In June 2005, the PSI-20 Share Index fell again in comparison to the previous month (-0.2%), reaching 7,510.58 points. The annual volatility registered an increase compared to May 2005, staying below the average registered in the corresponding period of 2004.

The total turnover in Spot Secondary Markets was €19,778 million, representing an increase of 0.6% compared to the previous month. The negative behaviour of the Non-Regulated Markets (-3.3%) and Off-Market (-50.6%) was compensated by the increase in the volume of trade in the Regulated Markets (11%), in particular, the Special Public Debt Market (12.7%). In Regulated Markets, the increase in the sector of Shares (15.6%) and the significant drop in the Bonds sector (-95.2%) is noteworthy.

The global market capitalization increased 4.5% compared to May 2005, notwithstanding the decline in the Non-Regulated Markets (-10.9%). In the Regulated Markets, the increase of market capitalization in the sectors of Bonds (11%) and Shares (1.9%), as well as the decline in the sectors of Investment Units (-39%) and Warrants (-21.6%) is remarkable.

As regards the Futures Market, the value traded in futures contracts increased, in June, by 744.2%, prompted by the volume of futures contract on the PSI-20 Index.

In the UCITS and Special Investment Funds¹ industry, the value under management (1.7%) and the number of funds (+2) increased in comparison to April 2005. With regard to Real Estate Investment Funds¹ industry, the Net Asset Value of Funds registered a monthly growth of 0.6%, with the number of active funds (+2) remaining unchanged.

Lisbon, 1 July 2005

¹ Data refers to May 2005.

PSI-20 Index

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

	Jun 2005	May 2005	Jun 2004	Dec 2004	monthly Δ	yearly Δ	in the year Δ
PSI-20 (closing price)	7.510,6	7.524,0	7.387,3	7.600,2	-0,2%	1,7%	-1,2%

Table 2 –PSI-20 Index (Volatility)

PSI-20	Monthly Values			Accumulated Values
	Jun 2005	May 2005	Jun 2004	Jan-Jun 2005	Jan-Jun 2004
Volatility (1)	10,48%	8,12%	7,69%	8,65%	12,35%
Maximum(Date)	7.619,17 (01-Jun)	7.791,05 (23-May)	7.394,04 (28-Jun)	8.088,63 (08-Feb)	7.952,52 (08-Mar)
Minimum(Date)	7.398,43 (08-Jun)	7.524,04 (31-May)	7.190,05 (01-Jun)	7.398,43 (08-Jun)	6.786,51 (07-Jan)
Price Range % (2)	2,98%	3,55%	2,84%	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	Jun 2005	May 2005	Jun 2004	monthly Δ	yearly Δ
BCP....NPR	20,603%	20,384%	19,816%	0,219 p.p	0,568 p.p
E.D.P.NOM.	18,221%	18,024%	15,269%	0,197 p.p	2,755 p.p
TELECOM-N.	17,626%	18,637%	20,402%	-1,012 p.p	-1,765 p.p
BES.NPR	9,230%	9,118%	10,469%	0,111 p.p	-1,351 p.p
BRISA-PRIV	8,338%	8,122%	8,172%	0,215 p.p	-0,05 p.p
BANCO BPI	7,142%	6,953%	7,297%	0,19 p.p	-0,344 p.p
SONAE SGPS	5,442%	5,674%	4,609%	-0,232 p.p	1,065 p.p
CIMPORSGPS	3,721%	3,484%	4,643%	0,237 p.p	-1,159 p.p
PTMULT.NOM	3,204%	3,123%	3,614%	0,081 p.p	-0,491 p.p
J.MARTINS	1,780%	1,703%	1,482%	0,077 p.p	0,22 p.p
MEDCAPITAL	1,329%	1,273%	-	0,057 p.p	1,273 p.p
IMPRESA	0,788%	0,826%	0,642%	-0,038 p.p	0,184 p.p
SEMAPA.NOM	0,655%	0,649%	0,583%	0,006 p.p	0,066 p.p
SONAECOM	0,547%	0,590%	0,577%	-0,043 p.p	0,012 p.p
COFINA	0,354%	0,369%	0,398%	-0,015 p.p	-0,029 p.p
PARAREDE	0,315%	0,368%	0,219%	-0,054 p.p	0,15 p.p
GESCARTAO	0,259%	0,250%	0,186%	0,009 p.p	0,064 p.p
NOVABASE	0,195%	0,201%	0,203%	-0,007 p.p	-0,001 p.p
C.AMORIM	0,183%	0,181%	0,306%	0,002 p.p	-0,126 p.p
REDITUS	0,069%	0,071%	-	-0,002 p.p	0,071 p.p
PORTUCEL.N	-	-	0,966%	0 p.p	-0,966 p.p
SAG GEST	-	-	0,146%	0 p.p	-0,146 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

	Jun 2005	May 2005	Jun 2004	monthly Δ	yearly Δ
Regulated Markets	18.048,4	16.256,2	15.260,5	11,0%	18,3%
Stock Exchange Markets	2.878,4	2.796,2	2.025,5	2,9%	42,1%
Ordinary Sessions	2.878,4	2.796,2	2.025,5	2,9%	42,1%
Bonds	14,7	303,6	89,2	-95,2%	-83,5%
Shares	2.840,9	2.457,9	1.865,6	15,6%	52,3%
Participation Bonds	0,1	0,3	0,1	-76,8%	-9,5%
Investment Trust Units	0,4	0,5	0,9	-19,7%	-60,3%
Rights	0,0	0,0	7,5	999,2%	-99,7%
Warrants	14,4	19,5	57,9	-26,3%	-75,1%
Certificates	0,6	9,3	0,4	-93,6%	62,1%
Convertibles	7,4	5,1	3,8	44,6%	93,6%
Extraordinary Sessions	-	-	-	-	-
Special Public Debt Market	15.170,0	13.460,0	13.235,0	12,7%	14,6%
Treasury Bond	13.930,0	12.840,0	12.235,0	8,5%	13,9%
Treasury Bills	1.240,0	620,0	1.000,0	100,0%	24,0%
Non-Regulated Markets	89,0	92,0	0,1	-3,3%	142274,8%
Unlisted Market (Euronext Lisbon)	0,2	7,0	0,1	-96,6%	294,5%
Shares	0,2	6,9	0,1	-97,0%	243,8%
Other securities	0,0	0,1	-	-60,0%	-
EasyNextLisbon (Euronext Lisbon) (1)	79,2	71,4	-	10,9%	-
Warrants	77,3	70,4	-	9,8%	-
Certificates	1,9	1,0	-	85,0%	-
PEX (2)	9,6	13,6	0,0	-29,6%	310177,4%
Off-Market (3)	1.640,6	3.318,0	1.322,4	-50,6%	24,1%
TOTAL	19.778,0	19.666,2	16.582,9	0,6%	19,3%

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-Jun 2005	Jan-Jun 2004	yearly Δ
Regulated Markets	88.244,6	84.752,8	4,1%
Stock Exchange Markets	15.182,1	17.190,3	-11,7%
Ordinary Sessions	15.182,1	17.159,8	-11,5%
Bonds	417,7	407,9	2,4%
Shares	14.575,8	16.014,1	-9,0%
Participation Bonds	2,2	0,8	175,6%
Investment Trust Units	2,3	4,7	-50,8%
Rights	0,0	8,7	-99,7%
Warrants	108,8	625,5	-82,6%
Certificates	17,5	41,9	-58,2%
Convertibles	57,7	56,1	2,7%
Extraordinary Sessions	-	30,5	-
Special Public Debt Market	73.062,5	67.562,5	8,1%
Treasury Bond	66.542,5	60.832,5	9,4%
Treasury Bills	6.520,0	6.730,0	-3,1%
Non-Regulated Markets	479,1	0,6	84030,1%
Unlisted Market (Euronext Lisbon)	8,2	0,5	1660,1%
Shares	8,1	0,5	1637,3%
Other securities	0,1	-	-
EasyNextLisbon (Euronext Lisbon) (1)	429,8	-	-
Warrants	402,2	-	-
Certificates	27,5	-	-
PEX (2)	41,1	0,1	39650,8%
Off-Market (3)	12.705,0	11.195,9	13,5%
TOTAL	101.428,7	95.949,3	5,7%

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	Jun 2005	May 2005	Jun 2004	Dec 2004	monthly Δ	yearly Δ	in the year Δ
Regulated Markets	175.818,4	168.089,6	156.811,4	169.126,8	4,6%	12,1%	4,0%
Bonds	58.251,4	52.470,4	60.602,5	53.689,3	11,0%	-3,9%	8,5%
Shares	115.755,0	113.546,7	93.296,3	112.724,4	1,9%	24,1%	2,7%
Participation Bonds	80,5	85,2	98,2	122,5	-5,5%	-18,1%	-34,3%
Investment Trust Units	152,8	250,7	343,3	243,9	-39,0%	-55,5%	-37,4%
Rights	0,0	5,6	0,0	0,0	-100,0%	-	-
Warrants	527,9	673,5	1.328,7	1.258,0	-21,6%	-60,3%	-58,0%
Certificates	336,8	333,8	401,9	413,8	0,9%	-16,2%	-18,6%
Convertibles	714,0	723,8	740,5	674,8	-1,4%	-3,6%	5,8%
Non-Regulated Markets	728,8	817,6	183,5	909,3	-10,9%	297,2%	-19,8%
Shares	272,2	269,0	183,5	539,4	1,2%	48,4%	-49,5%
Warrants	406,7	500,1	0,0	369,9	-18,7%	-	9,9%
Certificates	0,0	0,0	0,0	0,0	-	-	-
Other securities	49,9	48,5	0,0	0,0	2,9%	-	-
TOTAL	176.547,2	168.907,2	156.994,8	170.036,1	4,5%	12,5%	3,8%

- Forward Market

Table 8 – Turnover in the Forward Market (Monthly)

Unit: 10^6 Euro

	Jun 2005	May 2005	Jun 2004	monthly Δ	yearly Δ
Futures PSI-20	93,3	6,7	137,0	1287,9%	-31,9%
Futures on Shares	2,9	4,7	15,5	-38,3%	-81,4%
Total Futures (1)	96,2	11,4	152,5	744,2%	-36,9%
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-Jun 2005	Jan-Jun 2004	yearly Δ
Futures PSI-20	236,2	528,7	-55,3%
Futures on Shares	52,7	114,9	-54,2%
Total Futures (1)	288,9	643,7	-55,1%
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)

	31-05-2005	30-04-2005	31-05-2004	31-12-2004	monthly Δ	yearly Δ	in the year Δ
CIS
No. of Funds	232	230	222	224	2	10	8
Net Asset Value (10^6 Euro)	25.666,6	25.247,9	23.343,4	24.415,1	1,7%	10,0%	5,1%
Property Investment Funds
No. of Funds	68	68	54	65	0	14	3
Net Asset Value (10^6 Euro)	7.434,7	7.390,5	6.117,8	7.050,7	0,6%	21,5%	21,5%

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 2005-07-05 . 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.