In May 2005, the PSI-20 Share Index fell 1.1%, compared with the previous month, reaching 7,524.04 points. The annual volatility registered a reduction in comparison to the previous month, staying below the average registered in the corresponding period of 2004.

The total turnover in Spot Secondary Markets was € 19,617.9 million, representing an increase of 47.8% compared to the previous month, explained by the positive behaviour of the Regulated Markets (39.1%), in particular, the Special Public Debt Market (45.1%), Non-Regulated Markets (5%) and Off-market (117.8%). In Regulated Markets, one should note the significant increase in turnover of bonds which is explained by the reduced value which is presented. The remaining sectors of the Regulated Markets increased with the exception of Convertibles (-51.3%).

The global market capitalization clearly showed an increase of 1.8% compared to April 2005, registering a substantial increase in the sectors of Regulated Markets, with the exception of Equity Certificates (-30.2%) and Certificates (-17.9%) . In the Non-Regulated Markets the market capitalization increased by 17.3%, prompted by the Warrants sector (21.7%).

As regards the Futures Market, the value traded in futures contracts registered, in April, a decrease of 28.4%, resulting from the reduction in volume of futures contract on the PSI-20 Index and shares.

In the UCITS and Special Investment Funds¹ industry, the value under management decreased (-0.1%) regardless of the increase in the number of active funds (+2). With regard to Real Estate Investment Funds¹ industry, the Net Asset Value of Funds registered a monthly growth of 2.3%, followed by an increase in the number of active funds (+2).

Lisbon, 1 June 2005

¹ Data refers to April 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.

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 2005-06-15 . 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.