THE PORTUGUESE STOCK EXCHANGE FACTS AND FIGURES 2013

Transcription

1 THE PORTUGUESE STOCK EXCHANGE FACTS AND FIGURES 213

2 CONTENTS Box: The Portuguese Stock Exchange in Figures Relevant Facts about Market Activity Listings and Delistings Trading Market Members Indices 2. Economic and Financial Environment International Environment Domestic Environment 3. Regulatory Environment 4. Equity Market International Environment Primary Domestic Market Secondary Domestic Market Box: CTT Correios de Portugal (post office) public offer Box: Listing of Nexponor sicafi s.a. Box: Changes in the PSI 2 Index rules 5. The Bond Market International Environment Primary Domestic Market Secondary Domestic Market Box: Bond issues aimed at individual investors Warrants Market International Environment Domestic Market 7. ETF and Certificates Markets International Environment Domestic Market 8. Derivatives Market International Environment Domestic Market 9. Market Members 1. National System for the Registration and Settlement of Securities Centralised Securities Systems Settlement Systems National Numbering Agency statistical ANNEX

3 The Portuguese Stock Exchange Facts and Figures 213 The PortuguESE Stock ExchaNGE IN Numbers 213 Shares Number of listed companies at 31 December 213 = 62 Number of Portuguese listed companies = 59 Domestic market capitalisation = EUR 54.3 billion Total value of shares traded in 213 = EUR 28.7 billion Variation in the PSI 2 Index in 213 = 16% Variation in the PSI Geral Index in 213 = 15.6% Bonds Number of listed bonds at 31 December 213 = 282 Number of listed private sector bonds = 266 Market capitalisation at 31 December 213 = EUR 94.1 billion Total value traded of bonds in 213 = EUR 413 million WARRANTS Number of Warrants listed at 31 December 213 = 1,263 Number of trades in 213 = 65,167 Value traded of warrants in 213 = EUR 183 million ETFs Number of ETFs listed at 31 December 213 = 3 Listed ETFs: PSI 2, PSI 2 Leverage and the Iberian Index Market capitalisation at 31 December 213 = EUR 23.5 million Value traded of ETFs in 213 = EUR 95.4 million Portuguese Market Indices PSI 2. This is the reference index for the Portuguese market, encompassing the 2 most representative companies. PSI Geral. Encompasses all the companies listed on Euronext Lisbon. PSI Sector Indices. There are indices for the following sectors: Basic materials, Industry, Consumer Goods, Services, Telecommunications, Utilities, Financial Sector and Technology. Other Indices with Portuguese Companies The Iberian Index. In addition to the Portuguese indices, the companies listed on Euronext Lisbon are also listed on international indices such as this one, which encompasses 2 Spanish companies and 1 Portuguese. Euronext 1. This is a stock index of the most capitalised and most liquid companies in the European markets managed by Euronext. It currently includes five Portuguese companies. Next 15. This is the index that encompasses the 15 most representative companies in the European markets managed by Euronext, after the 1 largest, and currently includes seven Portuguese companies. Certificates Number of Certificates listed at 31 December 213 = 217 Value traded of Certificates in 213 = EUR million Domestic Derivatives Number of Futures Contracts listed at 31 December 213 = 13 Number of Futures Contracts listed on Indices = 1 (PSI 2) Number of Futures Contracts listed on individual shares = 12 Open positions at 31 December 213 = 1,934 Number of Contracts Traded in 213 = 112,861 Value of Contracts Traded in 213 = EUR 682 million 3

4 The Portuguese Stock Exchange Facts and Figures RelevANT FACTS ABOUT MARKET Activity LISTINgs AND DELISTINgs In February, EDP (the Portuguese electricity company) requested the listing on the stock exchange of 4.14% of its share capital, belonging to the Portuguese Government, which ceased to be a shareholder of the company after this operation. The privatisation of CTT- Correios de Portugal (the Portuguese Post Office), whereby 7% of the company s capital was sold, led to its stock being traded on the Portuguese Stock Exchange from 5 December. The Portuguese Government raised a sum of around EUR 579 million by means of a public offering and a direct sale to institutional investors. The Caixa Económica Montepio Geral (bank) issued EUR 2 million in unit investments, which were distributed between some 24, new investors. The Banif (bank) increased its capital by around EUR 7.7 million by targeting individual investors in a public exchange offer of subordinated notes and preferred shares. Nexponor, a property investment fund promoted by the Portuguese Entrepreneurial Association (AEP), was listed on Alternext Lisbon on 3 June, with an approximate value of EUR 65 million. Three companies were delisted from the Portuguese Stock Exchange: Brisa, Progado and Rações Progado Centro Sul, the first had been listed on Euronext and the other two on Easynext. Bond issues aimed at retail continued to be made: on 14 March, the Mota-Engil Fixed Rate bond loan to the value of EUR 175 million was listed, in April it was the turn of Benfica SAD to issue bonds totalling EUR 45 million and, in June, the Banif bank issued EUR 6 million at a rate of 7.5%. Several capital increase operations occurred, totalling around EUR 1.5 billion in 213. In 213, a total of 52 bond issues were listed on the Portuguese Stock Exchange, with a total value of around EUR 8.2 billion. TrADINg Share trading evolved favourably, having increased to EUR 28.7 billion in 213, up 42% on the 212 figure. Conversely, bond trading declined, the total sum of EUR 413 million being 3.4% lower than the 212 figure. This development was due to the trading of government bonds, since trading in private debt rose by 24.7%. Passive management financial instruments, including ETFs and Certificates evolved very favourably, with trading up 143% and 241% respectively. At a total of EUR 525 million, the sum traded in Certificates appears to have surpassed that of bonds MarkET MEMbers A new member was listed on Euronext Lisbon s spot market Sun Trading International Ltd (UK). Six members asked to leave the market. At the end of 213, the Portuguese spot market had 99 members. INDICES During the PSI 2 annual review, in March, the company Novabase was listed and the Espírito Santo Financial Group was delisted from this index. In the next quarterly review, in June, the positions were reversed, with Novabase being delisted and the Espírito Santo Financial Group relisted. Three new Portuguese companies were listed on the Next 15 Index: Altri, Mota-Engil and SonaeCom, while ESFG was delisted. In August, a change in the PSI 2 rules was announced, to take effect from 214. The rules changed essentially regarding the way in which the companies that make up the index are selected. The main criterion is now free float market capitalisation (see Box). In December, another adjustment was made to the PSI 2 rules, which abolished the registered office and main trading market requirements for the purposes of company eligibility for the index. 4

5 The Portuguese Stock Exchange Facts and Figures ECONOMic AND FiNANCial EnviRONMENT Growth of GDP (%) Source: International Monetary Fund 4.9% 4.7% InternatiONAl EnviRONMENT 3.1% 3% 2.8% The world economy slowed slightly in 213, with a GDP growth of 3.1% in 212 dropping to 3% in 213, according to International Monetary Fund data. The second semester of 213 saw higher global activity than expected, with positive signs both in developed and emerging countries % -.4% -.7%.9%.5%.%.2% -.3% 1.7% 1.4% 1.7% In 213, world GDP rose by 3%, slightly less than it did in 212, when it rose by 3.1%. This slowing down was seen to occur both in advanced economies (where growth dropped from 1.4% in 212 to 1.3% in 213) and in emerging economies (where it fell from 4.9% to 4.7%). In 213, growth in the USA was 1.9%, down on the 212 figure of 2.8%. The United Kingdom, Japan and Canada grew by 1.7%. In Germany and France, the economy improved slightly. Some countries in the Eurozone remained in recession, although not as markedly as the previous year. The IMF forecasts a global rise of 3.7% for 214. This improvement in future prospects boosted economic activity in 213, with foreign trade increasing globally and investment rising, especially in the second half of 213. Mid-213 also saw a slowing-down of monetary stimuli in the USA. Although a measure which inverts the expansionary monetary policy that began in 28, this can be seen as a sign of confidence in the positive economic indicators that have been appearing over the course of the year. The emerging country with the highest growth was China (7.7% in 213). Eastern Europe grew 2.5%, up on the previous year s 1.4%, as did Brazil, where GDP grew from 1% in 212 to 2.3% in 213, and India, where the 213 figure was 4.4% as against 3.2% in 212. Economic activity in Mexico, Russia and South Africa also improved, although not as much as in 212. There was a downward trend on public debt interest rates in Portugal, Spain and Italy whereas Germany s rose slightly. This overall improvement and greater convergence indicate greater financial stability in the Eurozone, with the sovereign debt crises showing signs of easing in 213. DOMESTic EnviRONMENT In 213, real GDP in Portugal fell by 1.4%, extending the period of recession, which had already been noted in 212, when GDP dropped by 3.2%. Despite the shrinking seen over the year as a whole, the recession could be seen to be easing slightly as time passed and, in the last quarter, there was a growth of 1.6% in comparison to the same period in 212. In the last quarter of 213, the unemployment rate stood at 15.3%, down 1.6% in comparison to the same period in 212. At the end of 213, a downward trend was seen, since the unemployment rate fell.3% between the third and fourth quarters. The annual World Economy -1.8% -1.6%-1.2% -2.5% USA Eurozone Germany France Italy Spain United Kingdom Evolution of interest rates on sovereign debt (1 years) Source: Bloomberg 18% 16% 14% 12% 1% 8% 6% 4% 2% Japan Portugal Italy Spain Germany % Dec/1 Jun/11 Dec/11 Jun/12 Dec/12 Jun/13 Growth in the Portuguese GDP (% variation year-on-year, quarterly) Source: National Institute of Statistics (INE) 2.7% 2.2% 2.2% 2.3%.8%.6%.3% -1.8% -2.5% -3.6% -4.1% 2.1% 2.4% 1.8% 1.5% -1.4% Emerging Markets Dec/13 1.6% -.1% -.7% -.9% -1.4% -2.% -2.4% -2.8% -3.2% -3.6% -3.8% -4.% 27.I 27.II 27.III 27.IV 28.I 28.II 28.III 28.IV 29.I 29.II 29.III 29.IV 21.I 21.II 21.III 21.IV 211.I 211.II 211.III 211.IV 212.I 212.II 212.III 212.IV 213.I 213.II 213.III 213.IV 5

6 The Portuguese Stock Exchange Facts and Figures 213 average unemployment rate was 16.3%, higher than that seen at the end of the year. It should also be stressed that 213 saw a significant reduction in the active population, largely as a result of emigration. In accordance with the announcement on 31 March 214 relating to the Excessive Deficit Procedure, the public deficit stood at 4.9% of GDP in 213, continuing on the consolidation path seen since 29, the year in which this indicator reached 1.2% of GDP. The primary balance appears to have reached the level of -1.6% of GDP. The public debt continued to rise, having reached 127.8% of GDP in 213. The positive trend in the economy s financing capacity, visible in Portugal since 29, continued in 213. For the first time since Portugal joined the single European currency, a surplus of external financing was seen, starting at the beginning of the year and reaching a peak of 1.8% of GDP in the third quarter of 213. Evolution of bank credit Source: Bank of Portugal 15% 1% 5% % -5% -1% Companies Private Jan/8 Jan/9 Jan/1 Jan/11 Jan/12 Jan/13 Financing capacity/needs of the economy (% of GDP) Source: National Institute of Statistics (INE) -9.7% -1.6% -11.6% -11.4% -11.4% 28.I 28.II 28.III 28.IV 29.I 29.II 29.III 29.IV 21.I 21.II 21.III 21.IV 211.I 211.II 211.III 211.IV -9.5% -9.% -9.5% -9.6% -1.1% -9.8% -1.4% -8.3% -8.% -7.% -5.6% -4.6% -2.4% -1.2% -.1% 212.I 212.II 212.III 212.IV 1.6% 1.8%.7% In 213, the Portuguese banking system s financing capacity continued to fall, prolonging the slowingdown and later decline in the liquidity existing on the market, visible since 29. In June 211, with the start of the austerity programme imposed under the external financial support programme, which included severe solvency constraints on Portuguese banks, the credit granted began to fall, leading to severe constraints on consumption and investment. Year-on-year in comparison to 212, at the end of 213 bank credit granted had fallen by 4.2% in the case of private individuals and by 4.7% in the case of companies, having already fallen by 4.3% and 8.3% respectively the previous year. 6

7 The Portuguese Stock Exchange Facts and Figures REGUlATORy EnviRONMENT In recent years, activities related to the financial markets in general, including those connected to the capital markets, have been subjected to increased regulation, largely in response to problems related to the financial crisis we have been experiencing. At G2 level, a schedule has been worked out for the regulatory reform of the financial sector, which has translated into a vast series of initiatives in a number of countries, and in the European Union in particular, some of which have already been implemented, but with many others still under development, in the process of negotiation or at the transposition stage. Additionally, and as a consequence of the financial emergency Portugal is going through, it is pertinent to mention the stiffer tax measures which have been taken and which naturally reduce the attractiveness of investing in the Portuguese capital market. Some of the measures relating to the Community framework are highlighted below: BANKiNG AND insurance SECTOR EnviRONMENT Directive on Managing Banking Crises and Bankruptcies, presented in June 212, under discussion at the Parliament and the Council. The purpose of this proposal is to create a framework for the cross-border resolution of crises in the banking sector, using a variety of mechanisms. New framework for the European Banking Union in the EU, presented in June 212, with the aim of creating a wider-reaching economic and monetary union with a single banking supervisor. Directive relating to Capital Requirements (CRD 3 and CRD 4), presented in July 211, was approved in July 213 and came into force in January 214. This proposal deals with the question of remuneration, the trading book, securitisation and the implementation of the Basel III requirements, in respect of capital, borrowing and liquidity. Revision of the framework relating to the Solvency of the Insurance Sector (Solvency II), presented in May 212, the revision of the Solvency II Directive (Omnibus II) was approved by the Council in December 213 and will come into force in 216. MARKETS AND infrastructure Revision of the EU Directive on Markets and Financial Instruments (MiFID II and MiFIR), proposed by the Commission in October 211 (Directive and Regulation), to which a recently published series of technical standards are associated. It is expected that the changes under discussion will provide a more balanced competitive atmosphere between the traditional stock exchanges, the new alternative trading platforms and trading on the Over-the-Counter (OTC) markets, alongside a higher concentration of trading and settlement of financial products in organised and transparent markets. In June 213, the EU Council reached a final agreement on MiFID II, and on the rules for markets in financial instruments. The tripartite dialogue continues as do discussions at the ESMA. EU regulation on Central Securities Depositories (CSDs), presented in March 212, currently under discussion at the European Parliament. The scope of this regulation is the general dematerialisation of securities and the harmonisation of the rules and procedures for custody and settlement. EU regulation relating to Over-the-Counter Derivatives (OTCs) and Market Infrastructure (EMIR) came into force in August 212. It is expected that this Regulation will enable more derivatives to be cleared and settled in a centralised manner. Full implementation of the EMIR depends upon a series of delegated and implementing regulations to be adopted by the EC on the basis of ESMA proposals, some of which have been put into practice in the meantime. Also pending is domestic legislation which will implement some aspects of this complex framework. Revision of the EU directive relating to transparency (TD), presented in October 211, currently under discussion. This proposal is one of a series of measures jointly called Responsible Lending Initiative, and deals with the obligation to disclose major shareholdings and the publishing of accounts (the requirement to provide quarterly information has been abolished), and broadens the definition of financial instrument. Revision of the EU directive relating to Market Abuse (MAD/MAR), presented in October 211. A tripartite discussion led to an agreement on the Regulation being reached in June 213 and it should come into force in 215. The goal of this Directive and these Regulations is to extend the scope and improve the implementation mechanisms, in comparison to the previous version. Further complementary rules in terms of technical requirements, which are to be developed by the ESMA, will be needed for it to be put into practice. Company Reporting: In April 213, the EC adopted a proposed Directive relating to the disclosure of non-financial information by companies. 7

8 Gender Diversity in the Boardroom: In November 212, the EC presented a proposed Directive relating to a better balance between men and women, which is currently under consideration by the Council. Amendment to the Regulations governing Credit Rating Agencies (CRAs), presented in November 211, was approved and came into force on 2 June 213. It is hoped that this amendment will cut down the indiscriminate use of ratings, deal with matters related to conflicts of interest and boost competition. Some measures relating to the Portuguese regulatory framework are presented below: Transposition of the Prospectus Directive and the Transparency Directive: In February 213, Decree- Law 18/213 was published, transposing the amendments to the Prospectus Directive and the Transparency Directive. Transposition of Directives relating to Collective Investment Undertakings: A number of the rules governing the activities of CIUs were significantly revised by means of Decree-Law 63-A/213. Corporate Governance: The CMVM amended its regulations on corporate governance, embracing a series of simplifications to this regime. Registration and Duties of Auditors: A project to regulate the registration and duties of auditors was submitted for public consultation by the CMVM. TAXATiON EU Directive relating to Financial Tax Transactions (FTT), presented in September 211. In the absence of agreement by all 27 Member States, a new proposed directive was presented in February 213. Part of a cooperation mechanism involving 11 countries stated its intention to tax financial institutions on the trading of financial instruments. This proposed directive was approved by the European Parliament in July 213 and is currently under discussion by the Member States of the enhanced cooperation mechanism. The Government Budget Law for 213, which adopted a number of measures involving increased tax demands on the economy, resulting in an effective average increase in the general level of taxation, including a rise in withholding rates for income tax from 26.5% to 28% on capital income and profits on the transfer of securities. Worth noting where corporate income tax is concerned, is the introduction of a limit on the deduction of financial expenses up to the higher of the following limits: three million euros or 3% of EBITA, to be implemented in stages up to 217. Tax on property investment funds and securities investment funds was also increased. The 213 Government Budget contained a legislative authorisation relating to the implementation in Portugal of the Financial Transaction Tax, which had not been used. 4. Equity MARKET Euronext Lisbon s share segment was marked by the CTT s IPO, the first since 28, and by a positive evolution in trading volumes, contrary to what had been seen in 211 and 212. In 213, the number of share trades rose by 25.5% and the value traded by 4.7%. InternatiONAl EnviRONMENT In 213, there was a slight drop, year-on-year, in the number of Initial Public Offers (IPO) on the European market, with a total of 278 operations, 1 fewer (3.5%) than in 212. Although fewer in number, the operations conducted in 213 represented a much higher value than in 212. While, in 212, EUR 11 billion were obtained through IPOs, in 213 this sum rose by 14% to EUR 26.4 billion. Even so, this is still a far cry from the value generated in 27, when IPOs were at their peak: 81 IPOs involving EUR 8.3 billion. The Portuguese Stock Exchange Facts and Figures 213 Number and value of IPOs in Europe Source: IPO Watch, PWC Nr. of IPOs Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 Q3-27 Q4-27 Q1-28 Q2-28 Q3-28 Q Value (Millions of EUR) Q1-29 Q2-29 Q3-29 Q4-29 Q1-21 Q2-21 Q3-21 Q4-21 Q1-211 Q2-211 Q3-211 Q4-211 Q1-212 Q2-212 Q3-212 Q4-212 Q1-213 Q2-213 Q3-213 Q4-213 Listed Companies and Market Capitalisation on WFE Member Exchanges Source: World Federation of Exchanges Nr. of Listed Companies Domestic Capitalization 51, 7, 5, 49, 48, 47, 45, 44, ,866 35,842 49,466 51,845 49,872 59,54 46,357 51,968 46,674 58,34 48,331 66,115 6, 5, 4, 3, 2, 1, 35, 3, 25, 2, 15, 1, 5, Nr. of Listed Companies Domestic Capitalization (1^9 USD) 8

9 In the United States, 237 companies were listed on the stock exchange through IPOs in 213, meaning a rise of 62% in comparison to 212 (when 146 companies launched IPOs). The IPOs launched in 213 generated USD 56.8 billion, up on the 212 figure of USD 42.9 billion. 213 was the busiest year for IPOs in the USA since 2. According to data from the World Federation of Exchanges, following a 7% drop in 211 and a slight rise in 212, the total number of listed companies rose by 3.6% to 48,331. However, this positive overall evolution was not reflected on a worldwide basis. In the Asia-Pacific region, there was a significant 7.5% increase in the number of listed companies and on the American continent there was a slight increase of.7%. Conversely, the number of listed companies in the region encompassing Europe, the Middle East and Africa (EMEA) fell by 1%. Still on the subject of WFE member exchanges, market capitalisation of the companies listed on the market rose by 13.9% overall. This increase can be explained not only by the increase in the number of listed companies but also by the overall positive evolution of share prices in the share segment. The increase was also generalised across the various regions, although on different scales. Market capitalisation rose by 17.6% in the Asia-Pacific region, 18.6% in the EMEA and 5.5% in the Americas. In 213, market activity was more dynamic overall, with more transactions and a higher trading value. With 212 seeing the lowest point in recent years, The Portuguese Stock Exchange Facts and Figures brought an increase of 11.3% in the value of shares traded and a 6.7% increase in the number of trades. There was a rise in share indices on most stock markets, in line with the previous year s trend; 14 exchanges (out of the 21 presented) recorded yearon-year increases. On average, the exchanges rose by 18.3% during 213, as against an average increase of 15.4% in 212 and a 17.6% drop in 211. The IBEX 35, which had recorded a negative variation in 212, managed to invert this behaviour in 213, with an increase of 21.4%. Conversely, four stock indices (Mexico, Russia, China and Turkey), which had grown in 212, fell in

10 Share Trading on WFE Member Exchanges Source: World Federation of Exchanges 1, 9, 8, 7, 6, 5, 4, 3, 2, 1, Value of Shares Traded , , , Number of Trades in Shares 62, , , Value of Shares Traded (1^12 USD) Number of Trades in Shares (1^12) Evolution of the main international stock indices (Annual % variation end of period) Source: Bloomberg Argentina (Burcap) Japan (Nikkei 225) Irland (ISEQ) United States (DJIA) Germany (Xetra Dax) Greece (FTASE) Spain (IBEX 35) Sweden (OMXS 3) Switzerland (SMI) Belgium (BEL 2) France (CAC 4) Holand (AEX 25) Italy (FTSE) Portugal (PSI 2) United Kingdom (FTSE) Israel (TA-25) India (S&P CNX Nifty) Mexico (IPC) Russia (RTS) China (SSE 18) Turkey (National 3) -4.7% -2.2% -5.5% -9.2% -15.6% 12.4% 68.9% 22.9% 56.7% 17.1% 33.6% 7.3% 26.5% 29.1% 25.5% 16.9% 24.3% 21.4% 11.8% 2.7% 14.9% 2.2% 18.8% 18.1% 15.2% 18.% 9.7% 17.2% 7.8% 16.6% 2.9% 16.% 5.8% 14.4% 9.2% 12.1% 27.7% 6.8% 17.9% 1.5% 1.8% 58.4% PriMARy DOMESTic MARKET Over the year as a whole, the companies listed on Euronext Lisbon conducted various capital increase operations, totalling around EUR 1.5 billion. In February, the electricity company EDP requested the listing of 4.14% of its capital on the Stock Exchange. This part of the capital belonged to the Portuguese Government, which ceased to be a shareholder in the company after this operation. The privatisation of CTT- Correios de Portugal (the Portuguese Post Office), whereby 7% of the company s capital was sold, led to its stock being traded on the Portuguese Stock Exchange from 5 December. The Portuguese Government raised a sum of around EUR 579 million by means of a public offering and a direct sale to institutional investors. The Caixa Económica Montepio Geral (bank) issued EUR 2 million in unit investments, which were distributed between some 24, new participants. The Banif (bank) increased its capital by around EUR 7.7 million by targeting individual investors in a public exchange offer of subordinated notes and the issue of preferred shares. Nexponor, a property company promoted by the Portuguese Entrepreneurial Association (AEP), the first fixed-capital REIT constituted in Portugal, was listed on the Alternext Lisbon exchange on 3 June, with an approximate value of EUR 65 million. The Portuguese Stock Exchange Facts and Figures 213 SECONDARy DOMESTic MARKET At the end of 213, there were 62 companies listed on Euronext Lisbon, with three companies exiting and one new company being listed: the CTT. The domestic market capitalisation of the companies listed rose significantly during the course of 213, increasing from EUR 49.8 billion at the start of the year to EUR 54.3 billion at year end, a variation of 9%. In 213, the equity market evolved favourably, in contrast to what had been seen in 211 and 212. In 213, the number of shares traded rose by 25.5% and the value traded by 4.7%. The degree of concentration of transactions remained practically unchanged, with the Top 5 recording around 73% of transactions and the Top 2 close to 99%. The five most-traded shares (in value) were the same in 213 as they had been in 212, except for the exit of Jerónimo Martins and the entry of the BCP. The downward trend in the liquidity indicators which had been visible since 28 took an about-turn, with a significant improvement being seen in 213. The average turnover of the 2 most-traded shares increased from 55.5% in 212 to 84% in 213. The PSI 2 Index rose by 16% in 213, further improving on the recovery that began in 212, when the index rose by 2.9% The increase seen in 212 reversed the downward trend of the previous two years but the index is still below the maximum figure recorded in 27, prior to the start of the global downturn in business. The behaviour of all the sector indices was positive, ranging from a maximum of 44.7% in base materials to a minimum of 5.2% in telecommunications. Some offsetting was seen in comparison to 212, as was the case with the IT sector which, having dropped 13.1% in 212, recovered 22.7% in

11 During the PSI 2 annual review in March, the company Novabase was listed and the Espírito Santo Financial Group was delisted from this index. In the next quarterly review, in June, the positions were reversed, with Novabase being delisted and the Espírito Santo Financial Group relisted. Three new Portuguese companies were listed on the Next 15 Index: Altri, Mota-Engil and SonaeCom, while ESFG was delisted. In August, a change in the PSI 2 rules was announced, to take effect from 214. The rules changed essentially regarding the way in which the companies that make up the index are selected. The main criterion is now free float market capitalisation (see Box). In December, another adjustment was made to the PSI 2 rules, which abolished the registered office and main trading market requirements for the purposes of company eligibility for the index. Share Trading on Euronext Lisbon Nr. of Trades in Shares (1^6) , , ,77 Value Traded (Millions of EUR) , , ,66 6, 5, 4, 3, 2, 1, Nr. of Trades in Shares (1^6) Value Traded (Millions of EUR) With the PSI 2 having benefited from a rise of 16% over the course of 213 as a whole, individual company variations were highly diverse, ranging from Mota-Engil s positive figure of 176% to the Banif Bank s decline of 93%. Highest Value Shares Transacted 12, (1^6) 1, 8, 6, 4, 2, Liquidity Indicators of Shares Listed on Euronext Lisbon shares with the highest value traded Average Turnover (*) 89.5% 67.2% 63.7% Average frequency of trading (**) 99.9% 1.% 1.% Remaining Regulated Market Shares Average Turnover (*) 11.2% Average frequency of trading (**) 73.3% 7.1% 7.7% 1.% 68.2% % 55.5% 84.% 99.8% 1.% 1.% 4.8% 62.1% % 61.6% 3.1% 63.3% (*) Simple average of the turnover of the referred series of shares, with the turnover value being calculated by the ratio between the amount transacted and the amount listed during the period. (**) Simple average of the frequency of trading, which is measured by the ratio of the number of sessions in which a share was traded and the number of sessions in whichit was listed. MOTA ENGIL BCP ZON SONAECOM SONAE SASEMAPA ALTRI BPI PORTUCEL EDP BES SONAE IND. REN GALP J.MARTINS EDP RENOVÁVEIS ESFG COFINA PT BANIF -92,8% The Portuguese Stock Exchange Facts and Figures 213 Evolution of the PSI 2 Index 16, 14, 12, 1, 8, 6, 4, 2, Evolution of the Sector Indices Base Materials -32.7% Industry -46.4% Consumer Goods -39.6% 37.2% 54.6%.5% 22.3% -22.6% 4.6% -2.2% -23.5% -.4% 37.8% -2.7% 17.7% Services Telecommunications Utilities -52.3% -32.4% -37.4% 67.8% 56.4% 23.3% 27.6% 14.2% -2.5% -4.4% -32.6% 2.7% 2.9% -1.7% -1.3% Financial Sector -62.9% 14.7% -29.9% -62.4% 9.8% IT -13.1% 7.3% -31.3% -34.6% -13.1% Adjusted Share Prices from the PSI 2 Portfolio (% variation end of period) -2.6% -3.3% -8.% -14.9% -15.7% 81.8% 73.5% 52.7% 43.1% 41.1% 29.% 27.6% 16.6% 16.1% 15.1% 8.9% 1.3% 121.8% % 17.4% 24.3% 16.6% 5.2% 16.5% 22.% 22.7% 175.9% 11

12 The Portuguese Stock Exchange Facts and Figures 213 CTT CorrEIos de Portugal (PoST Office) Public Offer On 4 December, a special session was held at Euronext Lisbon to disclose the results of the CTT s Initial Public Offer, as part of the Government s process to privatise the company. This was the first initial public offer to occur in the Portuguese Stock Exchange since June 28, when the EDP Renováveis operation took place, demonstrating what a particularly difficult time this has been for the Portuguese economy, naturally affecting capital market activity. This operation, therefore, met with considerable expectations, and, in general, the market participants considered the results to have been undeniably positive. The acts decreeing the privatisation of the CTT invoked a number of reasons for the privatisation and for the decision to conduct the operation on the capital markets, in addition to the revenue generated: the reduction of the Government s weight in the economy, the liberalisation of the postal sector, the benefits of subjecting an open corporation which presents a diversified and international shareholder structure and being able to comply with the transparency rules which are a characteristic of listed companies. The Government decided to sell 7% of the CTT s capital (15,, shares), a transaction which was structured in two tranches: 1) Public Offer = 21,, shares (14% of the share capital), which, in turn, included two parts: a) An Offer for CTT Employees = 5,25, shares b) and an Offer for the General Public = 15,75, shares 2) Direct Sale to Institutional Investors = 84,, shares (56% of the share capital), which included a greenshoe option of 9,545,455 shares. The price range was initially set at EUR 4.1 to EUR 5.52, with CTT employees being offered a 5% discount. The final price was eventually set at the upper limit of the range, i.e. EUR 5.52, bringing in a total revenue for the Government to the value of approximately EUR 579 million. The entire inventory was sold, there having been recourse to a clawback between the employees tranche (2,64,66 shares bought) and that of the general public (18,935,34 shares bought), corresponding to 25,433 new shareholders. Demand for the public offer was equivalent to nine times the offer. The company was listed on the Portuguese Stock Exchange on 5 December, making its first appearance on the PSI 2 Index on 24 March

13 The Portuguese Stock Exchange Facts and Figures 213 Listing of Nexponor SocIEdade ESPEcial de InvESTImENTo Imobiliário de CaPITal fixo SIcafI S.A. Nexponor was the first fixed-capital Real Estate Investment Trust constituted in Portugal pursuant to Decree-law 71/21, and listed on the Portuguese Stock Exchange in the Alternext segment. possibility of being prolonged for further periods of two years, by decision of the company s General Meeting. The public offer for share subscriptions for Nexponor s entire capital resulted in a holding company structure, mostly including financial institutions that were originally creditors of the Associação de Parques e Exposições do Nexponor EXPONOR. Nexponor SICAFI was listed on the Alternext exchange on 3 June 213, with 13,124,24 shares at a starting price of five euros and a total market capitalisation of EUR million. The listing was the culmination of a public offer for share subscriptions totalling 1% of Nexponor s share capital. In accordance with the information provided in the Offering Circular for the operation, Nexponor s constitution was promoted by the Portuguese Entrepreneurial Association (AEP), as part of a financial deleveraging process by the AEP Group and the restructuring of its debt. Also in accordance with the aforementioned Offering Circular, this company s object is to invest in urban property previously belonging to the Associação de Parques e Exposições do Norte EXPONOR and, more precisely, the undertaking known as Exponor Feira Internacional do Porto (Porto International Fair), the object being to try to let the properties or grant operating rights for consideration. During a second stage, the object will be to develop a mixed property project (retail, hospitality, logistics and offices) on Exponor s remaining free land with a view to stimulating the Exponor undertaking. Nexponor was constituted for a period of ten years, with the 13

14 The Portuguese Stock Exchange Facts and Figures 213 ChaNGES IN the PSI 2 Index RulES In August 213, it was announced that there would be changes in a number of rules relating to the way in which the companies that make up the PSI 2 Index are selected. The amended rules came into force in 214 with the purpose of boosting the efficiency and increasing the attractiveness of this benchmark, in benefit of the investors and the companies listed on the Portuguese Stock Exchange. In December, another adjustment was made to the PSI 2 rules, which abolished the registered office and main trading market requirements for the purposes of company eligibility for the index. The main goal of the amendments presented was to adapt the Portuguese Stock Exchange s benchmark index in line with changing market structures and the specific developments on the Portuguese market, increasing its attractiveness as a trading instrument. Specifically, the main criterion for selecting the companies that make up the index was changed from turnover to free float market capitalisation, with the purpose of increasing the stability of the index and addressing the issue of fragmentation of transactions. Other changes were also introduced with a view to improving the index s tradability and limiting discretionary decisions regarding revision. The changes introduced were also intended to make the index more balanced, reducing the maximum weight of any given security. Main changes in the PSI 2 Index rules a) Selection based on free float market capitalisation The base selection criterion for the companies that make up the PSI 2 has been changed from turnover to free float market capitalisation. In combination with this change, other rules were introduced or modified, relating to the lower limits that companies must meet to be included in the PSI 2 and the minimum number of companies. b) New eligibility rules Companies seeking to join the PSI 2 Index must comply with two new eligibility rules: (1) A minimum of EUR 1 million for free float market capitalisation; (2) a minimum free float of 15%. In turn, two eligibility requirements were eliminated when the December changes were introduced: the company having to have its registered office in Portugal or having Euronext Lisbon as its main trading market. c) Variable number of members Due to the introduction of the minimum size criterion, it may now happen that the number of companies eligible to belong to the index could fall below 2. However, the PSI 2 Index will always have, as minimum, 18 members. If necessary, and in order to comply with this minimum, companies with a free float market capitalisation of less than EUR 1 million may be included. d) Change in the velocity limit The minimum liquidity limit was also changed, from the current limit of 1% of velocity to 25% of free float velocity. The free float velocity consists of the quotient obtained by dividing the number of shares traded by the number of free float shares. This change does not necessarily constitute a more demanding limit but rather a technical adaptation, in line with the change to the base selection criterion. e) Maximum weight The maximum weight that any given member may have in the index s annual revision was reduced from 15% to 12%. 14

15 The Portuguese Stock Exchange Facts and Figures THE BOND MARKET There was a slowing-down of activity in the bond segment, which was reflected in both the primary market and the trading volumes. There were some issues aimed at individual investors that, together with others seen since mid-211, resulted in financing to the value of EUR 2.45 billion for a series of companies listed on the Portuguese market. Bond Trading on WFE Member Exchanges Source: World Federation of Exchanges Value Traded Number of Trades 35 5 InternatiONAl EnviRONMENT SECONDARy DOMESTic MARKET As far as bonds traded on WFE member exchanges are concerned, the global bond market continued the upward trend in the number of trades seen in 212 by rising 29% in 213, after the 28% rise in 212. However, the value traded fell once again, by 15% in 213, following the drop of 11% in 212, in contrast to the positive evolution seen between 28 and 211. Globally, the behaviour was fairly heterogeneous. While the value in the EMEA region, the dominant region in this market, fell by 17.4%, the value traded in Asia was down by just 1.5%, and rose by 7.1% in the Americas. In 213, the number of bond trades dropped by 13% and the value traded dropped by 3% in comparison to 212. This was in contrast to what had been seen in 212, a year in which both indicators had evolved very favourably (the number of bonds traded had risen by 149% and the value traded by 15%). The behaviour differed for public and private debt. In terms of public debt, the value traded dropped by 36% and the number of trades by 37%, whereas in the case of private bonds the value traded dropped only 16% and the number of trades rose by 4% Value Traded (1^12 USD) Number of Trades (1^6 ) PriMARy DOMESTic MARKET In 213, 52 bond issues were listed on Euronext Lisbon, corresponding to a total sum of approximately EUR 8.2 billion, 28.6% down on the value issued in 212. As had already been noted the previous year, most of these issues originated from the banks. Bond Trading on Euronext Lisbon Number of Trades Value Traded (Millions of EUR) , 25, 2, 15, Starting in December 211, with the first issue by the EDP, a series of listed companies have been seen resorting to the capital market through the reappearance of bond loans aimed at individual domestic investors. Between April 211 and December 213, these issues totalled EUR 2.45 billion (see box) ,996 11,286 8,37 1,969 27,325 23,638 1, 5, Number of Trades Value Traded (Millions of EUR) 15

16 The Portuguese Stock Exchange Facts and Figures 213 Bond ISSuES aimed at Individual InvESTors Since 211, a series of listed companies have been seen resorting to the capital market through the realisation of bond loans aimed at individual domestic investors. Bond issues: amounts and interest rates 45 Amount (Millions of EUR ) This has provided companies with an alternative financing mechanism at a particularly difficult time, during which, and due to the financial crisis situation the country has been going through, sources of financing have been severely constrained % 6.25% 6.25% In 213, bonds to the value of over EUR 28 million were issued and listed on Euronext with an average rate of 7.2%. The amount issued is significantly lower than that seen in 212 (EUR 1.9 billion) % 6% 6.85% 6.25% 7% 6.85% 1 To follow are some of the indicators relating to issues between April 211 and June % 8% 9.3% 8.25% 7.25% 7.5% Total value issued = EUR 2.45 billion Average simple interest rate = 7% (between 6% and 9.3%) Average simple maturity = 3.1 years (between 2.5 and 4 years) Total value of demand = EUR billion Ratio of cover of the offer by demand (value) = 1.6 Average number of investors per issue = 1,984 Average amount invested per investor = EUR 13,824 Investors who invested a value below EUR 5, = 26% Investors who invested a value below EUR 5, = 64% Placement by the leading financial intermediaries = 97% April 211 5, to 1, 6% June 211 July 211 December 211 March 212 1, to 5, 3% May 212 Breakdown of Investors per Amount Invested (December 211 to June 213) June 212 less than 5, 26% July 212 July 212 July 212 September 212 December 212 March 213 April 213 June 213 Number of issues in which each leading financial institution participated Banco BPI Millennium BCP Espírito Santo Investment Bank Barclays Banco Popular Caixa BI Banif , to 5, 65% In all these operations, over 9% of the placement involved domestic investors. 16

17 The Portuguese Stock Exchange Facts and Figures WARRANTS MARKET InternatiONAl EnviRONMENT Warrant trading on WFE member exchanges was up slightly in terms of the number of trades conducted (+4.2%) but the value traded fell by 6%. Despite this, in 213, warrant trading continued at a level of roughly half what had been seen from 28 to 211. Warrant Trading on WFE Member Exchanges Source: World Federation of Exchanges Value Traded 1,2 1, Number of Trades DOMESTic MARKET In 213, the number of warrant trades fell by 2.3% but the value traded rose by 21.7%. Since 28, the trend in these two indicators has been one of sharp decline; in 213, the number of trades conducted was only 2.4% of what it had been in 28, while the value traded was only 1.8% of the 28 figure , , Value Traded (1^9 USD) Number of Trades (1^6) Warrant Trading on Euronext Lisbon 35 Number of Trades Value Traded (Millions of EUR) 1,8 3 1,6 25 1,4 1,2 2 1, , Number of Trades (1^3) Value Traded (Millions of EUR) 17

18 7. ETF AND CERTifiCATES MARKETS ETF Trading on WFE Member Exchanges Source: World Federation of Exchanges The Portuguese Stock Exchange Facts and Figures 213 Evolution of Certificate Trading on Euronext Lisbon InternatiONAl EnviRONMENT In 213, the global ETF market saw a rise in both the value traded and the number of trades, following a significant drop in both indicators in 212. While the value traded rose by around 8%, the number of trades increased significantly: 183% up on the 212 figure. DOMESTic MARKET In 21, two new Exchange Traded Funds (ETFs) were launched on PSI 2 and PSI 2 Leverage by Euronext Lisbon and Commerzbank, through its subsidiary ComStage. That same year, Espírito Santo Activos Financeiros (ESAF) launched the first ETF, replicating the Euronext Group s Iberian Share Index. 16, 14, 12, 1, 8, 6, 4, 2, Value Traded ,97.9 1, , , Number of Trades 1, , , ,2 1, Value Traded (1^9 USD) Number of Trades (1^6) Value Traded (EUR thousands) , , , ,354 Number of Trades 12, 1, 8, 6, 4, 2, ,97 19, ,893 96,115 Number of Trades Value Traded (EUR thousands) In 213, the upturn in the number of ETF trades on the Portuguese Stock Exchange was confirmed, with a rise of 82.2% in comparison to 212, a trend which has been growing since 29. In contrast to what happened in 212, 213 also saw a rise in the value traded, which almost doubled, increasing by 143.4%; even so, this was lower than the figure recorded in 211. The certificates market also saw an increase in activity, with the value traded and the number of trades rising significantly in 213. The number of trades was almost five times greater in 213 than in 212, increasing by 397.1%, while the value traded almost tripled, rising by 191.4%. The behaviour of these two indicators strengthens the growth trend seen since 29. ETF Trading on Euronext Lisbon Value Traded (EUR thousands) 1,6 1,4 1,2 1, ,976 16,927 Number of Trades 12, ,57 39,193 95,395 1, 8, 6, 4, 2, Number of Trades Value Traded (EUR thousands) 18

19 8. DERivATivES MARKET InternatiONAl EnviRONMENT Like the spot markets, the derivatives (futures) market values rose in 213, with the value traded up 19.8% in comparison to the previous year, and the number of trades increasing by 3.2%. DOMESTic MARKET At the end of the year under analysis, 13 futures contracts were available for trading: one on the main Portuguese share index (PSI 2) and 12 on the shares of the same number of companies included in said index s portfolio. The shares which make up the PSI 2 portfolio represent diverse sectors of the Portuguese economy: finance (Millennium-BCP, BPI and BES), energy (EDP, REN and EDP Renováveis), communications (Portugal Telecom, ZON Otimus and SonaeCom), retail (Sonae and Jerónimo Martins) and oil (Galp Energia). In 213, 112,861 contracts were traded, of which 112,489 were PSI 2 futures contracts. There was a marked year-on-year increase of 67% in the number of contracts traded, while the value traded rose by 95.5%, also year-on-year. In September, the MiniFutures issued by the Commerzbank were listed. MiniFutures trade on the spot market and belong to a category of products that combine the characteristics of futures contracts and warrants. Derivatives (Futures) Transactions on WFE Member Exchanges Source: World Federation of Exchanges Value Traded Number of Contracts Derivatives Trading on Euronext Lisbon Number of Contracts Value Traded 1,2 Value Traded (1^12 USD) Number of Contracts (1^9) 1, Number of Contracts (1^3) Value (1^6 ) The Portuguese Stock Exchange Facts and Figures MARKET MEMBERS In 213, a new member was listed on the Euronext Lisbon market: Sun Trading International Limited (United Kingdom Six other members left during the same period: Tibra Equities Europe Limited (United Kingdom) Renell Wertpapierhandelsbank AG (Germany) Liquid Capital Markets Limited (United Kingdom) Credit Agricole Cheuvreux S.A. (France) Tibra Trading Netherlands B.V. (Holland) CIT Cologne Independent Traders GmbH (Germany) Thus, at the end of the year, there were 99 members operating on the Portuguese Stock Exchange, which began the year with 14 members. The 99 members come from different European countries, broken down geographically as follows: Members of the Euronext Lisbon Market 14 Portugal 31 United Kingdom 21 Holland 1 9 France Germany 4 4 Ireland Spain 2 2 Belgium Italy 1 1 Sweden Switzerland 19

20 The Portuguese Stock Exchange Facts and Figures NATiONAl SySTEM FOR THE REGiSTRATiON AND SETTlEMENT OF SECURitiES CENTRAliSED SECURitiES SySTEMS 1 In 213, the number of issues managed by Interbolsa grew by 14% year-on-year, with a corresponding drop of 3.6% in terms of the respective nominal value. In 213, Interbolsa began the technical adaptation of its systems in order to allow the Portuguese market access to the T2S settlement platform. After entering into the Framework Agreement with the European Central Bank in 212, Interbolsa began work on the technical and operational adaptation of its systems in order to allow the Portuguese market access to the TARGET2Securities settlement platform, thereby making it possible to settle securities in the central bank s currency. The intention is to optimise interactions between the Central Securities Depositories by means of an integrated, compatible environment, capable of breaking down the barriers in cross-border settlements. 1 In Portugal the management of the Centralised Securities Systems and Settlement Systems is the responsibility of INTERBOLSA Sociedade Gestora de Sistemas de Liquidação e de Sistemas Centralizados de Valores Mobiliários, S.A., a public limited company which is wholly owned by Euronext Lisbon. As required by law, INTERBOLSA makes a detailed analysis in its annual report on the way in which it conducted the activities for which it was responsible during 212. Therefore, and only because this is a consolidated report, we shall present below a brief review of the activity undertaken during the year in question, in respect to the Centralised Securities and Settlement Systems. At the close of the year, Interbolsa had 31 associated Financial Intermediaries in its systems, all of them banking institutions. At the end of the year, the total number of issues under Interbolsa management was 3,296, with a nominal overall value of EUR billion. Year-onyear, there was a rise of 415 issues and a drop of 3.6% in the nominal value of the securities. During the period under analysis, 7,979 operations of exercising of ownership rights and other events were processed using the systems managed by Interbolsa, the same number as in the previous year. However, the total nominal value of these operations was EUR billion, a year-on-year drop of 9.7%. In 213, the amount of interest and similar income paid through the Centralised Systems managed by Interbolsa was EUR billion, resulting from 3,52 operations (582 fewer than the previous year). Thus, over the course of the year, 27 operations relating to issues representing Portuguese public debt were processed, to the value of EUR billion, a drop of 12% in comparison to last year s figure. As for private debt, during the same period 3,11 operations of this nature were processed, to a total value of EUR billion, a year-on-year drop of 6.8%. In terms of the number of amortisations processed on Interbolsa, regarding both public and private debt, there was a year-on-year increase of 4% (from 882 to 917), but the amount amortised during 213 fell by 3.5%. It should also be noted that, since December 212, Interbolsa has been handling short-term public debt Treasury Bills previously managed by the Bank of Portugal through the SITEME System. As a consequence, in 213, 1 Treasury Bill amortisation operations took place, transactions that amounted to EUR billion. As regards the distribution of dividends and income on unit investments managed by Interbolsa, 94 operations were processed during 213, in which EUR billion were traded. Additionally, during the period under analysis, there were 13 operations to increase capital on the centralised system managed by Interbolsa, five by subscription and eight by capitalisation of reserves. The amount resulting from the capitalisation of reserves came to EUR 1.1 million, as opposed to the year-on-year figure of EUR 175 million. In turn, the capital realised by subscription amounted to EUR 19 million in comparison to the previous year s figure of EUR billion. As far as capital reduction, company mergers and demergers, and settlements are concerned, Interbolsa recorded 21 such operations during 213 (seven more, year-on-year), during which the total sum traded amounted to EUR billion in comparison to the year-on-year figure of EUR billion. Additionally, in 213, Interbolsa processed 3,49 operations of exercising of structured securities (warrants and certificates), i.e. 556 more than in the same period of 212. In 213, the value traded in these operations amounted to EUR 41 million, a year-on-year drop of 28.5%. 2

21 The Portuguese Stock Exchange Facts and Figures 213 Interbolsa conducts, through its systems and on the instructions of financial intermediaries, securities transactions within the same account and between the accounts of different financial intermediaries, both for the purposes of physical settlement of operations and for the simple transferring of securities. In 213, some 278, operations to transfer securities were conducted, 14, more than in the previous year. In turn, the number of securities transferred rose by 41.3%. Operations Processed in the Securities Depository 7, (1^6) 6, 5, 4, 3, 2, 1, ,116 5,624 4,857 2, ,6 35,75 6,283 4,8 3,753 2, ,118 7,337 5, ,892 9,94 3,586 2,428 4, ,23 1,49 3,538 1,886 4, ,945 9,419 3, , Depreciation Interest/Income Dividends/Income Capital Increase Capital Reduction, Company Mergers and Demergers Exercise of Warrants e Certificates Palácio da Bolsa no Porto 21

22 SETTlEMENT SySTEMS 2 During 213, Interbolsa used the General Settlement System to settle approximately 241, instructions resulting from clearing operations conducted on the markets managed by Euronext Lisbon and guaranteed by LCH Clearnet, to the value of EUR billion (35.9% up on the previous year s figure). In turn, the sum involved in the settlement of real time operations also rose, amounting to EUR billion (up 47.5%). Operations Conducted on Interbolsa s Settlement Systems 212 Nr. of Settlement System in General Operations Guaranteed Operations 21,679 16,62.2 Non-guaranteed Operations Guaranteed Operations Settled SLrt SLrt-Settlement System in real time SLrt Total Value 1^6 452,817 7, Change in Value Nr. of Value Year-on- Operations 1^6 -year 24,956 21, % -13.9% 22.4% 47.5% 2 Interbolsa is charged with the organisation and management of the Securities Settlement Systems with a view to ensuring, specifically, the realisation of money transfers associated with the transfers of securities or inherent rights and guarantees relating to operations involving securities. Interbolsa-affiliated financial intermediaries are participants in the Settlement Systems and ensure the physical and financial settlement of the operations conducted on all the markets managed by Euronext Lisbon, as well as OTC transactions. Interbolsa manages three Settlement Systems: the Sistema de Liquidação em Geral (General Settlement System), the SLrt Real Time Settlement System and the SLME Foreign Currency Settlement System. LCH.Clearnet, S.A. takes on the roles of clearing house and central counterparty on the Portuguese capital market , , ,723 57,963.4 In 213, 24,956 operations were conducted on the markets managed by Euronext Lisbon and guaranteed by LCH.Clearnet. The sum involved in these operations amounted to EUR billion, representing a year-on-year increase of 35.9% in the amount settled. In turn, the settlement of operations conducted on the regulated market and not guaranteed by LCH.Clearnet, led to 858 instructions to settle, corresponding to a value of EUR 5.3 million, i.e. a drop of 13.9% in this type of settlement operation. During 213, 25,285 instructions took place relating to guaranteed operations which, for lack of settlement, settled in the settlement attempts on the Settlement System in real time. Compared to the number of instructions which, during 212, underwent the same procedure, there was a rise of 1,46 operations. The same trend was seen in the corresponding value, which at EUR 1.99 billion rose 22.4% year-on-year. The SLrt, which allows the settlement of FOP (Free Of Payment) and DVP (Delivery Versus Payment) instructions in a wholly automated environment, settled 79,64 and 476,659 instructions respectively. The overall value of DVP instructions settled in real time was EUR 157 billion. Year-on-year, the number of operations of this type rose by 22.4%, while the value traded increased by 47.5%. During the period under analysis, FOP operations settled through the SLrt grew by 24.7% in terms of the number of instructions, while the value of the settlements increased by 13.1% year-on-year. The Portuguese Stock Exchange Facts and Figures 213 NATiONAl NUMBERiNG Agency 3 In the year under analysis, the National Numbering Agency attributed 1,863 new ISIN and CFI codes and deactivated 11,156. The number of active codes at 31 December was 5,393. In 213, as part of the functions entrusted to it as the National Numbering Agency (NNA), Interbolsa undertook the activity of attributing ISIN and CFI Codes in accordance with the guidelines laid down by the Association of National Numbering Agencies (ANNA), as the entity responsible at worldwide level for the promotion, implementation and maintenance of the ISO 6166 and ISO 1962 Standards. Acting in this scope, it attributed 1,863 new ISIN and CFI codes and deactivated 11,156. The NNC s activity fell by 1.6% year-on-year. 3 Apart from this function, and as a member of the ANNA Association of National Numbering Agencies, S.C.R.L., INTERBOLSA is also entrusted with managing the operations of the Agência Nacional de Codificação, the entity which attributes ISIN codes International Securities Identification Number and CFI Classification of Financial Instruments to all securities issued in Portugal, as well as to other financial instruments, in accordance with ISO standards and ANNA guidelines. 22

23 The Portuguese Stock Exchange Facts and Figures 213 STATiSTiCAl ANNEX SOURCES AND NOTES (1) International Monetary Fund (IMF) (2) National Institute of Statistic (INE) (3) Bank of Portugal (4) PWC IPO Watch (5) World Federation of Exchanges (WFE) (6) Simple average of the turnover of the referred series of shares, with the turnover value being calculated by the ratio between the amount transacted and the amount listed during the period. (7) Simple average of the frequency of trading, which is measured by the ration between the number of sessions in which the share traded and the number of sessions in which it was listed. (8) Bloomberg (9) Data from 213 referring to the third quarter AGGREGATE ECONOMIC INDICATORS USA -.3% -3.1% 2.4% 1.8% 2.8% 1.9% Eurozone.3% -4.3% 2.1% 1.4% -.7% -.4% Germany 1.1% -5.1% 4.2% 3.1%.9%.5% France -.1% -3.1% 1.7% 1.7%.%.2% Italy -1.2% -5.5% 1.7%.4% -2.1% -1.8% Real GDP growth (1) Spain.9% -3.7% -.3%.4% -1.4% -1.2% United Kingdom -1.% -4.% 1.8%.9% -.2% 1.7% Japan -1.% -5.5% 4.7% -.6% 2.% 1.7% Brazil 5.2% -.3% 7.5% 2.7% 1.% 2.3% China 9.6% 9.2% 1.4% 9.3% 7.8% 7.7% Portugal (2).% -2.9% 1.4% -1.6% -3.2% -1.3% Portuguese public debt (%GDP) (3) As a % of GDP 71.6% 83.1% 93.3% 18.% 124.1% 129.% Economics capacity/funding Needs Portugal (%GDP) (2) (9) As a % of GDP -11.4% -9.6% -9.% -5.6% -.1% 1.8% Banking credit (companies) (3) Year-on-year variation end of period 11.% 3.% 1.% -4.% -6.6% -4.7% Banking credit (private) (3) Year-on-year variation end of period 5.% 4.% 3.% -1.% -4.3% -4.2% SHARES INTERNATIONAL Initial Public Offers (IPO) in Europe (4) Listed in WFE Stock Exchanges (5) Trading in WFE Stock Exchanges (5) No. of IPOs No. of listed companies - end of period Value of shares traded (1^12 USD) , , , , , , Value (Millions of EUR) Domestic market capitalisation (1^9 USD) end of period Number of share trades (1^12) 14,239 35, ,537 51, ,324 59, ,577 51, ,989 58, ,415 66,

24 The Portuguese Stock Exchange Facts and Figures 213 SHARES EURONEXT PORTUGAL Listed companies and market capitalisation Share transactions Highest value shares traded (Millions of EUR) Liquidity indicators PSI 2 companies Liquidity indicators non-psi 2 companies No. of listed companies total end of period No. of Portuguese listed companies total end of period Domestic market capitalisation (Millions of EUR) end of period 45,68 62,688 57,33 43,395 49,769 54,33 Number of trades (1^6) Average number of trades per session 23,543 21,173 23,41 22,78 17,342 21,276 Average price per trade (trading fees charged by Euronext Lisbon) Value traded (Millions of EUR) 54,895 31,787 4,697 27,893 2,26 28,639 EDP 9,716 GALP 8,256 PT 7,747 MILLENNIUM BCP 6,585 BES 3,38 PT 5,382 EDP 5,118 GALP 4,71 MILLENNIUM BCP 3,515 BES 2,142 PT 1,673 EDP 6,299 MILLENNIUM BCP 5,362 GALP 4,73 BES 2,475 GALP 4,946 PT 4,927 EDP 4,288 MILLENNIUM BCP 3,288 JERÓNIMO MARTINS 3,113 GALP 3,752 PT 3,29 EDP 2,874 BES 2,592 JERÓNIMO MARTINS 2,164 PT 4,881 BES 4,331 GALP 4,161 EDP 3,712 MILLENNIUM BCP 3,651 Average Turnover (6) 89.5% 67.2% 63.7% 59.5% 55.5% 84.% Average frequency of trading (7) 99.9% 1.% 1.% 99.8% 1.% 1.% Average Turnover (6) 11.2% 7.1% 1.% 4.8% 2.2% 3.1% Average frequency of trading (7) 73.3% 7.7% 68.2% 62.1% 61.6% 63.3% 24

25 The Portuguese Stock Exchange Facts and Figures 213 EVOLUTION OF INDICES - INTERNATIONAL Market Indices % Variation (8) Spain (IBEX 35) -39.4% 29.8% -17.4% -13.1% -4.7% 21.4% Portugal (PSI 2) -51.3% 33.5% -1.3% -27.6% 2.9% 16.% United Kingdom (FTSE) -31.3% 22.1% 9.% -5.6% 5.8% 14.4% Italy (FTSE MIB) -48.8% 19.5% -13.2% -24.3% 6.6% 16.6% United States (DJIA) -33.8% 18.8% 11.% 5.5% 7.3% 26.5% Israel (TA-25) % 15.8% -18.2% 9.2% 12.1% Holland (AEX 25) -52.3% 36.3% 5.7% -11.9% 9.7% 17.2% Russia (RTS) -72.4% 128.6% 22.5% -21.9% 1.5% -5.5% China (SSE 18) -66.3% 91.8% -16.% -23.1% 1.8% -9.2% Sweden (OMXS 3) -38.8% 43.7% 21.4% -14.5% 11.8% 2.7% Argentina (Burcap) -49.6% 11.2% 47.6% -26.7% 12.4% 68.9% Greece (FTASE) -66.1% 2.7% -41.1% -59.3% 14.7% 24.3% Switzerland (SMI) -34.8% 18.3% -1.7% -7.8% 14.9% 2.2% France (CAC 4) -42.7% 22.3% -3.3% -17.% 15.2% 18.% Mexico (IPC) -24.2% 43.5% 2.% -3.8% 17.9% -2.2% Belgium (BEL 2) -53.8% 31.6% 2.7% -19.2% 18.8% 18.1% Japan (Nikkei 225) % -3.% -17.3% 22.9% 56.7% Ireland (ISEQ) -66.2% 27.% -3.% -4.7% 23.6% 33.6% India (S&P CNX Nifty) -51.8% 75.8% 17.9% -24.6% 27.7% 6.8% Germany (Xetra Dax) % 16.1% -14.7% 29.1% 25.5% Turkey (National 3) -5.3% 91.4% 21.4% -24.1% 58.4% -15.6% 25

26 The Portuguese Stock Exchange Facts and Figures 213 EVOLUTION OF INDICES - PORTUGAL PSI 2 Index Sectorial indices Variation in PSI 2 listed companies (homogeneous series - end of period) Index points - end of period 6,341 8,464 7,588 5,494 5,655 6,559 Annual variation - end of period -51.3% 33.5% -1.3% -27.6% 2.9% 16.% Base materials -32.7% 37.2% 22.3% -2.2% 37.8% 44.7% Industrials -46.4% 54.6% -22.6% -23.5% -2.7% 17.4% Consumer goods -39.6%.5% 4.6% -.4% 17.7% 24.3% Information -52.3% 67.8% 27.6% -4.4% 2.9% 16.6% Telecommunications -32.4% 56.4% 14.2% -32.6% -1.7% 5.2% Utilities -37.4% 23.3% -2.5% 2.7% -1.3% 16.5% Financial sector -62.9% 14.7% -29.9% -62.4% 9.8% 22.% IT -13.1% 7.3% -31.3% -34.6% -13.1% 22.7% BANIF -72.8% 14.7% -3.4% -6.9% -57.1% -92.8% BCP -69.7% 6.5% -29.5% -76.6% -44.9% 121.8% BES -56.9% 16.6% -34.8% -53.1% -33.7% 16.1% SONAE IND.,SGPS -77.1% 68.9% -25.8% -66.8% -23.% 15.1% COFINA,SGPS -7.6% 135.6% -34.9% 1.1% -22.5% -14.9% PT -43.5% 54.3% 18.4% -46.9% -15.8% -15.7% EDP RENOVAVEIS -34.6% 32.5% -34.6% 9.% -15.5% -3.3% EDP -43.3% 21.1% -14.8% -4.% -4.2% 16.6% REN -22.2% 11.5% -9.2% -18.2% -2.6% 8.9% ES.SANTO FINANCIAL -54.4% 35.6% -5.7% -63.2% 2.5% -8.% GALP ENERGIA -6.5% 71.8% 2.8% -2.6% 3.3% 1.3% SEMAPA -6.% 26.3% 1.5% -35.1% 6.% 43.1% J.MARTINS, SGPS -27.8% 8.7% 66.2% 12.2% 14.2% -2.6% SONAECOM,SGPS -69.5% 92.2% -3.1% -1.% 21.9% 73.5% PORTUCEL -37.5% 37.8% 27.9% -19.2% 24.% 27.6% ZON -63.1% 21.6% -17.7% -31.5% 27.9% 81.8% ALTRI SGPS -6.% 9.7% -15.% -64.7% 32.3% 41.1% SONAE -78.8% 18.% -6.7% -41.2% 49.7% 52.7% MOTA ENGIL -55.8% 73.% -54.1% -4.6% 51.4% 175.9% BPI -67.8% 25.8% -31.2% -65.3% 96.% 29.% BONDS - INTERNATIONAL Value traded on WFE Exchanges (5) Value traded (1^12 USD) Number of trades (1^6 ) BONDS - EURONEXT - PORTUGAL Listed bonds and market capitalization Bond Transactions No. of listed bonds - end of period No. of listed private sector bonds - end of period Market Capitalization (Millions of EUR - end of period) 39,751 29,738 62,522 64,781 89,459 93,411 No. of trades 8,996 11,286 8,37 1,969 27,325 23,638 Value traded (Millions of EUR)

27 The Portuguese Stock Exchange Facts and Figures 213 WARRANTS - INTERNATIONAL Transactions of warrants on WFE Exchanges (5) Value traded (1^9 USD) 1, ,17. 1, Number of trades (1^6) WARRANTS - EURONEXT - PORTUGAL Listed warrants No. of listed warrants (end of period) No. of trades (1^3) Transaction of warrants Value traded (Millions of EUR) 1, ETFs - INTERNATIONAL ETF transactions on WFE Exchanges (5) Value traded (EUR 1^9) 9,97.9 1, , ,21.1 1, ,575. Number of trades (1^6) , ,27.3 ETFs - EURONEXT - PORTUGAL ETFs listed and market capitalisation ETF transactions No. of ETFs listed - end of period Market capitalisation (Millions of EUR) No. of trades ,57 Value traded (Thousands of EUR) , , , ,394.8 CERTIFICATES - EURONEXT - PORTUGAL Certificates listed and market capitalisation Certificate transactions No. of certificates listed - end of period Market capitalisation (Millions of EUR) - - 1,82 1,15 1,417 2,14 No. of trades ,354 19,337 96,115 Value traded (Thousands of EUR) 5, , ,631 18,97 524,893 DERIVATIVES INTERNATIONAL Derivatives transactions on WFE Exchanges Value traded (1^12 USD) Number of trades (1^9) DERIVATIVES EURONEXT PORTUGAL Contracts listed and open positions Derivative transactions No. of futures contracts listed - end of period No. of futures contracts listed on indices - end of period No. of futures contracts listed on individual shares Open positions at 31 December 213 8,965 21,686 13,388 4,449 6,431 11,69 Number of contracts traded (1^3) Value traded (Millions of EUR)

28 The Portuguese Stock Exchange Facts and Figures 213 REGISTRATION AND SETTLEMENT INDICATORS INTERBOLSA Value of operations processed in the securities depository Number of operations processed in the securities depository Operations conducted on the settlement systems No. of operations Operations conducted on the settlement systems (Millions of EUR) Interest/Income (Millions of EUR) 5,624 6,283 7,337 9,64 1,49 9,419 Amortisations (Millions of EUR) 17,116 35,75 4,118 53,892 6,23 57,945 Dividends/Income (Millions of EUR) 4,857 4,8 5,138 3,586 3,538 3,362 Capital Increase Operations (Millions of EUR) 2,45 2, ,428 1, Capital reduction, mergers and demergers of companies (Millions of EUR) 69 2, , 4,225 1,565 Exercise of warrants and certificates (Millions of EUR) 1, Interest/Income 1,254 1,551 2,635 3,967 4,12 3,52 Amortisations Dividends/Income Capital Increase Operations Capital reduction, mergers and demergers of companies (Millions of EUR) Exercise of warrants and certificates (Millions of EUR) ,868 2,853 3,49 Guaranteed operations 297,453 25, , ,384 21,679 24,956 Non-guaranteed operations 5,573 4,848 3,47 1, Guaranteed operations settled SL rt 35,169 31,38 3,186 27,183 23,825 23,285 SLrt - Settlement System in Real Time 465,974 47, , , , ,723 Guaranteed operations 45,869 25,266 29,746 21,27 16,62 21,83 Non-guaranteed operations Guaranteed operations settled SL rt 5,78 3,378 3,518 2,326 1,559 1,99 SLrt - Settlement System in Real Time 123,91 17, ,26 113,279 17,66 157,963 28

29 The Portuguese Stock Exchange Facts and Figures 213 AbOUT EurONExt Euronext is the primary exchange in the Euro zone with over 1 3 issuers worth 2.6 trillion in market capitalization, an unmatched blue chip franchise consisting of 2+ issuers in the EURO STOXX 5 benchmark and a strong diverse domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets. Its total product offering includes Equities, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. Euronext also leverages its expertise of running markets by providing technology and managed services to third parties. Euronext operates regulated markets, Alternext and the Free Market; in addition it offers EnterNext, which facilitates SMEs access to capital markets. DISCLAIMEr This publication is for information purposes only and does not constitute investment advice or any offer, solicitation or recommendation to acquire or dispose of any investment or to engage in any transaction. Although this publication is issued in good faith, it is provided on an as is basis without representation or warranty of any kind, whether express or implied, and ICE and/or any of its officers, employees or agents shall incur no responsibility or liability for any loss or damages of any nature resulting from, arising out of or in connection with the contents of this publication and any such liability is expressly disclaimed. No information set out or referred to in this publication shall form the basis of any contract. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by ICE s subsidiaries shall depend solely on the applicable rules of the market operator. ICE offers no view on whether investments are appropriate for you and recommends you obtain independent advice in respect of any such investments. Persons wishing to trade products available on ICE markets or wishing to offer such products to third parties are advised, before doing so, to check their legal and regulatory position in the relevant territory and to understand the related risks. Except as below described, all proprietary rights and interest in this publication shall be vested in ICE and all other rights including, but without limitation, patent, registered design, copyright, trademark, service mark, connected with this publication shall also be vested in ICE. No part of this publication may be redistributed or reproduced in any form or by any means or used to make any derivative work (such as translation, transformation, or adaptation) without written permission from ICE. Portions of this presentation contain materials or information copyrighted, trademarked or otherwise owned by a third party. No permission to use these third party materials should be inferred from the contents of this presentation or its inclusion in this presentation. ICE refers to IntercontinentalExchange Group and its affiliates and references to ICE in this publication include each and any such company as the context dictates. All data as of December 213 ICE disclaims any duty to update this information. Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, NYSE, Euronext, LIFFE, Alternext, Easynext and PSI 2. Information regarding additional trademarks and intellectual property rights of IntercontinentalExchange Group, Inc. and/or its affiliates is located at and 214, IntercontinentalExchange, Inc. - All rights reserved. 29