A N N U A L R E P O R T A N D A C C O U N T S - CMVM

Corporate Governance Report - 2008
Under the terms and for the purposes established in the
applicable regulatory and recommendatory provisions, we
wish to inform that the remuneration of the Chairman of the
General Meeting Board, during the financial year of 2008, was
€5,000.00 (five thousand euros), similar to what he has earned
since he was elected in 2007.
I.4. Indication of the required advance period for share
deposit or blocking for participation in the General
Meeting.
In accordance to what is provided in the Company By-Laws
(article 13.º), shareholders have the right to vote if, within five
calendar days before the set date for respective General
Meeting, they have shares entered in scriptural securities
accounts opened with institutions qualified for that purpose,
with those shares being certified by means of documents from
those institutions which are received in the Company within the
same aforementioned established deadline and which identify
the holder and the shares in question, as well as inform about
respective blockings until the end of that General Meeting.
I.5. Indication of the applicable rules for blocking of
shares in case of suspension of the General Meeting.
Should the General Meeting be suspended, the blocking of
shares is not required during the whole period until the session
is resumed. It is necessary, however, that the shareholders
prove that requirement up to five calendar days before the date
set for the new session, through the issue of new certificates
by the institutions qualified for that purpose and that those
documents are received in the Company within that same
deadline.
I.6. Number of shares corresponding to one vote.
Under the terms and according to the established in article 13
of the By-Laws, each share corresponds to one vote.
I.7. Existence of statutory rules for the exercise of the right
to vote, including constitutive and deliberative quorums
or highlighting systems for economic rights.
In accordance with the contents of article 13 of the By-laws, the
shareholders who, up to five calendar days before the date
chosen for the respective General Meeting, have shares
entered in scriptural securities accounts open with institutions
qualified for this purpose, have voting rights. However, the
entering of those shares must be certified by means of
documents from those institutions received by the Company
within the same abovementioned period and must identify the
owner and the respective shares, as well as provide
information on the respective blockings until the closing of that
General Meeting.
In the case of joint ownership of shares, only one of the joint
owners with powers to represent the others may attend
General Meetings.
Individual Shareholders, with a right to vote, may be
represented in the General Meeting by means of a document
issued under the terms of the Law.
Shareholders who are unfit or the corporate bodies with voting
rights shall be represented by people with legal powers to do
so.
Within this scope, the Company provides a power-of attorney
form at its website and registered head office, in compliance
with the established in article 23 of the Portuguese Securities
Market Code, which can be used by the shareholders that want
to be represented at the General Meeting.
All the aforementioned representations shall have to be
communicated to the Chairman of the General Meeting board
by a duly signed letter that has to be received at the company’s
registered head office up to five calendar days before the
chosen date for respective General Meeting.
General Meeting deliberations are made by majority of the
issued votes, notwithstanding the legal provisions that, in
certain cases, may require qualified majorities or establish
other winning standards for the proposals.
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