CAIXABI´S SYNDICATION AND SALES TEAM (DSV)

Caixa – Banco de Investimento´s (“CaixaBI”) syndication and sales team (“DSV”) was created as a syndication and distribution platform of fixed income products and credit loans of CaixaBI and more broadly of Caixa Geral de Depósitos, (“CGD”) group.

On fixed income side DSV acts at two distinct levels:

Syndication of primary issues in public debt capital markets, from his own shareholder (Caixa Geral de Depósitos, “CGD”) or other domestic or international issuers that are able to access capital markets and;

On a more regular and daily basis, on secondary market, i) giving price sustainability and guaranteeing appropriate liquidity primarily on those issues where CaixaBI acts as primary dealer or either trades actively; ii) crossing investor´s interests and positions while developing a stronger and consistent relation with counterparts and also increasing transaction volumes and diversifying offered products. .

In terms of syndication of assets from the credit portfolio, DSV syndicates mandated financing term loans by arranging club deals with a group of domestic and/or international banks. Normally these transactions are mandated by top Portuguese corporates which almost all are covered by CaixaBI.

DSV is also one of CaixaBI´s institutional contact for transactions that envisage the deleveraging of the balance sheet through the sale of assets in secondary.

The year of 2013 was a most active year for DSV not only in terms of volume and number of transactions but also in terms of diversity of scope.

The month of January is normally a month of high volumes of transactions in the market (“January effect”) as it marks the beginning of a new year and is when fund managers and portfolio managers reshuffle their investments increasing substantially the flows and overall dynamics of markets.

So soon in January DSV participated as Joint-bookrunner in the 5-year issuance of Eur 750 million of covered bonds for CGD (CXGD 3.75% 01/18/2018), followed by the placement of 5-year term, Eur 300 million, for Redes Energéticas Nacionais (RENEPL 4.125% 01/31/2018) and was also Co-Lead Manager on the Eur 2,500 million tap of the Portuguese government bond PGB 4.35% 10/16/2017. Portuguese Sovereign Debt has traditionally been a core priority for Caixa – Banco de Investimento. In 2013, the Bank stood out again among the 19 OEVT (the primary dealers in Portuguese government bonds), placing #2 in the rank of the “Most Distinguished OEVT in 2013” released by IGCP (the Portuguese DMO) for the year.

In April CaixaBI participated in the placement of the 7-year, Eur 1,000 million issue for Portugal Telecom, (PORTEL 4.625% 05/08/2020) and in May we were among the group of banks that led the placement of the 10-year, Eur 3,000 million of the Portuguese Republic, (PGB 5.65% 02/15/2024).

In July, spreads on Portuguese risk started to widen, reflecting investors’ uncertainty on the then political situation in the country, and effectively closing the debt markets for Portuguese Issuers until September, when this risk-aversion diminished to the point of allowing for some inaugural and innovative issues to come out of Portugal. In this context in October along with four international banks CaixaBI was Joint-bookrunner on the 7-year issuance of Eur 400 million for REN, (RENEPL 4.75% 10/16/20).

The month of November marked the inaugural public issue in debt capital markets of unrated Galp Energia SGPS SA in which CaixaBI along with four more International Banks was invited to lead the placement of a 5-year, Eur 500 million, GALPPL 4.125% 01/25/19. This was one of the larger unrated issues of the year from South of Europe.

And for last, December was the time of issuance of high yield Empark with two tranches, 6-year fixed rate tranche of Eur 235 million (EMPARK 6.75% 12/15/19) and a floating rate with the same term of Eur 150 million, (EMPARK Float 12/15/19). CaixaBI was Joint-bookrunner.

Being CaixaBI´s leader arranger of Commercial Paper Programs in Portugal in 2013, DSV also distributes and places commercial paper deals through its domestic institutional investor´s client base.

CaixaBI´s Syndication and Sales team (DSV) has a wide base of local and international institutional investors, private banking groups, hedge funds and financial institutions.”

Caixa – Banco de Investimento´s (“CaixaBI”) syndication and sales team (“DSV”) was created as a syndication and distribution platform of fixed income products and credit loans of CaixaBI and more broadly of Caixa Geral de Depósitos, (“CGD”) group.

On fixed income side DSV acts at two distinct levels:

Syndication of primary issues in public debt capital markets, from his own shareholder (Caixa Geral de Depósitos, “CGD”) or other domestic or international issuers that are able to access capital markets and;

On a more regular and daily basis, on secondary market, i) giving price sustainability and guaranteeing appropriate liquidity primarily on those issues where CaixaBI acts as primary dealer or either trades actively; ii) crossing investor´s interests and positions while developing a stronger and consistent relation with counterparts and also increasing transaction volumes and diversifying offered products. .

In terms of syndication of assets from the credit portfolio, DSV syndicates mandated financing term loans by arranging club deals with a group of domestic and/or international banks. Normally these transactions are mandated by top Portuguese corporates which almost all are covered by CaixaBI.

DSV is also one of CaixaBI´s institutional contact for transactions that envisage the deleveraging of the balance sheet through the sale of assets in secondary.

The year of 2013 was a most active year for DSV not only in terms of volume and number of transactions but also in terms of diversity of scope.

The month of January is normally a month of high volumes of transactions in the market (“January effect”) as it marks the beginning of a new year and is when fund managers and portfolio managers reshuffle their investments increasing substantially the flows and overall dynamics of markets.

So soon in January DSV participated as Joint-bookrunner in the 5-year issuance of Eur 750 million of covered bonds for CGD (CXGD 3.75% 01/18/2018), followed by the placement of 5-year term, Eur 300 million, for Redes Energéticas Nacionais (RENEPL 4.125% 01/31/2018) and was also Co-Lead Manager on the Eur 2,500 million tap of the Portuguese government bond PGB 4.35% 10/16/2017. Portuguese Sovereign Debt has traditionally been a core priority for Caixa – Banco de Investimento. In 2013, the Bank stood out again among the 19 OEVT (the primary dealers in Portuguese government bonds), placing #2 in the rank of the “Most Distinguished OEVT in 2013” released by IGCP (the Portuguese DMO) for the year.

In April CaixaBI participated in the placement of the 7-year, Eur 1,000 million issue for Portugal Telecom, (PORTEL 4.625% 05/08/2020) and in May we were among the group of banks that led the placement of the 10-year, Eur 3,000 million of the Portuguese Republic, (PGB 5.65% 02/15/2024).

In July, spreads on Portuguese risk started to widen, reflecting investors’ uncertainty on the then political situation in the country, and effectively closing the debt markets for Portuguese Issuers until September, when this risk-aversion diminished to the point of allowing for some inaugural and innovative issues to come out of Portugal. In this context in October along with four international banks CaixaBI was Joint-bookrunner on the 7-year issuance of Eur 400 million for REN, (RENEPL 4.75% 10/16/20).

The month of November marked the inaugural public issue in debt capital markets of unrated Galp Energia SGPS SA in which CaixaBI along with four more International Banks was invited to lead the placement of a 5-year, Eur 500 million, GALPPL 4.125% 01/25/19. This was one of the larger unrated issues of the year from South of Europe.

And for last, December was the time of issuance of high yield Empark with two tranches, 6-year fixed rate tranche of Eur 235 million (EMPARK 6.75% 12/15/19) and a floating rate with the same term of Eur 150 million, (EMPARK Float 12/15/19). CaixaBI was Joint-bookrunner.

Being CaixaBI´s leader arranger of Commercial Paper Programs in Portugal in 2013, DSV also distributes and places commercial paper deals through its domestic institutional investor´s client base.

CaixaBI´s Syndication and Sales team (DSV) has a wide base of local and international institutional investors, private banking groups, hedge funds and financial institutions.”