The full version of the following announcement is available in pdf format)

In accordance with the terms of number 1 of article 17 of the Portuguese Securities Code, we here by disclose that Banco BPI, S.A. (“Banco BPI”) has notified us of the following:

1. On January 29, 2008, Banco BPI directly held 17,301,943 shares corresponding to 2.086% of Galp Energia, SGPS, S.A. (“Galp Energia”) share capital and voting rights.

2. In the same day Banco BPI sold, in the stock exchange, 1,375,000 shares corresponding to Galp Energia share capital.

3. As a result of that sale Banco BPI, S.A. directly holds, as of that date, 15,926,943 shares corresponding to 1.921% of Galp Energia share capital and voting rights, ceasing the ownership of a direct qualified shareholding in Galp Energia.

4. Therefore, after the above mentioned sale, the qualified shareholding attributable to Banco BPI, calculated in accordance with article 20 of the Portuguese Securities Code and the percentage of voting rights, remains above the 2.00% (3.995%) level.