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

Notes to the Financial Statements as at 31 st December 2008
The write-off occurred during the year ended 31 st December 2008 in the item “Goodwill” results from the regularisation of the goodwill
recongnised on the acquisition of interest in Marinertes, S.A., because it was considered that, due to the prospective financial information
elements available, the net value entered in the goodwill did not reflect an anticipation of future economic profits.
The decrease occurred during the year ended 31 st December 2008, in the “Intangible Fixed Assets” item, results from:
- Goodwill:
Sale of interest in Cimpor - Cimentos de Portugal, SGPS, S.A. 163,519
The increase occurred during the year ended 31 st December 2008, in the "Financial investments" item, results from:
- Capital shares in Group companies:
Capital increase in Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. 300,000
Incorporation of TDHOSP - Gestão de Edifício Hospitalar, S.A. 327
Capital increase in TDHOSP - Gestão de Edifício Hospitalar, S.A. 160
300,487
- Loans to Group companies:
Conversion of supplies into supplementary capital contributions to Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. 60,000
The decrease occurred during the year ended 31 st December 2008, in the "Financial Investments" item, results from:
- Capital shares in Group companies:
Sale of interest in Somafel - Engenharia e Obras Ferroviárias, S.A. 16,121
Sale of interest in G.S.C. - Compañia General de Servicios y Construcción, S.A. 7,970
Sale of interest in BEL-ere - Engenharia e Reabilitação de Estruturas, S.A. 3,436
Sale of interest in E.P.O.S. - Empresa Portuguesa de Obras Subterrâneas, S.A. 3,143
Sale of interest in TDF - Sociedade Gestora de Fundos de Investimento Imobiliário, S.A. 213
30.883
- Loans to Group companies:
Reimbursement of supplementary capital contributions in G.S.C. - Compañia General de Servicios y Construcción, S.A. 7,600
- Securities and other financial instruments:
Sale of interest in Cimpor - Cimentos de Portugal, SGPS, S.A. 63.336
Sale of interest in Longavia - Imobiliária, S.A. 1.006
Sale of interest in Longapar - SGPS, S.A. 670
Transfer of quota in TDO - Investimento e Gestão, Lda. 220
65,232
Transfers occurred during the year ended 31 st December 2008, in the “Financial Investments” item, result from:
- Capital shares in Group companies:
Reduction of capital of TDF - Sociedade Gestora de Fundos de Investimento Imobiliário, S.A. 598
- Other loans:
Reimbursement of supplementary capital contributions in Lusoponte - Concessionária para a Travessia do Tejo, S.A. 130
156