1. FIT FOR
A NEW ERA Monday 19 May 2014 – British Embassy
HOW TO ACCESS INTERNATIONAL CAPITAL
THROUGH LONDON’S PUBLIC MARKETS
- An investment bank’s perspective -
Damián Rubianes
Head of Capital Markets Spain

2. 1. How to access international capital: an
investment bank’s perspective
2. Case study: Telefónica
3. Case study: Mota-Engil Africa
Table of contents
FIT FOR
A NEW ERA

3. 3
Table of contents
1. How to access international capital: an
investment bank’s perspective
2. Case study: Telefónica
3. Case study: Mota-Engil Africa
FIT FOR
A NEW ERA

4. Banco Espírito Santo / Espírito Santo Investment Bank
International presence: Where we are
Mumbai
Macao
Hong Kong
ShanghaiTripoli
Algiers
Cape Verde
Lisbon
Dublin
London
Warsaw
Lausanne
Paris
Milan
Cologne
MadridToronto New
York
Newark
Miami
Nassau
Caracas
Rio de Janeiro
Sao Paulo
Maputo
Johannesburg
Luanda
Where we list our clients’ securities
4
NY London Hong Kong
Europe LatAm India Africa
Hubs
Local
Platforms
Equity securities
Debt securities

5. Which market? (i/iii)
5
Standard factors to consider when choosing a financial market to list a security
Issuer’s characteristics
Regulatory requirements
• Nationality
• Geographic footprint
• Local market development/characteristics
• Information required/Operating history
• Size (Market cap, income, revenue, profits, working
capital, etc.)
• Accounting standards
• Financial reporting requirements
• Flexibility/Time line
• Regulatory environment
• Corporate governance
• Working capital
• Free float
• Lock-up
• Listing and annual fees

6. Which market? (ii/iii)
6
International Indexes
FX Rates
Nov-13
BPS
S
0.70
0.75
0.80
0.85
0.90
0.95
1.00
1.10
1.20
1.30
1.40
1.50
1.60
Jan-10 Dec-11 Nov-13
€/£ €/$
€/$: 1.38€ €/£: 0.84€
1,000
1,200
1,400
1,600
1,800
2,000
v-13
d
SD/bbl.
60
75
90
105
120
135
150
165
180
195
Jan-10 Dec-11 Nov-13
S&P 500: 1,806 BPS DJ Ind. Avg.: 16,000 BPS
NASDAQ: 4,063 BPS NIKKEI 225: 15,611 BPS
HK Hang Seng: 23,744 BPS BOVESPA: 51,043 BPS
BPS
Markets momentum Liquidity
(Eur m) 1W 1M YTD 2013 (Eur m) 1W 1M YTD 2013 (Eur m)
Avg. Vol. 461 401 427 370 Avg. Vol. 578 501 547 479 Avg. Vo
Change -3% 4% 3% 21% Change -3% 4% 3% 23% Change
IB EX 3 5 IN D EX SPA IN M A M A D R ID IN D EX FTSE 10 0
(Eur m) 1W 1M YTD 2013 (Eur m) 1W 1M YTD 2013 (Eur m)
Avg. Vol. 581 555 590 556 Avg. Vol. 776 699 658 708 Avg. Vo
Change -1% -1% -1% 30% Change -2% 4% 1% 18% Change
Ibex 35 Bolsa de Madrid
S&P 500 Euro Stoxx 50
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Shares (m) BPS
0
500
1,000
1,500
2,000
2,500
3,000
Jan-10
S
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
0
500
1,000
1,500
2,000
2,500
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Millions
Shares (m) BPS
0
500
1,000
1,500
2,000
2,500
3,000
3,500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Millions
Shares (m) BPS
0
200
400
600
800
1,000
1,200
1,400
0
500
1,000
1,500
2,000
2,500
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Shares (m) BPS
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Jan-1
(Eur m) 1W 1M YTD 2013 (Eur m) 1W 1M YTD 2013 (Eur m) 1W 1M YTD 2013
Avg. Vol. 461 401 427 370 Avg. Vol. 578 501 547 479 Avg. Vol. 823 862 817 663
Change -3% 4% 3% 21% Change -3% 4% 3% 23% Change 0% 1% -3% 14%
IB EX 3 5 IN D EX SPA IN M A M A D R ID IN D EX FTSE 10 0 IN D EX
(Eur m) 1W 1M YTD 2013 (Eur m) 1W 1M YTD 2013 (Eur m) 1W 1M YTD 2013
Avg. Vol. 581 555 590 556 Avg. Vol. 776 699 658 708 Avg. Vol. 6,061 6,133 5,859 5,934
Change -1% -1% -1% 30% Change -2% 4% 1% 18% Change -1% 0% -1% 24%
Ibex 35 Bolsa de Madrid FTSE 100
S&P 500 Euro Stoxx 50 MSCI World
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Shares (m) BPS
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
0
500
1,000
1,500
2,000
2,500
3,000
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Shares (m) BPS
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
0
500
1,000
1,500
2,000
2,500
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Millions
Shares (m) BPS
0
500
1,000
1,500
2,000
2,500
3,000
3,500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Millions
Shares (m) BPS
0
200
400
600
800
1,000
1,200
1,400
0
500
1,000
1,500
2,000
2,500
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Shares (m) BPS
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Shares (m) BPS
An investment bank’s perspective
International
indexes
Stocks
liquidity
Midswap IRS rate curve Credit Default Swap Index
Sovereign Debt Yields - 10 yrs BondsSovereign Spread over Bund
US MS
1yr
0.27
US MS
3yr
0.70
US MS
5yr
1.53
US MS
7yr
2.22
US MS
10yr
2.85
US MS
20yr
3.58
US MS
30yr
3.73
EUR MS
1yr
0.40
EUR MS
3yr
0.67
EUR MS
5yr
1.15
EUR MS
7yr
1.58
EUR MS
10yr
2.07
EUR MS
20yr
2.66
EUR MS
30yr
2.68
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
1yr 5yr 9yr 13yr 17yr 21yr 25yr 29yr
%%
0
150
300
450
600
750
900
1,050
Jan-10 Dec-11 Nov-13
iTraxx EUROPE (IG): 78 BPS
iTraxx HIVOL (Non-Finl): 118 BPS
iTraxx XOVER (HY): 317 BPS
BPS
0
100
200
300
400
500
600
700
J
MacroMarket volatility Risk aversion
Spanish Indexes European Indexes International Indexes
Volatility Indexes Commodities Prices FX Rates
0%
10%
20%
30%
40%
50%
60%
Jan-11 Jan-12 Jan-13 Jan-14
VIX (CBOE Volatility): 16.70%
VSTOXX (DJ EuroStoxx Volatility): 18.50%
%
40
60
80
100
120
140
160
Jan-11 Jan-12 Jan-13 Jan-14
IBEX 35: 10,188 BPS
IBEX Small Cap: 6,268 BPS
IBEX Medium Cap: 14,386 BPS
BPS
40
55
70
85
100
115
130
145
Jan-11 Jan-12 Jan-13 Jan-14
EuroStoxx 50: 3,089 BPS FTSE 100: 6,584 BPS
DAX: 9,339 BPS CAC 40: 4,385 BPS
PSI 20: 7,311 BPS
BPS
0.70
0.72
0.74
0.76
0.78
0.80
0.82
0.84
0.86
0.88
0.90
0.92
1.00
1.10
1.20
1.30
1.40
1.50
1.60
Jan-11 Jan-12 Jan-13 Jan-14
€/£ €/$
€/$: 1.38€ €/£: 0.83€
0
20
40
60
80
100
120
140
1,000
1,200
1,400
1,600
1,800
2,000
Jan-11 Jan-12 Jan-13 Jan-14
Gold
Gold: 1,326 USD/t oz. Brent Crude Oil: 109 USD/bbl.
Brent Crude
60
75
90
105
120
135
150
165
180
Jan-11 Jan-12 Jan-13 Jan-14
S&P 500: 1,829 BPS DJ Ind. Avg.: 16,126 BPS
NASDAQ: 4,012 BPS NIKKEI 225: 13,910 BPS
HK Hang Seng: 23,039 BPS BOVESPA: 51,428 BPS
BPS
Midswap IRS rate curve Markit iTraxx Europe Financial Sector 5YrCredit Default Swap Index
Sovereign Risk - 5 yrs CDSSovereign Debt Yields - 10 yrs BondsSovereign Spread over Bund
0
1
2
3
4
5
6
7
8
9
Jan-11 Jan-12 Jan-13 Jan-14
Germany: 1.5% United Kingdom: 2.6%
Spain: 3.1% France: 2.0%
Italy: 2.6%
%
0
100
200
300
400
500
600
700
Jan-11 Jan-12 Jan-13 Jan-14
Spain: #N/A N/A BPS
United Kingdom: #N/A N/A BPS
Germany: #N/A N/A BPS
BPS
US MS
1yr
0.26
US MS
3yr
0.92
US MS
5yr
1.70
US MS
7yr
2.24
US MS
10yr
2.74
US MS
20yr
3.34
US MS
30yr
3.45
EUR MS
1yr
0.41
EUR MS
3yr
0.58
EUR MS
5yr
0.93
EUR MS
7yr
1.30
EUR MS
10yr
1.75
EUR MS
20yr
2.37
EUR MS
30yr
2.44
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
1yr 5yr 9yr 13yr 17yr 21yr 25yr 29yr
%%
0
150
300
450
600
750
900
1,050
Jan-11 Jan-12 Jan-13 Jan-14
iTraxx EUROPE (IG): 72 BPS
iTraxx HIVOL (Non-Finl): 140 BPS
iTraxx XOVER (HY): 283 BPS
BPS
0
100
200
300
400
500
600
700
Jan-11 Jan-12 Jan-13 Jan-14
iTraxx Financial Snr. : 81 BPS
iTraxx Financial Sub.: 121 BPS
Finan. BPS Sovg. BPS
0
100
200
300
400
500
600
700
Jan-11 Jan-12 Jan-13 Jan-14
Spain: 161.2 BPS United Kingdom: 111.1 BPS
Italy: 164.7 BPS France: 48.8 BPS
BPS
Vix
Vstoxx
Soverane
spread
yields
iTraxx
indexes
Indexes
volumes
Volume
Data: Bloomberg; Analysis: Espírito Santo Investment Bank, Capital Markets

7. Which market? (iii/iii)
7
Investors
IndexesTraders/Brokers
ResearchPeers
Associated Costs
An investment bank’s perspective

8. London’s capital markets
8
• One of the world’s largest financial markets
• The world’s most international exchange
• LSE gives investors access to companies from
almost every sector and size
• LSE gives companies access to a deep pool of
international capital
• High standards give investors confidence and
increase companies profile
• Broad scope of financial and trading services
offering
• Broad range of securities
Espírito Santo Investment Bank is a Broker on the Main Market of
the London Stock Exchange, an approved Nominated Adviser
(NOMAD) and a Broker on AIM.

9. 9
Table of contents
1. How to access international capital: an
investment bank’s perspective
2. Case study: Telefónica
3. Case study: Mota-Engil Africa
FIT FOR
A NEW ERA

10. Telefónica’s business and capital markets profile
Spain
23%
Europe
24%
LatAm
51%
Other
2%
Equity
Securities
48%
Debt
Securities
38%
Other
Financial
Liabilities
15%
LONDON
54%
NEW YORK
24%
FRANKFURT
6%
AIAF
1%
RoW
15%
EUR
51%
USD
31%
GBP
10%
Other FX
7%
Geographical footprint Revenues breakdown
Financing capital breakdown Debt breakdown by Market and FX
10
Source: Company information, 2013

11. Telefónica’s credit and capital markets approach
Financial policy
Balanced approach to the credit markets Alternating capital markets access
• Organic growth
• M&A opportunities
• Short term needs
• Shareholder remuneration
• Solvency
• Flexibility
• Liquidity
• Debt maturity profile
Centered in cash-flow allocation: Limited and balanced by:
• Syndicated loans
• Bilateral loans
• Acquisition loans
• Undrawn credit lines
Banks support:
• €uro
• U$D
• £ Pound
Major currencies:
11
Source: Company information, 2013

12. Equity Securities Primary Exchange Other Exchanges
Debt Securities Primary Exchange Other Exchanges
Bonds
Commercial paper
Telefónica’s financial markets approach
12
Source: Company information, 2013

13. 13
Table of contents
1. How to access international capital: an
investment bank’s perspective
2. Case study: Telefónica
3. Case study: Mota-Engil Africa
FIT FOR
A NEW ERA

14. Significant amount of African companies listed in LSE’s different markets
Overview of the business Mota-Engil Africa
• Mota-Engil Africa BV is a spin off with all African
business of parent company
• It is headquartered in Holland
• Revenues over EUR 1bn in 2013
• Mota-Engil plans to list a minority stake of its
subsidiary on the London Stock Exchange
• Civil construction and public works activities in
South Africa, Angola, Cape Verde, Malawi,
Mauritius, Mozambique, Zimbabwe and S. Tomé
and Príncipe
• Actively pursuing new market opportunities in
Uganda, Kenya, Tanzania, Rwanda, Cameroon
and Namibia
• Mota-Engil is a listed Portuguese construction
company
• Revenues of EUR 2.3bn in 2013
• International revenues stand at 74% of total
• Africa and America saw 35% growth in revenue
14
Source: Company information, 2013

15. Significant number of African companies trading on LSE
Number of African companies listed in LSE Some African peers listed in LSE
• Some 20 African companies
with equity listings on the
Main Premium Market
• Some 10 African companies
listed on the Main Standard
Market
• Some 70 African companies
quoted on AIM
15
Source: LSE, 2013

16. Why we recommended a listing on LSE
Key aspects Transaction rationale
• LSE is more reflective of M-E Africa’s international operations in
10+ countries and the company’s diversified revenue streams
• Majority of M-E Africa’s potential shareholders are international
• Avoid jeopardizing with parent company
Listing location reflective of
M-E Africa international profile
Unlocking M-E Africa
future potential
Improve liquidity and access
to capital markets
16
• LSE is largest and most liquid equity market in Europe
• LSE has largest number of international listed companies
• Most comprehensive set of listed African companies provides
valuation benchmark for M-E Africa
• Transaction improves the M-E Africa’s access to the
international equity and debt capital markets
• LSE listing increases flexibility in raising new funds at
competitive terms to support future growth
• LSE will provide better liquidity on the stock due to enhanced
investor and analysts’ following
• Potential inclusion in indexes may attract significant amount of
passive tracking demand

17. Disclaimer
This presentation has been written by Banco Espírito Santo de Investimento, S.A. Sucursal en España (“Espírito Santo Investment Bank”) exclusively for the conference/seminar named on the
cover page. The presentation is proprietary to Espírito Santo Investment Bank and may not be disclosed to or referred to by any third party or distributed, reproduced or used for any other
purpose without the prior written consent of Espírito Santo Investment Bank. Espírito Santo Investment Bank is not and shall not be obliged to update or correct any information set out in
this presentation or to provide any additional information. It does not constitute an offer or invitation for the sale, purchase, exchange or transfer of any securities or any recommendation to
enter into the Transaction, and is not intended to form the basis of any investment decision.
The content of this presentation reflects prevailing conditions and our views as at this date. It represents our initial views and we reserve the right (but shall not be obliged) to revise, update
or replace. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public
sources or which was otherwise reviewed by us.
We accept no responsibility or liability for (and no representation, warranty or assurance of any kind, express or implied, is or will be made as to or in relation to) the accuracy or
completeness of such information. In addition, our analyses are not and do not purport to be an appraisal assets or businesses of any company. In addition, this presentation and our analyses
set out herein are not and do not purport to be an appraisal or valuation of any of the securities, assets, stock or business of any company.
For any queries regarding this presentation, please contact:
DAMIÁN RUBIANES
Executive Director, Head of Capital Markets Spain: drubianes@espiritosantoib.es; +34914005437
Bio:
• Damián Rubianes is Head of Equity Capital Markets and Debt Capital Markets at Espírito Santo Investment Bank since 2010. Before, he was Director of Corporate Finance & Capital
Markets at BNP Paribas. Previously, he worked as a senior consultant at Ernst & Young and as a financial analyst at JP Morgan.
• He is MBA Cum Laude by IE Business School (Madrid), CEFA/CIIA Foundation certified by EFFAS and has a certification in Fixed Income by IEB (Madrid). He holds a degree in Economics and
Business Administration by Universidad Complutense de Madrid and the University of Westminster (London), as well as a degree in Humanities (Hons) by Universitat Oberta de Catalunya
(Barcelona).
• He is currently an Associate Professor in the financial area at IE Business School and CIFF (Universidad de Alcalá).

18. SAO PAULO
Av. Brigadeiro Faria Lima
3279 - 6º Andar
Itaim Bibi, CEP 04538-905
Sao Paulo
Brazil
T +55 11 3074 7444
F +55 11 3074 7462
MUMBAI
1203ª, fl. 12ª, Tower 2A
One Indiabulls Center
Elphinstone Road
Mumbai 400 013
India
T +91 22 2570 1152
F +91 22 2570 1154
HONG KONG
15th fl. St. John's Building
33 Garden Road
Central Hong Kong (SAR)
T +852 3181 4000
T US Toll-free +1 866 485
3932
LONDON
10 Paternoster Square
London
EC4M 7AL
United Kingdom
T +44 20 7456 9191
F +44 20 7456 9189
LISBON
Edifício Quartzo (Sede)
Rua Alexandre Herculano 38
1269 -161 Lisboa
Portugal
T +351 213 196 900
F +351 213 309 500
EDINBURGH
76 George Street
Edinburgh
EH2 3BU
United Kingdom
T +44 131 225 9677
F +44 131 225 5831
DUBLIN
4th fl. Spencer House 71-73
Talbot Street
Dublin 1
Ireland
T +353 1856 0699
F +353 1813 4366
MADRID
Calle Serrano 88
28006 Madrid
Spain
T +34 914 005 000
F +34 914 352 283
WARSAW
59th Zlota Street,
floor V 00-120
Warsaw
Poland
T +48 223 474 000
F +48 223 476 098
NEW YORK
340 Madison Avenue,12th fl.
New York
NY-10173
United States of America
T +1 212 351 6000
F +1 212 351 6099