In February 2005, the PSI-20 Share Index reached 7.896,74 points, which translates into an increase of 3,5% compared with the same period last year and a decrease of 1,5% compared to the previous month. The annual volatility fell by 1, 1%, compared to the first month of the year, keeping below the average level registered in the corresponding period.

The total turnover in secondary markets was € 11.765,3 million, 30, 2% less than in January 2005. The Regulated Markets and Stock Markets clearly showed a decrease in turnover (-2, 3%), penalized by the following sectors: Investment Units (-31, 4%), Warrants (-20, 8%), Equity Certificates (-4, 1%) and Shares (-2, 9%). The Special Public Debt Market declined by 35, 4% compared to January of the current year. The growth in volume of Certificates (161, 7%) in the EasyNext Lisbon market was a highlight in the Non-Regulated Markets.

The global market capitalization registered a positive monthly variation of 2%, confirming the growth in general of the sectors in Regulated Markets, with the exception of Warrants (-5, 2%) and Investment Units (-0, 9%). Whereas in the Non-Regulated Markets, the market capitalization fell 3,8% due to the decline in the sector of Warrants (-7,5%).

As regards the Futures Market, the value traded in futures contracts registered, in February, a decrease of 50, 6% compared to the previous month, notwithstanding the increase (18, 8%) in trades of futures on the PSI-20 Index.

In the UCITS and Special Investment Funds industry (data refers to January 2005), the values under management decreased by 0, 3% notwithstanding that the number of active funds increased (+1). With regard to Real Estate Investment Funds industry (data refers to January 2005) a new fund was established, increasing the total number of funds to 66 and the Net Asset Value of Funds registered a monthly growth of approximately 0, 4%.

PSI-20 Index

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

	Feb 2005	Jan 2005	Feb 2004	Dec 2004	monthlyΔ	yearly Δ	in the year Δ
PSI-20 (closing price)	7.896,7	8.016,9	7.630,5	7.600,2	-1,5%	3,5%	3,9%

Table 2 –PSI-20 Index (Volatility)

PSI-20	Monthly Values			Accumulated Values
	Feb 2005	Jan 2005	Feb 2004	Jan-Feb 2005	Jan-Feb 2004
Volatility (1)	7,29%	8,43%	12,48%	8,23%	11,82%
Maximum(Date)	8.088,63 (08-Feb)	8.016,90 (31-Jan)	7.671,01 (25-Feb)	8.088,63 (08-Feb)	7.671,01 (25-Feb)
Minimum(Date)	7.851,20 (23-Feb)	7.604,73 (03-Jan)	7.023,71 (02-Feb)	7.604,73 (03-Jan)	6.786,51 (07-Jan)
Price Range % (2)	3,02%	5,42%	9,22%	6,36%	13,03%

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	Feb 2005	Jan 2005	Feb 2004	monthly Δ	yearly Δ
TELECOM-N.	19,599%	19,984%	20,268%	-0,385 p.p	-0,285 p.p
BCP....NPR	19,494%	19,277%	20,332%	0,217 p.p	-1,055 p.p
E.D.P.NOM.	18,404%	18,524%	14,690%	-0,12 p.p	3,834 p.p
BES.NPR	9,149%	8,837%	10,600%	0,312 p.p	-1,763 p.p
BRISA-PRIV	8,207%	8,631%	7,810%	-0,423 p.p	0,82 p.p
BANCO BPI	6,747%	6,683%	7,601%	0,064 p.p	-0,918 p.p
SONAE SGPS	5,355%	5,226%	4,920%	0,129 p.p	0,306 p.p
PTMULT.NOM	3,523%	3,508%	3,601%	0,015 p.p	-0,093 p.p
CIMPORSGPS	3,316%	3,212%	4,787%	0,105 p.p	-1,576 p.p
J.MARTINS	1,556%	1,463%	1,155%	0,093 p.p	0,308 p.p
MEDCAPITAL	1,070%	1,002%	-	0,069 p.p	1,002 p.p
IMPRESA	0,805%	0,830%	0,676%	-0,025 p.p	0,154 p.p
SONAECOM	0,679%	0,695%	0,562%	-0,016 p.p	0,133 p.p
SEMAPA.NOM	0,650%	0,626%	0,569%	0,024 p.p	0,057 p.p
COFINA	0,413%	0,515%	0,391%	-0,102 p.p	0,124 p.p
PARAREDE	0,340%	0,310%	0,155%	0,031 p.p	0,155 p.p
GESCARTAO	0,247%	0,231%	0,158%	0,016 p.p	0,073 p.p
NOVABASE	0,196%	0,194%	0,258%	0,002 p.p	-0,064 p.p
C.AMORIM	0,180%	0,180%	0,307%	0 p.p	-0,128 p.p
REDITUS	0,070%	0,074%	-	-0,004 p.p	0,074 p.p
PORTUCEL.N	-	-	0,975%	0 p.p	-0,975 p.p
SAG GEST	-	-	0,183%	0 p.p	-0,183 p.p
TOTAL	100,00%	100,00%	100,00%	-	-

- Spot Market: Turnover and market capitalization

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

Unit: 10^6 Euro

	Feb 2005	Jan 2005	Feb 2004	monthly Δ	yearly Δ
Regulated Markets	10.366,5	14.811,2	13.648,7	-30,0%	-24,0%
Stock Exchange Markets	2.346,5	2.401,2	2.716,2	-2,3%	-13,6%
Ordinary Sessions	2.346,5	2.401,2	2.716,2	-2,3%	-13,6%
Bonds	27,4	15,7	25,5	74,4%	7,3%
Shares	2.283,2	2.350,6	2.562,4	-2,9%	-10,9%
Participation Bonds	0,6	0,6	0,1	-4,1%	341,4%
Investment Trust Units	0,3	0,4	0,7	-31,4%	-62,6%
Rights	-	-	-	-	-
Warrants	18,3	23,1	117,1	-20,8%	-84,3%
Certificates	2,2	1,5	4,5	41,5%	-51,6%
Convertibles	14,5	9,1	5,9	58,9%	145,6%
Extraordinary Sessions	-	-	-	-	-
Special Public Debt Market	8.020,0	12.410,0	10.932,5	-35,4%	-26,6%
Treasury Bond	7.230,0	10.800,0	9.532,5	-33,1%	-24,2%
Treasury Bills	790,0	1.610,0	1.400,0	-50,9%	-43,6%
Non-Regulated Markets	54,3	67,9	0,1	-20,1%	46957,5%
Unlisted Market (Euronext Lisbon)	0,1	0,7	0,1	-87,0%	-7,9%
Shares	0,1	0,7	0,1	-87,0%	-7,9%
Other securities	-	0,0	-	-	-
EasyNextLisbon (Euronext Lisbon) (1)	52,9	65,5	0,0	-19,2%	-
Warrants	41,9	61,3	-	-31,7%	-
Certificates	11,1	4,2	-	161,7%	-
P EX (2)	1,2	1,7	0,0	-26,4%	10028,8%
Off-Market (3)	1.344,6	1.985,6	1.225,4	-32,3%	9,7%
TOTAL	11.765,3	16.864,7	14.874,3	-30,2%	-20,9%

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-Feb 2005	Jan-Feb 2004	yearly Δ
Regulated Markets	25.177,7	32.795,6	-23,2%
Stock Exchange Markets	4.747,7	4.920,6	-3,5%
Ordinary Sessions	4.747,7	4.920,6	-3,5%
Bonds	43,0	50,3	-14,4%
Shares	4.633,8	4.545,4	1,9%
Participation Bonds	1,3	0,4	245,4%
Investment Trust Units	0,7	1,5	-53,9%
Rights	-	-	-
Warrants	41,5	291,6	-85,8%
Certificates	3,7	5,4	-32,0%
Convertibles	23,7	26,1	-9,4%
Extraordinary Sessions	-	-	-
Special Public Debt Market	20.430,0	27.875,0	-26,7%
Treasury Bond	18.030,0	25.585,0	-29,5%
Treasury Bills	2.400,0	2.290,0	4,8%
Non-Regulated Markets	122,2	0,2	62330,5%
Unlisted Market (Euronext Lisbon)	0,8	0,2	407,2%
Shares	0,8	0,2	406,8%
Other securities	0,0	-	-
EasyNextLisbon (Euronext Lisbon) (1)	118,4	0,0	-
Warrants	103,1	-	-
Certificates	15,3	-	-
P EX (2)	2,9	0,0	8790,0%
Off-Market (3)	3.330,2	2.800,3	18,9%
TOTAL	28.630,0	35.596,1	-19,6%

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	Feb 2005	Jan 2005	Feb 2004	Dec 2004	monthly Δ	yearly Δ	in the year Δ
Regulated Markets	175.705,0	172.257,9	166.137,1	169.126,8	2,0%	5,8%	3,9%
Bonds	56.825,5	55.081,0	64.967,0	53.689,3	3,2%	-12,5%	5,8%
Shares	116.278,6	114.548,2	96.770,1	112.724,4	1,5%	20,2%	3,2%
Participation Bonds	123,3	123,2	98,2	122,5	0,1%	25,5%	0,6%
Investment Trust Units	242,3	244,6	385,0	243,9	-0,9%	-37,1%	-0,7%
Rights	0,0	0,0	0,0	0,0	-	-	-
Warrants	1.077,6	1.136,9	2.791,2	1.258,0	-5,2%	-61,4%	-14,3%
Certificates	422,6	412,9	407,4	413,8	2,4%	3,7%	2,1%
Convertibles	735,0	711,2	718,1	674,8	3,3%	2,4%	8,9%
Non-Regulated Markets	545,4	567,2	165,5	909,3	-3,8%	229,5%	-40,0%
Shares	176,1	170,8	165,5	539,4	3,1%	6,4%	-67,3%
Warrants	340,2	367,9	0,0	369,9	-7,5%	-	-8,0%
Certificates	0,0	0,0	0,0	0,0	-	-	-
Other securities	29,1	28,4	0,0	0,0	0,02409	-	-
TOTAL	176.250,4	172.825,1	166.302,7	170.036,1	2,0%	6,0%	3,7%

- Forward Market

Table 8 – Turnover in the Forward Market (Monthly)

Unit: 10^6 Euro

	Feb 2005	Jan 2005	Feb 2004	monthly Δ	yearly Δ
Futures PSI-20	12,0	10,1	126,0	18,8%	-90,5%
Futures on Shares	6,2	26,7	25,8	-76,8%	-75,9%
Total Futures (1)	18,2	36,8	151,8	-50,6%	-88,0%
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-Feb 2005	Jan-Feb 2004	yearly Δ
Futures PSI-20	22,1	232,2	-90,5%
Futures on Shares	32,9	48,4	-31,9%
Total Futures (1)	55,0	280,5	-80,4%
Options PSI-20	-	-	-
Options on Shares	-	-	-
Total Options	-	-	-

- Asset Management: CIS and Property Investment Funds

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

	31-01-2005	31-12-2004	31-01-2004	monthly Δ	yearly Δ
CIS
No. of Funds	225	224	215	1	10
Net Asset Value (10^6 Euro)	24.329,7	24.415,1	22.892,8	-0,3%	6,3%
Property Investment Funds
No. of Funds	66	65	51	1	15
Net Asset Value (10^6 Euro)	7.081,9	7.050,5	5.850,4	0,4%	21,0%

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

¹The data contained herein is from Dathis, Euronext Lisbon, MTS-Portugal, OPEX and the CMVM (CIS and Property Investment Funds). The information refers to 2005-03-04 . 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.