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Issuer: The Republic of Portugal...........>

PORTUGAL
PORTUGAL: Issuer: The Republic of Portugal
Ratings: Baa3 / BBB / BBB (pos/pos/pos)
Format: Reg S Category 1, (144a eligible for QIBs), CAC
Size: EUR 4bn
Maturity: 18 October 2030 (Long 10yr)
Settle: 15 January 2020 (T+5)
Coupon: Fixed, Annual (short first to 18-Oct-2020)
Spread: MS + 33bps
Listing: MTS, BrokerTec, BGC-eSpeed & Euronext Lisbon
Law: Portuguese; Denoms: EUR0.01
Docs: Standalone, no contractual events of default, no tax gross up
Bookrunners: CITI / DB / GSIB / HSBC / JPM (B&D) / NOVO BANCO
Timing: Books over EUR 24 bn (including EUR 2.25 bn JLM interest)
Books to close at 10:30 LDN / 11:30 CET, today's business
Target Market: Retail / Professional clients/ Eligible Counterparties (all
distribution channels)

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