In August 2005 the PSI-20 Share Index increased by 2.9%, reaching 7,817.99 points. The annual volatility increased compared to July 2005, but the accumulated value since the beginning of the year is staying below the average registered in the corresponding period of 2004.

The total turnover in Spot Secondary Markets was €10,768.3 million, representing a reduction of 20% compared to the previous month. This negative trend is explained by the negative behaviour of the Special Public Debt Market (-15%) and Off-Market (-64.3%). In contrast the volume of trade in the Non-Regulated Markets increased by 39.4%.

The global market capitalization decreased by 0.6% compared to July 2005, particularly in the Non-Regulated Markets (-8.1%). In the Regulated Markets, the increase of market capitalization in the sectors of Convertibles (4%) and Bonds (1.8%), as well as the decline in the sectors of Warrants (-6.4%) and Shares (-1.6%) is to be noted.

As regards the Futures Market, the value traded in futures contracts fell, in August, by 25.1%, in comparison with the previous month, prompted by a strong reduction in volume of futures contracts on the PSI-20 Index.

In the UCITS and Special Investment Funds¹ industry, the value under management remained practically unchanged (+0.1%) but the number of funds (+4 compared with June 2005) continued to increase. The average amount of the value under management fell from €111 million, in June 2005, to €109.3 million in July. With regard to the Real Estate Investment Funds¹ industry, the Net Asset Value of Funds registered a monthly growth of 2.2%, and the number of active funds (+2) increased.

Lisbon, 1 September 2005

¹ Data refers to July 2005.

PSI-20 Index

Table 1 –PSI-20 Index (Values and variation)

	Aug 2005	Jul 2005	Aug 2004	Dec 2004	monthly Δ	yearly Δ	in the year Δ
PSI-20 (closing price)	7.818,0	7.595,8	7.113,7	7.600,2	2,9%	9,9%	2,9%

Table 2 –PSI-20 Index (Volatility)

PSI-20	Monthly Values			Accumulated Values
	Aug 2005	Jul 2005	Aug 2004	Jan-Aug 2005	Jan-Aug 2004
Volatility (1)	7,03%	6,52%	7,48%	8,21%	11,66%
Maximum(Date)	7.817,99 (31-Ago)	7.598,84 (28-Jul)	7.161,65 (02-Ago)	8.088,63 (08-Fev)	7.952,52 (08-Mar)
Minimum(Date)	7.587,79 (01-Ago)	7.442,64 (15-Jul)	6.987,79 (13-Ago)	7.398,43 (08-Jun)	6.786,51 (07-Jan)
Price Range % (2)	3,03%	2,10%	2,49%	9,33%	17,18%

Legend:
(1) Annually adjusted volatility = standard deviation of daily returns x v 250
(2) Price Range % = (Maximum-Minimum) / Minimum. Maximum and Minimum refer to closing prices.

Table 3 –PSI-20 Portfolio(month end)

Shares	Aug 2005	Jul 2005	Aug 2004	monthly Δ	yearly Δ
BCP....NPR	19,827%	19,757%	18,344%	0,07 p.p	1,413 p.p
E.D.P.NOM.	18,692%	18,569%	15,710%	0,123 p.p	2,859 p.p
TELECOM-N.	17,959%	18,898%	20,121%	-0,939 p.p	-1,223 p.p
BES.NPR	8,805%	8,762%	10,722%	0,043 p.p	-1,961 p.p
BRISA-PRIV	8,296%	7,860%	8,653%	0,436 p.p	-0,793 p.p
BANCO BPI	7,406%	7,209%	7,296%	0,196 p.p	-0,086 p.p
SONAE SGPS	5,674%	5,381%	4,571%	0,292 p.p	0,811 p.p
CIMPORSGPS	3,452%	3,508%	3,357%	-0,056 p.p	0,151 p.p
PTMULT.NOM	2,726%	2,960%	3,699%	-0,233 p.p	-0,739 p.p
J.MARTINS	1,657%	1,753%	1,487%	-0,095 p.p	0,266 p.p
MOTAENGIL	1,417%	1,388%	-	0,029 p.p	1,388 p.p
MEDCAPITAL	1,350%	1,268%	0,895%	0,082 p.p	0,373 p.p
SEMAPA.NOM	0,637%	0,646%	0,601%	-0,009 p.p	0,046 p.p
SONAECOM	0,518%	0,524%	0,601%	-0,005 p.p	-0,078 p.p
IMPRESA	0,488%	0,517%	0,660%	-0,029 p.p	-0,143 p.p
COFINA	0,343%	0,344%	0,514%	-0,002 p.p	-0,17 p.p
PARAREDE	0,315%	0,272%	0,271%	0,043 p.p	0,001 p.p
ALTRI	0,202%	0,143%	-	0,059 p.p	0,143 p.p
C.AMORIM	0,177%	0,180%	0,210%	-0,004 p.p	-0,03 p.p
REDITUS	0,060%	0,062%	-	-0,002 p.p	0,062 p.p
PORTUCEL.N	-	-	1,391%	0 p.p	-1,391 p.p
T.DUARTE	-	-	0,636%	0 p.p	-0,636 p.p
GESCARTAO	-	-	0,26%	0 p.p	-

- Spot Market: Turnover and market capitalization

Table 4 – Turnover in the Spot Secondary Market (Monthly Values)

Unit: 10^6 Euro

	Aug 2005	Jul 2005	Aug 2004	monthly Δ	yearly Δ
Regulated Markets	9.725,0	10.836,3	9.543,1	-10,3%	1,9%
Stock Exchange Markets	2.475,0	2.311,3	1.368,1	7,1%	80,9%
Ordinary Sessions	2.475,0	2.293,3	1.351,8	7,9%	83,1%
Bonds	11,4	8,6	76,1	32,8%	-85,0%
Shares	2.428,4	2.240,3	1.212,9	8,4%	100,2%
Participation Bonds	0,3	0,2	0,2	49,0%	70,4%
Investment Trust Units	0,2	0,1	0,7	21,5%	-75,3%
Rights	-	0,0	-	-	-
Warrants	23,9	33,2	56,7	-28,2%	-57,9%
Certificates	3,0	0,8	0,4	261,0%	701,8%
Convertibles	7,9	10,0	4,9	-21,4%	61,0%
Extraordinary Sessions	-	18,0	16,2	-	-
Special Public Debt Market	7.250,0	8.525,0	8.175,0	-15,0%	-11,3%
Treasury Bond	5.900,0	7.835,0	7.055,0	-24,7%	-16,4%
Treasury Bills	1.350,0	690,0	1.120,0	95,7%	20,5%
Non-Regulated Markets	144,1	103,4	1,7	39,4%	8385,8%
Unlisted Market (Euronext Lisbon)	0,1	0,1	1,5	16,3%	-90,0%
Shares	0,1	0,1	1,5	21,1%	-90,4%
Other securities	0,0	0,0	-	-40,0%	-
EasyNextLisbon (Euronext Lisbon) (1)	132,6	91,7	0,0	44,6%	-
Warrants	131,5	89,2	-	47,5%	-
Certificates	1,1	2,6	-	-56,8%	-
P EX (2)	11,3	11,5	0,2	-1,6%	5202,3%
Off-Market (3)	899,3	2.516,6	560,3	-64,3%	60,5%
TOTAL	10.768,3	13.456,3	10.105,1	-20,0%	6,6%

Legend:
(1) EasyNext Lisbon was created in October 2004
(3) PEX was created in September 2003.
(4) Figures are provisional and are taken from the Dathis database, referring only to listed Securities. Data refer to turnover.

Table 5 – Turnover in the Spot Secondary Market (Accumulated Values)

	Jan-Aug 2005	Jan-Aug 2004	yearly Δ
Regulated Markets	108.806,0	107.056,2	1,6%
Stock Exchange Markets	19.968,5	20.391,2	-2,1%
Ordinary Sessions	19.950,5	20.344,5	-1,9%
Bonds	437,7	517,2	-15,4%
Shares	19.244,8	18.946,7	1,6%
Participation Bonds	2,7	1,1	144,3%
Investment Trust Units	2,6	6,1	-56,9%
Rights	0,0	8,7	-99,7%
Warrants	165,9	747,3	-77,8%
Certificates	21,3	47,5	-55,2%
Convertibles	75,5	69,9	8,0%
Extraordinary Sessions	18,0	46,7	-61,5%
Special Public Debt Market	88.837,5	86.665,0	2,5%
Treasury Bond	80.277,5	77.445,0	3,7%
Treasury Bills	8.560,0	9.220,0	-7,2%
Non-Regulated Markets	726,6	11,9	5996,9%
Unlisted Market (Euronext Lisbon)	8,5	11,5	-26,0%
Shares	8,4	11,5	-27,1%
Other securities	0,1	-	-
EasyNextLisbon (Euronext Lisbon) (1)	654,1	0,0	-
Warrants	622,9	-	-
Certificates	31,3	-	-
PEX (2)	64,0	0,5	13728,6%
Off-Market (3)	16.094,7	12.720,4	26,5%
TOTAL	125.627,3	119.788,5	4,9%

Legend:
(1) Structured Market was created in October 2004.
(2) PEX was created in September 2003.
(3) Figures are provisional and are taken from the Dathis database, referring only to listed Securities. Data refer to turnover.

Table 6 – Extraordinary Sessions

There were no Extraordinary Sessions this month.

Table 7 – Market Capitalization (Euronext Lisbon)

Unit: 10^6 Euro

Market Segment	Aug 2005	Jul 2005	Aug 2004	Dec 2004	monthly Δ	yearly Δ	in the year Δ
Regulated Markets	174.170,1	175.174,8	140.050,8	169.126,8	-0,6%	24,4%	3,0%
Bonds	53.256,6	52.322,6	50.890,4	53.689,3	1,8%	4,6%	-0,8%
Shares	118.867,0	120.781,9	85.916,3	112.724,4	-1,6%	38,4%	5,4%
Participation Bonds	82,0	82,0	102,3	122,5	0,0%	-19,8%	-33,1%
Investment Trust Units	146,1	146,1	339,2	243,9	0,0%	-56,9%	-40,1%
Rights	0,0	0,0	0,0	0,0	-	-	-
Warrants	741,8	792,6	1.712,0	1.258,0	-6,4%	-56,7%	-41,0%
Certificates	348,6	349,7	386,6	413,8	-0,3%	-9,8%	-15,7%
Convertibles	728,0	700,0	704,1	674,8	4,0%	3,4%	7,9%
Non-Regulated Markets	773,3	841,8	3.962,8	909,3	-8,1%	-80,5%	-15,0%
Shares	232,3	240,2	3.962,8	539,4	-3,3%	-94,1%	-56,9%
Warrants	490,2	550,4	0,0	369,9	-10,9%	-	32,5%
Certificates	0,0	0,0	0,0	0,0	-	-	-
Other securities	50,8	51,2	0,0	0,0	-0,8%	-	-
TOTAL	174.943,5	176.016,6	144.013,6	170.036,1	-0,6%	21,5%	2,9%

- Forward Market

Table 8 – Turnover in the Forward Market (Monthly)

Unit: 10^6 Euro

	Aug 2005	Jul 2005	Aug 2004	monthly Δ	yearly Δ
Futures PSI-20	1,6	9,4	13,4	-83,0%	-88,1%
Futures on Shares	6,9	2,0	6,7	246,0%	3,0%
Total Futures (1)	8,5	11,4	20,1	-25,1%	-57,7%
Options PSI-20	-	-	-	-	-
Options on Shares	-	-	-	-	-
Total Options	-	-	-	-	-

Legend: (1) Amounts determined based on the business price

Table 9 – Turnover in the Forward Market (Accumulated)

Unit: 10^6 Euro

	Jan-Aug 2005	Jan-Aug 2004	yearly Δ
Futures PSI-20	247,2	578,6	-57,3%
Futures on Shares	61,6	128,3	-52,0%
Total Futures (1)	308,8	706,9	-56,3%
Options PSI-20	-	-	-
Options on Shares	-	-	-
Total Options	-	-	-

Legend: (1) Amounts determined based on the business price

- Asset Management: CIS and Property Investment Funds

Table 10 –Asset Management (Data refers to the previous month)

	31-07-2005	30-06-2005	31-07-2004	31-12-2004	monthly Δ	yearly Δ	in the year Δ
CIS
No. of Funds	238	234	224	224	4	14	14
Net Asset Value (10^6 Euro)	26.013,9	25.985,2	23.342,0	24.415,1	0,1%	11,4%	6,5%
Property Investment Funds
No. of Funds	73	71	60	65	2	13	8
Net Asset Value (10^6 Euro)	7.689,2	7.520,1	6.652,9	7.050,7	2,2%	15,6%	15,6%

Legend: CIS (Colective Investment Schemes) = Colective Investment Undertakings in Transferable Securities and Special Investment Funds.

¹ The data contained herein is from Dathis, Euronext Lisbon, MTS-Portugal, OPEX and the CMVM (CIS and Property Investment Funds). The information refers to 2005-09-01 . The monthly variation ( Δ monthly) refers to the comparison between the month being analysed and the previous month, annual variation ( Δ annual) the month being analysed and the homologous one, and in the year variation ( Δ in the year) variation value at the end of the current month and the end of the previous year.