Shareholder structure

Galp Energia’s share capital is composed of 829,250,635 shares, of which 771,171,121 shares are listed for trading on Euronext Lisbon since 23 October 2006

Galp Energia's shareholder structure has an increasing representation of international institutional shareholders, close to 81% of total institutional investors, thereby enhancing the geographic diversity of the Company's investor base, as shown by the pie chart with the geographical spread of the institutional investor base.

Galp Energia's three main shareholders, Amorim Energia, Caixa Geral de Depósitos and Eni, are parties to a shareholder agreement, which establishes a set of aspects related to the terms for disposal of the shares they hold.

Description of the largest shareholders

The major holdings in Galp Energia’s share capital were calculated according with the articles 16 and 20 of the Portuguese Securities Code. Under these articles, Galp Energia's shareholders must notify the Company every time their equity holdings reach, exceed or are reduced to certain limits. These limits are 2%, 5%, 10%, 15%, 20%, 25%, 1/3, 50%, 2/3 and 90% of voting rights.

Qualified participations
	Amorim Energia, B.V. \| Netherlands	276,472,161 shares \|	33.34%
	Caixa Geral de Depósitos \| Portugal	8,292,510 shares \|	1.00%
	Eni, S.p.A. \| Italy	276,472,161 shares \|	33.34%
	Parpública - Part. Públicas \| Portugal	58,079,514 shares \|	7.00%
Free-float
	Other Shareholders	209,934,829 shares \|	25.32%

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Updated on: May 26 2010

Qualified participations

Amorim Energia, B.V. | Netherlands
Number of shares: 276,472,161
Number of Shares subject to the privatisation process: 0
% Capital 33.34%
Nº of Votes: 276,472,161
Comments:
Amorim Energia has it head office in the Netherlands and its shareholders are Power, Oil & Gas Investments BV (30%), Amorim Investimentos Energéticos SGPS S.A. (20%), Oil Investments BV (5%) and Esperaza Holding BV (45%). Whereas the three first companies are directly or indirectly controlled by Portuguese investor Américo Amorim, the last one is controlled by Sonangol, E.P., Angola’s stateowned oil company.

Caixa Geral de Depósitos | Portugal
Number of shares: 8,292,510
Number of Shares subject to the privatisation process: 0
% Capital 1.00%
Nº of Votes: 8,292,510
Comments:
Caixa Geral de Depósitos (CGD) is Portugal’s largest credit institution and is wholly owned by the Portuguese state.

Eni, S.p.A. | Italy
Number of shares: 276,472,161
Number of Shares subject to the privatisation process: 0
% Capital 33.34%
Nº of Votes: 276,472,161
Comments:
Eni is an italian energy operator listed on the Milan Stock Exchange and the NYSE in New York. Eni is present inb over 70 countries in Exploration & Production, Refi ning & Marketing, Gas & Power, Petrochemicals & Engineering Services and Construction & Drilling. At 31 December 2009, Eni had a market capitalization of €71 billion.

Parpública - Part. Públicas | Portugal
Number of shares: 0
Number of Shares subject to the privatisation process: 58,079,514
% Capital 7.00%
Nº of Votes: 58,079,514
Comments:
Parpública is a vehicle for the Portuguese state’s equity holdings in a number of companies.

Restantes accionistas |
Number of shares: 209,934,289
Number of Shares subject to the privatisation process: 0
% Capital 25.32%
Nº of Votes: 209,934,289
Comments:
Shares freely traded on the market at the end of 2009 accounted for approximately 25% of the total. The largest portion – around 80% of this free float or 20% of the total – was held by institutional investors. Retail investors owned 5% of Galp Energia, in line with what was the case a year earlier.