The PSI-20 Share Index gained 1.8% in January, reaching 8,769.79 points. The volatility of said index was up year over year, despite the drop in January 2006.

In January, turnover rose 13% year over year, with the growth of MEDIP (+6%) and Stock Markets (+89.1%) standing out, particularly the Share sector (+85.9%). In January 2006, the turnover reached €19,089.9 million, boosted by the performance of the Regulated Markets (+19.7%) and Non-Regulated Markets (+173.3%). Particularly relevant in the Regulated Markets was the increase in monthly turnover in Shares (+46%) and Government Bonds (+24%) as well as the trading of Rights (€144.5 million).

Market capitalisation reached €197,175.3 million, an increase of 14.1% compared to the corresponding month. Regarding December 2005, an increase of 10.9% was registered, explained by an increase in the market capitalisation of the Regulated Markets (+10.7%), particularly in the Share sector (+14.2%) and Non-Regulated Markets (+38.9%).

The value traded in the futures market fell, particularly in the Contracts sector on the PSI-20 Index.

In the Undertakings for Collective Investment in Transferable Securities and Special Investment Fund industry¹, the amount under management increased 2.7%. The net asset value of funds was up 1.9% in the Real Estate Fund industry¹, and the number of active funds also rose (+5) in the same period.

¹ Data refers to December 2005.

Lisbon, 1 February 2006

PSI-20 Index

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

	Jan 2006	Dec 2005	Jan 2005	monthly Δ	yearly Δ
PSI-20 (closing price)	8.769,8	8.618,7	8.016,9	1,8%	9,4%

Table 2 –PSI-20 Index (Volatility)

PSI-20	Monthly Values
	Jan 2006	Dec 2005	Jan 2005
Volatility (1)	8,99%	9,55%	8,43%
Maximum(Date)	8.966,25 (11-Jan)	8.618,67 (30-Dez)	8.016,90 (31-Jan)
Minimum(Date)	8.602,04 (02-Jan)	8.145,20 (01-Dez)	7.604,73 (03-Jan)
Price Range % (2)	4,23%	5,81%	5,42%

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

Table 3 –PSI-20 Portfolio(month end)

Shares	Jan 2006	Dec 2005	Jan 2005	monthly Δ	yearly Δ
BCP....NPR	20,501%	19,361%	19,277%	1,14 p.p	0,084 p.p
E.D.P.NOM.	19,891%	20,535%	18,524%	-0,644 p.p	2,011 p.p
TELECOM-N.	18,943%	18,219%	19,984%	0,724 p.p	-1,764 p.p
BES.NPR	7,635%	8,326%	8,837%	-0,691 p.p	-0,511 p.p
BANCO BPI	7,441%	7,483%	6,683%	-0,042 p.p	0,801 p.p
BRISA-PRIV	7,340%	7,865%	8,631%	-0,525 p.p	-0,766 p.p
CIMPORSGPS	4,626%	3,188%	3,212%	1,438 p.p	-0,023 p.p
SONAE SGPS	4,476%	4,816%	5,226%	-0,341 p.p	-0,41 p.p
PTMULT.NOM	2,839%	3,043%	3,508%	-0,203 p.p	-0,465 p.p
J.MARTINS	1,562%	1,631%	1,463%	-0,069 p.p	0,168 p.p
MOTAENGIL	1,409%	1,357%	-	0,052 p.p	1,357 p.p
SEMAPA.NOM	0,836%	0,822%	0,626%	0,014 p.p	0,196 p.p
IMPRESA	0,600%	0,429%	0,830%	0,171 p.p	-0,402 p.p
SONAECOM	0,469%	0,528%	0,695%	-0,059 p.p	-0,167 p.p
MEDCAPITAL	0,383%	1,237%	1,002%	-0,854 p.p	0,235 p.p
COFINA	0,296%	0,316%	0,515%	-0,02 p.p	-0,199 p.p
ALTRI	0,282%	0,318%	-	-0,036 p.p	0,318 p.p
PARAREDE	0,250%	0,269%	0,310%	-0,019 p.p	-0,041 p.p
NOVABASE	0,171%	-	0,194%	0,171 p.p	-0,194 p.p
REDITUS	0,052%	0,055%	0,074%	-0,004 p.p	-0,019 p.p
C.AMORIM	-	0,201%	0,180%	-0,201 p.p	0,021 p.p
GESCARTAO	-	-	0,231%	0 p.p	-0,231 p.p
TOTAL	100%	100%	100%	-	-

- Spot Market: Turnover and market capitalization

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

Unit: 10^6 Euro

	Jan 2006	Dec 2005	Jan 2005	monthly Δ	yearly Δ
Regulated Markets	17.691,8	14.775,1	14.811,4	19,7%	19,4%
Stock Exchange Markets	4.541,8	3.460,1	2.401,4	31,3%	89,1%
Ordinary Sessions	4.541,8	3.062,9	2.401,4	48,3%	89,1%
Bonds	7,8	29,4	15,7	-73,4%	-50,1%
Shares	4.369,9	2.993,4	2.350,8	46,0%	85,9%
Participation Bonds	0,8	3,3	0,6	-74,3%	29,4%
Investment Trust Units	0,02	0,003	0,4	816,1%	-94,1%
Rights	144,5	-	-	-	-
Warrants	15,5	2,1	23,1	624,9%	-33,2%
Certificates	3,2	1,2	1,5	154,6%	108,1%
Convertibles	-	33,4	9,1	-	-
Extraordinary Sessions	0,02	397,2	-	-99,99%	-
Special Public Debt Market	13.150,0	11.315,0	12.410,0	16,2%	6,0%
Treasury Bonds	11.860,0	9.565,0	10.800,0	24,0%	9,8%
Treasury Bills	1.290,0	1.750,0	1.610,0	-26,3%	-19,9%
Non-Regulated Markets	206,8	75,7	67,9	173,3%	204,5%
Unlisted Market (Euronext Lisbon)	0,2	1,1	0,7	-82,0%	-72,3%
Shares	0,2	0,1	0,7	56,1%	-76,7%
Other securities	0,0	1,0	0,0	-96,9%	4348,0%
EasyNextLisbon (Euronext Lisbon) (1)	194,8	66,6	65,5	192,4%	197,4%
Warrants	193,4	65,2	61,3	196,7%	215,6%
Certificates	1,4	1,5	4,2	-2,0%	-66,2%
PEX (2)	11,8	7,9	1,7	49,5%	601,8%
Off-Market (3)	1.191,3	1.271,6	2.008,1	-6,3%	-40,7%
TOTAL	19.089,9	16.122,4	16.887,4	18,4%	13,0%

Legend:
(1) EasyNext Lisbon 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 refers to turnover.

Table 5 – Extraordinary Sessions

Date	Target Company	Offeror	Type	Securities	Value
20-01-2006	Sociedade de Industrialização de Produtos Agrícolas - Sopragol SA	Cirio de Rica S.p.A.	OPA	Acções	0,02

Table 6 – Market Capitalization (Euronext Lisbon)

Unit: 10^6 Euro

Market Segment	Jan 2006	Dec 2005	Jan 2005	monthly Δ	yearly Δ
Regulated Markets	195.860,8	176.914,0	172.257,9	10,7%	13,7%
Bonds	43.603,9	43.596,3	55.081,0	0,0%	-20,8%
Shares	151.536,8	132.711,3	114.548,2	14,2%	32,3%
Participation Bonds	57,8	57,7	123,2	0,2%	-53,1%
Investment Trust Units	48,0	48,1	244,6	-0,2%	-80,4%
Rights	0,0	0,0	0,0	-	-
Warrants	259,0	157,8	1.136,9	64,2%	-77,2%
Certificates	355,3	342,8	412,9	3,7%	-13,9%
Convertibles	0,0	0,0	711,2	-	-100,0%
Non-Regulated Markets	1.314,5	946,4	567,2	38,9%	131,8%
Shares	257,0	235,4	170,8	9,2%	50,4%
Warrants	891,5	585,2	367,9	52,3%	142,3%
Certificates	0,0	0,0	0,0	-	-
Other securities	166,1	125,8	28,4	32,0%	4,848169
TOTAL	197.175,3	177.860,4	172.825,1	10,9%	14,1%

- Forward Market

Table 7 – Turnover in the Forward Market (Monthly)

Unit: 10^6 Euro

	Jan 2006	Dec 2005	Jan 2005	monthly Δ	yearly Δ
Futures PSI-20	27,6	140,4	10,1	-80,3%	174,1%
Futures on Shares	8,3	25,5	26,7	-67,6%	-69,1%
Total Futures (1)	35,9	165,9	36,8	-78,4%	-2,5%
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 8 –Asset Management (Data refers to the previous month)

	31-12-2005	30-11-2005	31-12-2004	31-12-2004	monthly Δ	yearly Δ	in the year Δ
CIS
No. of Funds	242	238	224	224	4	18	18
Net Asset Value (10^6 Euro)	28.290,1	27.543,4	24.415,2	24.415,2	2,7%	15,9%	15,9%
Property Investment Funds
No. of Funds	82	77	68	68	5	14	14
Net Asset Value (10^6 Euro)	8.164,5	8.013,2	7.494,9	7.494,9	1,9%	8,9%	8,9%

Legend: CIS (Collective Investment Schemes) = Collective 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 2006-02-02 . 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.