IPD Portuguese Index 2008:Layout 1

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    Todos os imveis /All Property Index







    Outros / OtherIndustrial / Industrial

    Escritrios / Office

    Retalho / RetailTodos os imveis / All Property


    ndice Imobilirio Anual Portugus Imomtrica / IPDImomtrica / IPD Portugal Annual Property Index

    Resultados anuais data de 31 de Dezembro de 2008Results for the year to 31st December 2008

    O ndice Imobilirio Anual PortugusImomtrica / IPD mede a performancedo investimento imobilirio detidodirectamente para o perodocompreendido entre duas avaliaes demercado, que em 2008 foi de 2.6%.

    O ndice de Investimento Imobilirio Anual Portugus Imomtrica / IPD no apropriado nem est autorizado a ser utilizado como benchmark deperformance de carteiras de investimento imobilirio ou gestores de carteira queno sejam participantes do servio IPD em Portugal. O IPD rejeita qualquerresponsabilidade por eventuais perdas, danos, custos ou despesas resultantesda utilizao da presente informao.

    The Imomtrica / IPD Portuguese Annual Property Index is neither appropriatenor authorised by IPD for use as a benchmark for portfolio or managerperformance. IPD has no liability for any losses, damages, costs or expensessuffered by any person as a result of any reliance on this information.

    Caractersticas da base de dados Imomtrica / IPD Portugal Annual Property Index database profile

    Valor dos imveis Nmero de imveis Nmero de portfliosCapital value Number of properties Number of funds

    m %

    Todos os imveis / All Property 8,610 100.0 741 26Retalho / Retail 4,624 53.7 190 21Escritrios / Office 1,760 20.4 256 18Industrial / Industrial 774 9.0 111 13Residencial / Residential 104 1.2 16 6Outros / Other 1,347 15.6 168 15

    Os valores apresentados em cima representam a cobertura total da Base de dados Portuguesa do IPD data de 31 de Dezembro de 2008. O ndice Imobilirio AnualPortugus Imomtrica / IPD considera apenas imveis reavaliados presentes na base de dados.The figures above represent the full coverage of the Imomtrica / IPD Portuguese Property database as at December 2008. The Imomtrica / IPD Portuguese AnnualProperty Index employs only fully revalued assets from that database.

    The Imometrica / IPD Portugal AnnualProperty Index measures ungeared totalreturns to directly held standing propertyinvestments from one open marketvaluation to the next and in 2008returned 2.6%.

    Aviso Disclaimer

    IPD (Investment Property Databank Ltd.) 2009 All rights conferred by law of copyright, by virtue of international copyright conventions and all other intellectual property laws are reserved byIPD. No part of the Imomtrica / IPD Portuguese Property Index may be reproduced or transmitted, in any form or by any means, without the prior written consent of IPD.


    Performance Histrica Historical performance

    Dados comparativos Comparative Data

    Aces / Equities 68.1 -49.6 ~ ~ -6.8 1.9 -4.2 Obrigaes / Bonds 169.9 3.6 ~ ~ 2.6 4.3 6.1 Inflao / Inflation 128.2 0.8 ~ ~ 2.0 2.2 2.8

    Data sources: Fininfo

    Retornos do ndice Imobilirio Anual Portugus Imomtrica / IPD Imomtrica / IPD Portugal Annual Property Index returns

    ndice retorno total Retorno total Retorno das rendas Valorizao de capital Retorno total anualizado %Total return Total return Income return Capital growth Annualised total return %

    index % % %1999=100 1 yr 1 yr 1 yr 3 yrs 5 yrs 9 yrs

    Todos os imveis / All Property 245.9 2.6 6.1 -3.3 8.9 9.5 10.5 Retalho / Retail 285.1 0.8 6.1 -5.1 10.3 11.2 12.3Escritrios / Office 187.2 4.7 5.8 -1.0 6.2 6.3 7.2Industrial / Industrial* 173.6 4.9 6.5 -1.5 7.6 7.4 - Residencial / Residential - - - - - - - Outros / Other 262.3 5.4 6.2 -0.8 9.5 9.3 11.3

    * Index based in 2001

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    Sobre o IPD About IPD


    Portuguese market: Luis Francisco luis.francisco@ipd.com +34 91 761 02 71+34 93 467 74 03

    Imomtrica: Antnio Gil Machado agil@imometrica.com +351 22 208 50 09

    General enquiries: Amelia Murray enquiries@ipd.com +44 (0)20 7336 4755

    Derivatives: Angela Sheahan angela.sheahan@ipd.com +44 (0)20 7336 9282

    IPD Head Office Imomtrica

    1 St. Johns Lane Rua Gonalo Cristvo, 14 - 6

    London EC1M 4BL UK 4049-037 Porto, Portugal

    T: +44 (0)20 7336 9200 T: +351 22 208 50 09

    F: +44 (0)20 7336 9399 F: +351 22 208 50 10

    www.ipd.com www.imometrica.com

    Sponsors do ndice Imobilirio Anual Portugus Imomtrica / IPD Sponsors of the Imomtrica / IPD Portuguese Property Index

    Aguirre Newman, CB Richard Ellis, CPU Consultores de Avaliao, Cushman & Wakefield, Euroengineering, Jones Lang LaSalle

    * Consultative ** Indicator *** Partner Index

    Informao sobre o ndice IPD Global IPD Global Index information

    Country Update frequency Country included in 2008:Pooled Fund Specialist

    Annual Biannual Quarterly Monthly Index Indices Pan-European Index Global Index

    Australia Austria Belgium * Canada Central Eastern Europe *Denmark Finland (KTI) *** France ** Germany Ireland Italy * Japan ** Korea * Netherlands ** New Zealand Norway ** Poland *Portugal South Africa ** Spain Sweden Switzerland UK USA (NCREIF) ***

    IPD O IPD um servio global de informao, com o objectivo de medir aperformance do mercado imobilirio comercial. Como lder mundial namedio e anlise de performance para proprietrios, investidores, gestorese ocupantes de imobilirio, oferecemos uma larga gama de serviosincluindo research, relatrios, benchmarking, conferncias e ndices.Operamos em mais de 20 pases incluindo a maior parte da Europa, EUA,Canad, frica do Sul, Austrlia, Nova Zelndia e Japo. Os nossos ndicesso a base para o desenvolvimento do mercado de derivados do imobiliriocomercial, e para as medidas de retorno imobilirio mais reconhecidas anvel mundial. Para mais informaes visite www.ipd.com

    Para mais informaes sobre os ndices do IPD, cobrindo tambm ouniverso dos ndices, a metodologia de construo e processo de clculo, oprocedimento de reviso dos ndices, e o calendrio para cada um dosndices, por favor veja o IPD Index Guide, disponvel para download emwww.ipd.com/indexguide

    IPD IPD is a global information business, dedicated to the objectivemeasurement of commercial real estate performance. As the worldsnumber one provider of real estate performance analysis for funds,investors, managers and occupiers, we offer a full range of servicesincluding research, reporting, benchmarking, conferences and indices. Weoperate in over 20 countries including most of Europe, the US, Canada,South Africa, Australia, New Zealand and Japan. Our indices are the basisfor the developing commercial property derivatives market, and the mostauthoritative measures of real estate returns worldwide. For furtherinformation visit www.ipd.com

    For more information on IPDs indices, covering the index universe, theconstruction methodology and calculation process, the index reviewprocedure, and the calculation timetable for each index, please refer to theIPD Index Guide, available to download from www.ipd.com/indexguide

    Contribuem para o ndice Imobilirio Anual Portugus Imomtrica / IPD Contributors to the Imomtrica / IPD Portuguese Property Index

    Ana Aeroportos de Portugal, Alrisa *, Banif Gesto de Activos, BPI Gesto de Activos, BPN Imofundos SGFII, Chamartin Imobiliria SGPS, ESAF SGFII, Fundbox SGFII,Fundimo SGFII, Fundo de Penses do Banco de Portugal, Imorendimento SGFII, ING Real Estate Southern Europe, Millennium BCP, Mundicenter SGPS, Norfin SGFII,Redevco, Refundos SGFII, Selecta SGFII, Sonae Sierra SGPS, Square Asset Management SGFII *included in the databank but not in the index