In March 2005, the PSI-20 Share Index fell 1,4%, compared with the previous month, reaching 7.786,61 points. The annual volatility decreased in comparison to the previous month, staying below the average registered in the corresponding period.

The total turnover in Secondary Markets was € 19.544,2 million, representing a growth of 66% compared to the previous month, prompted by Regulated Markets (64,7%), Non-Regulated Markets (56,4%) and Off-Market (75,9%). In Regulated Markets, the increase in turnover on the Special Public Debt Market (83,6%) should be noted. The Stock Markets did not reflect any substantial changes as the increase of volume in Bonds (60,6%), Investment Units (70,2%) and Certificates (3,3%) was counterbalanced by the decrease suffered in Shares (-0,5%) Investment Units (-51,3%) Warrants (-6,7%) and Convertibles (-24,4%).

In the Non-Regulated Markets, the increase in the volume of Warrants on the EasyNext Lisbon market (86,1%) clearly stood out.

The global market capitalization clearly showed a reduction of 4% compared to February 2005, registering a substantial decrease in the sectors of Regulated Markets, with the exception of Investment Units (0,2%). In the Non-Regulated Markets, the market capitalization decreased 13,7%, due to the decline suffered in the Warrants sector.

As regards the Futures Market, the value traded in futures contracts registered, in March, a growth of 507,2%, prompted by the futures trades on the PSI-20 Index.

In the UCITS and Special Investment Funds industry,⁽¹⁾ the value under management increased 1,2 % compared to the previous month, although the number of active funds did not change. With regard to Real Estate Investment Funds industry,⁽¹⁾ there were 66 active funds and the Net Asset Value of Funds registered a monthly growth of approximately 0,7%.

Lisbon , 1 April 2005.

⁽¹⁾ Data refers to February 2005.

PSI-20 Index

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

Table 2 –PSI-20 Index (Volatility)

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)

- Spot Market: Turnover and market capitalization

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

Unit: 10^6 Euro

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)

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

- Forward Market

Table 8 – Turnover in the Forward Market (Monthly)

Unit: 10^6 Euro

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

Table 9 – Turnover in the Forward Market (Accumulated)

Unit: 10^6 Euro

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)

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 2005-05-03 . 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.