Northern Region Economy grows and the economic performance of Porto is one of the most important factors of that growth

In the first quarter of 2017, employment was the highest it
has been in the last eight years, settling at 70, 1%. Additional indicators
such as exports indicate economic growth, with the Metropolitan Area of Porto playing
a crucial role and having had a considerable underlying dynamic.

The information that entered the quarterly report "NORTE
Conjuncture" by CCDR-N, underlines the importance of Porto on regional and
national economic developments.

As stated in the report, during the period in question the
number of employees paying compulsory social security contributions residing in
the North region increased 3.4% compared to the same period of 2016, where "the
Porto Metropolitan area ensured an effective contribution, which alone
accounted for almost half of the observed aggregate productivity growth in the
entire Region".

Likewise, the Metropolitan Area "accounts for nearly half of"
the registered unemployment rate decline, which was up to 201 thousand
individuals, in the first quarter of 2017, 14,9%, less than in the same quarter
last year.

These data reiterate the positive momentum that Porto is
experiencing, characterized by attracting new investment and thus creating
employment.