THE PORTUGUESE STOCK EXCHANGE - Portugal Economy Probe · The Portuguese Stock Exchange Facts and Figures 2013 4 1. RNTElEvA FACTS ABOUT MARKET ACTiviTy LSTINI gS AND DELISTINgS In

THE PORTUGUESESTOCK EXCHANGE

FACTS AND FIGURES – 2013

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CONTENTS1717171818181919191920

20222223

Box: The Portuguese Stock Exchange in Figures – 2013

1. Relevant Facts about Market ActivityListings and Delistings

Trading

Market Members

Indices

2. Economic and Financial EnvironmentInternational Environment

Domestic Environment

3. Regulatory Environment4. 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 20 index rules

5. The Bond MarketInternational Environment

Primary Domestic Market

Secondary Domestic Market

Box: Bond issues aimed at individual investors

6. Warrants MarketInternational Environment

Domestic Market

7. ETF and Certificates MarketsInternational Environment

Domestic Market

8. Derivatives MarketInternational Environment

Domestic Market

9. Market Members10. National System for the Registration and Settlement of Securities

Centralised Securities Systems

Settlement Systems

National Numbering Agency

STATiSTiCAl ANNEX

The Portuguese Stock Exchange Facts and Figures 2013

3

ShareS

Number of listed companies at 31 December 2013 = 62Number of Portuguese listed companies = 59Domestic market capitalisation = EUR 54.3 billion Total value of shares traded in 2013 = EUR 28.7 billion Variation in the PSi 20 index in 2013 = 16%Variation in the PSi Geral index in 2013 = 15.6%

BondS

Number of listed bonds at 31 December 2013 = 282Number of listed private sector bonds = 266Market capitalisation at 31 December 2013 = EUR 94.1 billionTotal value traded of bonds in 2013 = EUR 413 million

WarranTS

Number of Warrants listed at 31 December 2013 = 1,263Number of trades in 2013 = 65,167Value traded of warrants in 2013 = EUR 183 million

eTFs Number of ETFs listed at 31 December 2013 = 3Listed ETFs: PSi 20, PSi 20 Leverage and the iberian indexMarket capitalisation at 31 December 2013 = EUR 23.5 millionValue traded of ETFs in 2013 = EUR 95.4 million

CerTiFiCaTeS

Number of Certificates listed at 31 December 2013 = 217Value traded of Certificates in 2013 = EUR 524.9 million

domeSTiC derivaTiveS

Number of Futures Contracts listed at 31 December 2013 = 13Number of Futures Contracts listed on indices = 1 (PSi 20)Number of Futures Contracts listed on individual shares = 12 Open positions at 31 December 2013 = 10,934Number of Contracts Traded in 2013 = 112,861Value of Contracts Traded in 2013 = EUR 682 million

PorTugueSe markeT indiCeS

PSI 20. This is the reference index for the Portuguese market, encompassing the 20 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 20 Spanish companies and 10 Portuguese.

Euronext 100. 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 150. This is the index that encompasses the 150 most representative companies in the European markets managed by Euronext, after the 100 largest, and currently includes seven Portuguese companies.

ThE PorTuGuESE STock ExchaNGE IN NumbErS – 2013

3



4

1. 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 70% 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 200 million in unit investments, which were distributed between some 24,000 new investors.

■ The Banif (bank) increased its capital by around EUR 70.7 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 2013-2016 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 60 million at a rate of 7.5%.

■ Several capital increase operations occurred, totalling around EUR 1.5 billion in 2013.

■ In 2013, 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 2013, up 42% on the 2012 figure.

■ Conversely, bond trading declined, the total sum of EUR 413 million being 30.4% lower than the 2012 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 2013, the Portuguese spot market had 99 members.

INDICES

■ During the PSI 20 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 150 Index: Altri, Mota-Engil and SonaeCom, while ESFG was delisted.

■ In August, a change in the PSI 20 rules was announced, to take effect from 2014. 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 20 rules, which abolished the registered office and main trading market requirements for the purposes of company eligibility for the index.


5

■ In 2013, world GDP rose by 3%, slightly less than it did in 2012, when it rose by 3.1%. This slowing down was seen to occur both in advanced economies (where growth dropped from 1.4% in 2012 to 1.3% in 2013) and in emerging economies (where it fell from 4.9% to 4.7%).

■ In 2013, growth in the USA was 1.9%, down on the 2012 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 2014. This improvement in future prospects boosted economic activity in 2013, with foreign trade increasing globally and investment rising, especially in the second half of 2013.

■ Mid-2013 also saw a slowing-down of monetary stimuli in the USA. Although a measure which inverts the expansionary monetary policy that began in 2008, 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 2013). Eastern Europe grew 2.5%, up on the previous year’s 1.4%, as did Brazil, where GDP grew from 1% in 2012 to 2.3% in 2013, and India, where the 2013 figure was 4.4% as against 3.2% in

2. ECONOMiC AND FiNANCiAl ENviRONMENT

2012. Economic activity in Mexico, Russia and South Africa also improved, although not as much as in 2012.

■ 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 2013.

iNTERNATiONAl ENviRONMENT

World Economy

USA Eurozone Germany France italy Spain United Kingdom

Japan Emerging Markets

1.9%

0.2%

3.1% 3% 2.8%

-0.7%-0.4%

0.9%0.5%

0.0%

-2.5%

-1.8% -1.6%-1.2%

-0.3%

1.7%1.4%

1.7%

2012

2013

4.9%4.7%

Growth of GDP (%)Source: international Monetary Fund

Evolution of interest rates on sovereign debt (10 years)Source: Bloomberg

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Dec/10 Jun/11 Dec/11 Jun/12 Jun/13Dec/12 Dec/13

italyPortugal

GermanySpain

The world economy slowed slightly in 2013, with a GDP growth of 3.1% in 2012 dropping to 3% in 2013, according to international Monetary Fund data. The second semester of 2013 saw higher global activity than expected, with positive signs both in developed and emerging countries.

DOMESTiC ENviRONMENT

■ In 2013, real GDP in Portugal fell by 1.4%, extending the period of recession, which had already been noted in 2012, 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 2012.

■ In the last quarter of 2013, the unemployment rate stood at 15.3%, down 1.6% in comparison to the same period in 2012. At the end of 2013, a downward trend was seen, since the unemployment rate fell 0.3% between the third and fourth quarters. The annual

2.7%2.2%

2.3%

0.8%0.6%

0.3%

-1.8%

-4.1%-3.6%

-2.5%

-1.4%

2.1%2.4%

1.8%1.5%

-0.7%-1.4%

-2.4%

-3.2%

-3.6%

-2.8%

-3.8% -4.0%

-2.0%

-0.9%

1.6%

-0.1%

2.2%

2007

.I

2007

.II

2007

.III

2007

.IV

2008

.I

2008

.II

2008

.III

2008

.IV

2009

.I

2009

.II

2009

.III

2009

.IV

2010

.I

2010

.II

2010

.III

2010

.IV

2011

.I

2011

.II

2011

.III

2011

.IV

2012

.I

2012

.II

2012

.III

2012

.IV

2013

.I

2013

.II

2013

.III

2013

.IV

Growth in the Portuguese GDP(% variation year-on-year, quarterly)Source: National institute of Statistics (iNE)


620

08.I

2008

.II20

08.III

2008

.IV20

09.I

2009

.II20

09.III

2009

.IV20

10.I

2010

.II20

10.III

2010

.IV20

11.I

2011

.II20

11.III

2011

.IV20

12.I

2012

.II20

12.III

2012

.IV

-9.7%-10.6%

-11.6%-11.4%

-11.4%

-10.4%-9.5% -9.6%

-9.5%-10.1%

-9.8%-9.0%

-8.3%-8.0%

-7.0%

-5.6%

-4.6%

-2.4%-1.2%

-0.1%

0.7%1.6%1.8%

Financing capacity/needs of the economy (% of GDP)Source: National institute of Statistics (iNE)

Evolution of bank creditSource: Bank of Portugal

-10%

-5%

0%

5%

10%

15%

Companies Private

Jan/08 Jan/09 Jan/10 Jan/11 Jan/12 Jan/13

average unemployment rate was 16.3%, higher than that seen at the end of the year. It should also be stressed that 2013 saw a significant reduction in the active population, largely as a result of emigration.

■ In accordance with the announcement on 31 March 2014 relating to the Excessive Deficit Procedure, the public deficit stood at 4.9% of GDP in 2013, continuing on the consolidation path seen since 2009, the year in which this indicator reached 10.2% 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 2013.

■ The positive trend in the economy’s financing capacity, visible in Portugal since 2009, continued in 2013. 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 2013.

■ In 2013, the Portuguese banking system’s financing capacity continued to fall, prolonging the slowing-down and later decline in the liquidity existing on the market, visible since 2009.

■ In June 2011, 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 2012, at the end of 2013 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.


7

3. 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 G20 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 2012, 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 2012, 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 2011, was approved in July 2013 and came into force in January 2014. 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 2012, the revision of the Solvency II Directive (Omnibus II) was approved by the Council in December 2013 and will come into force in 2016.

MARKETS AND iNFRASTRUCTURE

■ revision of the EU Directive on Markets and Financial Instruments (MiFID II and MiFIr), proposed by the Commission in October 2011 (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 2013, 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 2012, 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 2012. 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 2011, 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 2011. A tripartite discussion led to an agreement on the Regulation being reached in June 2013 and it should come into force in 2015. 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 2013, the EC adopted a proposed Directive relating to the disclosure of non-financial information by companies.


8

Some measures relating to the Portuguese regulatory framework are presented below:

■ Transposition of the Prospectus Directive and the Transparency Directive: In February 2013, Decree-Law 18/2013 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/2013.

■ 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 2011. In the absence of agreement by all 27 Member States, a new proposed directive was presented in February 2013. 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 2013

■ gender Diversity in the boardroom: In November 2012, 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 2011, was approved and came into force on 20 June 2013. 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.

and is currently under discussion by the Member States of the enhanced cooperation mechanism.

■ The government budget Law for 2013, 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 30% of EBITA, to be implemented in stages up to 2017. Tax on property investment funds and securities investment funds was also increased. The 2013 Government Budget contained a legislative authorisation relating to the implementation in Portugal of the Financial Transaction Tax, which had not been used.

Euronext Lisbon’s share segment was marked by the CTT’s iPO, the first since 2008, and by a positive evolution in trading volumes, contrary to what had been seen in 2011 and 2012. in 2013, the number of share trades rose by 25.5% and the value traded by 40.7%.

4. EqUiTy MARKET


■ In 2013, 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, 10 fewer (3.5%) than in 2012. Although fewer in number, the operations conducted in 2013 represented a much higher value than in 2012. While, in 2012, EUR 11 billion were obtained through IPOs, in 2013 this sum rose by 140% to EUR 26.4 billion. Even so, this is still a far cry from the value generated in 2007, when IPOs were at their peak: 801 IPOs involving EUR 80.3 billion.

Number and value of iPOs in EuropeSource: iPO Watch, PWC

0

50

100

150

200

250

300

Nr. of IPOs

0

1,000

15,000

20,000

25,000

30,000

35,000

5,000

Value (Millions of EUr)

126

187

212

126

141

179

227

254

132

6964

1828

4455

7789 85

129

102

149

126

82

61

93

6074

45

76

52

105

72

8002-1Q

7002-1QQ1-2

006 8002-2Q

7002-2Q

6002-2Q

8002-3Q

7002-3Q

6002-3Q

8002-4Q

7002-4Q

6002-4Q

9002-1Q9002-2Q9002-3Q9002-4Q0102-1Q0102-2Q0102-3Q0102-4Q1102-1Q1102-2Q1102-3Q1102-4Q2102-1Q2102-2Q2102-3Q2102-4Q3102-1Q3102-2Q3102-3Q3102-4Q

Nr. of Listed Companies

Domestic Capitalization (10^9 USD)

Nr. of Listed Companies

45,000

47,000

48,000

49,000

50,000

44,000 0

10,000

20,000

30,000

40,000

50,000

60,000

2008 2009 2010 2011

46,866

35,842

49,466

51,845

49,872

59,504

46,357

51,968

46,674

58,034

2012

Domestic Capitalization

2013

48,331

66,115

51,000 70,000

listed Companies and Market Capitalisation on WFE Member ExchangesSource: World Federation of Exchanges


9

■ In the United States, 237 companies were listed on the stock exchange through IPOs in 2013, meaning a rise of 62% in comparison to 2012 (when 146 companies launched IPOs). The IPOs launched in 2013 generated USD 56.8 billion, up on the 2012 figure of USD 42.9 billion. 2013 was the busiest year for IPOs in the USA since 2000.

■ According to data from the World Federation of Exchanges, following a 7% drop in 2011 and a slight rise in 2012, 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 0.7%. 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 2013, market activity was more dynamic overall, with more transactions and a higher trading value. With 2012 seeing the lowest point in recent years,

2013 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 year-on-year increases. On average, the exchanges rose by 18.3% during 2013, as against an average increase of 15.4% in 2012 and a 17.6% drop in 2011.

■ The IBEX 35, which had recorded a negative variation in 2012, managed to invert this behaviour in 2013, with an increase of 21.4%.

■ Conversely, four stock indices (Mexico, Russia, China and Turkey), which had grown in 2012, fell in 2013.


10

Evolution of the main international stock indices (Annual % variation – end of period)Source: Bloomberg

SECONDARy DOMESTiC MARKET

■ At the end of 2013, 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 2013, 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 2013, the equity market evolved favourably, in contrast to what had been seen in 2011 and 2012. In 2013, the number of shares traded rose by 25.5% and the value traded by 40.7%.

■ The degree of concentration of transactions remained practically unchanged, with the Top 5 recording around 73% of transactions and the Top 20 close to 99%. The five most-traded shares (in value) were the same in 2013 as they had been in 2012, 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 2008 took an about-turn, with a significant improvement being seen in 2013. The average turnover of the 20 most-traded shares increased from 55.5% in 2012 to 84% in 2013.

■ The PSI 20 Index rose by 16% in 2013, further improving on the recovery that began in 2012, when the index rose by 2.9% The increase seen in 2012 reversed the downward trend of the previous two years but the index is still below the maximum figure recorded in 2007, 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 2012, as was the case with the IT sector which, having dropped 13.1% in 2012, recovered 22.7% in 2013.

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 70% 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 200 million in unit investments, which were distributed between some 24,000 new participants.

■ The Banif (bank) increased its capital by around EUR 70.7 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.

Value of Shares Traded (10^12 USD)

Number of Trades in Shares (10^12)

Value of Shares Traded

20,000

40,000

50,000

60,000

70,000

80,000

100,000

90,000

30,000

0

10,000

2012 20132008 2009 2010 2011

86,526

11.35

62,799

13.54

64,271

12.16

62,093

11.42

48,932

9.82

54,480

10.48

0

2

4

6

8

10

12

16Number of Trades in Shares

14

Share Trading on WFE Member ExchangesSource: World Federation of Exchanges

Argentina (Burcap)Japan (Nikkei 225)

Irland (ISEQ)United States (DJIA)Germany (Xetra Dax)

Greece (FTASE)Spain (IBEX 35)

Sweden (OMXS 30)Switzerland (SMI)Belgium (BEL 20)

France (CAC 40)Holand (AEX 25)

Italy (FTSE)Portugal (PSI 20)

United Kingdom (FTSE)Israel (TA-25)

India (S&P CNX Nifty)Mexico (IPC)Russia (RTS)

China (SSE 180)Turkey (National 30)

20.2%

68.9%

56.7%

12.4%

22.9%

17.1%

7.3%

29.1%

16.9%

-4.7%

11.8%

14.9%

18.8%

15.2%

9.7%

7.8%

2.9%

5.8%

9.2%

27.7%

17.9%

10.5%

10.8%

58.4%

33.6%

26.5%

25.5%

24.3%

21.4%

20.7%

18.1%

18.0%

17.2%

16.6%

-9.2%

-5.5%

-15.6%

6.8%

14.4%

12.1%

-2.2%

16.0%

20122013


11

liquidity indicators of Shares listed on Euronext lisbon

(*) 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.

55.5%

100.0%

2.2%

61.6%

2008

20 shares with the highest value traded

Average Turnover (*)

Average frequency of trading (**)

Remaining Regulated Market Shares

Average Turnover (*)

Average frequency of trading (**)

89.5%

99.9%

11.2%

73.3%

2009

67.2%

100.0%

7.1%

70.7%

2010

63.7%

100.0%

10.0%

68.2%

2011

59.5%

99.8%

4.8%

62.1%

2012 2013

84.0%

100.0%

3.1%

63.3%

MOTA ENGIL

BCP

ZON

SONAECOM

SONAE

SASEMAPA

ALTRI

BPI

PORTUCEL

EDP

BES

SONAE IND.

REN

GALP

J.MARTINS

EDP RENOVÁVEIS

ESFG

COFINA

PT

BANIF

-14.9%

175.9%121.8%

81.8%73.5%

52.7%43.1%41.1%

29.0%27.6%

16.6%16.1%15.1%

8.9%

-2.6%-3.3%-8.0%

-15.7%-92,8%

1.3%

■ During the PSI 20 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 150 Index: Altri, Mota-Engil and SonaeCom, while ESFG was delisted.

■ In August, a change in the PSI 20 rules was announced, to take effect from 2014. 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 20 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

2

4

5

6

7

3

0

1

2012 2013

Nr. of Trades in Shares (10^6)

Value Traded (Millions of EUr)

2008 2009 2010 2011

5.7

55,668

5.3

32,038

5.9

40,707

5.7

27,960

4.3

20,364

5.4

28,660

Nr. of Trades in Shares (10^6) Value Traded (Millions of EUr)

0

10,000

20,000

30,000

40,000

50,000

60,000

Highest value Shares Transacted

0

2,000

4,000

6,000

8,000

10,000

12,000€ (10^6)

2008 2009 2010 2011 2012 2013

Evolution of the PSi 20 index

0

2,000

4,000

6,000

8,000

10,000

12,000

2008 2009 2010 2011 2012 2013

14,000

16,000

2006 2007

Evolution of the Sector indices2008 2009 2010 2011 2012

Base Materials

Industry

Consumer Goods

Services

Telecommunications

Utilities

Financial Sector

IT

-32.7%

-46.4%

-39.6%

-52.3%

-32.4%

-37.4%

-62.9%

-13.1%

37.2%

54.6%

0.5%

67.8%

56.4%

23.3%

14.7%

7.3%

22.3%

-22.6%

4.6%

27.6%

14.2%

-20.5%

-29.9%

-31.3%

-20.2%

-23.5%

-0.4%

-4.4%

-32.6%

2.7%

-62.4%

-34.6%

37.8%

-2.7%

17.7%

20.9%

-1.7%

-1.3%

9.8%

-13.1%

2013

44.7%

17.4%

24.3%

16.6%

5.2%

16.5%

22.0%

22.7%

Adjusted Share Prices from the PSi 20 Portfolio (% variation – end of period)

■ With the PSI 20 having benefited from a rise of 16% over the course of 2013 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%.


12

cTT – corrEIoS dE PorTuGal (PoST offIcE) PublIc offEr

1) Public offer = 21,000,000 shares (14% of the share capital), which, in turn, included two parts:

a) an offer for CTT employees = 5,250,000 shares

b) and an offer for the general Public = 15,750,000 shares

2) direct Sale to institutional investors = 84,000,000 shares (56% of the share capital), which included a greenshoe option of 9,545,455 shares.

The price range was initially set at EUR 4.10 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 (2,064,660 shares bought) and that of the general public (18,935,340 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 20 index on 24 March 2014.

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 2008, 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 70% of the CTT’s capital (105,000,000 shares), a transaction which was structured in two tranches:

12



13

lISTING of NExPoNor – SocIEdadE ESPEcIaldE 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 71/2010, and listed on the Portuguese Stock Exchange in the alternext segment.

Nexponor – SiCaFi was listed on the alternext exchange on 3 June 2013, with 13,124,240 shares at a starting price of five euros and a total market capitalisation of EUR 66.25 million. The listing was the culmination of a public offer for share subscriptions totalling 100% 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

possibility of being prolonged for further periodsof two years, by decision of the company’sGeneral 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.



14

chaNGES IN ThE PSI 20 INdEx rulES

in august 2013, 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 20 index are selected. The amended rules came into force in 2014 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 20 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 20 index rules

a) Selection based on free float market capitalisation

■ The base selection criterion for the companies that make up the PSi 20 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 20 and the minimum number of companies.

b) New eligibility rules

■ Companies seeking to join the PSi 20 index must comply with two new eligibility rules: (1) a minimum of EUR 100 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 20. However, the PSi 20 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 100 million may be included.

d) change in the velocity limit

■ The minimum liquidity limit was also changed, from the current limit of 10% 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

■ 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 2012 by rising 29% in 2013, after the 28% rise in 2012.

■ However, the value traded fell once again, by 15% in 2013, following the drop of 11% in 2012, in contrast to the positive evolution seen between 2008 and 2011.

■ 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.

PRiMARy DOMESTiC 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-2011, resulted in financing to the value of EUR 2.45 billion for a series of companies listed on the Portuguese market.

5. THE BOND MARKET

■ In 2013, 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 2012. As had already been noted the previous year, most of these issues originated from the banks.

■ Starting in December 2011, 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 2011 and December 2013, these issues totalled EUR 2.45 billion (see box).

SECONDARy DOMESTiC MARKET

■ In 2013, the number of bond trades dropped by 13% and the value traded dropped by 30% in comparison to 2012. This was in contrast to what had been seen in 2012, a year in which both indicators had evolved very favourably (the number of bonds traded had risen by 149% and the value traded by 105%).

■ 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 40%.

Bond Trading on WFE Member ExchangesSource: World Federation of Exchanges

10

20

25

30

35

15

0

5

Value Traded (10^12 USD)

Number of Trades (10^6 )

18.03

19.12

21.12

32.28

25.41

32.81

30.14

26.69

26.80

34.26

Value Traded Number of Trades

0

5

10

15

20

25

30

35

40

45

22.71

44.25

20122008 2009 2010 2011 2013

50

200

400

500

600

700

300

0

100

Number of TradesValue Traded

(Millions of EUr)

668

8,996

400

11,286

588

8,370

290

10,969

594

27,325

Number of Trades Value Traded (Millions of EUr)

0

5,000

10,000

15,000

20,000

25,000

30,000

413

23,638

20122008 2009 2010 2011 2013

800

Bond Trading on Euronext lisbon


16

less than €5,000 26%

€5,000 to €50,000 65%

€100,000 to €500,000 3%

€50,000 to €100,000 6%

Number of issues in which each leading financial institution participated

boNd ISSuES aImEd aT INdIvIdual INvESTorS

16

Since 2011, a series of listed companies have been seen resorting to the capital market through the realisation of bond loans aimed at individual domestic investors.

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.

In 2013, bonds to the value of over EUR 280 million were issued and listed on Euronext with an average rate of 7.2%. The amount issued is significantly lower than that seen in 2012 (EUR 1.9 billion).

banco bPI

Millennium bCP

Espírito Santo Investment bank

barclays

banco Popular

Caixa bI

banif

8

7

7

5

3

3

3

In all these operations, over 90% of the placement involved domestic investors.

0

50

100

150

200

450Amount (Millions of EUr €)

250

300

350

400

April 2011

June 2011

July 2011

December 2011

March 2012

May 2012

June 2012

July 2012

July 2012

September 2012

December 2012

March 2013

July 2012

6%

8%9.3%

6%

6.85%

6%

6.85%6.25%

6.25%

6.25%

8.25%

6.85%7%

7.25%7.5%

April 2013

June 2013

Bond issues: amounts and interest rates

Breakdown of investors per Amount invested (December 2011 to June 2013)

To follow are some of the indicators relating to issues between April 2011 and June 2013

■ 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 4.192 billion

■ Ratio of cover of the offer by demand (value) = 1.6

■ Average number of investors per issue = 10,984

■ Average amount invested per investor = EUR 13,824

■ Investors who invested a value below EUR 5,000 = 26%

■ Investors who invested a value below EUR 50,000 = 64%

■ Placement by the leading financial intermediaries = 97%



17


6. WARRANTS MARKET

■ 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 2013, warrant trading continued at a level of roughly half what had been seen from 2008 to 2011.

DOMESTiC MARKET

■ In 2013, the number of warrant trades fell by 2.3% but the value traded rose by 21.7%. Since 2008, the trend in these two indicators has been one of sharp decline; in 2013, the number of trades conducted was only 20.4% of what it had been in 2008, while the value traded was only 10.8% of the 2008 figure.

Warrant Trading on WFE Member ExchangesSource: World Federation of Exchanges

400

800

1,000

1,200

600

0

200

2012Value Traded (10^9 USD)

Number of Trades (10^6)

2008 2009 2010 2011

1.046.77

119.19

842.22

103.17

1,107.00

133.22

1,131.93

167.70

636.17

86.40


40

80

100

120

140

160

180

60

20

02013

609.10

91.65

02012

Number of Trades (10^3)

Value Traded (Millions of EUr)

2008 2009 2010 2011

320

1,695

148

604

87

243

91

267

67

151

Number of Trades Value Traded (Millions of EUr)

400

800

1,000

1,200

1,400

1,600

1,800

600

200

02013

65

183

100

200

250

300

350

150

50

Warrant Trading on Euronext lisbon


18

7. ETF AND CERTiFiCATES MARKETS


■ In 2013, 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 2012.

■ While the value traded rose by around 8%, the number of trades increased significantly: 183% up on the 2012 figure.

DOMESTiC MARKET

■ In 2010, two new Exchange Traded Funds (ETFs) were launched on PSI 20 and PSI 20 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.

■ In 2013, the upturn in the number of ETF trades on the Portuguese Stock Exchange was confirmed, with a rise of 82.2% in comparison to 2012, a trend which has been growing since 2009. In contrast to what happened in 2012, 2013 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 2011.

■ The certificates market also saw an increase in activity, with the value traded and the number of trades rising significantly in 2013. The number of trades was almost five times greater in 2013 than in 2012, 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 2009.

02012 2013

Value Traded (10^9 USD)Number of Trades (10^6)

2008 2009 2010 2011

9,907.9

387.5

10,589.7

759.9

9,381.9

516.6

15,021.1

665.3

10,701.5

426.7

11,575.0

1.207.3


0

200

400

600

800

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

1,000

1,200

1,400

ETF Trading on WFE Member ExchangesSource: World Federation of Exchanges

02012 2013

Number of Trades

Value Traded (EUr thousands)

2008 2009 2010 2011

26

51

6

5

92

23,976

672

106,927

827

39,193

1,507

95,395

Value Traded (EUr thousands) Number of Trades

0

20,000

40,000

60,000

200

400

600

800

1,000

1,200

1,400

1,600

80,000

100,000

120,000

ETF Trading on Euronext lisbon

Evolution of Certificate Trading on Euronext lisbon

2012 2013Number of Trades

Value Traded (EUr thousands)

2008 2009 2010 2011

5,924

162

72

2

26,787

299

181,631

15,354

180,097

19,337

524,893

96,115

Value Traded (EUr thousands) Number of Trades

0

100

200

3000

400

500

600

0

20,000

40,000

60,000

80,000

100,000

120,000


19

■ Like the spot markets, the derivatives (futures) market values rose in 2013, with the value traded up 19.8% in comparison to the previous year, and the number of trades increasing by 3.2%.


8. DERivATivES MARKET

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 20) and 12 on the shares of the same number of companies included in said index’s portfolio.

■ The shares which make up the PSI 20 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 2013, 112,861 contracts were traded, of which 112,489 were PSI 20 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.

9. MARKET MEMBERS

In 2013, 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 104 members. The 99 members come from different European countries, broken down geographically as follows:

Derivatives (Futures) Transactions on WFE Member Exchanges

Derivatives Trading on Euronext lisbon

2012 2013Value Traded (10^12 USD)Number of Contracts (10^9)

2008 2009 2010 2011

120.6

3.1

75.5

2.4

98.0

2.8

121.4

3.5

106.2

3.1

127.2

3.2

Value Traded Number of Contracts

40

80

100

120

140

60

0

20

0

0.5

1

1.5

2

2.5

3

3.5

4

Source: World Federation of Exchanges

2012 2013Number of Contracts (10^3)

Value (10^6 €)

2008 2009 2010 2011

489.9

903

235.4

491

219.5

971

101.1

531

67.5

349

112.9

682

Number of Contracts Value Traded

0 0

100

200

300

400

500

600

200

400

600

800

1,000

1,200

Portu

gal

Unite

d ki

ngdo

m

Holla

nd

Fran

ce

germ

any

Irela

nd

Spai

n

belg

ium

Italy

Swed

en

Switz

erla

nd

14

31

21

10 9

4 42 2 1 1

Members of the Euronext lisbon Market


20

■ After entering into the Framework Agreement with the European Central Bank in 2012, 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 2012. 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.

10. NATiONAl SySTEM FOR THE REGiSTRATiON AND SETTlEMENT OF SECURiTiES

CENTRAliSED SECURiTiES SySTEMS1

in 2013, 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 2013, interbolsa began the technical adaptation of its systems in order to allow the Portuguese market access to the T2S settlement platform.

■ 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 296.6 billion. Year-on-year, 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 72.425 billion, a year-on-year drop of 9.7%.

■ In 2013, the amount of interest and similar income paid through the Centralised Systems managed by Interbolsa was EUR 9.418 billion, resulting from 3,520 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 4.152 billion, a drop of 12% in comparison to last year’s figure. As for private debt, during the same period 3,110 operations of this nature were processed, to a total value of EUR 5.119 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 2013 fell by 3.5%.

■ It should also be noted that, since December 2012, 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 2013, 10 Treasury Bill amortisation operations took place, transactions that amounted to EUR 17.524 billion.

■ As regards the distribution of dividends and income on unit investments managed by Interbolsa, 94 operations were processed during 2013, in which EUR 3.362 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 10.1 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 1.711 billion.

■ As far as capital reduction, company mergers and demergers, and settlements are concerned, Interbolsa recorded 21 such operations during 2013 (seven more, year-on-year), during which the total sum traded amounted to EUR 1.565 billion in comparison to the year-on-year figure of EUR 4.225 billion.

■ Additionally, in 2013, Interbolsa processed 3,409 operations of exercising of structured securities (warrants and certificates), i.e. 556 more than in the same period of 2012. In 2013, the value traded in these operations amounted to EUR 41 million, a year-on-year drop of 28.5%.


21

■ 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 2013, some 278,000 operations to transfer securities were conducted, 14,000 more than in the previous year. In turn, the number of securities transferred rose by 41.3%.

Operations Processed in the Securities Depository

DepreciationInterest/IncomeDividends/IncomeCapital IncreaseCapital reduction, Company Mergers and DemergersExercise of Warrants e Certificates

2012 20132008 2009 2010 2011

17,1165,6244,8572,045690

1,006

35,0756,2834,0083,7532,191308

40,1187,3375,138189616477

53,8929,0943,5862,4284,000

54

60,02310,4093,5381,8864,225

57

57,9459,4193,362

291,565

41

20,000

40,000

50,000

30,000

0

10,000

€ (10^6)

60,000

70,000

Palácio da bolsa no Porto


22

NATiONAl NUMBERiNG AGENCy 3

in the year under analysis, the National Numbering agency attributed 10,863 new iSiN and CFi codes and deactivated 11,156. The number of active codes at 31 December was 5,393.

■ In 2013, 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 10962 Standards. Acting in this scope, it attributed 10,863 new ISIN and CFI codes and deactivated 11,156. The NNC’s activity fell by 10.6% 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.

Operations Conducted on interbolsa’s Settlement Systems

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.

SETTlEMENT SySTEMS 2

During 2013, interbolsa used the General Settlement System to settle approximately 241,000 instructions resulting from clearing operations conducted on the markets managed by Euronext Lisbon and guaranteed by LCH Clearnet, to the value of EUR 21.83 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 157.963 billion (up 47.5%).

■ In 2013, 240,956 operations were conducted on the markets managed by Euronext Lisbon and guaranteed by LCH.Clearnet. The sum involved in these operations amounted to EUR 21.83 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 2013, 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 2012, underwent the same procedure, there was a rise of 1,460 operations. The same trend was seen in the corresponding value, which at EUR 1.909 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 79,064 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.

Guaranteed Operations

Non-guaranteed Operations

Guaranteed Operations Settled SLrt

Slrt-SettlementSystem in real time

SLrt Total

35.9%

-13.9%

22.4%

47.5%

2012

210,679

658

23.825

452,817

2013

240,956

858

23.825

555,723

Change in Value Year-on-

-year

16,062.2

6.2

1,559.4

07,066.0

21,829.7

5.3

1,908.6

57,963.4

Nr. ofOperations

Nr. ofOperations

Value10̂ 6€

Value10̂ 6€Settlement System in General


23

STATiSTiCAl ANNEXSOURCES 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 2013 referring to the third quarter

AGGREGATE ECONOMIC INDICATORS 2008 2009 2010 2011 2012 2013USA -0.3% -3.1% 2.4% 1.8% 2.8% 1.9%Eurozone 0.3% -4.3% 2.1% 1.4% -0.7% -0.4%Germany 1.1% -5.1% 4.2% 3.1% 0.9% 0.5%France -0.1% -3.1% 1.7% 1.7% 0.0% 0.2%Italy -1.2% -5.5% 1.7% 0.4% -2.1% -1.8%Spain 0.9% -3.7% -0.3% 0.4% -1.4% -1.2%United Kingdom -1.0% -4.0% 1.8% 0.9% -0.2% 1.7%Japan -1.0% -5.5% 4.7% -0.6% 2.0% 1.7%Brazil 5.2% -0.3% 7.5% 2.7% 1.0% 2.3%China 9.6% 9.2% 10.4% 9.3% 7.8% 7.7%Portugal (2) 0.0% -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% 108.0% 124.1% 129.0%Economics capacity/Funding Needs – Portugal (%GDP) (2) (9) As a % of GDP -11.4% -9.6% -9.0% -5.6% -0.1% 1.8%Banking credit (companies) (3) Year-on-year variation – end of period 11.0% 3.0% 1.0% -4.0% -6.6% -4.7%Banking credit (private) (3) Year-on-year variation – end of period 5.0% 4.0% 3.0% -1.0% -4.3% -4.2%

SHARES – INTERNATIONAL 2008 2009 2010 2011 2012 2013No. of IPOs 337 145 383 429 288 278Value (Millions of EUR) 14,239 7,537 26,324 26,577 10,989 26,415No. of listed companies - end of period 46,866 49,466 49,872 46,357 46,674 48,331Domestic market capitalisation (10^9 USD) – end of period 35,842 51,845 59,504 51,968 58,034 66,115Value of shares traded (10^12 USD) 86.5 62.8 64.3 62.1 48.9 54.5Number of share trades (10^12) 11.3 13.5 12.2 11.4 9.8 10.5

Real GDP growth (1)

Initial Public Offers (IPO) in Europe (4)

Listed in WFE Stock Exchanges (5)

Trading in WFE Stock Exchanges (5)


24

SHARES – EURONEXT – PORTUGAL 2008 2009 2010 2011 2012 2013

No. of listed companies – total – end of period 73 72 69 68 63 62

No. of Portuguese listed companies – total – end of period 67 66 64 63 59 59

Domestic market capitalisation (Millions of EUR) – end of period 45,068 62,688 57,330 43,395 49,769 54,303

Number of trades (10^6) 5.6 5.2 5.9 5.6 4.2 5.4

Average number of trades per session 23,543 21,173 23,041 22,708 17,342 21,276

Average price per trade (trading fees charged by Euronext Lisbon) 0.96 0.65 0.59 0.50 0.49 0.52

Value traded (Millions of EUR) 54,895 31,787 40,697 27,893 20,206 28,639EDP 9,716GALP 8,256PT 7,747MILLENNIUM BCP 6,585BES 3,038PT 5,382EDP 5,118GALP 4,071MILLENNIUM BCP 3,515BES 2,142PT 10,673EDP 6,299MILLENNIUM BCP 5,362GALP 4,703BES 2,475GALP 4,946PT 4,927EDP 4,288MILLENNIUM BCP 3,288JERÓNIMO MARTINS 3,113GALP 3,752PT 3,290EDP 2,874BES 2,592JERÓNIMO MARTINS 2,164PT 4,881BES 4,331GALP 4,161EDP 3,712MILLENNIUM BCP 3,651Average Turnover (6) 89.5% 67.2% 63.7% 59.5% 55.5% 84.0%Average frequency of trading (7) 99.9% 100.0% 100.0% 99.8% 100.0% 100.0%Average Turnover (6) 11.2% 7.1% 10.0% 4.8% 2.2% 3.1%Average frequency of trading (7) 73.3% 70.7% 68.2% 62.1% 61.6% 63.3%

Share transactions

Listed companies and market capitalisation

Highest value shares traded (Millions of EUR)

Liquidity indicators – PSI 20 companies

Liquidity indicators – non-PSI 20 companies


25

EVOLUTION OF INDICES - INTERNATIONAL 2008 2009 2010 2011 2012 2013Spain (IBEX 35) -39.4% 29.8% -17.4% -13.1% -4.7% 21.4%Portugal (PSI 20) -51.3% 33.5% -10.3% -27.6% 2.9% 16.0%United Kingdom (FTSE) -31.3% 22.1% 9.0% -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% 11.0% 5.5% 7.3% 26.5%Israel (TA-25) -46.2 74.9% 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% 10.5% -5.5%China (SSE 180) -66.3% 91.8% -16.0% -23.1% 10.8% -9.2%Sweden (OMXS 30) -38.8% 43.7% 21.4% -14.5% 11.8% 20.7%Argentina (Burcap) -49.6% 101.2% 47.6% -26.7% 12.4% 68.9%Greece (FTASE) -66.1% 20.7% -41.1% -59.3% 14.7% 24.3%Switzerland (SMI) -34.8% 18.3% -1.7% -7.8% 14.9% 20.2%France (CAC 40) -42.7% 22.3% -3.3% -17.0% 15.2% 18.0%Mexico (IPC) -24.2% 43.5% 20.0% -3.8% 17.9% -2.2%Belgium (BEL 20) -53.8% 31.6% 2.7% -19.2% 18.8% 18.1%Japan (Nikkei 225) -42.1 19.0% -3.0% -17.3% 22.9% 56.7%Ireland (ISEQ) -66.2% 27.0% -3.0% -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) -40.4 23.8% 16.1% -14.7% 29.1% 25.5%Turkey (National 30) -50.3% 91.4% 21.4% -24.1% 58.4% -15.6%

Market Indices % Variation (8)


26

EVOLUTION OF INDICES - PORTUGAL 2008 2009 2010 2011 2012 2013Index points - end of period 6,341 8,464 7,588 5,494 5,655 6,559Annual variation - end of period -51.3% 33.5% -10.3% -27.6% 2.9% 16.0%Base materials -32.7% 37.2% 22.3% -20.2% 37.8% 44.7%Industrials -46.4% 54.6% -22.6% -23.5% -2.7% 17.4%Consumer goods -39.6% 0.5% 4.6% -0.4% 17.7% 24.3%Information -52.3% 67.8% 27.6% -4.4% 20.9% 16.6%Telecommunications -32.4% 56.4% 14.2% -32.6% -1.7% 5.2%Utilities -37.4% 23.3% -20.5% 2.7% -1.3% 16.5%Financial sector -62.9% 14.7% -29.9% -62.4% 9.8% 22.0%IT -13.1% 7.3% -31.3% -34.6% -13.1% 22.7%BANIF -72.8% 14.7% -30.4% -60.9% -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% -23.0% 15.1%COFINA,SGPS -70.6% 135.6% -34.9% 10.1% -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% 9.0% -15.5% -3.3%EDP -43.3% 21.1% -14.8% -4.0% -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% -8.0%GALP ENERGIA -60.5% 71.8% 20.8% -20.6% 3.3% 1.3%SEMAPA -60.0% 26.3% 10.5% -35.1% 6.0% 43.1%J.MARTINS, SGPS -27.8% 80.7% 66.2% 12.2% 14.2% -2.6%SONAECOM,SGPS -69.5% 92.2% -30.1% -10.0% 21.9% 73.5%PORTUCEL -37.5% 37.8% 27.9% -19.2% 24.0% 27.6%ZON -63.1% 21.6% -17.7% -31.5% 27.9% 81.8%ALTRI SGPS -60.0% 90.7% -15.0% -64.7% 32.3% 41.1%SONAE -78.8% 108.0% -6.7% -41.2% 49.7% 52.7%MOTA ENGIL -55.8% 73.0% -54.1% -40.6% 51.4% 175.9%BPI -67.8% 25.8% -31.2% -65.3% 96.0% 29.0%

BONDS - INTERNATIONAL 2008 2009 2010 2011 2012 2013Value traded (10^12 USD) 18.0 21.1 25.4 30.1 26.8 22.7Number of trades (10^6 ) 19.1 32.3 32.8 26.7 34.3 44.3

BONDS - EURONEXT - PORTUGAL 2008 2009 2010 2011 2012 2013No. of listed bonds - end of period 149 184 229 266 256 282No. of listed private sector bonds - end of period 132 166 211 249 240 266Market Capitalization (Millions of EUR - end of period) 39,751 29,738 62,522 64,781 89,459 93,411No. of trades 8,996 11,286 8,370 10,969 27,325 23,638Value traded (Millions of EUR) 668 400 588 290 594 413

PSI 20 Index

Sectorial indices

Variation in PSI 20 listed companies (homogeneous series - end of period)

Value traded on WFE Exchanges (5)

Listed bonds and market capitalization

Bond Transactions


27

WARRANTS - INTERNATIONAL 2008 2009 2010 2011 2012 2013Value traded (10^9 USD) 1,046.8 842.2 1,107.0 1,131.9 636.2 609.1Number of trades (10^6) 119.2 103.2 133.2 167.7 86.4 91.7

WARRANTS - EURONEXT - PORTUGAL 2008 2009 2010 2011 2012 2013Listed warrants No. of listed warrants (end of period) 542 751 913 844 583 1263

No. of trades (10^3) 320 148 87 91 67 65Value traded (Millions of EUR) 1,695 604 242 281 177 183

ETFs - INTERNATIONAL 2008 2009 2010 2011 2012 2013Value traded (EUR 10^9) 9,907.9 10,589.7 9,381.9 15,021.1 10,701.5 11,575.0Number of trades (10^6) 387.5 759,9 516.6 665.3 426.7 1,207.3

ETFs - EURONEXT - PORTUGAL 2008 2009 2010 2011 2012 2013No. of ETFs listed - end of period 1 - 3 3 3 3Market capitalisation (Millions of EUR) 2.1 - 26.1 16.9 18.7 23.5No. of trades 26 6 92 672 827 1,507Value traded (Thousands of EUR) 0.1 5.1 23,975.7 106,926.9 39,192.9 95,394.8

CERTIFICATES - EURONEXT - PORTUGAL 2008 2009 2010 2011 2012 2013No. of certificates listed - end of period - - 86 209 227 217Market capitalisation (Millions of EUR) - - 1,082 1,150 1,417 2,104No. of trades 162 2 299 15,354 19,337 96,115Value traded (Thousands of EUR) 5,924 72 26,787 181,631 180,097 524,893

DERIVATIVES – INTERNATIONAL 2008 2009 2010 2011 2012 2013Value traded (10^12 USD) 120.6 75.5 98.0 121.4 106.2 127.2Number of trades (10^9) 3.1 2.4 2.8 3.5 3.1 3.2

DERIVATIVES – EURONEXT – PORTUGAL 2008 2009 2010 2011 2012 2013No. of futures contracts listed - end of period 14 14 14 14 14 13No. of futures contracts listed on indices - end of period 1 1 1 1 1 1No. of futures contracts listed on individual shares 13 13 13 13 13 2Open positions at 31 December 2013 8,965 21,686 13,388 4,449 6,431 11,069Number of contracts traded (10^3) 490 235 220 101 68 113Value traded (Millions of EUR) 903 491 971 531 349 682

ETF transactions on WFE Exchanges (5)

ETFs listed and market capitalisation

ETF transactions

Certificates listed and market capitalisation

Certificate transactions

Derivatives transactions on WFE Exchanges

Contracts listed and open positions

Derivative transactions

Transaction of warrants

Transactions of warrants on WFE Exchanges (5)


28

REGISTRATION AND SETTLEMENT INDICATORS – INTERBOLSA 2008 2009 2010 2011 2012 2013Interest/Income (Millions of EUR) 5,624 6,283 7,337 9,064 10,409 9,419Amortisations (Millions of EUR) 17,116 35,075 40,118 53,892 60,023 57,945Dividends/Income (Millions of EUR) 4,857 4,008 5,138 3,586 3,538 3,362Capital Increase Operations (Millions of EUR) 2,045 2,753 189 2,428 1,885 29Capital reduction, mergers and demergers of companies (Millions of EUR) 690 2,191 616 4,000 4,225 1,565Exercise of warrants and certificates (Millions of EUR) 1,006 308 477 54 57 41Interest/Income 1,254 1,551 2,635 3,967 4,102 3,520

Amortisations 224 346 488 875 882 917

Dividends/Income 116 102 114 93 110 94

Capital Increase Operations 12 9 11 21 12 13

Capital reduction, mergers and demergers of companies (Millions of EUR) 17 15 10 14 14 21

Exercise of warrants and certificates (Millions of EUR) 3349 3224 3709 4,868 2,853 3,409Guaranteed operations 297,453 250,924 234,184 229,384 210,679 240,956Non-guaranteed operations 5,573 4,848 3,047 1,744 658 858Guaranteed operations settled SL rt 35,169 31,380 30,186 27,183 23,825 23,285SLrt - Settlement System in Real Time 465,974 470,421 511,763 527,641 452,817 555,723Guaranteed operations 45,869 25,266 29,746 21,207 16,062 21,830Non-guaranteed operations 127 87 148 14 6 5Guaranteed operations settled SL rt 5,780 3,378 3,518 2,326 1,559 1,909SLrt - Settlement System in Real Time 123,910 107,232 134,026 113,279 107,066 157,963

Operations conducted on the settlement systems – (Millions of EUR)

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


29

AbOUT EUrONExT

Euronext is the primary exchange in the Euro zone with over 1 300 issuers worth €2.6 trillion in market capitalization, an unmatched blue chip franchise consisting of 20+ issuers in the EURO STOXX 50® 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 2013 ICE disclaims any duty to update this information.

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