€¦ · nurturing a portfolio of options reinforces our path for growth in international markets...

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Page 1: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 2: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 3: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 4: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae

Page 5: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae

Page 6: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 7: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae

Page 8: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 9: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 10: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 11: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 12: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 13: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae

1 Includes NOS and Sonae Sierra stake.

Page 14: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 15: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 16: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 18: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 19: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 20: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 21: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 22: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 23: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae

APP Continente April 2014

Page 24: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae

Page 25: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 26: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 27: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 28: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 29: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 30: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae

181 119 658

48 69 1,439

82 66 799

34 33 967

3 1 11

1 1 24

113 54 479

4 1 352

5 2 348

3 1 269

39 12 301

23 7 286

17 4 256

29 5 186

10 3 345

415 251

119 113

58 14

Page 31: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 32: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 33: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae

Page 34: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 35: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 36: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 37: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 38: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 39: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 40: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 41: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae

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Page 42: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 43: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 44: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 45: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 46: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 47: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 48: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 49: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 50: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 51: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 52: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae
Page 53: €¦ · Nurturing a portfolio of options reinforces our path for growth in international markets as well as our ability to defend the asset base in Portugal. energlas ulabox . Sonae