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WITH A STABLE<br />

SHAREHOLDER STRUCTURE<br />

Reference shareholder, Efanor, a family holding company<br />

MEDIUM/LONG TERM ORIENTED<br />

Others<br />

33.5%<br />

Efanor<br />

53%<br />

Free float<br />

Bestinver<br />

2.1%<br />

Banco BPI*<br />

of circa 47%<br />

8.9%<br />

Fundação Berardo<br />

2.5%<br />

*including BPI equity swap<br />

6

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