CMVM Instruction No. 22009 Investment Research Recommendations

							                          CMVM Instruction No. 2/2009
                     Investment Research Recommendations



Within the context of its supervisory powers pursuant to Chapter II of Title VII of the
Securities Code, the CMVM requires financial intermediaries, independent analysts and other
natural or legal persons referred to in Article 12-A of the Securities Code to submit
recommendations on investment research relating to shares admitted to trading on a
regulated market or Multilateral Trading Facility (MTF) located or operating in Portugal,
which are intended for distribution channels or the public.

Accordingly, this Instruction applies to financial intermediaries, independent analysts and
other natural or legal persons referred to in Article 12-A of the Securities Code and governs
the duty to submit recommendations to the CMVM on investment research relating to
shares admitted to trading on a regulated market or Multilateral Trading Facility (MTF)
located or operating in Portugal.

This Instruction also determines the format for submitting the abovementioned information
to the CMVM.

Accordingly, the CMVM pursuant to the provisions of Article 369/1 and /5 of the Securities
Code decrees the following:

Rule Number 1: This Instruction governs the submission to the CMVM by the financial
intermediaries, independent analysts and other natural or legal persons referred to in Article
12 -A of the Securities Code that draw up and disclose recommendations on investment
research relating to shares admitted to trading on a regulated market or Multilateral Trading
Facility (MTF) located or operating in Portugal.

Rule Number 2: The entities referred to in the preceding Rule shall submit to the CMVM
the recommendations on investment research relating to shares admitted to trading on a
regulated market or Multilateral Trading Facility (MTF) located or operating in Portugal at
the same time that said recommendations are disclosed to their clients or made available
through distribution channels or to the public.
Rule Number 3: The submission of recommendations to the CMVM should be forwarded via
e-mail to research@cmvm.pt, in pdf format.

Rule Number 4: The transmission of data via e-mail is subject to the use of encryption
mechanisms on the files.

Rule Number 5: Within the context of this Instruction, the person or persons responsible
for drawing up investment research recommendations and the quality of information
submitted shall be responsible for liaison with the CMVM.

Rule Number 6: This Instruction shall come into force on 1 January 2010.

Rule Number 7: All investment recommendations disclosed to one or more clients or made
available through distribution channels or to the public between 1 January 2009 and the
notification of this Instruction, and which relate to shares admitted to trading on a regulated
market or MTF located or operating in Portugal are to be sent to the CMVM by 31 January
2010.

Lisbon, 23 December 2009

The Executive Board