ndice Imobilirio Anual Portugus Imomtrica / IPD Imomtrica / IPD Portugal Annual Property Index

Annual

Resultados anuais data de 31 de Dezembro de 2009 Results for the year to 31st December 2009

Performance Histrica
300

Historical performance
24 20

250

Index value (shaded area)

% return per annum (lines)

200

16 12 8

150

100 4 50 0 -4 2001 2002 2003 2004 2005 2006 2007 2008 2009

O ndice Imobilirio Anual Portugus Imomtrica / IPD mede a performance do investimento imobilirio detido directamente para o perodo compreendido entre duas avaliaes de mercado, que em 2009 foi de 0.0%.

0 2000

Todos os imveis /All Property Index Todos os imveis / All Property Retalho / Retail

Escritrios / Office Industrial / Industrial Outros / Other

The Imometrica / IPD Portugal Annual Property Index measures ungeared total returns to directly held standing property investments from one open market valuation to the next and in 2009 returned 0.0%.

Retornos do ndice Imobilirio Anual Portugus Imomtrica / IPD ndice retorno total Retorno total Total return Total return index % 1999=100 1 yr 246.1 0.0 276.8 -2.9 192.3 2.5 180.0 3.8 274.1 4.4

Imomtrica / IPD Portugal Annual Property Index returns Retorno das rendas Valorizao de capital Income return Capital growth % % 1 yr 1 yr 6.1 -5.7 6.2 -8.6 5.8 -3.1 6.0 -2.1 6.0 -1.5 Retorno total anualizado % Annualised total return % 3 yrs 4.9 3.9 5.1 6.3 7.2 5 yrs 7.3 8.0 5.4 6.6 8.4 10 yrs 9.4 10.7 6.8 10.6

Todos os imveis / All Property Retalho / Retail Escritrios / Office Industrial / Industrial* Residencial / Residential Outros / Other * Index based in 2001 Dados comparativos Aces / Equities Obrigaes / Bonds Inflao / Inflation Data sources: PSI 20, JPM 7 - 10YR, HICP

Comparative Data 94.7 181.4 128.0 39.0 6.8 -0.1 -5.7 5.1 1.1 5.7 3.6 1.7 -0.5 6.1 2.5

Caractersticas da base de dados Imomtrica / IPD Valor dos imveis Capital value m % Todos os imveis / All Property Retalho / Retail Escritrios / Office Industrial / Industrial Residencial / Residential Outros / Other 9,230 4,728 2,030 891 112 1,469 100.0 51.2 22.0 9.6 1.2 15.9

Imomtrica / IPD Portugal Annual Property Index database profile Nmero de imveis Number of properties 810 211 282 116 14 187 Nmero de portflios Number of funds 31 22 20 11 7 18

Os valores apresentados em cima representam a cobertura total da Base de dados Portuguesa do IPD data de 31 de Dezembro de 2009. O ndice Imobilirio Anual Portugus Imomtrica / IPD considera apenas imveis reavaliados presentes na base de dados. The figures above represent the full coverage of the Imomtrica / IPD Portugal Annual Property database as at December 2009. The Imomtrica / IPD Portugal Annual Property Index employs only fully revalued assets from that database. Aviso O ndice de Investimento Imobilirio Anual 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. Disclaimer The Imomtrica / IPD Portugal 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.) 2010 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 Portugal Annual Property Index may be reproduced or transmitted, in any form or by any means, without the prior written consent of IPD.

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Informao sobre o ndice IPD Global Country Annual Australia Austria Belgium Canada Central Eastern Europe Denmark Finland (KTI) France Germany Ireland Italy Japan Korea Netherlands New Zealand Norway Poland Portugal South Africa Spain Sweden Switzerland UK USA Update frequency Biannual Quarterly Monthly Pooled Fund Specialist Index Indices

IPD Global Index information Country included in 2009: Pan-European Index Global Index

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* Consultative ** Indicator *** Partner Index

Sponsors do ndice Imobilirio Anual Portugus Imomtrica / IPD

Sponsors of the Imomtrica / IPD Portugal Annual Property Index

Aguirre Newman, CB Richard Ellis, CPU Consultores de Avaliao, Cushman & Wakefield, Euroengineering, Jones Lang LaSalle Contribuem para o ndice Imobilirio Anual Portugus Imomtrica / IPD Contributors to the Imomtrica / IPD Portugal Annual Property Index

Ana Aeroportos de Portugal, Banif Gesto de Activos, BPI Gesto de Activos, BPN Imofundos SGFII, Chamartin Imobiliria SGPS, ESAF SGFII, Fundbox SGFII, Fundiestamo SGFII, Fundimo SGFII, Imorendimento SGFII, ING Real Estate Southern Europe, Millennium BCP, Mundicenter SGPS, Norfin SGFII, Redevco, Refundos SGFII, Selecta SGFII, Sonae Sierra SGPS, Square Asset Management SGFII Contacts Portuguese market: Imomtrica: General enquiries: Derivatives: IPD Head Office 1 St. Johns Lane London EC1M 4BL UK T: +44 (0)20 7336 9200 F: +44 (0)20 7336 9399 www.ipd.com Luis Francisco Antnio Gil Machado Amelia Murray Kate Pedersen luis.francisco@ipd.com agil@imometrica.com enquiries@ipd.com kate.pedersen@ipd.com Imomtrica Rua Gonalo Cristvo, 14 - 6 4049-037 Porto, Portugal T: +351 22 208 50 09 F: +351 22 208 50 10 www.imometrica.com +34 93 467 74 03 +351 22 208 50 09 +44 (0)20 7336 4755 +44 (0)20 7336 4763