ndice Imobilirio Portugus Imomtrica / IPD

Imomtrica / IPD Portuguese Annual Property Index

Resultados anuais data de 31 de Dezembro de 2007 Results for the year to 31st December 2007

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Performance do ndice Imobilirio Portugus Imomtrica / IPD Imomtrica / IPD Portuguese Annual Property Index Performance

250

Retorno Total de 2007 do ndice Imobilirio Portugus Imomtrica / IPD: Imomtrica / IPD Portuguese Annual Property Index Performance 2007 Total Return:

12.4%

25

Index value (shaded area)

200 20 150 15 100 10

% return per annum (lines)

50

O ndice Imobilirio Portugus Imomtrica / IPD, um dos 21 ndices nacionais que compem o ndice IPD Global, mede a performance do investimento imobilirio detido directamente para o perodo compreendido entre duas avaliaes de mercado. ndices adicionais so calculados para os principais sectores do mercado de investimento imobilirio portugus. The Imomtrica / IPD Portuguese Annual Property Index, one of the 21 component country indices of the IPD Global Property Index, measures the returns to directly held standing property investments from one open market valuation to the next. Additional indices are calculated covering the major sectors of the Imomtrica / IPD Portuguese Annual Property Index.

0 2000 2001 2002 2003 2004 2005 2006 2007

Imomtrica/IPD Portuguese Todos os imveis / All Property Imomtrica/IPD Portuguese Todos os imveis / All Property Imomtrica / IPD Portuguese Retalho / Retail

Imomtrica / IPD Portuguese Escritrios / Office Imomtrica / IPD Portuguese Industrial / Industrial Imomtrica / IPD Portuguese Outros / Other

Retornos do ndice Imobilirio Portugus Imomtrica / IPD Retorno total Total return 1999=100
Imomtrica / IPD Portuguese Todos os imveis / All Property 239.8 Imomtrica / IPD Portuguese Retalho / Retail Imomtrica / IPD Portuguese Escritrios / Office Imomtrica / IPD Portuguese Industrial / Industrial* Imomtrica / IPD Portuguese Residencial / Residential Imomtrica / IPD Portuguese Outros / Other
* Index based in 2001

Imomtrica / IPD Portuguese Annual Property Index Returns Retorno total Retorno das rendas Valorizao de capital Total return Income return Capital growth % % % 1 yr
12.4 14.9 8.2 10.5

Retorno total anualizado % Annualised Total return % 2 yrs

12.2 15.4 7.0 9.0

1 yr
6.1 6.1 5.5 7.2

1 yr
6.0 8.4 2.6 3.0

3 yrs
11.5 14.4 6.6 8.2

4 yrs
11.3 14.0 6.8 8.1

5 yrs
11.0 13.6 6.5 8.7

10 yrs ~ ~ ~ ~ ~ ~

282.9 179.2 165.7*

~
250.4

~
12.5

~
6.5

~
5.6

~
12.0

~
11.0

~
10.5

~
10.5

Dados comparativos Aces / Equities Obrigaes / Bonds Inflao / Inflation

Data sources: Fininfo

Comparative Data 135.3 148.9 127.8 19.8 2.4 2.4 ~ ~ ~ ~ ~ ~ 26.7 1.3 2.4 23.5 2.2 2.5 21.6 3.3 2.5 21.2 3.6 2.7 ~ ~ ~

Caractersticas da base de dados Valor dos imveis Capital value m % Imomtrica / IPD Portuguese Todos os imveis / All Property Imomtrica / IPD Portuguese Retalho / Retail Imomtrica / IPD Portuguese Escritrios / Office Imomtrica / IPD Portuguese Industrial / Industrial Imomtrica / IPD Portuguese Residencial / Residential Imomtrica / IPD Portuguese Outros / Other 9,191.2 4,866.3 2,070.6 758.6 ~ 1,338.0 100.0 52.9 22.5 8.3 ~ 14.6 Nmero de imveis Number of properties 671 156 241 102 ~ 157

Database Profile Nmero de portflios Number of funds 26 17 20 10 ~ 16

Os valores apresentados em cima representam a cobertura total da Base de dados Portuguesa do IPD data de 31 de Dezembro de 2007, de acordo com os mtodos standards do IPD. O ndice Imobilirio Portugus Imomtrica / IPD considera apenas imveis reavaliados presentes na base de dados. The figures above represent the full coverage of the Imomtrica / IPD Portuguese Property database as at December 2007, in accordance with standard IPD methods. The Imomtrica / IPD Portuguese Annual Property Index employs only fully revalued assets from that database. Sponsors do ndice Imobilirio Portugus Imomtrica / IPD Sponsors of the Imomtrica / IPD Portuguese Property Index

Aguirre Newman, CB Richard Ellis, CPU Consultores de Avaliao, Cushman & Wakefield, Euroengineering, Jones Lang LaSalle

Aviso

Disclaimer

O ndice de Investimento Imobilirio Portugus Imomtrica / IPD no apropriado nem est autorizado a ser utilizado como benchmark de performance de carteiras de investimento imobilirio ou gestores de carteira que no sejam participantes do servio IPD em Portugal. O IPD rejeita qualquer responsabilidade por eventuais perdas, danos, custos ou despesas resultantes da utilizao da presente informao. The Imomtrica / IPD Portuguese Annual Property Index is neither appropriate nor authorised by IPD for use as a benchmark for portfolio or manager performance. IPD has no liability for any losses, damages, costs or expenses suffered by any person as a result of any reliance on this information. IPD (Investment Property Databank Ltd.) 2008 All rights conferred by law of copyright, by virtue of international copyright conventions and all other intellectual property laws are reserved by IPD. No part of the Imomtrica / IPD Portuguese Property Index may be reproduced or transmitted, in any form or by any means, without the prior written consent of IPD.

www.ipd.com

IPD O IPD lder mundial na medio e anlise de performance para proprietrios, investidores, gestores e ocupantes de imobilirio, atravs da disponibilizao de ndices de mercado independentes e servios individuais de anlise e medio de performance de portflios imobilirios. Operando em cinco continentes, o IPD disponibiliza os seus ndices e servios de benchmark em vinte dos principais mercados de investimento imobilirio mundiais. Sendo uma empresa independente, o IPD no investe e no faculta qualquer servio de aconselhamento no que respeita a decises de investimento. IPD IPD is the world leader in performance measurement and analysis for the global owners, investors, managers and occupiers of real estate, through the provision of independent market indices and individual portfolio measurement and analysis services. Operating on five continents, IPD provides its index and benchmark services in over twenty of the world's leading real estate investment markets. An independent company, IPD does not participate in investment markets and does not offer consultancy advice on investment decisions or other real estate issues. Metodologia do ndice IPD O IPD calcula os seus ndices tendo por base os registos de avaliao e de gesto individuais por imvel para portflios completos, obtidos directamente a partir dos investidores. Apenas os imveis detidos como activos de investimento no seio de portflios avaliados regularmente so passveis de eleio. Todas as avaliaes utilizadas nos ndices so conduzidas por peritos avaliadores. Os ndices exibem o retorno sobre o capital aplicado em imveis de mercado detidos directamente, i.e. imveis detidos entre duas avaliaes de mercado, excluindo imveis adquiridos, alienados ou em promoo durante o perodo em anlise. Informao adicional sobre o mtodo de clculo do ndice est disponvel no Guia do ndice IPD, disponibilizado pelo IPD ou via online em www.ipd.com/indices. IPD Index Methodology IPD calculates its indices using the valuation and management records for individual buildings in complete portfolios, collected direct from investors. Only those buildings held as property investments within regularly valued portfolios are eligible. All valuations used in the indices are conducted by qualified valuers. The indices show the return on capital employed in market standing investments, i.e. properties held from one valuation to the next, excluding any properties bought, sold, under development or subject to major refurbishment in the course of the measurement period. Further information regarding the index calculation methodology is available in the IPD Index Guide, available from IPD or online at www.ipd.com/indices Informao sobre o ndice IPD Global To 31st December 2006 Nmero de imveis Number of properties IPD Global Property Index IPD European Property Index IPD Nordic Property Index Australia Austria Belgium Canada Denmark Finland (KTI Property Index) France Germany Ireland Italy Japan Netherlands New Zealand Norway Portugal South Africa Spain Sweden Commercial Switzerland UK USA (NCREIF Property Index) Outros ndices do IPD IPD Korean Property Index (Consultative release) IPD Central & Eastern Europe Property Index IPD UK Pooled Property Fund Indices IPD Residential Property Indices (UK, Germany, Sweden, Dutch Social Housing) Contribuem para o ndice Imobilirio Portugus Imomtrica / IPD IPD UK Forestry Index IPD UK Rural Property Index IPD UK Regeneration Index 52,493 40,488 5,576 718 908 257 2,050 1,222 2,830 7,518 2,938 331 840 1,408 5,369 279 497 587 2,478 549 1,027 3,478 12,137 5,333 Valor dos imveis Capital Value bn 964.4 630.5 61.9 31.0 7.8 5.3 32.3 12.1 17.1 99.6 53.8 5.8 13.8 39.3 45.2 3.1 10.8 7.8 8.1 15.6 21.9 29.4 284.6 187.4 nicio do indice Index inception 2001 2001 2000 1985 2004 2005 1985 2000 1998 1998 1996 1984 2003 2003 1995 1993 2000 2000 1995 2001 1997 2002 1981 ~ IPD Global Index Information Data de publicao do ndice nacional referente aos resultados no final de 2007 National index release date for results to end-2007 30/06/08 15/05/08 09/05/08 22/02/08 02/05/08 06/05/08 19/02/08 28/02/08 28/02/08 04/04/08 16/04/08 31/01/08 11/04/08 31/08/08 06/03/08 14/03/08 28/03/08 27/03/08 31/03/08 04/04/08 27/02/08 10/04/08 29/02/08 ~ Other IPD Indices

Contributors to he Imomtrica / IPD Portuguese Property Index

Ana Aeroportos, Alrisa S.A, Banif Asset Management, BPN Imofundos SGFII, Chamartin Imobiliria, CNP Assurances, ESAF SGFII, Fundbox SGFII, Fundimo SGFII, Fundo Penses do Banco de Portugal, Grupo Regojo, Imorendimento SGFII, ING Real Estate Southern Europe, Mundicenter SGPS, Norfin SGFII, Pramerica Real Estate Investors, Redevco, Refundos SGFII, Selecta SGFII, Sofinac SGFII, Sonae Sierra SGPS, Square Asset Management SGFII Contacts Portuguese market: Imomtrica: Derivatives: General enquiries: IPD Head Office 1 St. Johns Lane London EC1M 4BL UK T: +44 (0)20 7336 9200 F: +44 (0)20 7336 9399 web: www.ipd.com Luis Francisco Antnio Gil Machado Nick Nabarro Sarah Williams luis.francisco@ipd.com agil@imometrica.com nick.nabarro@ipd.com marketing@ipd.com Imomtrica Rua Gonalo Cristvo, 14 - 6 4049-037 Porto, Portugal T: +351 22 208 50 09 F: +351 22 208 50 10 web: www.imometrica.com T: T: T: T: +44 (0)20 7336 9318 +351 22 208 50 09 +44 (0)20 7336 9331 +44 (0)20 7336 9229

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