. We believe current stock price makes Sonae an attractive stock, since company keeps showing strong resilience in Portugal (even in an increased competition environment in Portuguese food retail market) while expects to leverage on international expansion (focused on capital light/franchising while slowdown stores openings in Spain). Page 5 of 12

6 Food Retail: sales numbers were slightly downwards revised, thus CAGR was fine-tuned to 2.1% (from 2.8%). Based on higher than expected prices promotions in 2013 (EBITDA margins reached 7.6%, below estimated 7.8%) and tough environment in 2014 (Sonae will keep its promotional campaigns) we decided to revise downwards estimated EBITDA margins in 2014 (to 6.9% from 7.1%) while kept numbers close to 7% to the following years. Specialized Retail: sales were upwards revised, reflecting strong numbers in Q14 (CAGR was revised to 4.2% from 3.5%). Numbers are showing clear signs of improvement, reflecting both economic recovery and positive effect from refurbished format in We expect EBITDA breakeven in Recall Sonae holds million Sonaecom shares which stands for 89.97% of voting rights (excluding 5.6 million own shares held by Sonaecom), thus Sonae needs to buy 106k shares in order to reach the 90% threshold. We remind that in order for Sonae to be able to delist Sonaecom it needs shareholders representing more than 90% of capital to approve that resolution in a shareholders meeting. Overall, Sonae is expected to simplify its holding structure (delist Sonaecom?) which opens possibility to remove/reduce our Holding discount (10%). We highlight remove holding discount will have c 0.20 positive effect on Sonae`s price target. (For further details, please refer to our company report out this week) Retail Jerónimo Martins Buy Medium Risk (Target YE15: 13.35) New CFO in JM João Flores, Jerónimo Martins (JM) disclosed last Friday (after market close) on a CMVM filing that, as from the 3rd of November, 2014, Mr. Francisco Javier Van Engelen Sousa, will become CFO of Jerónimo Martins, and, by virtue of office, will also join the Managing Committee of the Group. Mr. Alan Johnson ceasing, as from the above referred date, his duties as CFO and, subsequently, as member of the Managing Committee of the Group, will remain as a non-executive member of the Board of Directors of Jerónimo Martins. According to the news, Mr. Alan Johnson has limited availability from 2015, thus JM had to find a new CFO at full time (recall Mr. Alan Johnson became JM`s CFO from the 1st of January, 2012). Following 2Q14 figures below estimated and lackluster outlook, we believe CFO unexpected replacement suggests instability, thus JM`s stock negatively reacts to an unusual deal and unknown reasons behind the replacement. Oil & Gas Galp Energia Buy High Risk (Target YE14: 15.60) Vanda Mesquita, Good news from Apollonia well Galp announced the preliminary results obtained during the drilling of the well informally known as Apollonia (located in the block BM-S-24 in Brazil). The drilling of this well proved the existence of a hydrocarbon gross column of approximately 313 meters, 87 meters of which is related to an oil gross column. Samples collected from this well are similar to the ones collected from Jupiter, Jupiter NE and Bracuhy, meaning that this well is connected to the other Jupiter areas. The consortium also informed that it will continue to proceed with the activities set in the Evaluation Plan. This is a piece of good news. However we cannot draw precise conclusions about the potential upside in terms of recoverable reserves. We consider 5bn barrels of recoverable reserves, a NPV of $2.8 per barrel and we assume that production starts in 2019 (in line with the company s guidance). Galp through Page 6 of 12

7 its 70% stake in Petrogal Brasil owns a 14% stake in this block, while Sinopec through its 30% stake in Petrogal Brasil owns a 6% stake. Health Care ES Saúde Buy High Risk (Target YE14: 4.45) João Flores, Six companies interested in ES Saúde ES Saúde shares advanced 13.2% this week, partially reversing last week s performance (-8.8%). We believe latest news saying that there are six companies interested in ES Saúde partially explains stock recovery. According to the Portuguese press, there are six companies interested in ES Saúde (Apax Partners; TPG; Grupo Angeles of Mexico; insurer Fidelidade; Amil and Grupo Mello) since ES Group is considering to reduce/sell its stake in ES Saúde. Due to requests for creditor protection from parent company Rioforte and ESFG, it will be difficult to finalize a sale process before October. Furthermore, lock-up period to selling shareholders and ESHCI is 270 days from IPO (November 10th, 2014) We highlight Espírito Santo Health Care Investments (ESHCI) has a majority stake in ES Saúde (51%). ESHCI is 55% held by Rio Forte (requested creditor protection) while Rio Forte is 100% held by Espírito Santo International (requested creditor protection) Aggressive Portfolio This week, Mib Aggressive Portfolio went up 1.87%, outperforming the PSI20 by 0.06pp. Sonae Capital and Novabase were the contributors 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 1.66%, underperforming the PSI20 by 0.15pp. Excluding NOS and BPI, all stocks contributed for this underperformance. 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 7 of 12

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10 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) Week 1M 3M 12M YTD E 2015E E 2015E E 2015E E 2015E E 2014E PSI 20 5, , IBEX 10, , Financials , BCP (1) , BPI % Buy High , loss % 0.0% 0.8 Telecoms , % 6.3% 1.9 Telefónica (4) % Buy Medium , % 6.4% 2.2 Portugal Telecom % Buy Medium , % 7.1% 0.4 NOS % Buy Medium , % 5.6% 2.0 Sonaecom % Buy High % 6.5% 0.4 Media % - - Impresa (2) % - - Media Capital (2) % - - Cofina (2) % - - Technology Indra % Buy High , % 3.3% 1.5 Novabase % Buy High % 5.1% 1.1 Utilities , % 3.1% 1.0 Iberdrola (4) % Buy Low , % 5.0% 0.9 EDP % Reduce Low , % 5.5% 1.4 EDP Renováveis % Buy Low , % 0.8% 0.7 REN % Buy Low , % 6.6% 1.3 Conglomerates , Sonae (4) % Buy Medium , % 3.3% 1.3 Semapa % Sell High , % 2.5% 1.5 Sonae Capital % Buy High loss loss % 0.0% 0.2 Retail , % 2.3% 6.3 Inditex % Buy Medium , % 2.3% 6.6 Jerónimo Martins (4) % Buy Medium , % 2.5% 4.2 Industrials , CTT (4) % Buy Medium , % 3.9 Sonae Industria (3) loss % - - Altri % Reduce High % 2.0% 1.7 Portucel % Sell Medium , % 6.6% 1.7 Construction Mota-Engil (3) % - - Oil & Gas. Galp Energia % Buy High , % 2.8% 2.0 HealthCare ES Saúde % Buy High (1) We do not have a recommendation on BCP, as Mib is a registered trademark of BCP; (2) Not Covered; (3) Restricted; (4) Target YE15; (5) Under Revision Page 10 of 12

11 Disclosures 1) This report has been prepared on behalf of Millennium investment banking (Mib), a registered trademark of Banco Comercial Português, S.A. (Millennium BCP). 2) Millennium BCP is regulated and supervised by Comissão do Mercado de Valores Mobiliários (CMVM). 3) 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. 4) Unless otherwise specified, the time frame for price targets included in this report is current year-end or next year-end. 5) Risk is defined by the analyst s view in a qualitative way (High, Medium, Low). 6) Usually we update our models and price targets in between 3 and 9 months. 7) Millennium BCP prohibits its analysts and members of their households to own any shares of the companies covered by them. 8) BCP group may have business relationships with the companies mentioned in this report. 9) Millennium BCP expects to receive or intends to seek compensations for investment banking services from the companies mentioned in this report. 10) 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. This report did not have any specific recipient. 11) Millennium BCP Analysts do not participate in meetings to prepare BCP s involvement in placing or assisting in public offers of securities issued by the company that is subject of the recommendation, except when disclosed in the report. 12) Analysts are paid in part based on the profitability of BCP group, which includes investment banking revenues. 13) BCP group has more than 2% of EDP. 14) BCP group was chosen to evaluate EDP regarding the 8th stage of the privatization process. 15) BCP group was chosen to evaluate REN regarding the 2nd stage of the privatization process. 16) 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. 17) 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). 18) 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 ) Banco Comercial Português, S.A. (also known as Millennium BCP) was chosen as a Co-leader of the Initial Public Offering of ES Saúde, that took place on February ) Millennium investment banking acted as Joint Bookrunner in the private offering, launched by José de Mello SA, through an accelerated bookbuilding, concerning the sale of EDP shares, according to the announcement released on the 3rd of April ) According to the announcement released on the 8th April 2014, Millennium BCP acted as Joint Bookrunner in the Eurobond EDP Finance BV 5-year in the total amount of 650,000, ) Millennium BCP is involved in Sonae Industria capital increase announced at the beginning of May ) Millennium investment banking a registered trademark of Banco Comercial Português, S.A. was chosen as Joint Bookrunner of the Preferential Offer and Co-Lead Manager of the Institutional Offer of Mota-Engil Africa that is taking place. 25) Banco Comercial Português, S.A. (also known as Millennium BCP) was chosen as a Co-leader of the Public Offering of REN that took place in June ) Banco Comercial Português, S.A. (also known as Millennium BCP) was chosen as one of the Bookrunners & Mandated Lead Arrangers on the 5-year revolving credit facility in the amount of 3,150,000,000 that was granted to EDP-Energias de Portugal (June 2014). 27) Banco Comercial Português, S.A. (also known as Millennium BCP) was chosen as one of the Joint-Bookrunners on the issuance of Euro Medium Term amounting to 500,000,000 (maturing in January 2021) by Galp Energia (July 2014). 28) Recommendations on Millennium BCP covered companies (%) Recommendation Jul-14 Jun-14 Mar-14 Dec-13 Sep-13 Jun-13 Dec-12 Dec-11 Dec-10 Dec-09 Dec-08 Dec-07 Dec-06 Dec-05 Dec-04 Buy 67% 50% 25% 55% 59% 77% 77% 68% 79% 63% 54% 41% 37% 30% 63% Neutral 14% 32% 13% 23% 9% 9% 12% 11% 7% 15% 4% 27% 11% 40% 6% Reduce 5% 0% 33% 18% 18% 14% 4% 0% 0% 7% 0% 0% 21% 5% 6% Sell 10% 18% 29% 5% 14% 0% 4% 7% 4% 4% 0% 14% 16% 5% 0% Unrated/Under Revision 5% 0% 0% 0% 0% 0% 4% 14% 11% 11% 42% 18% 16% 20% 25% Performance -12.1% -10.6% 16.0% 10.2% 7.1% -1.7% 2.9% -28% -10% 33% -51% 16% 30% 13% na PSI 20 5,979 6,802 7,608 6,559 5,954 5,557 5,655 5,494 7,588 8,464 6,341 13,019 11,198 8,619 7,600 29) 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 11 of 12

12 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 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