USAMay 2015

INTERNATIONAL SUPPORT KIT OF OPPORTUNITIES

ISKO USA

The Country's Economic Context

Industry Structure

International Trade, Bilateral Trade with Portugal and Opportunities

Novo Banco Internationalisation Support

Contacts

ISKO USA 3

USA

Sources: IMF, World Bank, COSEC, World Economic Forum, Global Heritage.

Business environment

Capital: Washington D.C. Official Language: EnglishPopulation (Millions): 316.37 (2013) Surface Area: 9 827 thousand km2

Time Zone: GMT -5 a -10 Currency: Dollar (USD)Type of Government: Presidential Federal Republic; Religion: Christian majority (80%)50 federal states

Porto Velho

WashingtonNew York

Los Angeles

Austin

Chicago

Ease of doing business 7/189(Doing Business 2015 ranking)

Investor protection 25/189Cross-border trade 16/189Contract fulfilment 41/189

Economic Freedom 12/178(Economic Freedom 2014 ranking)

Competitiveness 3/144(Global Competitiveness Index 2014-2015 ranking)

Basic Requirements 33/144Infrastructure 30/144Institutions 12/144

Efficiency Enhancers 1/144

Innovation and Sophistication 5/144

Cosec (Risk group) 1Grade 1 (lowest risk) to 7 (highest risk)

Double Taxation Convention with Portugal Yes

Standard & Poor’s (Rating) (AAA rating (lowest risk) to D (highest risk, default))

Long term debt in local currency AA+Long term debt in foreign currency AA+Outlook Stable

Business Environment and Key Factors

ISKO USA 4

USA

E Estimates.Sources: IMF, Bloomberg.

2013 2014 2015E 2016E 2017E

Macroeconomic Indicators

GDPCurrent pricesEUR billion

GDP real growth ratePercentage

Unemployment RatePercentage of working population

Inflation RatePercentage

Exchange RateEUR/USD

Current AccountPercentage of GDP

Fiscal BalancePercentage of GDP

12 623.7 13 111.7 16 477.0 17 718.9 18 058.7

2.2 2.4 3.1 3.1 2.7

7.4 6.2 5.5 5.2 5.0

1.5 1.6 0.1 1.5 2.4

1.3 1.3 1.1 1.1 1.1

-2.4 -2.4 -2.3 -2.4 -2.6

-5.8 -5.3 -4.2 -3.9 -3.4

ISKO USA 5

USA

Sources: European Commission, CIA, NB.

International Integration (I)

NAFTA – North American Free Trade AgreementSigned in 1992 and in force since 2004, NAFTA seeks to gradually and progressively (over a period of 15 years) eliminate customs tariffs, border controls and other trade barriers amongst its members (Canada, USA and Mexico). www.nafta-sec-alena.org/

APEC –Asia-Pacific Economic CooperationFounded in 1989, APEC is an informal group which has contributed to the promotion of trade, cross-border investment, technology transfer, preservation of maritime and fishery resources with the objective of forming a free trade area amongst its members by 2020. Its members are: Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, USA, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, United States and Vietnam. www.apec.org/

The US and European Union are considered to be the two most integrated economies in the world, given the high level of cross-border investment (EUR2.4 trillion, in 2010) and approximately USD 1 trillion in trade in goods and services (2011). The Transatlantic Economic Council, established in 2007, is a political body formed to supervise and accelerate cooperation between the US and EU authorities with the objective of promoting economic integration between the two blocs. There is enormous potential in transatlantic relations, which is far from being fully exploited. Due to low average tariffs (less than 3%), the key to harnessing this potential is the fight against non-tariff barriers. These consist mainly of customs procedures and border restrictions. In the short run will begin the negociationsbetween EU and USA for a new agreement for complete free trade between thetwo economic blocks, as anounced by president Obama.

TTIP – Trans-AtlanticTrade and Investment

Partnership

ISKO USA 6

USA

187.4 193.6 206.9 199.0

256.2 269.9

302.9 298.6

2008 2011 2012 2013

Sources: INE, AICEP, NB.

International Integration (II)

TTIP – Trans-Atlantic Trade and Investment PartnershipFree Trade agreement with the European Union

Between 2008 and 2013, total trade in goods between theEuropean Union (EU-28) and the US increased by 12%, risingfrom EUR 443.6 billion to EUR 497.7 billion. USA exports to theEU increased by a CAGR08-13 equal to 1.2%, rising from EUR187.4 billion to EUR 199.0 billion, whilst imports expanded at aCAGR08-13 equal to 3.1%, increasing from EUR 256.2 billion toEUR 298.6 billion. Currently, USA runs a trade deficit with the EUequal to EUR 99.6 billion.

In July 2012, negotiations began between the two tradingpartners with a view to implementing a new free trade agreement.In a scenario of complete liberalisation of trade flows, trade flowscould double. The negotiations focus on 4 pillars: tariffs, improvedmarket access, cooperation in the areas of regulation and issuesrelating to investment. The objective is to eliminate almost allimport duties relating to industrial and agricultural products,namely in sectors where these are still high (textiles, someagricultural goods). On average, tariffs are low (around 4%), butgiven the current and future level of trade, any reduction wouldlead to a significant impact in the volume of trade.

Compound Annual Growth Rate (CAGR)

CAGR08-13 of exports = 1.2%

CAGR08-13 of imports = 3.1%

US – European Union Balance of Trade (EU-28), 2008, 2011, 2012 e 2013.

(EUR billion)

Deficit (USA)

99.6 billion

Goods importsGoods exports

+12%Total trade2013

EUR 497. 7 billionTotal trade2008

EUR 443. 6 billion

ISKO USA

The Country's Economic Context

Industry Structure

International Trade, Bilateral Trade with Portugal and Opportunities

Novo Banco Internationalisation Support

Contacts

ISKO USA 8

USA

Breakdown of GDP by sector (2013) Breakdown of GDP by region (2013)

The weight of the service sector stands out, accounting for around 80% of GDP in the US. The Southeast, Far West and Mideast represent around 60% of US GDP.

1.6% Agriculture, forestry and fisheries

7.0% Information and other services

14.6% Distribution and transport

8.3% Education and health services

13.0% Real estate

12.5% Administration

12.0% Services rendered to companies

6.7% Financial services and

insurance

3.7% Accommodation, restaurants and leisure

3.7% Construction

5.4%New England

3.5%Rocky Mountains

21.5%Southeast

18.5%Far West

18.1%Mideast

13.9%Great Lakes

12.5%Southwest

6.7%Plains

2.7% Mining

1.7% Electricity, gas and water

Source: US Bureau of Economic Analysis.

12.5% Manufacturing

Sectoral and Regional Structure of GDP

ISKO USA 9

USA

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Far West Great Lakes Mideast New England Plains Rocky Mountain Southeast Southwest

Agriculture and minning

Commerce

Construction and real estate

Manufacturing

Health

Financial services and insurance

Tourism

The weight of agriculture stands out in the Southwest (Texas), tourism stands out in the Far West and Southeast (California and Florida), whilst financial services stand out in the Mideast (New York).

Agriculture and mining Construction and real estate Manufacturing TourismFinancial services and insurance

Sectoral and Regional Structure of GDP (II)

1 The region of the Plains stands out in the agricultural area, including the Iowa, Minnesota and Nebraska. Along with Texas and Illinois this region is responsible for one third of U.S. agricultural products.Source: US Bureau of Economic Analysis.

2013

30.6%

9.7%3.7% 4.4% 3.3%

Texa

s

Cal

iforn

ia

Okl

ahom

a

Loui

sian

a

Col

orad

o

15.3%

8.1%6.0% 7.5%

4.2%

Cal

iforn

ia

New

Yor

k

Texa

s

Flor

ida

Illin

ois

11.5% 11.2%

4.9% 4.7% 4.8%

Cal

iforn

ia

Texa

s

Illin

ois

Ohi

o

Nor

th

Car

olin

a

17.8%

9.2%6.3% 5.6% 4.0%

New

Yor

k

Cal

iforn

ia

Texa

s

Illin

ois

Flor

ida

13.8%

8.4% 8.1% 7.3%

3.9%

Cal

iforn

ia

New

Yor

k

Flor

ida

Texa

s

Illin

ois

ISKO USA 10

USA

Sources: IMF, US Bureau of Economic Analysis, “The Banker”, Federal Reserve, WEF.

FINANCIAL SYSTEM

The largest banks operating in the USA, 2013 Development of financial markets, 2012

The financial sector represents almost 7% of US GDP. It is concentrated on the East Coast, wherearound 55% of the sector’s activities are centred (Mideast, Southeast and New England). In the State ofNew York, the sector represents over 17% of GDP

With the implementation of the Dodd-Frank Act, the US has made a significant effort to improve riskmonitoring and financial supervision. However, although the exposure of US financial institutions toperipheral Euro Zone debt is limited, the increase in intensity of the debt crisis in Europe remains athreat to the US economy, in particular due to the high exposure of multinational companies to the EuroZone economy.

Four US banks are among the ten largest banks in the world in terms of Tier 1 capital and among thetop 25 banks in terms of consolidated assets: JP Morgan Chase, Bank of America, Citigroup and WellsFargo.

The economy’s sectoral structure (I)

Ranking Country1 Hong-Kong

2 USA3 United Kingdom

4 Singapore

5 Australia

: :

8 Switzerland

: :

19 Spain

: :

27 Portugal

Bank Total assets Ranking

(USD billions)

JP Morgan Chase 2 415.68 3

Bank of America 2 104.99 4

Citigroup 1 880.61 6

Wells Fargo & Co 1 527.01 8

Goldman Sachs 911.59 16

Morgan Stanley 832.7 23

PNC Financial Services Group 320.59 45

ISKO USA 11

USA

53.3

12.1

20.2

23.6

40.5

78.1

>100

>100

World

USA

Brazil

Russia

Africa

Middle East

Canada

Venezuela13.112.9

10.8

5 4.74 4 3.7 3.7 3.4 3.3

2.7 2.72.1 2 2 2 1.7 1.3 1

Saud

i Ara

bia

Rus

sia

USA

Chi

na

Can

ada

Iran

UAE Ira

q

Kuw

ait

Mex

ico

Vene

zuel

a

Nig

eria

Braz

il

Ango

la

Nor

way

Qat

ar

Caz

aqui

stão

Alge

ria

Col

ombi

a

Uni

ted

King

dom

1 Reserves-to-production ratio: the number of years known reserves will last, given the current level of production, 2013.Sources: BP Statistics, PFCEnergy, US Bureau of Economic Analysis.

ENERGY RESOURCES

In 2013, the mining and oil & gas and coal sectors accounted for around 3% of US GDP, with around 60% ofthis value relating to extraction. The US is the third largest producer of oil in the world, the largest producerof natural gas and of coal. Two of the ten largest energy companies in the world are from the US (37 out ofthe top 100): ExxonMobil, Chevron.Recent technological advances have allowed access to oil held in slate in North Dakota and Texas, avoidinga definitive decline in oil production in the US. The development of oil production allowed North Dakota’seconomy to grow by 7.6%, in 2011.

3rd largest producer

R/P1

(Years) Oil production, 2013- Top 20

(Production barrels per day - World share)

The economy’s sectoral structure (II)

ISKO USA 12

USA

22.1

119.6

5.7 4.5 3.9 3.7 3.1 2.5 2.4

Chi

na

USA

Japa

n

Ger

man

y

Sout

h Ko

rea

Indi

a

Braz

il

Mex

ico

Thai

land

Can

ada

Sources: OICA, US Bureau of Economic Analysis.

AUTOMOTIVESECTOR

The automotive and transport equipment sector is the second largest industrial sector in the US economyin terms of employment (around 800 thousand people in 2013, taking into account the fact that thisindustry is responsible for 1 in every 17 private sector jobs) and also one of the largest in terms of itscontribution to GDP, 3%-3.5% in 2013. This industry has been one of the mainstays of the U.S. economicrecovery, with 3 consecutive years of 10% growth in sales; exports have also grown annually. In 2013 thegrowth rate of vehicle production was 6.9% compared to 2012, the 3rd highest among the top ten worldproducers. The Great Lakes region accounts for around 30% of production, with the State of Michigancontributing around half of the region’s production.

2nd largest manufacturer

World production of vehicles, 2013 – TOP 10 (Millions)

(6.9%)

( ) 2013/2012 growth rate

The economy’s sectoral structure (III)

ISKO USA 13

USA

E Estimates.Sources: World Tourism Organization, World Travel & Tourism Council, Office of Travel & Tourism Industries.

TOURISM

In 2013, tourism represented around 2.7% of US GDP (US 450.2 billion) and is expected to grow at an averageannual rate of 3.7% over the coming decade, 2014-2024. In 2013, the number of tourists totalled 69.8 million in theUS, an increase of 4.5% in the period 2005-2013. The US is the 2nd most important tourist destination worldwidewith a world market share equal to 6.4%. Canada is the main source of tourists visiting the US: around 35% offoreign tourists visiting the US, followed by Mexico (22%), Western Europe (19%) and Japan (5%).The US is the third most important market in terms of outgoing tourists, after China and Germany. In 2013, 61.6million tourists travelled overseas, of which 18.5% visited Europe, 19.5% visited Canada and 33.4% visited Mexico.

World Top 10 tourist destinations, 2000, 2005 and 2013E

(Million, percent)

The economy’s sectoral structure (IV)

France

Spain

ChinaItaly

Russia

GermanyTurkey

USA

Tourists(Million)

Ranking Country

12345678910

Share(%)

CAGR05-13

(%)20052000

2.619.910.92.411.69.6

4.92.921.519.08.13.520.39.6

1.05.646.831.2

3.44.436.541.22.25.1

55.947.94.56.449.251.21.37.675.077.2

19.2 4.5

2013E

28.426.5

31.537.8

United Kingdom 1.42.928.023.2 31.2

60.7

47.755.7

69.883.0

Thailand

Direct contribution of the tourism sector to GDP, 2013E

World rank Country 2013 2013(USD

billion))(% of GDP)

1 USA 450.2 2.7%AmericasAverage 234.0 2.9

3 Japan 108.6 2.2%4 France 100.4 3.9%5 United Kingdom 90.3 3.5%6 Italy 81.9 4.2%9 Spain 74.2 5.7%10 Germany 58.5 1.7%11 Australia 39.0 2.6%21 Canada 19.4 1.1%29 Greece 14.2 6.5%

World Average 18.0 2.9%

ISKO USA 14

USA

Sources: USDA - ERS, FAO.

AGRICULTURE

Agriculture in the US is extremely diverse, but cereal and oleaginous crops, fruit, cotton and animalfarming stand out. The United States is the largest producer of corn, soya, sorghum, milk, beef andmutton; the second largest producer of tomatoes, the third largest producer of wheat and cotton; and thefourth largest producer of tobacco. In terms of imports, the US is the second largest importer of wine (thevalue of imports is expected to increase by 90% over the next decade, according to forecasts by theUnited States Department of Agriculture – USDA) and one of the largest importers of various vegetablesand fruit, namely tomatoes, fruits and other processed vegetables.

Breakdown of agricultural production, 2013 (%)

The Economy’s Sectoral Structure (V)

Corn 66%

Wheat 20%

Soya 96%Animal farming

48%

Cereals22%

Oleaginous10%

Tobacco6%

Fruit6%

Horticulture5%

Cotton2%

Other1%

ISKO USA

The Country's Economic Context

Industry Structure

International Trade, Bilateral Trade with Portugal and Opportunities

Novo Banco Internationalisation Support

Contacts

ISKO USA 16

USA Foreign Trade - Partners

Source: UN Comtrade, DESA/UNSD.

USA’s imports by country, 2013 USA’s exports by country, 2013

Ranking Country 2013(EUR Million)

Share(%)

CAGR08-13

(%)

1 Canada 225 980.0 20.3 5.0

2 Mexico 170 253.8 15.3 10.6

3 China 91 857.0 8.3 13.6

4 Japan 49 041.0 4.4 1.6

5 United Kingdom 35 643.5 3.2 -0.5

6 Germany 35 341.3 3.2 -1.0

7 Brazil 33 211.6 3.0 8.2

8 China, Hong Kong SAR 31 943.3 2.9 16.8

9 South Korea 31 283.3 2.8 5.7

10 France 25 664.3 2.3 4.7

… … … … …

79 Portugal 628.8 0.1 -19.0

Ranking Country 2013(EUR Million)

Share(%)

CAGR08-13

(%)

1 China 346 305.7 20.3 7.4

2 Canada 253 465.7 14.9 1.9

3 Mexico 213 082.5 12.5 7.5

4 Japan 107 013.1 6.3 1.9

5 Germany 88 015.8 5.2 5.4

6 South Korea 48 925.9 2.9 7.6

7 United Kingdom 40 343.0 2.4 -0.1

8 Saudi Arabia 39 973.6 2.3 0.6

9 France 34 885.8 2.0 2.7

10 India 32 629.2 1.9 12.3

… … … … …

56 Portugal 2 214.3 0.1 5.1

ISKO USA 17

USA International Trade – Goods Imports and Exports (World)

Source: UN Comtrade, DESA/UNSD.

USA’s Top 10 imports, 2013 USA’s TOP exports, 2013

Products (H.S. 4) 2013(EUR Million)

Share(%)

CAGR08-13

(%)

2709 - Petroleum Oils And Oils Obtained From Bituminous Minerals, Crude

210 139.0 12.0 -3.2

8703 - Motor Cars And Other Motor Vehicles Principally Designed For The Transport Of Persons

117 207.1 6.7 6.2

8517 - Telephone Sets, Incl. Telephones For Cellular Networks Or For Other Wireless Networks; Other Apparatus For The Transmission Or Reception Of Voice

67 686.7 3.9 10.2

2710 - Petroleum Oils And Oils Obtained From Bituminous Minerals (Excl. Crude); Preparations Containing >= 70 % By Weight Of Petroleum Oils

66 820.7 3.8 1.7

8471 - Automatic Data-Processing Machines And Units Thereof; Magnetic Or Optical Readers

62 575.5 3.6 9.9

8708 - Parts And Accessories For Tractors, Motor Vehicles For The Transport Of Ten Or More Persons, Motor Cars And Other For The Transport Of Persons

44 307.6 2.5 9.3

3004 - Medicaments 35 465.1 2.0 3.8

8542 - Electronic Integrated Circuits; Parts Thereof 22 171.7 1.3 10.5

8528 - Monitors And Projectors, Not Incorporating Television Reception Apparatus; Reception Apparatus For Television, Whether Or Not Incorporating Radio-

20 665.4 1.2 -5.5

7102 - Diamonds, Whether Or Not Worked, But Not Mounted Or Set (Excl. Unmounted Stones For Pick-Up Styluses, Worked Stones, Suitable For Use As Parts Of

17 765.2 1.0 5.7

Products (H.S. 4) 2013(EUR Million)

Share(%)

CAGR08-13

(%)2710 - Petroleum Oils And Oils Obtained From Bituminous Minerals (Excl. Crude); Preparations Containing >= 70 % By Weight Of Petroleum Oils

84 164.8 7.1 19.0

8703 - Motor Cars And Other Motor Vehicles Principally Designed For The Transport Of Persons

43 010.6 3.6 4.5

8708 - Parts And Accessories For Tractors, Motor Vehicles For The Transport Of Ten Or More Persons, Motor Cars And Other For The Transport Of Persons

32 325.6 2.7 8.4

8542 - Electronic Integrated Circuits; Parts Thereof 25 996.3 2.2 -1.7

7108 - Gold, Incl. Gold Plated With Platinum, Unwrought Or Not Further Worked Than Semi-Manufactured Or In Powder Form

24 172.7 2.0 16.4

8517 - Telephone Sets, Incl. Telephones For Cellular Networks Or For Other Wireless Networks; Other Apparatus For The Transmission Or Reception Of Voice

23 512.1 2.0 9.8

8471 - Automatic Data-Processing Machines And Units Thereof; Magnetic Or Optical Readers

19 962.5 1.7 4.4

9018 - Instruments And Appliances Used In Medical, Surgical, Dental Or Veterinary Sciences

18 985.0 1.6 6.9

3004 - Medicaments 17 369.1 1.5 6.3

1201 - Soya Beans, Whether Or Not Broken 16 181.4 1.4 8.9

ISKO USA 18

USA

2 255

2 8403 150

1 652 1 638 1 569

2008 2012 2013

1 999

843

1 151

727

2013 2013

Sources: INE, Banco de Portugal.

Compound Annual Growth Rate (CAGR)CAGR08-13 of exports = 6.9%CAGR08-13 of imports = -1%

Surplus balanceEUR 1 580.4 million

Imports

Exports

Services(46%)

Goods(54%)

Services(37%)

Goods(63%)

In 2013, 2 391 companies exported

goods to the USA

In 2012,2 291 companies exported

goods to the USA

+4.4%

International Trade – Bilateral relations with Portugal (I)

Portugal’s trade balance with USA, 2008, 2012 and 2013 (EUR million)

Exports of goods and services Imports of goods and services

11º (share: 1.5%)

6º (share: 4.2%)

Ranking and share as Portugal customer and provider (goods)

ISKO USA 19

USA

Sources: INE, Banco de Portugal.

International Trade – Bilateral relations with Portugal (Goods) (II)

Top 10 Portuguese imports from USA, 2013 Top 10 Portuguese exports to USA, 2013

Produtos (N.C. 4) 2013(EUR millón)

Share(%)

TCAC08-13

(%)

8411 - Turborreactores, turbopropulsores y demás turbinas de gas

107.4 12.7 8.2

1201 - Habas (porotos, frijoles, fréjoles) de soja (soya), incluso quebrantadas

102.6 12.2 10.6

2711 - Gas de petróleo y demás hidrocarburos gaseosos 99.6 11.8 1 221.3

2401 - Tabaco en rama o sin elaborar; desperdicios de tabaco

33.4 4.0 253.8

2701 - Hullas; briquetas, ovoides y combustibles sólidos similares, obtenidos de la hulla

32.4 3.8 11.5

8803 - Partes de los aparatos de las partidas 8801 u 8802

25.6 3.0 -9.3

8802 - Las demás aeronaves (por ejemplo: helicópteros, aviones); vehículos espaciales, incluidos los satélites, y sus vehículos de lanzamiento y vehículos suborbitales

25.4 3.0 -12.6

1001 - Trigo y morcajo (tranquillón) 19.5 2.3 -9.2

4407 - Madera aserrada o desbastada longitudinalmente, cortada o desenrollada, incluso cepillada, lijada o unida por los extremos, de espesor

16.1 1.9 -9.1

2713 - Coque de petróleo, betún de petróleo y demás residuos de los aceites de petróleo o de mineral bituminoso

15.2 1.8 -21.5

Products (H.S. 4) 2013(EUR Million)

Share(%)

CAGR08-13

(%)

8411 - Turbojets, Turbopropellers And Other Gas Turbines

107.4 12.7 8.2

1201 - Soya Beans, Whether Or Not Broken 102.6 12.2 10.6

2711 - Petroleum Gas And Other Gaseous Hydrocarbons 99.6 11.8 1 221.3

2401 - Unmanufactured Tobacco; Tobacco Refuse 33.4 4.0 253.8

2701 - Coal; Briquettes, Ovoids And Similar Solid Fuels Manufactured From Coal

32.4 3.8 11.5

8803 - Parts Of Aircraft And Spacecraft Of Heading 8801 Or 8802, N.E.S.

25.6 3.0 -9.3

8802 - Powered Aircraft "E.G. Helicopters And Aeroplanes"; Spacecraft, Incl. Satellites, And Suborbital And Spacecraft Launch Vehicles

25.4 3.0 -12.6

1001 - Wheat And Meslin 19.5 2.3 -9.2

4407 - Wood Sawn Or Chipped Lengthwise, Sliced Or Peeled, Whether Or Not Planed, Sanded Or End-Jointed, Of A Thickness Of > 6 Mm

16.1 1.9 -9.1

2713 - Petroleum Coke, Petroleum Bitumen And Other Residues Of Petroleum Oil Or Of Oil Obtained From Bituminous Minerals, N.E.S.

15.2 1.8 -21.5

ISKO USA 20

USA

8703 - Motor Cars And Other Motor Vehicles Principally Designed For The Transport Of Persons

9401 - Seats, Whether Or Not Convertible Into Beds, And Parts Thereof, N.E.S. (Excl. Medical, Surgical,

9403 - Furniture And Parts Thereof, N.E.S. (Excl. Seats And Medical, Surgical, Dental Or Veterinary

8704 - Motor Vehicles For The Transport Of Goods

8544 - Insulated Wire, Cable "Incl. Coaxial Cable"; Optical Fibre Cables

6110 - Jerseys, Pullovers, Cardigans, Waistcoats And Similar Articles, Knitted Or Crocheted (Excl. Wadded

Waistcoats)

8481 - Taps, Cocks, Valves And Similar Appliances For Pipes, Boiler Shells, Tanks, Vats

6403 - Footwear With Outer Soles Of Rubber, Plastics, Leather And Uppers Of Leather

9405 - Lamps And Lighting Fittings, Incl. Searchlights And Spotlights

6203 - Men'S Or Boys' Suits, Ensembles, Jackets, Blazers, Trousers, Bib And Brace Overalls, Breeches And Shorts

Goods export opportunities (I)

Set of products (merchandise) identified as needs (imports) of the USA for which Portugal has production and export capacity, thus representing opportunities to increase the volume of Portuguese exports to the USA.

Top 10 export opportunities to the USA

Sources: UN Comtrade, DESA/UNSD, OCDE, NB.

ISKO USA 21

USA Goods export opportunities (II)

Top 10 export opportunities to the USA(Amount and rank of USA world imports)

Sources: UN Comtrade, DESA/UNSD, OECD, NB .

Products (H.S. 4) 2013(EUR Million) Rank 2013 Share 2013

(%)Annual growth2012-2013 (%)

CAGR10-13

(%)

8703 - Motor Cars And Other Motor Vehicles Principally Designed For The Transport Of Persons 117 207.1 2 6.9 0.7 11.4

9401 - Seats, Whether Or Not Convertible Into Beds, And Parts Thereof, N.E.S. (Excl. Medical, Surgical, Dental Or Veterinary Of Heading 9402) 14 883.5 12 0.9 4.0 11.5

9403 - Furniture And Parts Thereof, N.E.S. (Excl. Seats And Medical, Surgical, Dental Or Veterinary Furniture) 13 965.3 14 0.8 2.6 5.0

8704 - Motor Vehicles For The Transport Of Goods 13 871.8 15 0.8 9.6 17.1

8544 - Insulated Wire, Cable "Incl. Coaxial Cable"; Optical Fibre Cables 13 034.0 17 0.8 2.5 14.1

6110 - Jerseys, Pullovers, Cardigans, Waistcoats And Similar Articles, Knitted Or Crocheted (Excl. Wadded Waistcoats) 11 198.1 21 0.7 0.6 4.3

8481 - Taps, Cocks, Valves And Similar Appliances For Pipes, Boiler Shells, Tanks, Vats 10 636.9 25 0.6 1.6 14.2

6403 - Footwear With Outer Soles Of Rubber, Plastics, Leather And Uppers Of Leather 9 589.3 28 0.6 0.9 4.9

9405 - Lamps And Lighting Fittings, Incl. Searchlights And Spotlights 6 834.5 41 0.4 8.7 12.7

6203 - Men'S Or Boys' Suits, Ensembles, Jackets, Blazers, Trousers, Bib And Brace Overalls, Breeches And Shorts 6 812.6 42 0.4 0.9 5.8

ISKO USA 22

USA Goods export opportunities (III)

Cloud of Export Opportunities to the USA

Sources: UN Comtrade, DESA/UNSD, OECD, NB.

Machinery and appliances Agricultural and food Clothing and Footwear

8418 - Refrigerators, Freezers And Other Refrigerating Or Freezing Equipment

2004 - Vegetables Prepared Or Preserved Otherwise Than By Vinegar Or Acetic Acid, Frozen

6108 - Women'S Or Girls' Slips, Petticoats, Briefs, Panties, Nightdresses, Pyjamas, Négligés

8512 - Electrical Lighting Or Signalling Equipment (Excl. Lamps Of Heading 8539), Windscreen

2204 - Wine Of Fresh Grapes, Incl. Fortified Wines; Grape Must, Partly Fermented

6402 - Footwear With Outer Soles And Uppers Of Rubber Or Plastics

8537 - Boards, Panels, Consoles, Desks, Cabinets And Other Bases

0306 - Crustaceans, Whether In Shell Or Not, Live, Fresh, Chilled, Frozen, Dried, Salted Or

6302 - Bedlinen, Table Linen, Toilet Linen And Kitchen Linen Of All Types Of Textile Materia

8480 - Moulding Boxes For Metal Foundry; Mould Bases; Moulding Patterns

2208 - Undenatured Ethyl Alcohol; Spirits, Liqueurs And Other Spirituous Beverages

6104 - Women'S Or Girls' Suits, Ensembles, Jackets, Blazers, Dresses, Skirts, Divided Skirts

1509 - Olive Oil And Its Fractions Obtained By Mechanical Or Other Physical Means

Plastic, Rubber Products Other Products Wood, Cork, Cellulose Pulp and Paper

4011 - New Pneumatic Tyres, Of Rubber 9402 - Medical, Surgical, Dental Or Veterinary Furniture

4421 - Other Articles Of Wood, N.E.S.

3924 - Tableware, Kitchenware, Other Household Articles And Toilet Articles, Of Plastics

9603 - Brooms, Brushes, Incl. Brushes Constituting Parts Of Machines, Appliances Or Vehicles

4410 - Particle Board, Oriented Strand Board "Osb" And Similar Board "E.G. Waferboard" Of Wo

3921 - Plates, Sheets, Film, Foil And Strip, Of Plastics

7108 - Gold, Incl. Gold Plated With Platinum, Unwrought Or Not Further Worked Than Semi-Manu

4411 - Fibreboard Of Wood Or Other Ligneous Materials, Whether Or Not Agglomerated With Resi

6504 - Hats And Other Headgear, Plaited Or Made By Assembling Strips Of Any Material, Whethe

4819 - Cartons, Boxes, Cases, Bags And Other Packing Containers, Of Paper, Paperboard, Cellu

ISKO USA

The Country's Economic Context

Industry Structure

International Trade, Bilateral Trade with Portugal and Opportunities

Novo Banco Internationalisation Support

Contacts

ISKO USA 24

USA

At Novo Banco we support your internationalisation through the International Premium Unit.

This Unit is composed of an experienced team of relationship managers, organizedby Geographical Desks.

Geographical desksgeográficos

5Africa

Latin America

Developed Markets & China

North Africa & Turkey

Eastern Europe, Ásia & Middle East

Knowledge of how to do business in the main

markets;

Relationship with local players;

Knowledge of national development

programmes;

Participation in fairs and entrepreneurial

missions in the local markets.

Novo Banco Internationalisation Support (I)

ISKO USA 25

USA

Fine Trade: identification of potential markets.1. Knowledge

Identification of local counterparts throughthe Group’s network of Banks, partner Banks; Diplomatica Network or International Chambersof Commerce;

Client Referrals;

Organization of Entrepeneurial Missions.

2. Business Development

3. Foreign Trade

4. Investment Structuring, implementation and monitoring of

operations with local correspondents.

Funding for investment with DevelopmentBanks and Multilateral entities.

We are present with solutions in all the phases of the process:

Novo Banco Internationalisation Support (II)

A team with recognized experience to supportyour foreign trade operations.

In 2014, 28% of Trade Finance transactionspassed through Novo Banco*.

* Trade Finance Market Share as of December 2014.

ISKO USA

The Country's Economic Context

Industry Structure

International Trade, Bilateral Trade with Portugal and Opportunities

Novo Banco Internationalisation Support

Contacts

ISKO USA 27

International Premium Unit

Head Marta Mariz marta.mariz@novobanco.pt

Desk Mature Markets and China

Christian ThiemeInternational Business christian.thieme@novobanco.pt

ISKO USA 28

DisclaimerThis document was prepared by NOVO BANCO and/or any of its subsidiaries and is intended solely for release by NOVO BANCO to qualified investors. Its use is restricted to qualified investors, and their representatives. All information contained in this document was compiled in good faith by NOVO BANCO, using sources of public information considered reliable, although its accuracy cannot be guaranteed. Accordingly, with the exception of information about NOVO BANCO makes no representation as to the accuracy or completeness of such information.The opinions expressed in this document reflect NOVO BANCO’s point of view as of the date of its release and may be subject to change without prior notice. NOVO BANCO does not assure the update of this document.This document is not a research report, neither represents any kind of advisory, nor is an offer to buy or sell or intends to solicit an order to buy or sell. The prices of any instruments described in this document are indicative prices only and do not constitute firm bids or offers. NOVO BANCO may choose to make a market for any instruments referred in this document, but are not obliged to do so. Any such market-making activities may be discontinued at any time without notice. The prices of any financial instruments described in this document are indicative prices only and do not constitute firm bids or offers.NOVO BANCO may trade for their own account or of their clients any instruments that may be referred to in this document, as well as they may have any business relationship with the entities referred on it. NOVO BANCO may act as market-makers of any instruments referred to in this document, although they are not obliged to do so and, if they do it, they may terminate that activity at any moment. NOVO BANCO may act as placement agent, advisor, lender or in other capacities in with respect to financial instruments or issuers referenced in this document. NOVO BANCO may trade for its own account and may also engage in securities transactions in a manner inconsistent with this document and with respect to financial instruments covered by this document. NOVO BANCO has no obligation to update, modify or amend this document or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. Prices and availability of financial instruments are also subject to change without notice. This document is provided for informational purposes only. NOVO BANCO will not accept any responsibility for any loss resulting from the use of the information or opinions referred in this document.The financial instruments discussed in this document may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. If a financial instrument is denominated in a currency other than an investor’s currency, a change in exchange rates may adversely affect the price or value of, or the income derived from the financial instrument, and such investor effectively assumes currency risk. In addition, income from an investment may fluctuate and the price or value of financial instruments described in this document, either directly or indirectly, may rise or fall. Furthermore, past performance is not necessarily indicative of future results.The financial instruments discussed herein may be subject to restrictions with regard to certain persons or in certain countries under national regulations applicable to said persons or in said countries. It is each investor’s responsibility to ensure that it is authorized to invest in those financial instruments. This document is confidential and addressed to a restricted number of entities. If you are not an addressee of this document, you should immediately destroy it. The dissemination or copy, in total or in part, of this document is not allowed.Additional information is available upon request.

The prices of any financial instruments described in this document are indicative prices only and do not constitute firm bids or offers. NOVO BANCO or its affiliates may choose to make a market for any such financial instruments, but neither NOVO BANCO nor any of its affiliates has an obligation to do so. Any such market-making activities may be discontinued at any time without notice. Certain information contained in this document has been derived from public sources that NOVO BANCO deems to be reliable. Neither NOVO BANCO nor any of its affiliates, however, have independently verified such publicly available information nor do they take responsibility for its accuracy or completeness.Any U.S. person receiving this document and wishing to effect transactions in any financial instruments discussed herein should do so, if applicable, through NOVO BANCO and not through any non-U.S. affiliate of NOVO BANCO.

The enclosed document does not constitute any kind of research report or any kind of offer to sell any of the financial instruments discussed herein, nor is it soliciting an offer to buy such financial instruments. The financial instruments issued by Companies that may be discussed herein may be subject to restrictions with regard to certain persons or in certain countries under national regulations applicable to said persons or in said countries. It is each investor’s responsibility to ensure that it is authorized to invest in those securities.The financial instruments discussed in this material may not be suitable for all investors. Investors should make their own assessment of the risks from a legal, tax and accounting perspective prior to investing in such products. Past performance is no guarantee to future performance.This document is being distributed to, and is intended solely for the use of, institutional investors. Notwithstanding the generality of the preceding sentence, this document is intended solely for the use of the institutional investor to which it has been sent by NOVO BANCO and such recipient’s agents, employees, advisors and representatives. If you have received this document in error, you are urged to destroy it or return it immediately to NOVO BANCO.

Additional disclosures for US persons