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 NYSE Euronext Lisbon since 23 October 2006

Galp Energia's shareholder structure has an increasing representation of international institutional shareholders, close to 80% 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 share capital is composed of 829,250,635 shares of which 251,396,824 shares is free-float, which corresponds to 30.32% of total share capital.

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	317,934,693 shares \|	38.34%
	Eni, S.p.A. \| Italy	201,839,604 shares \|	24.34%
	Parpública - Part. Públicas \| Portugal	58,079,514 shares \|	7.00%
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	Other Shareholders	251,396,824 shares \|	30.32%

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Updated on: January 22 2013

Note:

Amorim Energia executed an equity swap with Banco Santander Totta, S.A. over 2.21674% of Galp Energia’s share capital, maintaining all the personal and patrimonial rights over such participation, namely the voting rights and the right to dividends.

The voting rights held by Amorim Energia and Eni in Galp Energia which together correspond to a percentage of 62.68% of the voting rights in Galp Energia, continue to be imputable in all to these two entities pursuant to article 20, 1, c) and h) of the Portuguese Securities Code, and based upon publicly available information.

Qualified participations

Amorim Energia, B.V. | Netherlands
Number of shares: 317,934,693
Number of Shares subject to the privatisation process: 0
% Capital 38.34%
Nº of Votes: 317,934,693
Comments:
Amorim Energia has it head office in the Netherlands and its shareholders are Power, Oil & Gas Investments BV (35%), Amorim Investimentos Energéticos SGPS S.A. (20%) 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.

Eni, S.p.A. | Italy
Number of shares: 201,839,604
Number of Shares subject to the privatisation process: 0
% Capital 24.34%
Nº of Votes: 201,839,604
Comments:
Eni is an italian energy operator listed on the Milan Stock Exchange and the NYSE in New York. Eni is present in over 70 countries in Exploration & Production, Refining & Marketing, Gas & Power, Petrochemicals & Engineering Services and Construction & Drilling. At 31 December 2011, Eni had a market capitalization of €64 billion.

Other shareholders |
Number of shares: 251,396,824
Number of Shares subject to the privatisation process: 0
% Capital 30.32%
Nº of Votes: 251,396,824
Comments:
Total number of shares that investors hold without holding a qualified shareholding.

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.