Communiqué of the Banco de Portugal on operation carried out in the context of the “Central Bank Gold Agreement”

Banco de Portugal informs that, in the last few months, 35 tons of its gold reserves were sold, with settlement in May. Similarly to the operations of 2003, the objective of these sales was to continue the diversification of the external reserves. The realized gains will be added to the existing special reserve of Banco de Portugal. The sales were carried out in the context of the “Central Bank Gold Agreement” of 26 September 1999.

Lisboa, 13 May 2004