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 two months, 20 tons of its gold reserves were sold, with settlement date in December. Similarly to the previous operations, the objective of these sales was to continue the diversification of the external reserves. The realized gains will be kept in the existing special reserve of Banco de Portugal. The sales were carried out in the context of the “Central Bank Gold Agreement” of 27 September 2004.

Lisboa, 17 December 2004