Notes to the Management <strong>Report</strong> of the Board of Directors <strong>2010</strong>TEIXEIRA DUARTE, S.A. presents, below and under the terms of number 4 of article 448 of the Commercial Companies Code, the list of shareholders which,as at 31 December <strong>2010</strong> and according to the records of the Company and information provided, own at least one tenth of the share capital.Company No. of Shares as at 31.12.<strong>2010</strong> % Share CapitalTEIXEIRA DUARTE – Sociedade Gestora de Participações Sociais, S.A. 42.250.000 10,06%TDG – Sociedade Gestora de Participações Sociais, S.A. 154.640.240 36,82%LIST OF OWNERS OF QUALIFYING HOLDINGS AS AT 31 DECEMBER <strong>2010</strong>In compliance with the applicable legal and regulatory provisions, namely those established in sub-paragraph c) of number 1 of article 9 of <strong>CMVM</strong>Regulation number 5/2008, and based on the Company's records and the information which has been received, TEIXEIRA DUARTE, S.A. discloses the list ofowners of qualifying holdings in its share capital as at 31 December <strong>2010</strong>, indicating the number of shares owned and corresponding percentage votingrights, calculated under the terms of article 20 of the Securities Market Code.1. A TEIXEIRA DUARTE - Sociedade Gestora de Participações Sociais, S.A. is imputed, under the terms of the provisions in article 20 of the SecuritiesMarket Code and in conformity with the interpretation of the <strong>CMVM</strong> – with which it disagrees in relation to the matter presented in sub-paragraphs f)below –, a qualifying holding in the share capital and voting rights of the company TEIXEIRA DUARTE, S.A. of 227,723,249 (two hundred and and twentysevenmillion, seven hundred and twenty-three thousand and two hundred and forty-nine) shares, corresponding to 54.22% of the share capital andrespective voting rights, as a result of:a) 42,250,000 shares owned directly by it, corresponding to 10% of the share capital and voting rights;b) 154,640,240 shared owned by its subsidiary TDG – Sociedade Gestora de Participações Sociais, S.A., corresponding to 36.82% of theshare capital and voting rights;c) 5,899,800 shares owned by its subsidiary NGDI – Gestão e Investimento Imobiliário, S.A., corresponding to 1.40% of the share capital and votingrights;d) 10,300,000 shared owned by the Chairman of the Board of Directors of the company TEIXEIRA DUARTE – Sociedade Gestora de ParticipaçõesSociais, S.A., Mr. Pedro Pereira Coutinho Teixeira Duarte, corresponding to 2.45% of the share capital and voting rights;e) 5,153,575 shares owned by the other members of the Board of Directors of TEIXEIRA DUARTE – Sociedade Gestora de Participações Sociais, S.A.,corresponding to 1.23% of the share capital and voting rights (none of whom, individually, reach any qualifying holding);f) 9,479,634 shares owned by members of the Board of Directors of TDG – Sociedade Gestora de Participações Sociais, S.A. who are not members ofthe Board of Directors of the company indicated in sub-paragraph a) above, corresponding to 2.26% of the share capital and voting rights (noneof whom, individually, reach any qualifying holding), with this imputation having been made in conformity with the interpretation of the <strong>CMVM</strong>,where there is disagreement.2. Banco Comercial Português, S.A. is imputed, under the terms of the provisions in article 20 of the Securities Market Code and in conformity with theinterpretation of the <strong>CMVM</strong>, the qualifying holding of 42,049,716 shares, corresponding to 10.00% of the share capital and voting rights as a result of:a) 500 shares owned by Banco Millennium BCP Investimento, S.A., corresponding to 0.0001% of the share capital and voting rights;b) 41,999,716 shares owned by the Pensions Fund of the Banco Comercial Português Group corresponding to 9.9999% of the share capitaland voting rights*.3. Mr. Miguel Calainho de Azevedo Teixeira Duarte is imputed, under the terms of article 20 of the Securities Market Code, the qualifying holdingof 29,568,701 shares, corresponding to 7.04% of the share capital and voting rights, as a result of:a) 69,897 shares owned directly by him, corresponding to 0.02% of the share capital and voting rights;b) 29,404,164 shared owned by the company controlled indirectly by him CIMILE – Sociedade Gestora de Participações Sociais, S.A.,corresponding to 7.00% of the share capital and voting rights;c) 94,640 shared owned directly and indirectly by other members of the Board of Directors of the company CIMILE – Sociedade Gestora de ParticipaçõesSociais, S.A., other than Mr. Miguel Calainho de Azevedo Teixeira Duarte, corresponding to 0.02% of the share capital and voting rights;* Through communication received from Banco Comercial Português, S.A. on 8 February 2007, it was indicated that the holding company of the Pensions Fund of the BCP Group exercises itsvoting rights in an independent manner.58
CorporateGovernance <strong>Report</strong> <strong>2010</strong>