Qualifying holdings

Qualifying Holdings calculated under the terms of Article 20 of the Securities Code, as of May 31st 2010

Entity	Number of shares	% of capital and voting rights	% of non-suspended voting rights
Semapa SGPS SA	578.990.456	75,44%	76,95%
Semapa - Soc. de Investimento e Gestão, SGPS, SA	96.865.223	12,62%	12,87%
Seinpar Investments B.V.	241.583.015	31,48%	32,11%
Seinpart - Participações, SGPS, SA	230.839.400	30,08%	30,68%
Semapa Inversiones SL	8.507.018	1,11%	1,13%
Seminv - Investimentos, SGPS, SA	590.400	0,08%	0,08%
Cimentospar - Participações Sociais, SGPS, Lda	589.400	0,08%	0,08%
Duarte Nuno d'Orey da Cunha (*)	16.000	0,00%	0,00%
Bestinver Gestión, S.A. SGIIC	15.443.547	2,012%	2,052%

(*) Member of Portucel Governing Bodies

Portucel holds (directly and through its subsidiary Portucel Florestal) 15,054,358 own shares, corresponding to 1.96% of the share capital.

» Shareholder Structure


Share capital

The company's share capital is divided into seven hundred and sixty-seven million and five hundred thousand nominative shares with a par value of 1 euro each.

According to the company's Bylaws, one vote shall be counted for each one thousand shares.


Share information

Trading code	PTI.LS
ISIN code	PTPTI0AM0006
Symbol	PTI

Total number of shares:	767.500.000
Shares traded on Euronext	537.250.000
Shares in the process of being listed on Euronext (share form the 2nd phase of Privatization - immobilized for 5 years, until 18/05/2009 in accordance with number 1 of art.26 of Council of Ministers Resolution number 194/2003 of December 30th)	230.250.000

Dividend Policy

According to the Company Bylaws, the profits of the fiscal year, established in accordance with the law, shall be applied:

• five per cent for the constitution, reinforcement and as applicable, the restoration of the legal reserve, up to the legal limit, and
• the remainder will be distributed in accordance with the General Meeting resolution, by simple majority of the votes corresponding to the capital stock.

» Dividends Table