relatorio e contas 2006 (ingles) - lusitania · encouraging human qualities and individual...

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Annual Report 2 0 0 6L U S I T A N I A C O M P A N H I A D E S E G U R O S S A

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L U S I T A N I A C O M P A N H I A D E S E G U R O S S AAnnual Report 2 0 0 6

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CONTENTS

INTRODUCTION 5

MANAGEMENT REPORT

MAIN BUSINESS INDICATORS 6

LUSITANIA'S STRATEGY 7

CORPORATE GOVERNANCE 7

RISK MANAGEMENT AND INTERNAL CONTROL SYSTEMS 9

COMMUNICATION 9

INTELLECTUAL CAPITAL 10

INVESTMENT STRUCTURE 10

SHAREHOLDER STRUCTURE 11

PARTNERSHIPS 11

CLIENTS 13

INNOVATION AND PROJECT MANAGEMENT 13

MAIN EVENTS OF THE YEAR 14

COMMUNITY SUPPORT 15

SUPPORT FOR SPORT AND CULTURE 15

ECONOMIC AND FINANCIAL BACKGROUND 16

LUSITANIA'S PERFORMANCE 18

SOLVENCY 20

RESULTS AND PROFITS 21

PROPOSED DISTRIBUTION OF PROFITS 21

NET WORTH 21

ATTACHMENTS TO THE BOARD OF DIRECTORS' REPORT 25

FINANCIAL STATEMENTS

BALANCE SHEET AS AT 31 DECEMBER 2006 29

PROFIT AND LOSS STATEMENT 2006 FINANCIAL YEAR 31

ATTACHMENTS TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2006 33

PROPERTY OWNED BY THE COMPANY AS AT 31 DECEMBER 2006 53

INVENTORY OF THE LUSITANIA COLLECTION 54

RATIFICATIONS

REPORT AND OPINION OF THE BOARD OF AUDITORS 65

ANNUAL REPORT ON AUDITING DONE BY THE REGISTERED AUDITOR 66

LEGAL RATIFICATION OF ACCOUNTS 67

AUDIT REPORT 69

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INTRODUCTION

Pursuant to legislation and the articles of association

we hereby submit for your approval the report and

accounts for the twenty first financial year of

LUSITANIA, Companhia de Seguros, S.A., ending at

31 December 2006.

Continuing the main thrust of the strategy applied over

recent years and approved by our Shareholders,

emphasis is laid on guidelines used in 2006 that will

lead the company to being increasingly available and

accessible to all those it deals with, always observing

principles of greater transparency.

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PRINCIPAL BUSINESS INDICATORS

Principal Business Indicators

2002 2003 2004 2005 2006Gross premiums earned 107.300 123.068 122.023 129.725 147.350Market share (non-life) 2,8% 3,0% 2,9% 3,0% 3,4%Growth rate of premiums 33,8% 14,7% -0,8% 6,3% 13,6%Claims index 64,3% 62,3% 58,5% 57,8% 77,2%Commissions Rate 13,4% 13,1% 13,2% 14,0% 14,0%Expense ratio 29,7% 28,8% 29,6% 30,6% 29,3%Combined ratio 93,9% 91,1% 88,2% 88,4% 106,2%Combined net ratio 79,0% 80,0% 82,1% 80,1% 83,4%Net result 2.021 1.796 2.563 2.911 2.342Investment 121.446 132.869 142.499 164.736 192.307

N° of employees 302 317 330 331 348Premiums per employee 355 388 370 392 423Policies per employee 1.105 1.134 1.135 1.254 1.432GVA per employee 83 75 82 94 95

Profits from sales 1,9% 1,5% 2,1% 2,2% 1,6%Cash & Reserves 27.032 29.243 31.677 33.351 34.795Profits from cash & reserves 7,5% 6,1% 8,1% 8,7% 6,7%

Costs Type/ Policy 52,29 53,59 53,42 51,99 44,99Personnel costs/Policy 28,33 28,69 29,45 29,42 23,91FSE / Policy 15,94 16,42 16,02 14,98 12,89

Solvency margin cover 1,5 1,4 1,5 1,4 1,4

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LUSITANIA'S STRATEGY

MissionProviding security with a difference

VisionLusitania is a Portuguese insurance company, and topursue its purpose is part of the Montepio Group.The Company aims to achieve high levels of profitand solvency through flexible, motivatedorganisation, high efficiency and quality built onhumanistic values and solid partnerships.

Code of ethicsProviding security with a difference:

Providing solid, stable protection for personsand goods.

Part of the biggest financial group, mutual inorigin.

Sustaining higher profit and solvency levels;Safe-guarding the interests of shareholders, staff,policy holders and third parties as a whole.

Defending moral and human values above all,With solid partnerships, namely with thecompanies of the group, brokers, reinsurersand suppliers.

With flexible organisation able to adaptconstantly to challenges proposed.Asking of its staff a team spirit and dedication,as well as continuous professional development,and constantly high levels of motivation andefficiency.

Providing high quality services.Trading on the market in a spirit of loyalty,cooperation and healthy competition, to meetcompetition, but always promoting ourdistinctions.

The standing working principles in Lusitania are to:

Maintain a high standard of efficiency in allservices, to provide higher profits, adequatereturns on capital invested in the company,while maintaining economic and financial solidity.

Promote an adequate policy for applyingresources that the company manages, balancingimmediate income with added value over themedium and long term.

Set up adequate reserve funds to meetresponsibilities assumed.

Increase the company's market share bearingin mind the objectives fixed by the Group.Prepare strategic and operational plans thatdefine clearly and unequivocally the objectivesto be achieved at any given moment.

Constant improvement for all staff byencouraging human qualities and individuallearning, bearing in mind that this is thecompany's greatest asset.

Maintain an attitude of on-going innovation andcorporate drive with a view to creating newmethods and products and to perfecting existingones, aiming at better consumer awarenessrooted in healthy selective High quality ofservice provided to policy holders and thirdparties.Strict observance of legislation, regulations andinstructions in force.

Objectives and strategiesThe approach defined for the three-year period2006-2008 aligns with the objectives defined forthe Montepio Group. This entails continuing withobjectives already adopted that aim to increaseprofits, productivity levels and improve efficiencyindicators.To this end, the Bank-insurance Channel wasreinforced with the promotion of an integrated offerof financial products and services, withoutoverlooking the good management of the otherdistribution channels.At the same time, priority was given to improvingmanagement processes and systems, promotingquality of service and adopting systems to new legaland regulatory requirements with regard to betterpractices for corporate governance.The strategic guidelines listed below aim to meetand quantify the following objectives:

Achieve a pre-tax profit rate of 14% forshareholders in 4 years.

Technical profitability of 3,5%.

Claims rate lower than 60%.

Expense Ratio of approximately 30%.

Increase market share by 0,2%.

To achieve these results, several projects have beendefined to develop the company, always geared toinvolving the client in solutions. Special attentionhas also been given to studying the implementingmeasures to help observe the new law on insurancebrokerage.

CORPORATE GOVERNANCE

Several projects were continued in 2006 that arehelping to make the company more efficient and

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stable. Significant progress was made with theanalysis model for balancing assets and liabilitiesand a study was completed on integrated riskmanagement that will make it possible to create anadequate econometric model.At the same time, an analysis was done on risks ofbusiness continuity in the case of unforeseen,catastrophic events, the recommendations of whichwill be put into practice in 2007.Responsibility for internal control lies exclusivelywith the Board of Directors that establishesguidelines periodically. There is now an internalcommittee to monitor this control, composed ofsome of those principally responsible for conductingthe business, and in 2006 the committee metmonthly.

Organisational chart

Corporate Governance

General MeetingDr. Vítor Melícias LopesChairmanEng.º José Joaquim FragosoVice-ChairmanAntónio Ferreira CarvalhoSecretary

Board of Directors

Prof. Dr. José da Silva LopesChairmanDr. José António de Arez RomãoCEO / Board MemberDr. Jorge José Conceição SilvaBoard Member

Board of Auditors

Dr. Vasco Ferreira César das NevesChairmanDr. Luís Bartolomeu Baptista de NagyMemberDr. Fernando Vassalo Namorado RosaMember - Official Registered AuditorDr. Victor Reis Pereira da LuzDeputy Member - Official Registered Auditor

Salaries Board

Dr. Vítor Melícias LopesChairmanDr. Vasco Ferreira César das NevesMemberDr. António de Seixas da Costa LealMember

The death occurred at the start of 2007 of Dr.António de Seixas Costa Leal, former Chairman ofthe Board of Directors of Lusitania. His work andqualities as a person and a manager mark thehistory of the company.

Management and Advisory Bodies

Top ManagementTop level company management is conducted by theExecutive Council that meets weekly and sees tothe implementation of strategies, policies,objectives and guidelines defined by the Board ofDirectors, and it also conducts the managementduties delegated to it by the Board.

Executive Council

Dr. José António de Arez RomãoCEO / Board MemberDr. Jorge José Conceição SilvaBoard MemberMárcio Manuel Ventura FigueiredoSenior Manager

Advisory Councils

With a view to making the management of the

ExecutiveBoard

Board ofDirectors

InformationTechnologies

Corporate RiskManagement

Development& Control

Reinsurance

BankingInsurance

ClientManagement

Marketing

Secretariate

Auditing &ActuarialServices

C. ManagementBusiness

Units

ClaimsManagement

Centre

DistributionCentre

OperationsManagement

ExecutiveBoard

Board ofDirectors

InformationTechnologies

Corporate RiskManagement

Development& Control

Reinsurance

BankingInsurance

ClientManagement

Marketing

Secretariate

Auditing &ActuarialServices

C. ManagementBusiness

Units

ClaimsManagement

Centre

DistributionCentre

OperationsManagement

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company more agile, more receptive to others andever closer to the market, there are several Councilsthat advise Administration.There is an Internal Control Council that meetsmonthly, its aim being to monitor companyperformance and propose to Administrationcorrective measures to help Lusitania achieve itsobjectives.

Internal Control Council

Dr. José António de Arez RomãoCEO / Board MemberDr. Jorge José Conceição SilvaBoard MemberMárcio Manuel Ventura FigueiredoSenior ManagerAntónio Paulo da Silva Gonçalves RaimundoDirector of Business Unit ManagementDra. Ana Isabel Gonzaga de CarvalhoDirector of Claims Management CentreDr. Gonçalo Lopes da Costa Ramos e CostaDirector of OperationsDr. Jorge Rafael Torres Gutierrez de LimaDirector of Distribution ChannelsDr. Nuno Ribeiro Quesada van ZellerDirector of Development and Control

Brokers' CouncilAlong lines similar to those described above, lookingfor closer proximity to the surrounding environmentand making the whole of corporate managementaware of market problems, there is a Brokers'Council, appointed annually, whose members arethe biggest and best agents who have been workingwith Lusitania for many years.This Council meets with Administration once everysix months.

RISK MANAGEMENT AND INTERNALCONTROL SYSTEMS

Risk management is performed using traditionalprocesses, backed up by procedures manualsavailable on the intranet site, and is monitored bythe Actuary responsible, by the internal and externalauditor, as well as by the Internal Control Council.From the start of 2004, new emphasis was laid onthe analysis and development of models forintegrated risk management and adding a consistentdesign to global strategy of the organization and thedecision-making process.Market pressures and strong competition in theinsurance industry, better alignment of the decision-making process, together with an acceptable levelof risk tolerance, the need to maximize the utilityof shareholder capital and a firm intention to focusthe attention of our managers on the future, weredetermining factors in leading the Company torethink its strategy.Facing risk as a challenge rather than a hazard, thecompany has had since January 2005 a specificstructure that corresponds to the expectationsdemanded by Regulation 14/2005-R.Planning for this type of supervisory system that is

both preventative and dynamic, Lusitania prepareda detailed plan of activities in 2005 that served as asupport to the report demanded by the supervisorybody. In it are several projects already underway,such as renewal of the company's governance model,implementation of management models for assetsand liabilities, and integrated risk management.With these projects, Lusitania is preparing to meetthe demands of Solvency II, namely pillars I and II,and has already taken part in preparing the testspromoted by CEIOPS, in collaboration with the ISPand the APS.Apart from this, the opportunity was seized to revi-se the technological recovery plan and a new modelfor the continuity of the business is being developed,the first phase of which has already been completed,as already mentioned.Risk assessment in Lusitania is based on the definitionof the International Association of InsuranceSupervisors. Adopting an integrated view of riskmanagement, the objective is to analyse and controlinterdependence among the different risks, whetherthey are at liabilities level or assets level.Lusitania aims to conclude the subsequent phasesof the corporate risk management model by theend of 2007 in order to guarantee better solutionsfor simulating different development scenarios,carrying on what was established in the activitiesplan.

COMMUNICATION

In 2006 Lusitania developed a coherent, sustainedcommunication process at both internal and externallevels.As part of internal communication the Companymaintained and up-dated regularly the content of itsinternet and intranet sites and publicised generalinformation through its document “Breves Instan-tes”, produced and circulated daily by email to allstaff and Exclusive Agents.Externally, it has been a constant concern of Lusitaniato inform, build up a capital of trust and project acorporative image. To this end the monthlynewsletter highlighting the Company's main eventsis still published by email.The Company also participates regularly in thereview “Em Directo”, the communicationmouthpiece of Montepio, which certainlycontributes to strengthening internal culture andcohesion among staff and the companies in the group.Aware that in trading on a competitive market adistinct corporate and commercial image isnecessary, Lusitania has kept its presence in themedia by sending out press releases on theCompany's relevant results, ensuring publication ofthe same in the leading newspapers and tradejournals.Commercial campaigns were held in the press,aligned with projects for product development, withparticular emphasis on the campaign for the FamilyPlan product, conducted in the first quarter of 2006.This campaign, apart from the commercial aspect,attracted extraordinary funding that went to support

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Acreditar Associação de Pais e Amigos de Criançascom Cancro.6 June marked twenty years of business for Lusitania,celebrated with the inauguration of an exhibitionentitled “Lusitania 20 years. The start of a greatfuture”, which was open to the public until the endof 2006 in the António da Costa Leal Auditorium, atthe company's head office.

INTELLECTUAL CAPITAL

In 2006 the fundamental principles applied in recentyears that underlie human resources managementwere continued with on-going personal andprofessional development for all staff, ensuring thatthe Company's strategy is promoted at all times.On 31 December 2006, Lusitania had a staff of 348,most of them between the ages of 30 and 50, 57%male and 43%female.Around 57% of staff have worked for more than 10years in the insurance business.51% have worked for more than 10 years in theCompany.These figures show that the company's staff are notonly experienced in the business but also loyal tothe company.The level of schooling of Lusitania's permanent staffis above average, with 30% university graduates. Inrecent years a strict recruitment policy has graduallyincreased this number. One of the objectives of theorganisation being to achieve excellence in thequality of service provided, on-going training hasbeen a determining factor in achieving this goal andrepresents a significant investment over the pastfew years. Lusitania has always been concerned withhelping its staff towards personal and professionalfulfilment.

2003 | 2004 | 2005 | 2006 |N° Training events

94 | 77 | 108 | 70 |Nº Participants

561 | 594 | 813 | 436 |Nº Hours

6.323 | 6.741 | 6.246 | 6.580 |Training Costs

230.732 | 191.793 | 286.786 | 241.779 |C.Training/C.Staff

2,20% | 1,70% | 2,50% | 1,79% |Nº Hours / Nº Staff

19,6 | 21,2 | 18,8 | 18,9 |

In 2006, the ISEG held an intensive managementcourse on integrated risk management and newtrends in running insurance companies, particularlydesigned to meet the requirements and specificneeds of the Company's upper management.

Indicators2002 | 2003 | 2004 | 2005 | 2006 |

Number employees302 | 317 | 330 | 331 | 348 |

Premiums per employee355.298 | 388.226 |369.767 |392.320 |423.420 |Policies per employee

1.105 | 1.134 | 1.135 | 1.252 | 1.432 |GVA per employee

82.884 | 75.010 | 81.863 | 94.169 | 95.116 |

The significant increase in the number of employeeswas due to integrating a group of employees fromLeacock, a broker in the Montepio group whosecore business was brokerage, and which ceased itstask of acting as a link between the insurers and thebank when this process changed to being direct andautomatic.Revenue per employee rose 7.9% in 2006, thenumber of policies per employee rose 14.4% andGVA per employee improved by 1.0%.Performance assessment of all permanent staffmembers led in 2006 to promotion for 37individuals, that is 10.6% of all staff. Apart fromthese promotions, salary increases based on meritwere given to 91 staff members, that is more than26.1% of the total.The Company's pension fund rose to6.149.477euros, guaranteeing cover for liabilities.245 medical check-ups were done as part of thevocational health plan, and 6 regional offices werevisited to analyse the quality of working conditions.

INVESTMENT STRUCTURE

In 2006 Lusitania maintained the strategic holdingsit has in other companies. Lusitania Vida increasedits equity to 14 million euros, and Lusitaniamaintained its percentage holding.

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Company Number of %Shares Holding

Sociedade Portuguesade Administrações, S.A. 80 632 80,63%

Clínica de Serviços Médicos eComputorizados de Belém, S.A. 51 465 24,51%

MoçambiqueCompanhia de Seguros, S.A.R.L. 38 880 16,20%

Clínica de SantaMaria de Belém, S.A. 69 920 15,61%

Lusitania VidaCompanhia de Seguros, S.A. 73 730 13,17%

Banco de Desenvolvimentoe Comércio 177 664 9,33%

SHAREHOLDER STRUCTURE

Lusitania Vida raised its investment in the sharecapital of Lusitania slightly in 2006 by acquiring asmall batch of shares.

At year-end, Lusitania's share capital was distributedas follows:

Shareholder Number of %Shares Holding

Montepio Geral – AssociaçãoMutualista 2 529 816 65,71%

Caixa EconómicaMontepio Geral 1 010 564 26,25%

Lusitania VidaCompanhia de Seguros, S.A. 204 996 5,33%

Restantes Accionistas 104 624 2,71%

Total 3 850 000 100,00%

PARTNERSHIPS

Brokers

In 2006, Lusitania boosted its strategy for a betterposition on the channel of insurance agents andbrokers with the aim of being known as “theCompany preferred by the best brokers”.At the core of this strategy the Company has beendeveloping for some years now a model forsegmenting brokers that adopts mechanisms fordistinguishing between the type and careerambitions of each one.The fact that the brokers themselves recognise the

advantage of this proposal has led to an annual growthrate in premiums that is always above the marketaverage, sustained also by the on-going goal of makingbetter and more innovative services available.2006 was no exception and growth in brokers'portfolios was excellent and accounts for more than80% of total premiums sold by Lusitania. ThePortfolio allocated to the 3 categories of brokerrose 18%, the agents with a solid growth of 24%and the brokers with a more moderate growth of8%, despite being penalised once again by the lossof some significant business at the start of the year.The New Partnerships project launched in 2004continues to be a success with the brokers allocatedto it managing to double the premiums portfolioplaced with Lusitania and at year end this accountedfor 13% of the Company's total turnover.Exclusive Agents and the brokers who are membersof the Lusitania Fórum, already with such highgrowth rates, also achieved good indicators with arise in premiums of 21% and 12% respectively,and good profit levels.A large group of small agents continues to exist.More than 85% of the total are enrolled in Lusitaniaand they account for 20% of the premiums portfolio,proof of the need to regularly encourage thissegment.The structure of the brokerage channel accordingto type has not changed significantly compared toprevious years, as shown below:

Type Nº % share

INTERMEDIARIES 177 6 %

AGENTS 2 723 91%

BROKERS 89 3 %

TOTAL 2 989 100%

The countrywide distribution of brokers workingwith Lusitania tends to follow the economicdevelopment structure of the country, with thetowns and cities in the North predominating, asshown on the table:

Region Nº %

NORTH 1 030 35%

GREATER PORTO 415 14%

CENTER 474 16%

GREATER LISBON 815 27%

SOUTH 187 6 %

ISLANDS 68 2 %

TOTAL 2 989 100%

It is important to know that around 84% of brokersare located on the coastal region of mainland Portu-gal and on the islands, and only 16% in the interiorof the country.Also, only 17% of the brokers working with Lusitania

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Academic level

Basic Education18%Post-graduate1%Graduate18%Bachelor degree11%Tech. Vocational Co3%12th Year9%11th Year40%

Academic level



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are organised as commercial companies, a reflectionof the national situation in the insurance brokeragebusiness and proof of the lack of professionalism inthe sector. However, they do represent 63% of theportfolio placed with Lusitania through the brokersnetwork. With the aim of encouraging an exchangeof experiences, vocational development,strengthening team spirit and alignment with theCompany's strategy, several meetings with brokershave been held, among them:

The II Annual Meeting of Exclusive Agents, inthe Algarve, also attended by the local staff ofthe brokers themselves and Lusitania'scommercial staff who support them.VIII Lusitania Forum, that took place in Lisbonon the topic of “Challenge the present, lead thefuture”, had almost two hundred participants.This meeting included several workshopsenhanced by the presence of universityspecialists, consultants and managers,addressing a range of subjects in marketing,management and technology as well as severaltopics specific to the insurance industry.The II Annual Meeting of New Partnershipsalso held in Lisbon, which helped strengthenthe relationship with a significant number ofnew, high quality agents.The Annual Meeting of Brokers held in thecompany's head office, where several topicsspecific to the brokerage segment werediscussed.

Always aiming to provide its best brokers withmemorable learning experiences, from thepersonal and professional points of view, theCompany organised several loyalty events toselected destinations, among them the UnitedStates, Scotland, Norway, Denmark, Istanbul andTunisia.

Disasters occurring from 2001 to 2005

Date Event Country Losses insured Victims

Million dollars

11-09-2001 Terrorist attack WTC USA 20.716 2.982

06-08-2002 Floods UK, Spain, German, Austria 2.621 38

02-05-2003 Storms USA 3.403 45

11-08-2004 Hurrican Charley USA, Cuba, Jamaica, etc. 8.272 24

26-08-2004 Hurricane Frances USA, Bahamas 5.170 38

13-09-2004 Hurricane Jeanne USA, Caribbean, Haiti, etc. 4.136 3.034

26-12-2004 Earthquake (M.9)+Tsunami Indonesia, Thailand, etc. 2.068 220.000

08-01-2005 Storm Erwin Denmark, Sweden, UK, etc. 1.887 18

24-08-2005 Hurricane Katrina USA, Golf of Mexico, Bahamas 45.000 1.326

20-09-2005 Hurricane Rita USA, Golf of Mexico, Cuba 10.000 34

16-10-2005 Hurricane Wilma USA, Mexico, Jamaica, Haiti, etc. 10.000 35

Source: Sigma, 02/2006

Bank-insuranceBegun in 2005, and concluded in 2006, the projectto connect banking outlets to the insurance systemis now in place. This gives Access to Premiumsimulators, the automatic issue of policies and theimmediate payment of premiums, which all leadsto unequalled gains in productivity and quality ofservice.The new system gives an integral view of clientsand associates of Montepio and provides more directand efficient client attendance.At the same time, new products were launched forthe corporate market, important among them beingMG Mercantil, the Montepio Machines and HeavyEquipment Insurance, the Montepio SafeConstruction Plan, as well as a whole range gearedto supporting leasing products.Also in 2006, studies were begun into a new Motorinsurance product to be sold to Montepio clients,associated both with financing and renting.A new partnership is also being developed with CaixaGalicia that will be further reinforced andconsolidated.

Reinsurers

Internationally 2006 was a calmer year than the onebefore with natural disasters smaller in scale as inmaterial damages and loss of life.This situation brought a more relaxed atmosphereto the September Rendez-Vous, the traditionalinternational reinsurance conference held annuallyin Monte Carlo in the first week of September.With the realism of hind-sight, below is a smallsummary of the major disasters to have occurred inthe past five years, where 2004 is revealed as beingparticularly tragic because of the number of victimsand 2005 suffers from the damages affecting the

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insurance and reinsurance business.Nationally,larger risks continued to spiral upwards, notsupported by optional reinsurance, which causedgrowing difficulties to smaller scale insurancecompanies in gaining access to and even maintainingmajor property and liability risk accounts.Moreover, motor insurance has suffered seriouscorporal damages, with very high estimates,supported to a great extent by reinsurance andaffected by the slowness of the Portuguese courts,remembering that a delay in the decision significantlyraises the final amount of the compensation.Consequently, unable to adopt the management thatwould ensure them a positive result in the longterm, the leading reinsurers for this type of riskhave been increasing the cost of cover,demonstrating their growing concern with thissituation.The entry into force of the valuation table for corpo-ral damages is awaited with great expectationbecause it will help provide timely information andcontrol the result of the business in each year.In 2006, the Portuguese market saw a significantreduction in automatic reinsurance cover for natu-ral disasters, although prices remained the same.This situation, which deteriorates year after year,significantly prejudicing national companies,increases expectation regarding a Disaster Fundbeing set up.All reinsurers working with Lusitania have anexcellent rating and strong leadership and accept atall levels. The technical quality, financial capacity anddiversity of the Company's table of reinsurers,shown below, is an important added value to thecompany.

Company Rating 2005 Rating 2006Swiss Re (leader) AA AAAssurances Mutuelles de France * *Converium BBB+ BBB+Mapfre Re AA- AAMünchener Rück A+ AA-Nacional Re A APartnerRe AA- AA-R+V Versicherungs A+ A+SCOR A- A-Secura A+ A+* Mutual company not listed on the Stock Market

CLIENTS

Lusitania increased its client base in 2006 by around17.1%, against a growth of 8.7% in 2005.In addition to this good performance, an analysis ofthe data reveals other significant indicators that arein line with the Company's strategy and that havehelped increase the share of private clients and ofsmall and very small corporate segments, with aview to grater risk spread and protecting thecompany against the fluctuations of the economiccycle.Proof of good implementation of the strategy mappedout, the company enjoyed growth of approximately26.6% in the number of private clients attracted viathe agents and brokers channel, this segmenttogether with the micro and small companiesaccounting for more than 76% of the premiumsportfolio, compared to 71% in 2005. Among theprivate clients the two most important increasesare in the groups that have generated the mostpositive results.There has also been a significant rise in the numberof policy holders coming through the banking channel,up to 9.4% in 2006.There has also been significantgrowth in the corporate segment, with a rate ofaround 35.7%, reflecting the great capacity thischannel has in associating insurance products withits own financial products, namely loans to firms.To implement the strategic guidelines referred toabove and to achieve the results obtained, Lusitaniacontinued to build on three central pillars:

Developing products adjusted to criticalsegments.Pursuing commercial and incentive policiesadjusted to its distribution channels.Building service capacities to its different targetpublic groups.

In addressing the first pillar, serious majorcompetitive drive is needed in the main insurancesectors Motor and Workmen's Compensation andintegrated product plans are required to promoteaggressive cross selling in advantageous conditions.The second pillar requires a policy for differentiatingcommissions according to the broker segments,products and results achieved, and the use ofproduction competitions and campaigns to help guidethe work of the distribution networks towards themost profitable products and client groups.

INNOVATION AND PROJECTMANAGEMENT

Continuing the practice of recent years the wholecompany structure is geared to projects that willbring innovation and development and which,clearly, follow a pre-defined strategy.All projects are developed by inter-departmentalteams and around 100 projects were introduced in2006, grouped under eight lines of action:

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Among the projects implemented and listed above,the following deserve special mention:

New Broker Gateway, created to find the bestmarket tools and to satisfy the growing needsof brokers and clients. Brokers can gain Accesseasily, efficiently, quickly and simply to all theinformation in their portfolio, settle accountsand complete the business there and then,easily printing out receipts and green cards.Simplification of receipts that will add theadvantage of issuing receipts at the time andplace where payment is made, making circuitsbetween the Company and the brokers easier,aiming at faster operations and better financialcontrol.New Account Settlement Methods. Aftertransposing Decree-Law 122/2005 of 29 July,Lusitania implemented a new automatic systemwith a view to simplifying the whole process ofsettlement of accounts.Developing a tool for integration betweenLusitania's systems and SEGURNet, ensuringthe exchange of messages under the CIDSprotocol.Gateway for Service Providers for Workmen'sCompensation claims.DOCUMENT MANAGEMENT, that integrateselectronic filing systems with those of workflow,email and telefax, bringing new and significantfacilities to management.Rearrangement of Contact Center, in terms offunctions and technology used, making thecompany ever more available, accessible andready to respond.Reorganisation of branch offices, to reinforcecommercial business and improve claimsmanagement processes.

Strategic Lines of Action Nº Projects

Aligning corporate strategy with the aims of the MG Group 1

Adopting the CEMG channel as the main channel 6Developing Assurfinance bySelling CEMG products and services through the brokers' channel 1

Focusing organisation on the good management of channels and direct channels 22

Promoting business in all distribution channels, in particular the Brokers Channel 13Developing the processes, systems and investment of cautious management, adapting it to new requirements 9Adopting the best practices for Corporate Governanceand developing Social Responsibilities 4

Streamlining, simplifying and automating processes and improving quality of service 34

MAIN EVENTS OF THE YEAR

[14 de Mar] Start of the Lusitania music cycle

[20 e 22 Mar] New Partnerships Meeting

[29 de Mar] Shareholders General Meeting

[6 de Apr] Managers' meeting to assess the results of 2005

[13 de Apr] Lusitania receives the award “Great Place toWork”

[5 de Apr] National meeting of sales network to assessresults of 2005

[19 Apr] I Brokers' Meeting, in Lusitania

[9 May] Regional Forum - Porto

[9 May] Meeting of “Corporate Governance”

[11 May] Regional Forum

[23 May] XI Reinsurance Meeting organised by APS

[6 de Jun] 20 Years Lusitania

[17 de Jun] IInauguration of the CommemorativeExhibition “Lusitania 20 years. The beginningof a great future”

[23 de Jun] Managers' Meeting to assess interim results 2006

[21, 22, 23 de Sep] Training for Exclusive Agents - “The LusitaniaImage and Relations with the Client”

[13 de Oct] Seminar “Financing Major InfrastructureProject” promoted by the British Embassy andUK Trade & Investment

[14 e 15 Oct] Sales Meeting

[19 de Oct] Preparatory Meeting for the 2007 FinancialPlan

[28 e 29 de Oct] Meeting of Brokers Council

[5 e 5 de Nov] II Meeting of Lusitania's Exclusive Agents

[14 e 15 de Nov] New Partnerships Meeting

[17 e 18 de Nov] Lusitania Forum

[21 de Nov] End of the Lusitania Music Cycle

[1 e 2 Dec] Meeting of Lusitania's Managers to present the

activities plan and financial plan for 2007

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COMMUNITY SUPPORT

Lusitania continued in 2006 to coordinate operationaland strategic objectives with the main socialresponsibilities the company has always defended.To this end, the company's auditorium was madeavailable for holding a number of conferences andsupport given to those working in communityinterest areas, among them:

A seminar on the theme “ The IberianElectricity Market” promoted by the Associa-ção Portuguesa do Centro Europeu das Em-presas com Participação Pública e InteresseEconómico Geral (APOCEEP).MIT Massachusetts Institute of Technologymeeting promoted by Montepio.Meeting of the Bank of Portugal.Public presentation of the National Campaignagainst Domestic Violence, organised by theEstrutura de Missão contra a Violência Domés-tica (EMCVD), and with the support of theAssistant Secretary of State for Rehabilitationand the Secretary of State for the Presidency.Commemoration of the 24th. Anniversary ofthe Associação Portuguesa de Seguradores(APS).Meeting of the Anglo-Portuguese Chamber ofCommerce.Scrabble Júnio Championship, promoted by theAssociação Nacional de Professores de Portu-guês, for children between the ages of 5 and10, part of the incentive for learning Portuguesein Elementary Schools.Launch of the book “Arcádia Notícia de umaFamília Anglo-Portuguesa” by Ana Vicente.

Contributions were also made to somehumanitarian and social institutions.

SPORT AND CULTURAL SUPPORT

Similar to the previous year, Lusitania continued acycle of music in 2006 in its facilities for clients,brokers and staff with a diversified musicalprogramme, including the classics and jazz.In this cycle the following groups performed:

Eloemsemble Baroque quartet with harpsichord.Voices of Broadway.Stéphanie Manzo Harp recital.Quintet in homage of Sarah Vaughan.Clarinet quartet of Lisbon.TGB.Paulo Gaio and António Rosado.Mário Laginha.Jean-François Lézé xylophone recital.Moscow Piano Quartet.Pocket Brass Band.

Repeating the success of the previous year, an open-air concert was held in the garden of the PortoCovo Palace, with the Reunion Big Jazz Band a groupwith 18 players, founded in 2003 under the directionof Claus Nymark, which provided an agreeable

musical evening.The Company held art exhibitions showing thepaintings of Sylvia Purwin Falcão Trigoso and IsabelTorres.

Arts SponsorshipIn 2006, Lusitania continued to be the Official Insurerof the Portuguese Institute of Museums and as suchsponsored several exhibitions, among them:

100 Anos Bonifácio Lázaro Lozano”, in theMuseum of Ethnography and Archaeology.“D. Amélia, uma rainha, um museu”, in theNational Coach Museum.“James Coleman”, in the Chiado Museum.“Roteiros Conímbriga”, in the MonographicMuseum of Conímbriga.“Roteiros Museu Nacional do Azulejo”, in theNational Tile Museum.“O Museu Grão Vasco contado aos mais no-vos”, in the Grão Vasco Museum.“200 Anos de Vestidos de Baptizados”, in theNational Costume Museum.

Lusitania gave its support to other exhibitions,including those organised by the Lisbon MunicipalCouncil:

Exhibition of Gonçalo Duarte, in the GalveiasPalace.Christmas cribs “ O Passado Presente”.Exhibition of João Borges “De lá para Cá”.“Graça Morais” in the Collection of the PaçoD`Arcos Foundation.“IX Exhibition of the Visual Arts”, in the MarineAcademy.

The Company also renewed the agreement withthe Museum of the Presidency of the Republic,where the following exhibitions were promoted:

Presidentes de Portugal”.“O Motor da República, os Carros dos Presi-dentes”.

In the literary field, Lusitania helped publish a bookon the life and works of Carlos Reis, considered tobe one of the most important Portuguese landscapeand portrait artists of the close of the XIX centuryand the first half of the XX century.

Support was also given to the “RE.AL” Theatre andContemporary Dance Company, which hasperformed in Barcelona, Paris, Lisbon, Nyon,Salzburg and Brussels.

SponsorshipContinuing the tradition of giving its support to sportsevents Lusitania promoted and supported thefollowing sports and sports groups:

Skysurf: José Veras, seven times national SkySurfchampionship and holder of two bronze medalsin European Championships.Athletics: athletes of the Clube Oriental de Pechão,Sonata Milusauskaite holder of 4th. position inworld and European ranking and Ana Cabecinha,Portuguese Champion on covered track.

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Handcycling: 1º International HandcyclingChampionship organised by Parasport.Golf: Golf Tournament “Goal in One” and GolfTournament “Gala Week” both held in Quinta doLago.Sail: Participation in regattas for Açor leisure craft.Futsal: Support for the Futsal team of Estoril Praiada Fundação Fausto Figueiredo.Cross country: Lisbon Dakar Rally, by supportingthe pair Pedro Grancha and Victor Jesus in aMitsubishi Pagero DiD.

Lastly, Lusitania became the Official Patron of thePortuguese Tennis Federation.

ECONOMIC AND FINANCIALBACKGROUND

International EconomyThe world economy continued to expand in 2006,with global wealth likely to rise by 5.1%, accordingto European Commission estimates, due to a greatextent to development in some of the Asiancountries.

Chine continued its upward economic spiral,sustained by exports and investment, and shouldsettle at 10.4%, although there may be a slightslackening off in the next two years to 9.8% in 2007and 9.7% in 2008. India is following this trend andshould increase wealth by 8.1% in 2006, 7.4% in2007 and 7.3% in 2008.

The economy of the USA should record growth of3.4%, a slight rise against the 3.2% of 2005, but aslow-down to 2.3% is expected for 2007 due to afall in domestic consumer spending and majordownturns in the real estate sector. A recovery of2.8% is expected in 2008.

The Japanese economy increased its growth, risingfrom 2.6% in 1005 to 2.7% in 2006, boosted byincreases in private consumption and in the FBCFbut, due to a deterioration in net exports, real GDPis unlikely to rise much above 2% in coming years.The euro zone economy is beginning to showsignificant improvement. According to the EuropeanCommission, growth of GDP should be around 2.6%in 2006, far higher than the 1.4% of 2005. Thisrecovery is due to an increase in private spendingand investment, which reveals some improvementin the confidence index of economic agents.

Unemployment should be the lowest since 2001(7.9%) and the about-turn in the Balance ofPayments, from negative to positive, provides somesolidity for future growth because the Euro Zonewill be less dependent on external demand.

Fluctuations in the price of oil throughout the yearconfirmed its volatility, with Brent reaching amaximum of 78 dollars a barrel on the London

market, despite closing the year at the same 60dollars per barrel with which the year began. Thefutures market and current expectations regardingthe oil price, suggest that prices will remain high asa result of the political instability in some producercountries, made worse by high global demand.

Inflation has remained relatively stable throughoutthe world, due to a drop in the price of food andindustrial products, the result of the phenomenonof corporate cost rationalisation and the increase inthe number of low cost producers on the worldmarket. In addition, constraints on salary increaseshave compensated partially for the rise in the priceof oil. In the euro zone, inflation should settle at2.2%.

The main financial markets were up throughout2006, reflecting the expectation of high profits andgreater certainty indicators. In the euro zone shareswere up in most business sectors, the main indexesbeing up by around 20%.

The trend on Exchange markets was for the euro torise. The European currency has been benefitingfrom market speculation that central banks are likelyto raise interest rates. The market expects the ECBwill raise interest rates in Europe at a rate higherthan the FED in the USA and the BoJ in Japan. Againstthe main international currencies the euro was up11.17% against the dollar and 12% against the yen.

After a year in which steering rates for the eurozone have remained at all time lows, in 2006, theECB raised rates 5 times by 25 base points, thereference rate rising from 2.5% to 3.5%. Forecastssuggest that interest rates will rise on two moreoccasions in 2007. The expectation of furtherincreases is linked above all to the need to holdinflation in the euro zone around a threshold of 2%.

National EconomyAfter a weak growth of 0.4% in 2005, GDP in Por-tugal should rise 1.2% in 2006, according to theBank of Portugal. However, although this is a positivetrend it is still below the European average, as hasbeen the case for the past five years.

Estimated growth for 2006 should be basedfundamentally on rising exports, while thecontribution from domestic demand is likely to bepractically nil. The likely fall in the contribution fromdomestic demand compared to the two previousyears reflects a marked slow-down in private andpublic consumption, as well as a sharper fall in theFBCF. Domestic spending is still restricted by thenegative evolution of monetary conditions and bythe need to correct the structural imbalance ofpublic accounts, in a context of continued slowgrowth in the Portuguese economy.

The economic growth forecast for 2006 should helpkeep the unemployment rate at the 7.6% of 2005.

0%

2%

4%

6%

8%

10%

12%

2005 2006 2007 2008

World USA Japan

Euro Zone China

Source: European Commission

Economic Growth

0,40,50,60,70,80,91,01,11,21,31,4

01 02 03 04 05 06

Euro/Dollar

50

70

90

110

130

150

170Euro/Yen

EUR/USD EUR/JPY

Source: European Central Bank

Euro Exchange Rate

GDP trends

-2%-1%0%1%

2%3%4%5%

98 99 00 01 02 03 04 05 06(e)

GDP pm

Source: Banco de Portugal

0%

2%

4%

6%

8%

10%

12%

2005 2006 2007 2008

World USA Japan

Euro Zone China


Economic Growth

0%

2%

4%

6%

8%

10%

12%

2005 2006 2007 20080%

2%

4%

6%

8%

10%

12%

2005 2006 2007 2008

World USA Japan

Euro Zone China


Economic Growth

0,40,50,60,70,80,91,01,11,21,31,4

01 02 03 04 05 06

Euro/Dollar

50

70

90

110

130

150

170Euro/Yen

EUR/USD EUR/JPY


Euro Exchange Rate

0,40,50,60,70,80,91,01,11,21,31,4

01 02 03 04 05 06

Euro/Dollar

50

70

90

110

130

150

170Euro/Yen

EUR/USD EUR/JPY


Euro Exchange Rate

GDP trends

-2%-1%0%1%

2%3%4%5%

98 99 00 01 02 03 04 05 06(e)

GDP pm


GDP trends

-2%-1%0%1%

2%3%4%5%

98 99 00 01 02 03 04 05 06(e)

GDP pm


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There is likely to be a budget deficit of 4.6% of GDPat year end, a fall of 1.4% compared to 2005, whichmay keep the country true to its objectives of 3% in2008.

The inflation rate settled at 3.1% at the close of2006, due to the effect of increasing VAT from 19%to 21% in June 2005, by rising import prices and bythe significant increase in the price of someunprocessed food products.

As to be expected in a year in which the EuropeanCentral Bank raised the reference rate by 125 b.p.,the six-months Euribor followed this increase risingfrom 2.6% to 3.8% throughout 2006.

The Portuguese stock market performed well, andin line with the major international stock markets.At the close of 2006, the PSI 20 index rose 30%, Itshould be underscored that a part of this excellentperformance in 2006 was due to Public Offers toBuy that stimulated the market.

Analysis of sectorsIn the first three quarters of 2006 GVA rose inFinancial and Real Estate Business by 3.6%, duemainly to high growth in Financial Business. Duringthe same period there was also a rise in GVA forCommerce, Restaurants and Hotels of 2.4% and aslight recovery in Industry of 1.6%. On the negativeside, there was a sharp fall of 8% in the Constructionsector.

The national insurance marketThe national insurance market, which has hadgrowth levels ahead of those of the economy inrecent years, saw this trend change in 2006 with areduction of 2.3% in the value of overall production.This reduction is due to a considerable fall in theLife sector, which although increasing 39.8% in thefirst quarter of the year, will close 2006 with a lossof 4.1%, compared with 2005, a year in which thissector increased 46.2% against 2004.

However, throughout 2006 the Non-Life sectorenjoyed stable monthly growth of between 0.8%and 2.6%, closing the year with an increase of 1.5%compared to the closing figure for 2005. If theinflation forecast by the Bank of Portugal wasdiscounted from yearly growth, then there was adrop in revenue from the non-life sectors of 1.8%,in real terms.

Motor insurance, which accounts for 46% of theNon-Life market, rose by only 0.3% but, accordingto ACAP (Automobile Association) data, the lightvehicles market fell 5.1% in 2006 compared to thesame period in the previous year.The population's growing concern for medical careand the known shortcomings of the National HealthService are, without doubt, some of the reasonsthat explain the increase of 9.7% in premiums in

the Health sub-sector.2006 saw stagnation in all of the sectors in the Fireand Allied Perils sectors, with only a rise of 0.5%.Even Workmen's Compensation took a downturnin revenue of 0.7%, reflecting the country's weakeconomic growth and salary constraints.

As in other sectors, in the insurance industry therehas also been concentration. In 2001 there were 86companies trading and in 2006 only 68 activeinsurers. From this it is not surprising that 5companies with the largest share account for 61%of the market.

Turnover in the insurance industry, which wasmaking an increasing contribution to GDP up to2005, when it rose to 9.15%, fell in 2006, closingthe year at 8.6%, halting the cycle of drawing closerto the more developed European countries, whichcontribute around 10%.

According to information from the Associação Por-tuguesa de Seguradores, referring to the last quarterof 2006, the claims ratio for direct insurance, priorto calculating costs per type, for all of the non-Lifeinsurance sectors, was 61.8%, which is practicallythe same amount for the same time in 2005, whenit was 61.6%.

Among the main insurance sectors, there was anincrease of 5% in claims in the Fire and Allied Perilsgroup, which reached around 41%. The claims ratefor Motor insurance was 68.2%, a slight fallcompared to the 68.9% of 2005. Claims in theAccident and Health insurance sectors fell 0.8%,and are now at 68.3% of premiums. However, thisratio is likely to suffer an increase by the end of theyear, even exceeding 70%.

Prospects for business developmentIn 2006 the insurance business achieved the averagelevel of the European market in its contribution toGross Domestic Product. Associating this with lowexpectations for economic growth it is unlikely thatthe insurance business will show much sign ofexpansion, particularly in the Non-Life sectors inwhich Lusitania deals.

However, we are sure that the way in which thebusiness is shared out among the different insurancecompanies will continue similar to 2005, with smalland average sized, stable, well organised companiesthat are flexible and hard working benefiting fromthe instability that the major units will continue toexperience as a result of recent restructuring, whichin some cases was not concluded.

A new brokerage law will come into force in 2007,which as a whole will introduce several positivemeasures that will promote more professionalismand transparency in the sector although initially itwill increase competition for the best and biggestbrokers with a likely rise in acquisition costs.

Inflation Rate

4,3%3,1%

0%1%2%3%4%5%6%

2002 2003 2004 2005 2006

Source: Instituto Nacional de Estatística

Inflation Rate

4,3%3,1%

0%1%2%3%4%5%6%

2002 2003 2004 2005 2006

4,3%3,1%

0%1%2%3%4%5%6%

2002 2003 2004 2005 2006

Source: Instituto Nacional de Estatística

Interest Rate

5,2%

3,8%

0%

1%

2%

3%

4%

5%

6%

99 00 01 02 03 04 05 06

Euribor (6m)

Source: European Banking Federation

Interest Rate

5,2%

3,8%

0%

1%

2%

3%

4%

5%

6%

99 00 01 02 03 04 05 06

Euribor (6m)

Source: European Banking Federation

PSI 20 Index2006

8

9

10

11

J F M A M J J A S O N D

(in thousands of euros)

Source: EURONEXT Lisbon

PSI 20 Index2006

8

9

10

11

J F M A M J J A S O N D8

9

10

11

J F M A M J J A S O N D

(in thousands of euros)

Source: EURONEXT Lisbon

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LUSITANIA'S PERFORMANCE

TECHNICAL BUSINESS

PolicesThe number of policies in force on 31 December2006, added to the number of temporary contractsissued in the financial year, rose to 498,282, up 20.2% against 2005, (see graph showing policynumbers).

Although all the main insurance sectors showedsignificant gains, particularly Workmen'sCompensation, which rose 9.8% and Multi-risks,which rose 11.6%, there was also growth in theMotor insurance sector of around 50%, onlyexceeded by the Maritime Hull sector, which rose65.2%.174,507 new policies were issued in 2006, up 72,254against 2005.

The number of cancellations was also high at 34.7%,reaching 75,456 contracts in 2006, against 56,031 in2005, due mainly to cancellations caused by thefailure to make on-going payments.

It is important to remember that the number ofthis type of cancellation has almost trebled sincethe change to the legal regime applied to the paymentof insurance policies, because in 2005 the numberof cancellations was 13,450 against 35,561 in 2006.This change in the law had no effect on payment ofthe first receipt, in which the number of casesincreased only 3.7%, a significantly lowerpercentage than the increase of new contracts, (seegraph on Premium numbers).

PremiumsReturns on insurance premiums in 2006 exceeded147 M€ , a growth of 13.6%.

2002 2003 2004 2005 2006Gross premiumsearned 107.300 123.068 122.023 129.725 147.350Growthrate 33,80% 14,70% -0,80% 6,30% 13,60%Numberof contracts 333.807 359.481 374.700 414.634 498.282Year andfollowing 317.375 346.082 361.710 400.813 483.840Temporary(earned) 16.432 13.399 12.990 13.821 14.442Growthrate -2,80% 7,70% 4,20% 10,70% 20,20%Average premiumper policy 321 342 326 313 296

Motor insurance contributed most towards this,with 32.6%. Personal Accidents also roseconsiderably, by 17.9%, and Workmen'sCompensation, after a slight fall in 2005, rose 6.5%in 2006.

Under Material Risks, the expected fall in the Fireand Allied Perils portfolio was added to the effect ofportfolio selection at mid-year, with resultsmitigated by underwriting many small contracts.

Apart from these risks and the Goods Transportsector, Lusitania had an above-market average risein all other sectors with a subsequent gain in marketshare.

Average premiumsThe average Premium per policy dropped from€ 313, in 2005, to € 296, in 2006. The most significantreductions were observed in Motor insurance, from€ 333 to € 294, and in material risks, from € 152 to€ 139. Workmen's compensation also fell slightly,far less than in 2005.

These developments are linked to portfolioselection, as already mentioned, and to focussingthe sales network on individual business and smalland medium sized companies.

Portfolio compositionSimilar to what happened in 2005, in 2006 the Mo-tor insurance sector increased its share of theportfolio from 33% to 38%. Naturally, all othersectors saw their share of the company's portfoliocomposition fall. Even so, Motor insurance in theLusitania portfolio is lower than that of the market,where it accounts for 46% of revenue from theNon-Life sectors, (see graph of revenue structure).

ClaimsThere was an atypical increase in claims costs in2006, the year closing with a rate of 77.2%, justifiedby three Multi-Risk insurance claims for very largeamounts, to a great extent covered by reinsurancetreaties, to which were added a large number ofclaims resulting from the floods last October.

DI Claims a)

Insurance Sectors 2005 2006ACCIDENTS AND HEALTH 74,4% 70,5%Workmen's Compensation 79,0% 72,8%Personal Accidents 21,6% 29,6%Health 86,4% 88,9%FIRE AND ALLIED PERILS 31,7% 118,4%Fire and natural elements 36,7% 9,3%MultiRisk 36,0% 127,8%Other Material Damages -22,5% 68,0%MOTOR 59,9% 64,8%TRANSPORT 39,7% 10,4%Goods 40,8% 5,0%Carriage and Hull 37,2% 23,0%THIRD PARTY LIABILITY 42,2% 37,1%SUNDRY 25,0% 50,8%TOTAIS 57,8% 77,2%a) Prior to entering “costs per Type”

Number of policies

333.807359.481 374.700

414.634

498.282

2002 2003 2004 2005 2006

Number of policies

333.807359.481 374.700

414.634

498.282

2002 2003 2004 2005 2006

333.807359.481 374.700

414.634

498.282

2002 2003 2004 2005 2006

333.807359.481 374.700

414.634

498.282

2002 2003 2004 2005 2006

Premium trends

107.300123.068

147.350

129.725122.023

50.000

100.000

150.000

2002 2003 2004 2005 2006

(thousands of euros)

Premium trends

107.300123.068

147.350

129.725122.023

50.000

100.000

150.000

2002 2003 2004 2005 2006


Revenue Structure 2006

Motor38%

Sundry1%

Accident & Health37%

Transport1%

Fire & Allied Perils22%

Third Party1%

Revenue Structure 2006

Motor38%

Sundry1%

Accident & Health37%

Transport1%

Fire & Allied Perils22%

Third Party1%

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There was also an increase in the claims rate forthe Motor sector, that took it to 64.8%, still belowthe average for the Portuguese market and which isrelated to the sharp increase in the respectiveportfolio.

Similar to 2005, the Health sector also contributedto claims costs with a 2.5 percentage point increasein the claims ratio, closing the year at 88.9%, in linewith the worsening trend in this sector on theinsurance market, the result of an increase in thecosts of health care services.

To offset this, there was a reduction in the costs ofWorkmen's Compensation, that meant a fall of 6.2percentage points in the claims ratio, compared to2005, reflecting the effort made to control costsand optimise claims management processes.

For the third consecutive year, there was a fall inthe number of fatal labour accidents, accompanyingthe national trend, which is still far from satisfactoryor comparable to levels in other Europeancountries. Every effort must continue to be madetowards an increasing awareness on the part of ourcompanies of the urgent need to improve labouraccident prevention and safety conditions at the worksite.

The other sectors, although scarcely significant,have performed evenly as in previous years.

Running costsRunning costs are the same as in 2005 and accountfor 14% of total gross premiums earned in the year,although the contribution of reinsurers has beenreduced by around one percentage point a result ofthe change in the structure of the portfolio.

Outward reinsuranceIn 2006, most Portuguese companies suffered highmaterial losses, the majority due to the floods thatoccurred in the fourth quarter of the year.

Lusitania followed the market trend and was hit bythree large materials claims, two affecting its directbusiness and one affecting the fronting business ithas with the Royal & SunAlliance network. Suchevents, rare in the history of Lusitania, prevent theaccounts balance from showing its usual benefit toreinsurers.

However, if we subtract from the total reinsurancebusiness the sumo of these unusual claims described,results become positive, both for contractual andoptional business, and results are stable andconsistent.

This fact has meant that renewal of the reinsuranceprogramme has proceeded smoothly and withouttoo much financial burden, Lusitania benefiting notonly from stable statistics and with a significantbenefit accumulated for reinsurance, but also froman international image of good management, strictprinciples and transparency.

Reducing the ceding rate was a priority in the yearand it has been both achieved and exceeded, withits index falling practically 2 percentage points from17.03% to 15.25%. The company's strategy ofpreferring small scale risks and increasing the mo-tor insurance portfolio also contributed here, witha ceding rate lower than average.

Internally, the project was carried forward forCompany information to have access to reinsurancedocuments and the second phase of the projectshould be completed in 2007.

Inward reinsuranceLusitania continued its policy of inward insuranceclosely restricted to partnerships or insurersbelonging to the Montepio Group.

Participation in the Pool CIAR was renewed,because this has helped the Company get a betterunderstanding of other markets, exchange technicalexperience and inward reinsurance with balanced,stable results in the long term.

Support provided to Impar de Cabo Verde achieveda highly gratifying balance in 2006 now that resultsare significantly positive in relative terms, and thatcompany has its programme placed autonomouslywith a range of well-known international companies.An important phase in Lusitania's support to Impar,begun in 2002, has now come to an end.

The business begun by Moçambique, Companhiade Seguros continued in the form of definition andacceptance of the respective reinsurance programmeand support provided in several technical areas.

There is no other active inward reinsurance, andparticipation in Pool Atómico Português and in Ris-cos Espaciais is in run-off.

Costs according to typeLusitania has always submitted Costs per Type thatare below average for the Non-Life market and the2006 financial year closed with a reduction in thisindicator, which has meant a gain in productivity andan improvement in competitive capacity.These conclusions are confirmed in the followingtable that reveals that measures adopted to optimisework procedures continue to bring benefits.

Market2002 2003 2004 2005 2006 2005

Costs per Type/ Premiums 16,3% 15,7% 16,4% 16,6% 15,2% 19,6%Personnel costs/Premiums 9,0% 8,6% 9,2% 9,4% 8,1% 9,2%FSE / Premiums 5,1% 5,0% 5,0% 4,8% 4,4% 6,9%

Market2002 2003 2004 2005 2006 2005

Costs per Type / Policy 52 54 53 52 45 63Personnel costs / Policy 28 29 29 29 24 29FSE / Policy 16 16 16 15 13 23

12%

14%

16%

18%

20%

22%

2002 2003 2004 2005 2006

Ceding rate

12%

14%

16%

18%

20%

22%

12%

14%

16%

18%

20%

22%

2002 2003 2004 2005 2006

Ceding rate

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Portfolio composition according to type of asset

31-Dec-05 31-Dec-06 Var. Amount % Amount % %National Shares 8 698 5,28% 11 805 6,14% 35,73%Foreign Shares 6 785 4,11% 6 578 3,42% -3,05%National Public Debt 3 028 1,83% 3 818 1,99% 26,10%Foreign Public Debt 18 673 11,34% 18 220 9,47% -2,43%Other National Bonds 4 712 2,86% 2 857 1,49% -39,36%Other Foreign Bonds 45 823 27,82% 53 653 27,90% 17,09%FIM National 3 869 2,35% 1 223 0,64% -68,40%FIM Foreign 2 026 1,23% 2 928 1,52% 44,57%FII National 1 582 0,96% 1 643 0,85% 3,86%FII Foreign 0.00 0,00% 0.00 0,00% 0,00%Property 38 247 23,22% 41 880 21,78% 9,50%Liquidity 24 366 14,79% 38 874 20,21% 59,54%Loans 3 144 1,91% 4 993 2,60% 58,80%Other Assets 3 783 2,30% 3 835 1,99% 1,37%Global Value of Portfolio 164 736 100,00% 192 307 100,00% 15,61%(in thousands of euros)

Net Investment

2004 2005 2006Liquidity 452 2 075 204Term Deposits -8 545 -1 149 14 304Bonds 15 914 17 234 7 280Shares 169 -138 1 129Investment Funds -1 717 209 -1 953Property 604 1 266 2 455Lusitania Collection 208 24 52Loans -30 319 1 848TOTAL 7 055 19 842 25 319(in thousands of euros)

Concentration of Portfolio per Issuing Country

31-Dec-05 31-Dec-06 Amount % Amount %Portugal 91 430 55,50% 113 089 58,81%Spain 15 412 9,36% 16 684 8,68%França 13 465 8,17% 15 076 7,84%France 12 604 7,65% 13 726 7,14%The Netherlands 6 282 3,80% 8 032 4,18%United Kingdom 5 730 3,48% 6 478 3,37%United States 5 022 3,05% 5 274 2,74%Italy 3 600 2,19% 3 785 1,97%Áustria 2 053 1,25% 2 144 1,11%Luxemburg 1 515 0,92% 1 548 0,80%Others 7 623 4,63% 6 471 3,36%TOTAL 164 736 100,00% 192 307 100,00%(in thousands of euros)

Asset managementThe Company's investment policy continues to bebased on criteria of caution in asset selection that isappropriate for the insurance business.The Company's portfolio, which at year-endamounted to around 192 million euros, is comprisedmainly of bonds and property. Risk assets representless than 9.56% of the total, while financialinvestment funds represent 2.16%.The managed bond portfolio rose to more than 78.5million euros, of which around 47.48% are fixedrate securities. Fluctuating rate securities accountfor around 50.60% of these assets, which means areverse in the share between fixed and fluctuatingrate securities, justified by Euribor trends in 2006.Similarly, the relative share of liquidity valuesrepresent not only demand deposits and cash, butalso the amounts of term deposits, and they amountto 20.21% of the portfolio.Investment, net of disinvestment, at purchaseprices, was € 25,319,270.12. The table shows netinvestment for the year according to type.

Already considering investments at list prices, thevariation in the total value was more than 27.5million euros compared to 2005. The portfoliostructure in 2005 and 2006 is shown on the table“Composition of the portfolio according to type ofasset”.

The portfolio risk is essentially in Portugal or theEuropean Union. There has been an increase ininvestments in Portugal and in high rating countries,namely Spain, France and Germany. With theexception of two Mozambican securities, theCompany's entire portfolio is in euros.

The quality of securities making up the bond portfoliois shown on the table “Rating for Bond Portfolio”.

More than 29% of the portfolio is rated AAA andmore than 92% is represented by assets with arating of A- or higher, according to Standard & Poor'srating.Around 94% of the portfolio matures in 2008, orbeyond, which compares with 88% in 2005, asshown on the table “Maturity of bond portfolio”.

In terms of portfolio duration, around 77% of assetsmature in 3 years or beyond then, and approximately66% mature beyond 5 years, as shown on the table“Duration of bond portfolio”. In 2005, these ratioswere 80% and 68% respectively.

SOLVENCY

When the solvency margin is calculated as demandedby the Instituto de Seguros de Portugal, the itemsin the margin are 1.4 times greater than the value ofthe same. This percentage reveals the Company'sdegree of economic and financial autonomy.

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Rating of bond portfolio

31-Dec-05 31-Dec-06 Amount % Amount %AAA 23 425 32,43% 22 867 29,11%AA+ 570 0,79% 200 0,25%AA 3 951 5,47% 4 640 5,91%AA- 9 285 12,85% 10 910 13,89%A+ 15 002 20,77% 16 571 21,10%A 9 027 12,50% 10 282 13,09%A- 4 011 5,55% 7 072 9,00%BBB+ 1 764 2,44% 1 829 2,33%BBB - - - 0,00%BBB- - - - 0,00%BB+ - - - 0,00%BB - - - 0,00%BB- 166 0,23% 156 0,20%B+ - - - 0,00%B- 378 0,52% 634 0,81%CCC - - - 0,00%CC - - - 0,00%C - - - 0,00%D - - - 0,00%Unknown 4 657 6,45% 3 387 4,31%TOTAL 72 236 100,00% 78 548 100,00%(in thousand of euros)

Maturity of Bond Portfolio

31-Dec-05 31-Dec-06 Amount % Amount %2005 200 0,28% 0.00 0,00%2006-2007 8 512 11,78% 4 681 5,96%2008-2010 13 548 18,75% 15 987 20,35%2011-2015 23 041 31,90% 26 976 34,35%2016-2020 14 528 20,11% 18 718 23,83%2021-2030 7 027 9,73% 7 504 9,55%2031 5 380 7,45% 4 682 5,96%TOTAL 72 236 100,00% 78 548 100,00%(in thousand of euros)

Duration of bond portfolio

31-Dec-05 31-Dec-06 Amount % Amount %< 6 months 1 392 1,93% 3 224 4,11%6 months to 1 year 2 309 3,20% 1 606 2,04%1 year 3 years 11 107 15,38% 12 865 16,38%3 years 5 years 8 047 11,14% 8 857 11,28%5 years 10 years 22 900 31,70% 27 809 35,40%> 10 years 26 481 36,65% 24 187 30,79%n.d. 0.00 0,00% 0.00 0,00%TOTAL 72 236 100,00% 78 548 100,00%(in thousand of euros)

Profits

2002 2003 2004 2005 2006Profits from Sales 1,9% 1,5% 2,1% 2,2% 1,6%Capital & Reserves 27 031 736 29 243 429 31 677 499 33 351 351 34 795 084Income on Capital & Reserves 7,5% 6,1% 8,1% 8,7% 6,7%

RESULTS AND PROFITS

Pre-tax results in 2006 amounted to •3,130,284.14,up 5.0% against 2005. The Net Profit was slightlylower than that of 2005, given the increase in theestimated amount for corporate tax.

In these terms, remuneration on capital is slightlylower than in 2005, despite 2006 having seen stronggrowth and an increase in market share.

PROPOSED DISTRIBUTION OF PROFITS

The Board of Directors proposes to the GeneralMeeting the following distribution of profits for 2006:

Legal Reserve 234 179,83Free Reserve 413 618,48Dividends 1 694 000,00Total 2 341 798,31

Employee profit share, to be attributed as laid downin the Statutes, is already provided for, and is alreadydeducted from Net Profit.

NET WORTH

Once the distribution of profits proposed by theBoard of Directors to the General Meeting ofShareholders is approved, the Company's Cash andReserves will amount to 33,101,084.08 euros, anincrease in value of 5.9% between 2005 and 2006,and 26.3% in the past five years, after depreciationof the goodwill value of the acquisition operationsfor the portfolios of Royal & SunAlliance and Génesis.

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In concluding we would like to thank the Associação Portuguesa de Seguradores,the Brokers' Associations and the insurance industry unions as well as:

Instituto de Seguros de Portugal. The Board of Directors and Employees of Lusitania Vida. Our Brokers. Our Reinsurersand

our Policyholders.

The Board of Directors also expresses its gratitude to the Shareholders and, inparticular, Montepio Geral, for their constant support.

Lisbon, 27 February 2007

The Board of Directors

José da Silva LopesChairman

José António de Arez RomãoCEO / Board Member

Jorge José Conceição SilvaBoard Member

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ATTACHMENT TO THE BOARD OF DIRECTORS' REPORT

Shares held by Directors and Auditors as laid down in Article 477 of theCommercial Company Code

Shares held on 31.12.2006

Board of Directors

Montepio Geral - Associação Mutualista 2 529 816

Caixa Económica Montepio Geral 1 010 564

Dr. José António de Arez Romão 5 000

Dr. Jorge José da Conceição Silva 5

Board of Auditors

Dr. Vasco Ferreira César das Neves 100

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Balance Sheet as at 31 December 2006

Profit and Loss - Financial Year 2006

Attachments to the Balance Sheet and Profit

and Loss Statement as at 31 December 2006

Property

Inventory of the Lusitania Collection

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(in euros)

FINANCIAL YEAR LAST

FINANCIAL YEAR

ASSETS Gross Depreciations Net Net

Assets and Provisions Assets Assets

Intangible fixed assets 6.697.750,78 4.063.198,36 2.634.552,42 2.440.248,63Investments Land and buildings 41.880.283,11 0,00 41.880.283,11 38.246.744,59 For own use 37.214.335,09 37.214.335,09 33.759.098,31 Rented 3.751.631,49 3.751.631,49 4.412.413,48 Property under construction and cash advances 914.316,53 914.316,53 75.232,80 Investments in companies in the group and associates 2.930.398,11 0,00 2.930.398,11 3.404.699,79 Capital shares in companies in the group 1.490.079,36 1.490.079,36 1.473.168,30 Bonds and other loans to companies in the group 990.000,00 990.000,00 1.493.049,69 Capital shares in associated companies 450.318,75 450.318,75 438.481,80 Bonds and other loans to associated companies 0,00 0,00 0,00 Other financial investments 142.033.189,31 0,00 142.033.189,31 117.824.690,09 Shares, other fluctuating income securities and participation units 22.236.826,99 22.236.826,99 21.048.071,74 Bonds and other fixed income securities 77.557.917,02 77.557.917,02 70.743.096,16 Mortgage loans 1.980.541,35 1.980.541,35 2.550.000,00 Other loans 3.012.068,51 3.012.068,51 593.965,60 Deposits in credit institutions 33.410.986,67 33.410.986,67 19.106.402,74 Other 3.834.848,77 3.834.848,77 3.783.153,85 Deposits with ceding companies 129.530,70 0,00 129.530,70 41.225,76 Investments in Life Insurance in which the investment risk in born by the Policy Holder 0,00 0,00 0,00 0,00 Technical Provisions for Reinsurance Ceded 22.294.284,23 0,00 22.294.284,23 13.871.391,86 Unearned premiums reserve 4.657.885,63 4.657.885,63 5.209.651,01 Mathematical provision for life insurance 0,00 0,00 0,00 Loss reserve 17.636.398,60 17.636.398,60 8.661.740,85 Provision for profit share 0,00 0,00 0,00 Other technical provisions 0,00 0,00 0,00 Technical provisions for life insurance in which the investment risk is born by the policy holder 0,00 0,00 0,00 Debtors 65.754.322,54 2.423.252,69 63.331.069,85 52.694.316,49 For direct insurance operations Companies in group 990.694,40 990.694,40 630.522,42 Holdings 3.396,53 3.396,53 7.255,78 Other debtors 53.716.313,27 1.636.294,91 52.080.018,36 45.014.573,43 Reinsurance operations Companies in group 0,00 0,00 0,00 Holdings 0,00 0,00 0,00 Other debtors 4.087.866,96 4.087.866,96 3.288.764,72 Other operations Companies in group 0,00 0,00 0,00 Holdingss 0,00 0,00 0,00 Other debtors 6.956.051,38 786.957,78 6.169.093,60 3.753.200,14 Capital underwriters 0,00 0,00 0,00 0,00 Other Assets 11.831.364,65 5.178.229,90 6.653.134,75 6.445.223,85 Tangible fixed assets and stocks 6.367.962,78 5.178.229,90 1.189.732,88 1.185.396,34 Cash and bank deposits 5.463.401,87 5.463.401,87 5.259.827,51 Other 0,00 0,00 0,00 Accruals and Deferrals 4.954.792,26 0,00 4.954.792,26 3.616.960,45 Interest to be received 1.419.411,69 1.419.411,69 1.021.208,89 Other accruals and deferrals 3.535.380,57 3.535.380,57 2.595.751,56

Total Assets 298.505.915,69 11.664.680,95 286.841.234,74 238.585.501,51

ATHE ACCOUNTANT THE BOARD OF DIRECTORSConceição da Costa Castro José António de Arez Romão

CEO / Board Member

BALANCE SHEET AS AT 31 DECEMBER 2006

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(in euros)

LIABILITIES Financial Previous

Year Financial Year

Invested Capital 34.795.084,08 33.351.350,96 Capital 19.250.000,00 19.250.000,00 Share premium reserve 1.995.191,59 1.995.191,59 Revaluation reserve Regulamentary reserve 5.500.716,74 4.304.781,93 Legal revaluation 172.649,03 172.649,03 Reserves Legal reserve 1.617.336,11 1.326.163,81 Statutory reserve 0,00 0,00 Other reserves 3.917.392,30 3.390.841,63 Results carried over 0,00 0,00 Result on financial year 2.341.798,31 2.911.722,97 Subordinated Liabilities 0,00 0,00 Fund for future uses 0,00 0,00 Technical provisions 176.118.641,11 145.506.929,36 Unearned premiums reserve 36.106.753,30 32.275.756,39 Mathematical provision for life insurance 0,00 0,00 Loss reserve Life 0,00 0,00 Workmen's compensation 58.956.195,95 56.266.750,05 Other sectors 77.014.933,88 53.715.914,28 Provision for profit share 0,00 0,00 Equalisation provision 2.614.068,82 2.344.233,53 Other technical provisions 1.426.689,16 904.275,11 Technical provision for life insurance in which the investment risk is born by the policy holder 0,00 0,00 Other provision 346.052,85 368.039,41 Pensions provision 0,00 0,00 Tax provision 346.052,85 368.039,41 Other provisions 0,00 0,00 Deposits from reinsurance 6.997.770,54 5.371.065,56 Creditors 29.614.261,53 23.741.192,11

For direct insurance operations Companies in group 3.730,58 8.121,86 Holdings 2.178,51 0,00 Other creditors 13.320.559,06 9.716.068,53 For reinsurance operations Companies in group 0,00 0,00 Holdings 0,00 0,00 Other creditors 6.557.508,76 4.257.159,98 Bank loans Companies in group 0,00 0,00 Holdings 0,00 0,00 Other creditors 0,00 0,00 State and other public entities 5.579.864,74 4.723.395,45 Sundry creditors Companies in group 0,00 0,00 Holdings 0,00 0,00 Other creditors 4.150.419,88 5.036.446,29 Accruals and deferrals 38.969.424,63 30.246.924,11 Total Liabilities 286.841.234,74 238.585.501,51

THE ACCOUNTANT THE BOARD OF DIRECTORSConceição da Costa Castro José António de Arez Romão

CEO / Board Member

BALANCE SHEET AS AT 31 DECEMBER DE 2006

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(in euros)

NON-LIFE TECHNICAL STATEMENT FINANCIAL YEAR PREVIOUS FINANCIAL YEAR

Premiums earned net of reinsurance

Gross premiums issued 149.329.336,31 131.208.105,41

Reinsurance premiums ceded -22.474.408,18 126.854.928,13 -22.088.160,56 109.119.944,85

Unearned premiums reserve (variation) -4.995.439,96 -5.575.065,53

Unearned premiums reserve, reinsurer share (variation) -551.765,38 -5.547.205,34 121.307.722,79 883.986,22 -4.691.079,31 104.428.865,54

Gains from investment

Incomes from shares in capital

From companies in the group 0,00 0,00

Other 0,00 0,00 0,00 0,00

Gains from other investments

From companies in the group 125.794,94 127.897,64

Other 4.513.275,95 4.639.070,89 2.810.017,16 2.937.914,80

Gains from investments 1.984.908,28 6.623.979,17 2.546.742,42 5.484.657,22

Non-realised gains from investments 5.974.167,07 2.574.343,96

Other gains net of reinsurance 9.796,89 13.990,43

TECHNICAL GAINS 133.915.665,92 112.501.857,15

Costs with claims, net of reinsurance

Amounts paid

Gross amounts 92.959.390,70 68.351.754,58

Reinsurance share -21.567.469,71 71.391.920,99 -6.709.508,09 61.642.246,49

Loss reserve (variation)

Amounts paid 24.124.701,83 9.944.534,61

Reinsurance share -8.973.671,10 15.151.030,73 86.542.951,72 864.539,24 10.809.073,85 72.451.320,34

Other technical provisions, net of reinsurance (variation) 522.414,05 729.381,08

Share of results, net of reinsurance 0,00 0,00

Net operating costs

Acquisition costs 23.861.482,83 20.992.844,81

Deferred acquisition costs (variation) -1.164.443,05 -689.262,88

Administrative costs 17.141.477,44 16.872.882,41

Commissions and share in results of reinsurance -3.455.133,15 36.383.384,07 -4.315.905,39 32.860.558,95

Investment costs

investment management costs 413.867,29 413.498,06

Losses made in investments 45.399,80 459.267,09 79.961,51 493.459,57

Losses not realised from investments 4.795.198,11 2.090.576,29

Other technical costs, net of reinsurance 2.229,39 128.209,81

Equalisation provision (variation) 269.835,29 240.548,16

TECHNICAL COSTS 128.975.279,72 108.994.054,20

RESULT OF TECHNICAL STATEMENT FOR NON-LIFE INSURANCE 4.940.386,20 3.507.802,95


CEO / Board Member

PROFIT AND LOSS - 2006 FINANCIAL YEAR

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PROFIT AND LOSS - 2006 FINANCIAL YEAR

(in euros)

NON-TECHNICAL STATEMENT FINANCIAL YEAR PREVIOUS FINANCIAL YEAR

Result of technical statement for non-life insurance 4.940.386,20 3.507.802,95

Result of technical statement for life insurance 0,00 0,00

Result of Technical Statement 4.940.386,20 3.507.802,95

Gains from investment

Income from shares in capital


Other 0,00 0,00 0,00 0,00

Gains from other investments


Other 109.758,87 109.758,87 76.644,65 76.644,65

Gains from investments 0,00 109.758,87 0,00 76.644,65

Non-realised gains from investments 35.604,25 2.195,76

Other gains 37.920,35 32.497,52

NON-TECHNICAL GAINS 183.283,47 111.337,93

Investment costs

Investment management costs 21.937,44 10.776,54

Losses made in investments 0,00 21.937,44 0,00 10.776,54

Non-realised losses from investments 18.638,40 411.334,02

Other technical costs, net of reinsurance 481.923,34 252.922,22

NON-TECHNICAL COSTS 522.499,18 675.032,78

Income from Current Opreations 4.601.170,49 2.944.108,10

Extraordinary income and gains 45.413,23 499.947,83

Extraordinary costs and losses 320.364,79 386.902,98

Extraordinary Result -274.951,56 113.044,85

Use of revaluation reserve regulamentary -1.195.934,81 -74.629,41

Recovery of gains and losses realised from investments 0,00 0,00

Pre-Tax Profits 3.130.284,12 2.982.523,54

Tax on income of the year 788.485,81 70.800,57

NET PROFITS 2.341.798,31 2.911.722,97


CEO / Board Member

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ATTACHMENTS TO THE BALANCE SHEET AND PROFIT AND LOSS STATEMENT AS AT 31 DECEMBER 2006(Amounts expressed in euros)

Lusitania Companhia de Seguros, S.A., (hereafter referred to as Lusitania or the Company) was incorporated on 6 June 1986 with a sharecapital of one million, six hundred and forty six thousand euros, and currently stands at nineteen million two hundred and fifty thousandeuro.

The Company deals in the insurance and reinsurance business for all sectors, except life, and is fully authorised by the Instituto de Segurosde Portugal (Portuguese Insurance Institute). Motor and Accident and Health insurance premiums account for the highest volume ofbusiness with respectively 37.9 and 36.7 % of gross premiums issued in 2006.

The notes accompanying the financial statements follow the order laid down in the Accounting Plan for Insurance Companies, and thenumbers 2, 5, 9, 11, 13, 14, 16, 17, 18, 21, 27, 30, 31, 38 and 42, not included in these notes, do not apply because the respective figuresor situations to which they refer do not exist, or are irrelevant.

NOTA 1 – Comparative values

The values expressed for the 2006 financial year are fully comparable in all significant aspects with the values recorded in the column for2005.

NOTA 3 – Presentation, main accounting principles and valuation criteria

(1) Presentation

The financial statements were prepared using the Company’s accounts ledgers and records, maintained as laid down in the AccountingPlan for Insurance Companies approved by Regulation 7/94-R, dated 27 April, with the amendments introduced by Regulation 14/95-R,dated 20 July, and also in agreement with accounting standards for the operations of insurance companies as laid down by the ISP.

The Company has not prepared a Statement on the Origin and Application of Funds or a Cash Flow Statement, as the ISP does notdemand this financial information.

(2) Main accounting principles and valuation criteria

The main accounting principles and valuation criteria adopted in the preparation of the attached financial statements were thefollowing:

(a) Accruals concept

Costs and gains are accounted for in the financial year to which they refer, regardless of the date on which they are paid or received.

Direct insurance premiums are recognised as gains on the date of the transaction, or policy renewal date, while claims arerecorded when the claim is made. At the end of each financial year the Company accrues costs and gains as follows:

(i) Unearned premiums reserve

The unearned premiums reserve for direct insurance is based on an assessment of premiums written prior to the end of thefinancial year, but for which the risk period extends beyond the year.

Complying with Regulations 19/94-R, 3/96-R and 4/98-R, issued by the ISP, this provision is calculated using the "pro-ratatemporis" method for each contract in force for all insurance sectors.

The percentages established by the ISP were used in the calculation of reinsurance accepted.

(ii) Claims reserve

- by estimating liability for all claims awaiting payment at year end, or claims made but not filed by year end, with the exceptionof worker's compensation, which was calculated as stipulated in ISP regulations, and prepared using actuarial methods.

- by the mathematical provision for claims made up to 31 December 2006 covering pensions already approved by the IndustrialTribunal or with a pre-established conciliatory agreement. This provision also covers pensions for potential or presumedpermanent disability.

The Company calculated this reserve applying what is laid down in Regulation nº 15/2000-R, that is, for compulsory pensionpayments that are redeemable in the terms of article 74 of Decree-Law nº 143/99, date 30 April, it used the mortality tableTD88/90, at the technical interest rate of 5.25% and the management rate of 1%, adjusting to the ruling in nº 2 of the same

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regulation. Also complying with the ruling in the same regulation, mortality table TV 73-77 was chosen with 4.65% of technicalinterest and 1% of management rate.

Liability for the annual increase in life pensions due to inflation, lies with FAT - Fundo de Acidentes de Trabalho, (Workmen'sCompensation Fund), a fund managed by the ISP and which receives contributions both from insurance companies and fromthose covered by workers' compensation. The Company pays the full pension and is later reimbursed for that part paid by FAT.

- by the general reserve of 5% of costs for the financial year, for all claims made in the year, to cover liability for claims madebut not reported by year end, for all insurance sectors, excluding the health sector and workmen's compensation.

The health sector includes a reserve, calculated using the run-off link ratio method on all claims made, thus incorporating non-filed claims and filed claims for which there is still not sufficient reserve coverage.

Workmen's compensation is calculated using the run-off method similarly to that explained above, with a view to determiningthe number of claims to be made. Multiplying this figure by the average cost calculated for the year of the occurrence inquestion, the actuarial provision is obtained for non-declared claims.

(iii) Unexpired risks reserve

The unexpired risks reserve is the sum required to meet probable compensation and costs to be paid after year end, and whichexceed the value of unearned premiums and premiums outstanding for contracts in force.

As stipulated by the ISP, the reserve for unexpired risks is set up/reinforced whenever the sum of claims ratios, costs andceding, weighted by the rate of income, is over 1. The amount of this reserve is the sum of premiums settled in followingfinancial years and premiums demandable for contracts in force by the sum of the ratios deducted by 1.

In 2006 the facility envisaged in sub-paragraph b) of number 11.1. of Regulation n.º 19/94-R, of 6 December, was used in thewording it was given by Regulation n.º 12/2000-R, 13 November and amended by nº 24/2002, of 23 December, as referred toin Note 45.

(iv) Equalisation reserve

The equalisation reserve is set up when the technical result of high risk insurance sectors is positive. It is calculated based onspecific rates laid down by the ISP applied to the technical result.

This reserve also covers seismic risks and in this case is calculated applying a risk factor, defined by the ISP for each seismiczone, to the Company's capital.

(v) Reserves for outward reinsurance

Reserves for outward reinsurance are based on the same criteria described above, taking into account the clauses in reinsurancetreaties in force.

(vi) Brokers' commissions

Commissions payable to brokers are recorded as costs on the date when the policy is issued or renewed.

(b) Outstanding claims and bad debt reserve

The reserve for premiums outstanding covers these premiums at their estimated net realisable value. Receipts issued and not paidon 31 December 2006 are entered under the heading "Debtors".

This reserve is calculated based on the value of premiums outstanding, using percentages established by the ISP.

The provision for bad and doubtful debt is calculated based on the estimated value of this debt and included under the heading"Other debtors".

(c) Financial investment

(i) Fixed assets

Premises used for the Company's business, acquired up to 31 December 1991, were revalued using revision factors close tocorresponding inflation rates, as stipulated in applicable legislation (Decree-Law 49/91 and Decree-Law 264/92).

All premises used for the Company's business and those rented were revalued in 2002, 2003, 2004, 2005 and 2006 by anindependent agent, as laid down in the Accounting Plan for Insurance Companies, approved by ISP Regulation n° 7/94-R dated27 April, with the wording given it by Regulation n° 14/95, dated 20 July, and Regulation n° 16/99-R, of 29 December.

Costs incurred are entered for property being acquired.

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(ii) Investment securities

See note 36.

(iii) Non-realised gains and losses

Non-realised gains and losses resulting from differences between the book value and the value calculated as described in Note36 are recorded in the following way:

a) Gains on securities and property for technical reserves in non-life insurance, are entered in the technical non-life insuranceaccount under "Non-realised gains on investments".

These non-realised gains are transferred to the account "Regulatory Revaluation Reserve".

Losses are entered under the heading "Non-realised losses on investments" and are compensated by the balance in the"Regulatory Revaluation Reserve" account.

b) Gains and Losses on securities and property not allocated are entered in the non-technical account under "Non-realisedgains on investments" and "Non-realised losses on investments", respectively. These non-realised gains and losses are alsotransferred to the "Regulatory Revaluation Reserve".

The Regulatory Revaluation Reserve may only be used for the following purposes and in agreement with an order ofpriority:

1ª Compensation for non-realised losses on investments;

2ª Cover for losses accrued up to the end of the financial year in which the reserve was set up;

3ª Recording realised gains on investments under the heading of the non-technical account “Recovery of Realised Gains andLosses from Investment" or incorporation in Shareholder's capital.

(iv) Realised gains and losses

Realised gains and losses resulting from the sale of property or securities are entered on the respective statements in thefinancial year in which they occur.

(v) Income from securities

Income from shares in portfolio is entered at the time it is received from dividends paid: with regard to bonds and othersecurities, the income from these is recognised at the end of the financial year.

(d) Works of Art

Works of art are stated at cost, except for the gold coin collection acquired before 31 December 2001, which was assessed in thesame year by an independent expert.

(e) Fixed assets

(i) Land and buildings

See note 10.

(ii) Tangible fixed assets

These assets are entered at historical cost and/or revaluation cost. Depreciation is calculated using the straight-line method,at the following annual rates, which reasonably reflect the estimated working life of the assets:

Fixtures & fittings 10 %

Machinery 10 - 25 %

Vehicles 25 %

Furnishings & equipment 10 - 33,33 %

(f) Liability for pre-retirement schemes and complementary retirement pensions

In agreement with the Collective Labour Agreement in force for the insurance sector, the Company undertook to grant all of itsemployees a cash allowance to complement the State pension. To this end, a pension fund was set up to cover liability for old-age,invalidity or widows' pensions for its employees still in service and those in pre-retirement schemes, calculated based on plannedsalaries, and acquired temporary and/or life incomes.

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Contributions to the Fund are determined according to the respective actuarial technical and financial plan, which is revisedannually, using the actuarial method, and adjusted in line with pension revisions, changes to the group of participants and liabilitiesguaranteed. Contributions also comply with the policy pursued by the Company for the total coverage of liabilities determined bythe actuary (see Note 19).

NOTE 4 - Foreign Currency Transactions

Foreign currency transactions are converted into euros using the exchange rate in force on the date of the transaction.

Assets expressed in the currency of those countries that are not members of the Economic and Monetary Union (EMU) were convertedto euro using the reference exchange rate indicated by the Bank of Portugal.

Exchange differences between rates in force on the date of transaction and those in force on the date of the balance sheet, are entered onthe profit and loss statement at the rate in force at year end.

NOTA 6 - Data on related companies

Lusitania's shareholders with holdings over 10%:


Company Share of Cash & End Result

Address Capital held Reserves Year Amount

Montepio Geral - Associação Mutualista 65,710% 302 092 2005 38 198Rua do Ouro, 219 Lisboa

Caixa Económica Montepio Geral 26,248% 690 771 2005 45 312Rua do Ouro, 219 Lisboa

Lusitania's holdings of over 10% in other companies:

(milhares de euros)

Company Share of Cash & End Result

Address Capital held Reserves Year Amount

Soc. Portuguesa de Administrações, S.A. 80,630% 1 848 2005 18Av. Eng. Duarte Pacheco, T2 8º / Sala 5 - Lisboa

Clínica Serv. Médicos Comput. Belém, S.A 24,500% 1 837 2005 48R. Manuel Mª Viana – Lisboa

Clínica de Santa Maria Belém, S.A. 15,610% 2 962 2005 216R. Manuel Mª Viana – Lisboa

Lusitania Vida Comp. Seguros, S.A. 13,170% 21 046 2005 2 192Av. Eng. Duarte Pacheco, T 2 / 12º - Lisboa

Moçambique Comp. Seguros, SARL 16,200% 869 2005 38Av. 25 Setembro, 420, 1º Sala 10 Maputo - Moçambique

The holdings in Sociedade Portuguesa de Administrações, Clínica de Serviços Médicos e Computorizados de Belém, Clinica de Santa Mariade Belém and Lusitania Vida Companhia de Seguros and Moçambique Companhia de Seguros are valued by the percentages of capital andreserves held in those companies.

Consolidated accounts were not prepared as they will not alter the financial position of the Company in any relevant way.

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NOTE 7 - Average n° of employees according to professional category

The average n° of employees working for the Company in 2006 according to professional category was the following:

Category Level Av. N°

Management 2

Co-ordinating Director XVI 1

Department Managers XV 22

Service Supervisors XIV 31

Technical Staff XIII e XII 10

Section Heads and Equivalent XII 50

Under-section Heads and Equivalent XI 47

Clerks and Equivalent X e IX 130

General Services Employees and Telephonists VIII, V, II e I 10

Trainee Clerks and Equivalent IV 41

Attachments to C.C.T. X, VI e IV 3

TOTAL 347

NOTE 8 - PERSONNEL COSTS FOR THE FINANCIAL YEAR

Account Heading 2006 2005

Salaries

6800 corporate governance 309 413 302 233

6801 staff 8 762 006 8 461 349

6802 Salary costs 1 921 245 1 801 950

Pension costs

6803 Pensions and respective costs 27 419 18 775

6804 Premiums and pension contributions 115 282 876 7776

NOTE 10 - INTANGIBLE FIXED ASSETS

A conta de Imobilizações Incorpóreas é constituída pelas seguintes rubricas :

Heading 2006 2005

Spending on rented buildings 373 585 508 586

Transfer (acquisition of Royal & SunAlliance) 4 048 552 4 048 552

Transfer (acquisition of Génesis) 1 373 026 750 000

Other intangible fixed assets 902 587 205 599

Total 6 697 750 5 512 737

The heading Other Intangible Fixed Assets includes the costs of:

- the corporate image of Lusitania, as part of the development project for the network of exclusive brokers;

- the project for optimising energy consumption.

Acquiring the Génesis portfolio led to a difference between the purchase price and the goodwill value, entered under the heading Transfers.In the terms of the contract, this goodwill will be readjusted with reference to 31 December 2005, at some point in 2006.

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All headings are depreciated over 3 years, apart from the RSA operation that will be depreciated over a 12 year period, corresponding tothe period estimated in studies for return on investment.

NOTE 12 - BAD DEBT

The overall amount of bad debt is 810 030,00 euros and is entered under "Other Debtors" broken down as follows:

Other Debtors 2006 2005

Direct insurance operations 0 0

Reinsurance operations 0 0

Other operations 810 030 790 874

Total 810 030 790 874

See also NOTE 26.

NOTE 15 - SHARE CAPITAL

Share capital is made up of 3 850 000 nominal shares, each with a nominal unit value of 5 euros.

NOTE 19 - OFF-BALANCE SHEET FINANCIAL COMMITMENTS

Royal Insurance and Sun Alliance Portugal Pension Funds were eliminated at the end of June 2002 and were integrated into the LusitaniaPensions Fund and from this date Lusitania became liable to the beneficiaries of these Funds.

On 31 December, commitments assumed by the Lusitania Pensions Fund were the following:

Liabilities 2006 2005

For working staff 3 384 095 3 153 993

For retired staff 1 962 496 1 968 312

For pre-retirement schemes 848 772 1 305 211

Total 6 195 363 6 427 516

On 31 December 2006, the asset value of the Lusitânia Fund was 6 196 477 euros, giving 100.02% cover for liabilities assumed.

The assumptions used in the calculation for the actuarial evaluation of liabilities for the Fund were the following:


Mortality table TV 73-77 TV 73-77

Planned rate of return on Fund 4.5% 5%

Planned rate of salary change 3% 3% and 3.5%

Rate of pensions growth 2% 2%

Rate of income on pensions 4.5% 4.5%

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To the liabilities financed by the Lusitania Fund are added liabilities for those retired or in pre-retirement schemes from the Royal &SunAlliance, fully guaranteed through life and temporary income policies, as shown on the following table:


For the Retired on life income 321 338 440 03

For Pre-retirement schemes on Temporary Income 0 14 662

Total 321 338 454 694

NOTE 20 - INCOME TAX

Corporate income tax is calculated on a self-assessment tax return basis, subject to inspection and possible adjustment by the taxauthorities over a 4 year period, counting from the financial year to which it refers.

No significant adjustment is expected to the tax return filed for this financial year, nor for the two previous financial years,

The concept of deferred taxation, resulting from the time differences between accounting base and the tax base agreed for the purposesof corporate income tax, was not adopted by the Company at the time of the annual presentation of accounts.

NOTE 22 - INVENTORY OF SECURITIES AND FINANCIAL HOLDINGS

See annex 1.

NOTE 23 - FIXED ASSET AND INVESTMENT MOVEMENTS

See annexes 2, 3 and 4.

NOTE 24 - REVALUATION MOVEMENTS

Headings Tangible fixed assets Investments Total

Revaluation reserve

Start of financial year 0 4 477 431 4 477 431

Increases 0 4 396 268 4 396 268

Reductions

Share capital 0 0 0

Other 0 3 200 333 3 200 333

Close of financial year 0 5 673 366 5 673 366

Historical costs 98 167 172 929 703 173 027 870

Revaluations 16 141 13 914 167 13 930 308

Revalued accounting values 114 308 186 843 870 186 958 178

The legal revaluation reserve may only be used for the purposes of, and in agreement with, the order of priorities established in theAccounting Plan. (see Note 3).

The legal revaluation reserve may not be distributed and may only be used to cover losses or to be incorporated in capital.

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NOTE 25 - FISCAL TREATMENT FOR REVALUATION RESERVE

Legal revaluation reserves and stipulated reserves for insurance business are entered under the Revaluation Reserve account.

In the legal revaluation reserve, if assets revalued are depreciated, 40% of the depreciation sum for the financial year is not accepted as afiscal cost.

In the stipulated revaluation reserve, calculated in agreement with valuation criteria for investments, the resulting non-realised values arenot taxed as Corporate Income Tax.

NOTA 26 - NON-TECHNICAL RESERVES

Accounts Opening balance Increase Reduction Closing balance

490 Adjustments for receipts outstanding 1 713 141 0 482 496 1 230 6454903 Other policy holders 1 713 141 0 482 496 1 230 645

491 Adjustment for bad debt credit 728 342 28 762 7 493 749 61

4913 Other debtors 728 342 28 762 7 493 749 611

492 Other reserves 144 114 223 926 0 368 040

4920 Retirement pensions 0 0 0 0

4922 Taxation 144 114 223 926 0 368 040

4923 Other risks and costs 0 0 0 0

NOTE 28 - STATEMENT OF EXTRAORDINARY RESULTS

Costs & Losses Financial yrs. Inputs & gains Financial yrs.

2006 2005 2006 2005

69100 Appropriations 13 661 39 395 79100 Tax returned 0 0

69101 Arts Sponsorship 103 655 114 487 79101 Debt recovery 0 0

69102 Confidential costs 82 830 79 502 79102 Reduction in deprec. & prov. 26 509 489 989

69103 Tangible fixed asset losses 592 0 79103 Gains on tangible fixed assets 13 281 9 574

69104 Offers to clients (insurance) 100 683 137 814 79107 Corrections for prev. finan. yrs. 0 0

69105 Bad debt 0 0 79108 Other extra. gains 5 623 384

69106 Fines & penalties 6 931 3 323

69107 Sundry subscriptions 12 012 10 733

69108 Corrections for previous finan. yrs. 0 0

69109 Other extra. costs 0 1 650

83 Extra. results -274 951 113 043

Total 45 413 499 947 Total 45 413 499 947

NOTE 29 - TAX ON PROFITS

Tax on profits corresponds fully to the application of autonomous rates legally planned under Representation Costs, Costs on Vehicles,Own car travel allowances and Confidential Costs.

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NOTE 32 - INSURANCE CONTRACTS WITH GUARANTEES SUSPENDED DUE TO LACK OF PAYMENT

The amount of outstanding payments to be collected is as follows:

Heading 2006 2005

In companies in group 0 0

In associate companies 0 0

In holdings 0 0

In other policy holders 1 582 569 2 735 908

Total 1 582 569 2 735 908

NOTE 33 - TECHNICAL RESERVES

Headings Estimated Deferred Book Balance Book Balance

amount acquisition as at 31.12.2006 as at 31.12.2005

Reserve for unearned premiums 42 239 919 6 133 165 36 106 754 32 275 756

Mathematical reserve - - 46 885 764 39 949 071

Reserve for risks - - 1 426 689 904 275

Total Technical Reserves 42 239 919 6 133 165 84 419 207 73 129 102

NOTE 34 - DEVELOPMENT OF PROVISION FOR CLAIMS MADE IN PREVIOUS FINANCIAL YEARS AND CLAIMS COSTS

See annexes 5 and 7.

NOTE 35 - EXPLANATION FOR RELEVANT READJUSTMENTS IN ANNEX 5

All readjustments arise from claims management but are not significant in view of the amount of reserves already created.

In 2006 pensions paid were entered in the accounts of the year in which they were paid.

NOTE 36 - CALCULATION METHODS USED FOR INVESTMENTS

The following calculation criteria were used for investments:

· Property and land - assessment value determined by an independent specialist.

· Listed shares on an official stock market over the last 30 days - the closing price on the last day of the listing.

· Other shares - the lowest value between the book value and the market price (if listed on the market) or other lower price.

· Listed bonds on an official stock market over the last 30 days - the closing price on the last day of the listing.

· Other bonds - the listed price was obtained from information on the market prices of financial assets comparable in terms of risk,Duration, financial flows and coupon.

· Bonds with unpaid interest or reimbursement - 0.01 euros.

· Investment papers quoted on an official stock market or markets regulated in the past 30 days - the closing price on the last day of thelisting.

· Units in investment funds - value of the asset unit of the fund disclosed by the managing institution.

· Savings deposits - original value on opening.

· Loans - original value net of reimbursements.

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NOTE 37 - CURRENT VALUE OF LANDS AND BUILDINGS

The value of lands and buildings is, according to the criterion used by the independent specialist, the "transaction value" or the "sales value"for rented buildings and the "comparison method" or "market price" for vacant property, also including property occupied by the Company.Property value according to the year of evaluation is listed below:

Financial year of last evaluation Acquisition price Balance

2006 14 853 912 19 686 945

2005 3 838 708 5 368 892

2004 1 886 873 2 764 209

2003 626 118 645 958

2002 7 697 773 12 499 964

NOTE 39 - AMOUNTS RECOVERABLE ON CLAIMS

Amounts recoverable for payments on claims made are:

Account Heading 2006 2005

261 Stocks 0 0

40 Policy holders 100 527 102 576

470 Other debtors and creditors 1 128 602 583 308

Total 1 229 129 685 884

NOTE 40 - INFORMATION ON NON-LIFE INSURANCE

See annex 6.

NOTE 41 - REPORT PER SEGMENT

a) Report per business segment

Account Heading Non-Life Accident Fire & Motor Others

Sectors & Health other damages ato 10% of total

70 Gross premiums earned 149 329 336.31 54 058 741.23 33 648 727.51 55 895 681.86 5 726 185.71

71 Outward reinsurance premiums 22 474 408.18 3 350 225.51 13 919 070.98 3 076 922.67 2 128 189.02

70 +/-6110 +/-6130 Gross premiums acquired 144 333 896.35 54 378 596.28 33 415 386.43 50 727 763.10 5 812 150.54

74+75+76-64-65-66 Result of investments(1) 7 343 681.04 1 659 025.89 1 889 536.09 3 512 019.01 283 100.05

600+601+602+603 Gross claims costs 117 084 092.53 39 407 419.95 38 786 233.07 36 973 969.00 1 916 470.51

63 Gross operating costs 39 838 517.22 15 712 897.02 9 640 906.67 13 260 512.47 1 224 201.06

800/801 Technical result 4 940 386.20 -786 883.24 2 816 517.75 569 598.99 2 341 152.70

Invest. allocated technical reserves (2) 192 848 321.00 72 130 204.06 40 781 926.17 73 985 945.86 5 950 244.91

Technical reserves 182 251 806.73 65 783 482.79 39 346 228.29 71 381 324.76 5 740 770.89

(1) With the exception of the result of asset investments for technical reserves for Workmen's Compensation, the result of investments was apportioned based on the technical reserves of eachinsurance sector.

(2) With the exception of Workmen's Compensation, investments allocated to technical reserves of the different sectors were apportioned based on the technical provisions of each sector.

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b) Report per location segment

Gross premiums for direct insurance issued in 2006 were all signed in Portugal.

Account Heading Portugal

70 Gross premiums earned 149 329 336.31

71 Outward reinsurance premiums 22 474 408.18

70 +/-6110 +/-6130 Gross premiums acquired 144 333 896.35

74+75+76-64-65-66 Result of investments (1) 7 343 681.04

600+601+602+603 Gross claims costs 117 084 092.53

63 Gross operating costs 39 838 517.22

800/801 Technical result 4 940 386.20

Investments allocated to tech. reserves (2) 192 848 321.00

Technical reserves 182 251 806.73

NOTE 43 - COMMISSIONS FOR DIRECT INSURANCE

The following are the commissions for direct insurance in the financial year:

Commissions 2006 2005

Brokerage 18 527 078 16 505 826

Receivable 1 489 724 1 391 990

Total 20 016 802 17 897 816

NOTE 44 - INVESTMENT ALLOCATION

Heading Non-Life (accounts 22 and 241) Free (account 23)

Lands and buildings 40 965 967 0

Investments in companies in group & associates 2 930 398 0

Other financial investments 132 673 930 9 359 259

Deposits with ceding companies 129 531 0

Total 176 699 826 9 359 259

NOTE 45 - OTHER RELEVANT INFORMATION

In the terms of what is laid down in b) of number 11.1. of Regulation n.º 19/94-R, of 6 December, with the wording given by Regulation n.º12/2000-R, 13 November and amended by Regulation nº 24/2002, of 23 December, in calculating the Reserve for Risks Assumed, the costsof depreciating the goodwill of the acquisition operation of Royal & SunAlliance and the Génesis portfolio were taken into consideration.

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PTCMGIOE0006 C. E. MONTEPIO GERAL Prazo Indeterminado - 2001 1 000 000,00 100,00 100,00 1 000 000,00 99,00 990 000,00 PTCON3OE0006 CONSOLIDADO - 1943 (2,75%) 8 474,58 100,00 49,00 4 152,54 71,41 6 051,36PTCON4OE0005 CONSOLIDADO Centenários - 1940 (4%) 3 930,53 100,00 57,04 2 241,97 95,77 3 764,15XS0230315748 PARPUB 3,567 09/22/20 2 500 000,00 100,00 97,81 2 454 700,00 92,64 2 316 025,00PTOTEJOE0006 OBRIGAÇÕES TESOURO - Junho 01/11 (5,15%) 500 000,00 100,00 108,86 544 300,00 104,58 522 920,00PTOTEYOE0007 PGB 3,85 04/15/21 1 000 000,00 100,00 97,88 978 800,00 96,97 969 690,00 XS0181875237 ATLANTEO - 03/09 250 000,00 100,00 95,00 237 500,00 98,41 246 012,50XS0183583011 ATLANTEO - 04/10 13 000,00 100,00 95,00 12 350,00 96,50 12 545,00XS0146779334 C. G. D. Taxa Variável (CXGD) - 02/07 650 000,00 100,00 99,86 649 096,50 100,03 650 174,85XS0230957424 CXGD 0 29/09/49 100 000,00 100,00 100,10 100 104,00 100,57 100 571,40PTLINCOE0008 LISNAVE 1º Cupão - 92/07 3 990,39 100,00 288,03 11 493,38 98,01 3 910,98 IT0003493258 BTPS 4.25 02/01/19 1 000 000,00 100,00 106,34 1 063 400,00 100,37 1 003 720,00IT0004019581 BTPS 3 3/4 08/01/16 250 000,00 100,00 96,71 241 775,00 96,85 242 112,50DE0001135085 DBR 4.75 07/04/28 1 000 000,00 100,00 115,74 1 157 400,00 109,19 1 091 850,00DE0001135283 DBR 3.25 07/04/15 5 500 000,00 100,00 99,69 5 482 950,00 95,17 5 234 185,00FR0010216481 FRTR 3 10/25/15 1 000 000,00 100,00 97,20 972 000,00 92,97 929 720,00FR0000189151 FRTR 4.25 04/25/19 3 750 000,00 100,00 110,10 4 128 750,00 102,34 3 837 825,00NL0000102242 NETHER 3.25 07/15/15 2 000 000,00 100,00 99,40 1 988 000,00 94,97 1 899 380,00AT0000385992 RAGB 3.8 10/20/13 1 000 000,00 100,00 104,39 1 043 900,00 99,24 992 390,00XS0209139244 ARGENT 0 12/15/35 1 085 833,00 100,00 14,26 154 791,50 13,15 142 822,87XS0205537581 ARGENT 1.2 12/38 1 085 833,00 100,00 14,26 154 791,50 45,25 491 343,78XS0118241883 REP. FEDERAL DO BRASIL - 00/07 (9.50%) 150 000,00 100,00 98,77 148 158,00 103,99 155 981,85FR0000188013 REP. FRANCE - 01/12 (3%) 300 000,00 100,00 120,89 362 681,13 106,65 319 935,00ES00000120G4 SPGB 3,15 01/16 2 000 000,00 100,00 98,55 1 971 000,00 93,92 1 878 380,00 XS0074461368 LANDESBANK GIROZENTRALE - 97/07 (6.76%) 99 759,58 100,00 99,95 99 709,70 100,61 100 369,11 XS0210732375 AAB 0 01/21/10 170 000,00 100,00 99,98 169 972,59 100,03 170 054,40XS0221082125 AAB 0 06/15 (ABN AMRO) 300 000,00 100,00 99,87 299 597,26 100,22 300 670,50XS0267063435 AAB 0 09/14/16 250 000,00 100,00 99,92 249 797,02 99,85 249 619,75XS0200597457 AAB 0 09/16/11 200 000,00 100,00 99,84 199 683,46 100,11 200 226,00XS0192848595 ABBEY 0 05/27/09 (SANTAN) 200 000,00 100,00 100,03 200 063,85 100,17 200 337,80XS0220989692 ABBEY 3,375 06/08/15 500 000,00 100,00 99,92 499 600,00 94,33 471 628,00XS0105561046 ABBEY NATIONAL TREASURY SERVICES - 99/07 750 000,00 100,00 100,00 750 000,00 100,00 750 000,00XS0142726826 ABN AMRO / 02-07 150 000,00 100,00 99,99 149 985,00 100,01 150 008,55FR0010248633 ACAFP 0 10/28/09 200 000,00 100,00 99,91 199 819,60 99,86 199 711,20XS0184780483 ACAFPF 0 02/06/09 (CREDIT AGRICOLE) 150 000,00 100,00 99,79 149 685,31 100,01 150 017,25XS0243548145 ACAFPF 0 02/17/09 200 000,00 100,00 99,99 199 975,76 99,95 199 904,20XS0222000381 ACAFPF 0 23/06/08 280 000,00 100,00 99,96 279 879,17 99,95 279 858,32XS0218949310 AIB 0 10/05/10 280 000,00 100,00 100,06 280 156,66 100,05 280 128,24XS0232498393 AIB 0 10/24/17 200 000,00 100,00 100,04 200 077,86 99,91 199 814,80XS0229541213 AIG 3,25 01/16/13 500 000,00 100,00 98,50 492 500,00 93,89 469 467,00XS0200533726 ALLNCE 0 09/14/09 200 000,00 100,00 99,86 199 729,50 100,08 200 157,40XS0211637839 ALZ 0 02/28/49 750 000,00 100,00 99,85 748 875,00 94,65 709 861,50XS0194937503 ANGIRI 0 06/25/14 200 000,00 100,00 99,87 199 733,51 100,61 201 217,80XS0193684080 ANGLIA 0 06/09/09 (NWIDE) 200 000,00 100,00 99,95 199 893,52 100,15 200 293,80PTESSNXE0006 B.ESSI OB.CX.SUB./96 149 640,00 100,00 100,15 149 862,97 100,00 149 640,00XS0211008544 BACA FLOAT 26-07-10 170 000,00 100,00 100,03 170 044,06 100,07 170 115,26XS0214398199 BACR 4.75 03/29/49 1 000 000,00 100,00 97,45 974 500,00 88,94 889 444,00XS0188256605 BANCA NAZ. LAVORO 11 (LAVORO 0 03/10/11) 190 000,00 100,00 99,86 189 741,60 100,61 191 161,28ES0300230044 BANCLE Float 07/30/07 400 000,00 100,00 100,06 400 235,81 99,98 399 929,60XS0108897074 BANCO CRÉDITO LOCAL ESPAÑA - 00/10 750 000,00 100,00 98,48 734 875,00 105,00 787 500,00ES0313440119 BANEST 0 06/10/09 200 000,00 100,00 99,92 199 831,66 100,10 200 191,00ES0313440135 BANEST 0 10/28/08 200 000,00 100,00 99,99 199 973,76 99,96 199 920,20XS0097131584 BANK OF AUSTRIA Ind. Blue Chips - 99/09 75 000,00 100,00 100,00 75 000,00 92,93 69 697,50ES0213860028 BANSAB 0 02/18/14 200 000,00 100,00 99,87 199 733,51 100,56 201 110,20XS0179725022 BANSAB 0 11/12/08 150 000,00 100,00 99,85 149 767,50 100,11 150 168,75XS0237609168 BANTOT 0 12/09/15 100 000,00 100,00 100,10 100 104,00 99,97 99 966,50XS0191589695 BAVB 0 05/10/11 200 000,00 100,00 99,97 199 947,73 100,33 200 650,00

ANNEX 1 - LIST OF INVESTMENTS IN FINANCIAL SECURITIES

% of Medium TotalISIN SECURITY Quant. Nominal Nominal Acquisition Acquisition Balance Value Value Value Price Value Unit Total

(euros)

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XS0201271045 BAVB 0 10/01/14 180 000,00 100,00 99,73 179 519,38 100,13 180 235,26XS0218873072 BAVB 0 11/05/12 200 000,00 100,00 99,84 199 685,46 100,04 200 081,00ES0413211006 BBVA Cédulas Hipotecárias - 99/09 (5.50%) 300 000,00 100,00 101,50 304 500,00 103,63 310 893,30ES0213211073 BBVA (BBVSM) / 03-13 200 000,00 100,00 99,86 199 714,00 100,37 200 747,80XS0271771239 BBVASM 0 10/24/16 200 000,00 100,00 100,10 200 208,00 100,12 200 230,40XS0218479334 BBVSM 0 23/05/17 200 000,00 100,00 100,10 200 208,00 100,06 200 114,40ES0413211071 BBVSM 4 02/25/25 4 000 000,00 100,00 103,57 4 142 800,00 95,16 3 806 536,00XS0278435226 BCPN 0 12/21/16 250 000,00 100,00 99,91 249 772,50 99,94 249 846,50XS0149736489 BEAR STEARNS - 02/07 (Taxa Variável) 250 000,00 100,00 100,00 250 000,00 99,95 249 875,00XS0278568026 BFCM 0 12/19/16 150 000,00 100,00 99,91 149 862,00 99,96 149 943,45XS0249093526 BFCM 03/31/16 100 000,00 100,00 100,03 100 032,93 99,76 99 764,60XS0107908088 BGL-B. GEN. LUXEMBOURG - 00/08 (U. Link) 500 000,00 100,00 82,22 411 100,00 93,35 466 750,00ES0214100010 BILBIZ 0 03/01/16 200 000,00 100,00 100,01 200 019,80 99,66 199 316,40DE0001137131 BKO 3 03/14/08 400 000,00 100,00 99,22 396 896,34 98,98 395 928,00ES0313679419 BKT 0 10/10/08 200 000,00 100,00 100,01 200 029,81 99,94 199 883,40XS0173501379 BMW 5 08/06/18 1 000 000,00 100,00 110,68 1 106 800,00 104,39 1 043 938,00XS0202386743 BNP 0 10/10/14 700 000,00 100,00 99,75 698 250,00 98,90 692 272,00XS0174754951 BPE CAP EURO (BPESP) / 03-13 150 000,00 100,00 99,81 149 715,00 100,33 150 492,75ES0357080037 BPE FINANCE (BPESP) / 02-08 200 000,00 100,00 100,02 200 031,82 99,97 199 946,40XS0178601273 BPIN 0 10/16/13 200 000,00 100,00 100,20 200 408,21 100,60 201 209,60DE0002109717 BUILD 2002-1 A 200 000,00 100,00 100,37 200 748,56 100,14 200 280,00XS0277974076 C 0 01/12/12 250 000,00 100,00 99,95 249 882,50 99,96 249 889,50XS0243636866 C 0 02/09/16 150 000,00 100,00 100,02 150 023,86 100,02 150 036,90XS0193765673 C 0 06/03/11 (CITIGROUP) 200 000,00 100,00 99,78 199 553,32 100,25 200 491,20XS0259257003 C 0 06/28/13 200 000,00 100,00 99,98 199 953,74 100,10 200 200,40ES0214843130 CAGALI 0 09/12/16 250 000,00 100,00 100,10 250 260,00 100,00 250 000,00ES0314843238 CAGALI 0 11/08/11 250 000,00 100,00 100,06 250 144,88 99,94 249 845,75XS0189673246 CAISSE C. C. IMOBILIAIRE (CCCI) - 04/09 200 000,00 100,00 100,01 200 015,80 100,16 200 325,00XS0174107176 CAIXA CATALUNYA INT. / 03-08 150 000,00 100,00 99,81 149 713,50 100,19 150 278,85XS0172433061 CAIXA FINANCE BV / 03-08 200 000,00 100,00 99,76 199 522,00 100,08 200 169,00ES0314970015 CAIXAB 03/02/09 200 000,00 100,00 100,02 200 033,82 99,95 199 909,00ES0314840101 CAIXAC 0 07/18/11 200 000,00 100,00 99,96 199 927,71 99,88 199 762,20ES0214950091 CAJA MONTE MADRID (CAJAMM) / 03-13 200 000,00 100,00 100,04 200 075,22 100,35 200 701,40ES0314400062 CAJAME 0 02/03/11 200 000,00 100,00 100,06 200 111,90 99,91 199 828,40XS0219734166 CAJAME 0 06/01/10 200 000,00 100,00 100,10 200 208,00 99,97 199 936,20ES0214950158 CAJAMM 0 02/09/12 200 000,00 100,00 100,02 200 049,84 99,93 199 862,80ES0314950264 CAJAMM 0 02/23/09 200 000,00 100,00 100,00 200 003,79 99,93 199 863,40ES0314977200 CAVALE 0 02/27/09 (CAJA VALENCIA) 150 000,00 100,00 99,89 149 833,16 100,02 150 033,30XS0214965450 CAVALE 4.5 03/29/49 500 000,00 100,00 96,10 480 500,00 87,69 438 469,00XS0103808639 CAYMADRID INTERNATIONAL - 99/09 300 000,00 100,00 95,00 285 000,00 104,00 312 000,00ES0314954068 CAZAR 0 09/02/11 200 000,00 100,00 99,96 199 923,70 99,79 199 580,80ES0314954050 CAZAR FLOAT 02/03/09 100 000,00 100,00 100,03 100 026,92 99,99 99 985,40FR0010089102 CCBP 0 05/28/07 (NATEX BQYES) 140 000,00 100,00 99,96 139 939,59 100,01 140 009,38FR0010157420 CCBP Float 02/09/09 (NATEX BQYES) 200 000,00 100,00 100,01 200 013,80 100,03 200 056,40XS0257206523 CCDJ 0 06/16/10 200 000,00 100,00 100,08 200 169,96 99,98 199 956,80FR0010261404 CCF 0 12/13/10 200 000,00 100,00 99,99 199 971,75 99,97 199 935,80FR0010398321 CDEE 0 09/12/12 250 000,00 100,00 99,95 249 870,00 99,97 249 932,75FR0010157438 CDEE Float 02/04/09 270 000,00 100,00 100,01 270 018,63 100,03 270 071,01FR0010391136 CFDCM 0 11/03/11 150 000,00 100,00 99,91 149 862,00 99,91 149 871,90FR0010292052 CFDCM 0 22/02/16 200 000,00 100,00 99,92 199 831,61 99,80 199 605,60FR0010163386 CFNG Float 10/02/10 250 000,00 100,00 100,01 250 022,25 100,09 250 220,50XS0201605192 CIT 4.25 09/22/11 500 000,00 100,00 104,36 521 800,00 99,24 496 185,00XS0213026197 CITIGROUP 4.25 02/25/30 500 000,00 100,00 99,18 495 900,00 93,54 467 702,00XS0102978268 COMMERZBANK - 99/09 (6.25%) 500 000,00 100,00 99,55 497 750,00 105,24 526 193,50XS0191166627 CORP CREDEUR 04/07 200 000,00 100,00 100,10 200 208,00 100,20 200 400,00XS0267703352 CRDIT 0 09/20/16 200 000,00 100,00 99,97 199 931,71 99,96 199 912,20XS0099472994 CREDIT SUISSE G. FINANCE - 99/19 1 000 000,00 100,00 104,87 1 048 700,00 104,43 1 044 277,00XS0111379383 CREGEM FINANCE NV - 00/08 500 000,00 100,00 77,33 386 650,00 92,62 463 100,00XS0244406137 DB 0 02/16/11 150 000,00 100,00 100,01 150 013,35 99,98 149 969,85DE0003933685 DB 0 09/20/16 150 000,00 100,00 99,91 149 863,20 100,38 150 567,75XS0210318795 DEUTSCHE TEL 15 500 000,00 100,00 101,40 507 000,00 94,56 472 779,00XS0213188096 DEXGRP 0 02/03/15 260 000,00 100,00 100,10 260 270,40 94,05 244 530,00

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XS0188214356 DEXGRP 0 03/19/07 150 000,00 100,00 99,83 149 745,00 99,81 149 715,00XS0192079787 DEXGRP 0 05/14/19 1 360 000,00 100,00 98,14 1 335 247,53 98,84 1 344 196,80XS0185138384 DHY 0 02/09/09 150 000,00 100,00 99,88 149 820,00 99,96 149 935,20XS0221157315 DNBNOR 0 09/06/08 300 000,00 100,00 100,02 300 047,73 99,98 299 942,40XS0275670023 DNBNOR 0 11/22/11 200 000,00 100,00 99,95 199 908,00 99,95 199 906,20XS0095827464 DRESDNER BANK (DRSDNR) - 99/09 200 000,00 100,00 99,41 198 810,90 100,36 200 713,60XS0276898417 DT 0 05/23/12 250 000,00 100,00 100,00 250 000,00 100,15 250 373,25XS0244500236 DT 0 08/17/09 180 000,00 100,00 100,00 180 005,21 99,97 179 945,46XS0276528915 EBSBLD 0 11/28/16 250 000,00 100,00 99,86 249 657,50 99,77 249 425,00XS0159585453 EDP FINANCE BV - 02/08 1 000 000,00 100,00 106,40 1 063 950,00 101,05 1 010 500,00XS0256997932 ELEPOR 0 06/14/10 200 000,00 100,00 99,99 199 977,76 99,93 199 851,20XS0256997007 ELEPOR 4 5/8 06/16 500 000,00 100,00 99,35 496 745,00 100,91 504 571,00XS0228575501 ERSTBK 0 09/07/15 200 000,00 100,00 100,11 200 228,02 99,88 199 753,40XS0195738348 ESPSAN 0 10/08/09 (BES FINANCE) 300 000,00 100,00 100,00 300 011,69 100,16 300 487,20DE000A0DLU51 EWE 4.375 10/14/14 500 000,00 100,00 106,56 532 800,00 99,73 498 648,00BE0931714290 FORTIS 0 06/16 200 000,00 100,00 100,06 200 113,90 100,09 200 174,00XS0222071481 FORTIS 0 20/06/08 280 000,00 100,00 100,04 280 125,83 100,02 280 059,08XS0234818986 FRTEL 0 11/14/08 200 000,00 100,00 99,98 199 967,75 99,93 199 860,00FR0010245555 FRTEL 3,625 10/14/15 1 000 000,00 100,00 95,98 959 800,00 92,79 927 930,00XS0171061475 GALP 1 A (INVESTMENT / 03-10) 100 000,00 100,00 100,00 100 000,00 100,40 100 400,00XS0211034540 GOLDMAN SACHS GROUP 15 1 000 000,00 100,00 100,25 1 002 450,00 97,18 971 838,00XS0184927761 GS 4.75 01/28/14 250 000,00 100,00 99,98 249 950,00 102,14 255 361,00XS0222383027 GSK 4 06/16/25 500 000,00 100,00 98,50 492 500,00 93,28 466 410,00XS0219714564 HAA 0 27/05/15 280 000,00 100,00 100,10 280 291,20 93,70 262 360,00XS0195150015 HBOS 0 06/23/09 200 000,00 100,00 99,88 199 753,53 100,06 200 116,80XS0192560653 HBOS 0 09/01/16 220 000,00 100,00 100,10 220 228,80 100,53 221 171,50XS0188201619 HBOS 03/29/49 140 000,00 100,00 100,35 140 495,96 100,70 140 976,92XS0259252897 HBOS 07/05/11 200 000,00 100,00 99,96 199 925,71 99,90 199 793,40XS0194313804 HOUSEHOLD FINANCE - 06/07 180 000,00 100,00 99,96 179 931,34 100,08 180 142,56XS0228550421 HSBC 0 09/14/10 100 000,00 100,00 99,87 99 865,75 100,23 100 228,80XS0200581378 HSBC 0 09/22/14 200 000,00 100,00 100,06 200 111,90 100,42 200 848,00XS0168756517 HYPO TIROL BANK - 03/08 220 000,00 100,00 99,91 219 791,00 100,05 220 104,06XS0242656766 IBERDU 0 02/09/09 100 000,00 100,00 100,02 100 016,91 100,02 100 015,90XS0222372178 IBERDU 3,5 06/22/15 500 000,00 100,00 99,40 497 000,00 92,93 464 643,50XS0141818228 IBSANP 0 01/24/07 260 000,00 100,00 100,17 260 452,59 100,01 260 019,24XS0243399556 IBSANP 0 02/20/18 200 000,00 100,00 99,91 199 823,60 99,63 199 266,20XS0194783352 IBSANP 0 06/28/16 230 000,00 100,00 99,71 229 341,26 100,20 230 451,95XS0211357800 IKB Float 02/04/08 200 000,00 100,00 100,07 200 147,94 100,02 200 049,40NL0000122489 ING-INT. NEDERLAND BANK - 99/19 (5.25%) 250 000,00 100,00 112,84 282 100,00 109,33 273 326,50IT0003428619 INTESA SPA MORTGAGES - 03/23 (INTS2 1 A2) 81 421,55 100,00 100,00 81 421,56 100,37 81 726,07XS0200825775 INTNED 0 01/15/07 250 000,00 100,00 100,10 250 260,00 100,01 250 028,00XS0259036175 INTNED 0 06/28/11 200 000,00 100,00 99,99 199 973,76 100,02 200 032,60XS0267516911 INTNED 0 09/18/13 200 000,00 100,00 99,95 199 893,67 99,88 199 765,20XS0243302220 IPBS 0 02/11 200 000,00 100,00 100,06 200 113,90 99,94 199 885,80XS0261808561 ITAUE 0 07/27/11 200 000,00 100,00 99,96 199 929,71 99,86 199 720,00XS0231555672 JPM 0 10/12/12 100 000,00 100,00 99,75 99 747,63 100,17 100 171,40XS0185905816 KA 0 02/13/09 (KOMMUNAL KREDIT) 80 000,00 100,00 99,85 79 880,00 99,11 79 288,00DE000AOE83L5 KFW 0 07/24/18 87 000,00 100,00 100,10 87 090,48 99,89 86 907,78FR0010369595 KNFP 0 01/26/17 200 000,00 100,00 100,01 200 011,80 99,94 199 877,80XS0227253860 KRB 0 08/16/07 150 000,00 100,00 100,02 150 037,38 100,05 150 068,85XS0222910092 LAVORO 0 30/06/10 200 000,00 100,00 99,94 199 873,65 100,32 200 643,00XS0202589692 LBBER 0 01/07/11 250 000,00 100,00 100,10 250 250,00 100,18 250 443,25XS0195810717 LLOYDS 0 07/09/16 270 000,00 100,00 100,00 270 000,00 100,70 271 897,29XS0162132681 LOGO SECURITIES - 03/08 300 000,00 100,00 100,00 300 000,00 100,26 300 780,00XS0172907031 MAX ONE LIMITED / 03-08 200 000,00 100,00 100,00 200 000,00 100,28 200 560,00XS0189018970 MAXLTD 0 03/20/09 (MAX ONE) 100 000,00 100,00 100,10 100 104,00 99,33 99 330,00XS0191673051 MAXLTD 0 06/20/08 (MAX ONE) 170 000,00 100,00 100,10 170 176,80 99,46 169 082,00XS0188689623 MER 0 03/22/11 260 000,00 100,00 100,16 260 426,53 100,72 261 879,80XS0245836431 MS 0 03/01/13 200 000,00 100,00 100,10 200 208,00 100,05 200 109,00XS0276891594 MS 0 11/29/13 250 000,00 100,00 99,82 249 537,50 99,82 249 552,25XS0250971222 MS 0 13/04/16 250 000,00 100,00 99,85 249 614,33 100,08 250 190,50XS0169065652 MWD 0 05/29/08 220 000,00 100,00 100,75 221 660,29 100,55 221 200,98

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XS0099026352 NATIONAL WESTMINSTER BANK - 99/11 (5.125%) 250 000,00 100,00 99,65 249 125,00 104,16 260 404,50XS0219610275 NBHSS 0 20/05/15 200 000,00 100,00 99,87 199 731,50 100,03 200 067,60XS0196136740 NRBS 0 07/13/09 200 000,00 100,00 99,96 199 921,70 100,15 200 307,60XS0200707817 NWIDE 0 09/16/11 200 000,00 100,00 99,91 199 815,59 100,23 200 454,20XS0245741136 OKOBK 0 03/08/10 250 000,00 100,00 100,01 250 019,75 99,91 249 774,75XS0187927610 OKOBK 0 03/18/09 100 000,00 100,00 100,12 100 124,02 100,10 100 103,30ES0313770051 PASTOR 0 04/10/07 200 000,00 100,00 100,10 200 208,00 100,03 200 067,00XS0159861078 PELICAN MORTGAGES - 03/37 347 433,67 100,00 100,18 348 054,35 100,45 349 011,02XS0184369493 PEUGOT 0 03/02/07 200 000,00 100,00 100,70 201 409,61 100,01 200 026,20XS0221854200 PORTEL 4 1/2 06/16/25 500 000,00 100,00 99,63 498 150,00 82,19 410 955,50XS0277602016 PROMS XX-1A 50 000,00 100,00 100,00 50 000,00 100,00 50 000,00XS0108244947 PUBLIC POWER CORPORATION (PPWRC) - 00/07 140 000,00 100,00 99,70 139 573,00 100,00 140 005,46XS0217360824 RABOBK 0 07/28/15 200 000,00 100,00 99,98 199 957,74 100,08 200 159,40XS0259579547 RBS 0 01/30/17 200 000,00 100,00 100,10 200 208,00 100,37 200 743,00XS0195231526 RBS 0 07/29/49 160 000,00 100,00 100,17 160 278,52 100,89 161 422,08XS0188552839 REDELE 3.85 03/22/11 500 000,00 100,00 99,59 497 950,00 98,17 490 868,50XS0163771396 RESEAU FERRE FRANCE - 03/23 (RESFER) 150 000,00 100,00 113,74 170 607,78 106,35 159 527,10XS0276892303 RTRGRP 0 11/28/08 250 000,00 100,00 100,00 250 000,00 100,02 250 045,00XS0242395357 RZB 0 02/02/11 150 000,00 100,00 99,96 149 945,02 99,98 149 965,65ES0313900344 SANTAN 0 03/16/09 100 000,00 100,00 99,98 99 983,88 100,08 100 080,30ES0313900351 SANTAN 0 04/05/07 200 000,00 100,00 99,90 199 795,57 100,01 200 023,60XS0218350139 SANTAN 0 05/06/09 300 000,00 100,00 99,99 299 963,64 100,00 300 009,00XS0201170106 SANTAN 0 09/30/14 200 000,00 100,00 99,96 199 921,70 100,21 200 424,80XS0145642764 SANTANDER CENTRAL HISPANO - 02/12 300 000,00 100,00 99,77 299 316,00 100,24 300 707,10XS0221493181 SNSGRP 0 6/15/12 200 000,00 100,00 99,59 199 176,93 99,84 199 671,40XS0187584072 SOCGEN 0 03/15/16 200 000,00 100,00 100,36 200 728,54 100,74 201 479,00XS0256848697 SOCGEN 0 06/12/09 200 000,00 100,00 100,07 200 149,94 100,03 200 058,00XS0168427705 SPINTAB - 03/13 100 000,00 100,00 99,67 99 672,00 100,40 100 397,90XS0232843671 SVSKHB 0 10/19/17 200 000,00 100,00 99,97 199 945,72 99,96 199 910,80XS0230663196 ULVR 3,375 09/29/15 500 000,00 100,00 98,75 493 750,00 92,83 464 155,00XS0176251360 UNION BANK NORWAY / 03-07 150 000,00 100,00 99,88 149 826,00 100,08 150 114,60XS0171807463 UNION BANK NORWAY / 03-08 150 000,00 100,00 100,13 150 198,08 100,11 150 164,25XS0266760965 VOD 0 09/05/13 230 000,00 100,00 100,04 230 096,45 100,40 230 926,21XS0246359532 VW 0 03/14/16 220 000,00 100,00 100,10 220 228,80 99,90 219 780,00DE0008315979 WESTLB 0 09/25/08 230 000,00 100,00 99,87 229 701,00 100,15 230 355,81DE0003438511 WHB 0 01/23/08 150 000,00 100,00 99,92 149 881,50 100,15 150 220,95 NL0000301109 ABN AMRO 5 542,00 22,74 126 032,64 24,46 135 557,32NL0000303709 AEGON NV 3 787,00 4,64 51 024,60 14,41 54 570,67FR0000130007 ALCATEL 3 000,00 9,29 27 880,65 10,94 32 820,00DE0008404005 ALLIANZ 873,00 151,38 132 150,94 155,04 135 349,92IT0000062072 ASSICURAZIONE GENERALI 787,00 36,00 27 671,27 33,35 26 246,45FR0000120628 AXA 3 486,00 30,53 106 411,04 30,80 107 368,80ES0113211835 BANCO BILBAO VIZCAYA (BBVA) 7 917,00 18,10 143 290,14 18,15 143 693,55PTBPI0AM0004 BANCO BPI SA 41 749,00 5,85 244 189,63 5,91 246 736,59PTBCP0AM0007 BANCO COMERCIAL PORTUGUES SA 126 395,00 2,77 350 653,32 2,80 353 906,00ES0113900J37 BANCO SANTANDER CENTRAL HISPANO 16 155,00 13,83 223 373,73 14,20 229 401,00DE0005151005 BASF 431,00 45,84 19 232,74 74,04 31 911,24DE0005752000 BAYER AG 1 511,00 34,32 51 853,21 40,74 61 558,14DE0005190003 BAYERISCHE MOTOREN WERKE AG 1 151,00 36,68 43 703,96 43,71 50 310,21FR0000131104 BNP 1 888,00 84,02 158 633,52 83,13 156 949,44PTBRI0AM0000 BRISA - PRIV. Nom. 95 000,00 9,39 892 472,29 9,45 897 750,00FR0000120172 CARREFOUR 1 333,00 47,62 63 482,53 46,03 61 357,99DE0007100000 DAIMLER CHRYSLER 2 318,00 42,52 98 564,25 47,00 108 946,00DE0005140008 DEUTSCHE BANK 1 488,00 101,33 150 779,99 101,72 151 359,36DE0005557508 DEUTSCHE TELEKOM AG 8 824,00 13,29 117 241,31 13,89 122 565,36DE0007614406 E. ON AG (EX-VEBA) 1 895,00 65,46 124 048,01 103,51 196 151,45PTEDP0AM0009 EDP 456 140,00 3,76 1 713 138,21 3,84 1 751 577,60ES0130670112 ENDESA 2 294,00 33,97 77 925,24 35,39 81 184,66IT0003128367 ENEL SPA 2001 13 826,00 7,68 106 236,77 7,82 108 119,32IT0003132476 ENI SPA 8 962,00 24,68 221 203,09 25,54 228 889,48BE0003801181 FORTIS 2 040,00 32,52 66 333,15 32,57 66 442,80

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FR0000133308 FRANCE TELECOM 17 171,00 20,82 357 507,17 21,04 361 277,84PTGALOAM0009 GALP ENERGIA 179 000,00 6,93 1 240 587,57 6,94 1 242 260,00GB0009252882 GLAXO SMITHKLINE 3 460,00 4,53 72 021,75 19,95 69 027,00US38259P5089 GOOGLE INC 285,00 354,90 101 146,42 350,18 99 801,30DE0008027707 HYPO REAL ESTATE HOLDING 209,00 35,37 7 392,51 47,72 9 973,48NL0000303600 ING GROUP 6 375,00 34,60 220 557,72 33,69 214 773,75NL0000331817 KONINKLIJKE AHOLD 1 454,00 24,73 32 975,98 8,10 11 777,40NL0000009538 KONINKLIJKE PHILIPS ELECTRONICS 3 364,00 26,39 88 939,97 28,70 96 546,80FR0000120537 LAFARGE 285,00 108,35 30 880,93 113,30 32 290,50DE0005470405 LANXESS AG 219,00 0,00 0,00 42,32 9 268,08FR0000120321 L’OREAL 708,00 79,99 56 632,90 75,93 53 758,44FR0000121014 LVMH MOET HENNESSY 598,00 50,95 29 619,13 79,75 47 690,50PTMGFOAM0006 MG GESTÃO DE ACTIVOS FINANCEIROS 15,00 0,00 0,00 5,00 75,00PTMGPOAE0005 MG PATRIMONIOS-SOC. GESTORA PATRIMONIOS 12,00 0,00 0,00 5,00 60,00DE0008430026 MUNCHENER RUCKVERS. 801,00 129,76 103 941,64 130,83 104 794,83CH0012056047 NESTLE 363,00 376,62 136 713,45 268,44 97 443,72FI0009000681 NOKIA AB FINLAND 11 979,00 15,58 184 287,68 15,53 186 033,87FR0000121485 PINAULT - PRINTEMPS - REDOUTE 112,00 139,06 15 961,82 112,55 12 605,60DE0006937733 PORSCHE 45,00 914,03 41 131,21 971,05 43 697,25PTPTC0AM0009 PORTUGAL TELECOM 100 000,00 9,88 987 518,44 9,84 984 000,00PTPTM0AM0008 PT MULTIMÉDIA 17 000,00 14,38 153 500,15 9,76 165 920,00FR0000131906 RENAULT SA 257,00 76,27 19 601,14 91,34 23 474,38ES0173516115 REPSOL 1 900,00 17,90 34 014,53 26,16 49 704,00GB00B03MLX29 ROYAL DUTCH SHELL 6 376,00 13,88 175 800,86 26,65 169 920,40NL0000009082 ROYAL KPN - KONINKLIJKE 2 643,00 6,47 14 716,25 10,76 28 438,68DE0007037129 RWE 1 150,00 87,44 100 560,26 83,74 96 301,00IT0001269361 SAN PAOLO - IMI SPA 900,00 14,81 13 327,18 17,58 15 822,00FR0000120578 SANOFI SYNTHELABO 1 839,00 71,04 130 634,28 70,41 129 483,99DE0007164600 SAP AG - Pref. 2 328,00 76,74 89 323,44 40,36 93 958,08PTSEM0AM0004 SEMAPA 5 000,00 8,04 40 261,34 8,84 44 200,00DE0007236101 SIEMENS AG 2 220,00 71,89 159 586,75 75,55 167 721,00FR0000130809 SOCIETÉ GENERALE 1 019,00 118,22 129 486,83 129,49 131 950,31PTS3P0AE0009 SONAE INDUSTRIA NEW 5 484,00 6,35 34 822,10 7,50 41 130,00PTSON0AE0001 SONAE SGPS 80 861,00 1,51 122 288,14 1,51 122 100,11FI0009005961 STORA ENSO 2 000,00 11,17 22 338,82 12,07 24 140,00FR0000120529 SUEZ LYONNAISE EAUX 2 705,00 36,20 97 915,83 39,31 106 333,55IT0003497168 TELECOM ITALIA 34 558,00 2,75 98 687,97 2,28 78 792,24SE0000108656 TELEFONAKTIEBOLAGET LM ERICSSON 14 032,00 2,49 34 995,37 3,05 42 797,60ES0178430E18 TELEFONICA 24 410,00 16,24 396 372,39 16,05 391 780,50FR0000120271 TOTAL FINA 5 748,00 112,06 322 048,95 54,57 313 668,36IT0000064854 UNICRÉDITO ITALIANO 20 688,00 6,55 135 470,66 6,65 137 575,20NL0000009355 UNILEVER NV 3 799,00 29,62 62 206,08 20,84 79 171,16FR0000127771 VIVENDI 1 846,00 47,72 83 948,26 29,65 54 733,90GB00B16GWD56 VODAFONE AIRTOUCH PLC 67 278,00 1,23 160 041,17 2,10 141 283,80DE0007664005 VOLKSWAGEN 572,00 81,84 46 812,99 86,07 49 232,04 921910000501 SOC. PORTUGUESA DE ADMINISTRAÇÕES 80 632,00 16,54 589 561,17 18,48 1 490 079,36 920910022001 CLINICA SERV. MÉDICOS COMPUT. DE BÉLEM 51 465,00 4,99 256 706,34 8,75 450 318,75 921910003001 AUDATEX 50,00 249,40 12 469,95 375,98 18 799,00920910022101 CLINICA DE SANTA MARIA DE BÉLEM 69 920,00 7,54 527 363,85 6,16 430 707,20921910032501 CREDINT 50,00 10,00 500,00 10,00 500,00921910012201 EUROMINAS 13,00 4,99 64,84 15,83 205,79921910000801 FUTURO - S.G.F.P. 3 385,00 27,57 93 315,11 53,90 182 451,50921910000801 FUTURO - S.G.F.P. PREFERENCIAIS S/ VOTO 1 081,00 29,88 32 300,05 53,90 58 265,90921910024801 INTERHOTEL 10,00 4,99 49,88 3,30 33,00921910000701 LUSITANIA VIDA - COMPANHIA DE SEGUROS 73 730,00 32,32 2 348 143,16 45,06 3 322 273,80921910013001 MATUR PORTADOR 90,00 9,98 897,84 4,58 412,20921910024901 REGIS HOTEIS 471,00 21,18 9 975,96 3,32 1 563,72 921910024701 BANCO DE DESENVOLVIMENTO E COMÉRCIO 177 664,00 5,28 836 792,85 2,08 369 541,12

(euros)


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921810000801 MOÇAMBIQUE - COMPANHIA DE SEGUROS 38 880,00 7,66 278 084,18 3,62 140 745,60 PTARMAME0005 ALVES RIBEIRO - MÉDIAS EMPRESAS PORTUGUESAS 1 500,00 49,88 74 819,68 94,39 141 584,10FR0000443699 BARCLAYS MT BOND 696,54 1 073,85 746 053,36 1 297,75 903 932,19LU0140037622 LCF ROTHSCHILD PRIFUND GLOBAL - ADAGIO 7 430,00 100,40 742 039,41 118,51 880 529,30PTYMGALM0001 MG TESOURARIA 12 240,00 81,36 995 809,67 81,78 1 001 012,90PTYMGNLM0006 MULTI GEST MERC EMER 10 900,00 45,65 497 533,77 52,24 569 416,00ES0131366033 MUTUAFONDO GESTION BONO 2 200,00 109,37 240 624,00 128,97 283 735,83IE00B06YB805 PREFF 2 750,00 100,55 276 512,50 105,64 290 510,00PTYSAFLM0006 SANTANDER ACÇÕES PORTUGAL 2 379,00 4,24 10 082,20 33,71 80 206,80 PTFUN0AN0004 FUNDIMO 1 000,00 5,10 5 102,70 7,83 7 826,00PTMIV0AM0009 IMOVEST 38 212,00 9,04 289 396,59 9,50 363 063,67PTNOFCIE0006 LOGISTICA E DISTRIBUIÇÃO 50 000,00 5,01 250 500,00 5,68 283 835,00PTNOFAIM0008 VISION ESCRITÓRIOS 150 000,00 5,39 820 800,00 6,46 968 475,00 PTNOFTIE0005 ROTHSCHILD PRIVATE IMOBILIARIO 3 593,00 5,06 18 180,84 5,48 19 690,36

OVERALL TOTAL OF SECURITIES IN FORCE 2 222 201,54 81 361 316,30 101 846 089,41 102 725 142,12

(euros)


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ANNEX 2 - INTANGIBLE AND TANGIBLE ASSETS

Initial Balance Increases Transfers Depreciations of Financial Year Final Balance

Items Gross Value Depreciations Purchases Revaluations and Reductions Sales Increases Adjustments (net value)

INTANGIBLE FIXED ASSETS

Incorporation and installation costs 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00

Research and development costs 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00

Costs with rented buildings 508 586,16 221 843,70 10 159,49 0,00 145 160,30 0,00 202 087,58 145 160,30 94 814,37

Rentals 4 798 552,47 2 674 507,42 623 026,32 0,00 0,00 0,00 679 563,38 0,00 2 067 507,99

Other intangible fixed assets 205 598,66 176 137,54 696 987,98 0,00 0,00 0,00 254 219,04 0,00 472 230,06

Buildings undergoing works 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00

Advances 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00

subtotal 5 512 737,29 3 072 488,66 1 330 173,79 0,00 145 160,30 0,00 1 135 870,00 145 160,30 2 634 552,42

TANGIBLE FIXED ASSETS

Administrative equipment 3 035 953,15 2 390 641,89 279 003,52 0,00 0,00 0,00 406 652,61 0,00 517 662,17

Machinery and tools 508 367,13 387 591,57 60 425,90 0,00 0,00 33 396,79 104 721,28 33 396,79 76 480,18

Computers 1 254 917,26 1 097 610,14 197 048,00 0,00 0,00 24 253,23 153 160,71 20 636,07 197 577,25

Furnishings 579 013,60 354 512,66 18 129,06 0,00 0,00 0,00 47 072,61 0,00 195 557,39

Transport material 301 631,37 269 970,65 15 210,11 0,00 0,00 40 346,67 19 631,50 40 346,67 27 239,33

Hospital equipment 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00

Other tangible fixed assets 44 176,87 38 336,13 172 083,50 0,00 0,00 0,00 2 707,68 0,00 175 216,56

Buildings undergoing works 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00

Advances 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00

subtotal 5 724 059,38 4 538 663,04 741 900,09 0,00 0,00 97 996,69 733 946,39 94 379,53 1 189 732,88

Total 11 236 796,67 7 611 151,70 2 072 073,88 0,00 145 160,30 97 996,69 1 869 816,39 239 539,83 3 824 285,30

Initial Balance Transfers (*) Sales Final BalanceReavaliações

ITEMS Purchase Balance Acquisitions and and Reduction Purchase Balance Purchase Valor de Valor de Valor dePrice Price Renovations in Value Price Price Price Price Price Price

For Own Use

Lands 3 215 420,08 7 425 000,00 0,00 0,00 0,00 0,00 0,00 0,00 3 215 420,08 7 425 000,00

Buildings 21 557 275,89 26 334 098,31 757 765,23 1 893 908,13 0,00 0,00 0,00 0,00 22 315 041,12 28 985 771,67

For Rental

Lands 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00

Buildings 3 389 552,38 4 412 413,48 0,00 167 781,42 0,00 0,00 16 630,26 24 999,99 3 372 922,12 4 555 194,91

Building Undergoing Works 75 232,80 75 232,80 839 083,73 0,00 0,00 0,00 0,00 0,00 914 316,53 914 316,53

Advances 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00

Total 28 237 481,15 38 246 744,59 1 596 848,96 2 061 689,55 0,00 0,00 16 630,26 24 999,99 29 817 699,85 41 880 283,11

(*) Withdrawals are entered as negative values

(euros)

ANNEX 3 - LANDS AND BUILDINGS

(euros)

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Loss Costs with claims (*) Loss (*)

Sectors / Group of Sectors Reserve amounts paid Reserve Readjustmentson 31.12.2005 pagos no exercício on 31.12.2006

(1) (2) (3) (3)+(2)-(1)

Life

Life Total 0,00 0,00 0,00 0,00

Non-Life

Accident and health 58 926 715,35 19 396 961,46 44 247 053,96 4 717 300,07

Fire and allied perils 11 917 392,43 5 521 023,22 7 268 323,60 871 954,39

Motor

Third party 31 259 999,72 7 090 073,55 23 499 567,53 - 670 358,64

Other coverages 4 069 357,22 1 546 454,65 2 395 547,97 - 127 354,60

Sea, land and air 746 592,44 180 977,49 228 971,51 - 336 643,44

General legal liability 2 458 710,03 394 218,22 2 289 064,83 224 573,02

Credit and guarantee 456 952,92 34 070,54 431 129,71 8 247,33

Legal protection 345,31 3 544,79 270,42 3 469,90

Assistance 205,64 0,00 205,64 0,00

Other 146 393,27 1 503,95 121 160,47 - 23 728,85

Non-Life Total 109 982 664,33 34 168 827,87 80 481 295,64 4 667 459,18

Overall Total 109 982 664,33 34 168 827,87 80 481 295,64 4 667 459,18

* Accidents occurring in 2005 and earlied

ANNEX 5 - LOSS RESERVE FOR CLAIMS OCCURRING IN PREVIOUS FINANCIAL YEARS AND THEIR READJUSTMENTS(corrections)

(euros)

SalesITEMS Initial Balance Increases Reductions or reimburse Final Balance

(1) (2) (3) (4) (5)

Investments in Companies in the Group and Associated

Loans to companies in the group 0,00 0,00 0,00 0,00 0,00

Loans to associated companies 0,00 0,00 0,00 0,00 0,00

Other Financial Investments

Mortgage loans 2 550 000,00 32 076,51 0,00 601 535,16 1 980 541,35

Other loans

Loans on policies 0,00 0,00 0,00 0,00 0,00

Loans on securities 0,00 0,00 0,00 0,00 0,00

Assistance loans 64 044,63 0,00 0,00 0,00 64 044,63

Mercantile loans 529 920,97 2 464 287,00 0,00 46 184,09 2 948 023,88

Deposits in bank 19 106 402,74 14 304 583,93 0,00 0,00 33 410 986,67

Others 3 783 153,85 51 694,92 0,00 0,00 3 834 848,77

Deposits in Ceding Companies 41 225,76 88 304,94 0,00 0,00 129 530,70

Total 26 074 747,95 16 940 947,30 0,00 647 719,25 42 367 976,00

ANNEX 4 - INVESTMENT IN COMPANIES IN THE GROUP AND ASSOCIATED AND OTHER FINANCIAL INVESTMENTS (except securities)

(euros)

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Issued Earned Costs Operating ReinsuranceSectors / Group of Sectors gross premiums gross premiums with claims* costs* balance

Direct Insurance

Accident and health 54 058 741,23 54 378 596,28 39 407 419,95 15 712 897,02 1 710 000,81

Fire and allied perils 31 669 447,78 31 614 582,70 37 732 942,90 8 914 870,02 -16 160 865,77

Motor 0,00

Third party 39 061 832,92 35 485 531,25 22 073 392,93 9 743 864,31 562 895,43

Other coverages 16 833 848,94 15 242 231,85 14 900 576,07 3 516 648,16 2 298 209,04

Sea, land and air 1 866 410,53 1 865 131,42 204 657,15 507 376,01 589 867,67

General legal liability 2 054 533,27 2 053 372,80 784 110,07 456 671,79 321 806,95

Credit and guarantee 75 135,50 60 391,89 8 247,33 16 620,58 24 666,03

Legal protection 883 488,03 883 488,03 8 316,28 63 181,08 0,00

Assistance 358 482,45 337 738,12 44,02 71 139,18 139 783,85

Other 488 036,90 611 965,25 901 229,59 109 044,68 - 456 464,41

Total 147 349 957,55 142 533 029,59 116 020 936,29 39 112 312,83 -10 970 100,40

Reinsurance accepted 1 979 378,76 1 800 866,76 1 063 156,24 726 204,39 0,00

Overall Total 149 329 336,31 144 333 896,35 117 084 092,53 39 838 517,22 -10 970 100,40

When positive, reinsurance balances are to the benefit of Reinsurers.* Without deducting the reinsurers share.

ANNEX 6 - BREAKDOWN ACCORDING TO SECTOR

Amounts Amounts paid - Variation CostsSectors / Group of Sectors paid - - costs of managing in provision with

- payments claims calculated for claims claims

(1) (2) (3) (4)=(1)+(2)+(3)

Direct Insurance

Accident and health 35 335 713,08 1 276 457,22 2 795 249,65 39 407 419,95

Fire and allied perils 27 313 023,56 237 551,32 10 182 368,02 37 732 942,90

Motor

Third party 18 893 855,69 509 618,57 2 669 918,67 22 073 392,93

Other coverages 7 123 157,11 219 622,12 7 557 796,84 14 900 576,07

Sea, land and air 471 850,28 11 248,74 - 278 441,87 204 657,15

General legal liability 514 596,18 22 497,49 247 016,40 784 110,07

Credit and guarantee 33 986,70 83,84 - 25 823,21 8 247,33

Legal protection 8 160,39 0,00 155,89 8 316,28

Assistance 0,00 41,92 2,10 44,02

Other 21 113,39 307,42 879 808,78 901 229,59

Total 89 715 456,38 2 277 428,64 24 028 051,27 116 020 936,29

Reinsurance accepted 964 669,33 1 836,35 96 650,56 1 063 156,24

Overall Total 90 680 125,71 2 279 264,99 24 124 701,83 117 084 092,53

ANNEX 7 - BREAKDOWN OF CLAIMS COSTS

(euros)

(euros)

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LISBOA Av. Eng. Duarte Pacheco, Torre 2, R/c - Frac. ES (Loja) 1987 542.500,00Av. Eng. Duarte Pacheco, Torre 2, 4º - Sala 2 1987 153.000,00Av. Eng. Duarte Pacheco, Torre 2, Fracção AY (Parque) 1988 25.000,00Av. Eng. Duarte Pacheco, Torre 2, Fracção AZ (Parque) 1988 25.000,00Av. Eng. Duarte Pacheco, Torre 2, Fracção BA (Parque) 1988 25.000,00Av. Eng. Duarte Pacheco, Torre 2, Fracção GA (Parque) 1989 25.000,00Av. Eng. Duarte Pacheco, Torre 2, Fracção GB (Parque) 1989 25.000,00Av. Eng. Duarte Pacheco, Torre 2, Fracção II (Parque) 1991 25.000,00Av. Eng. Duarte Pacheco, Torre 2, Fracção FF (Parque) 1991 25.000,00Av. Eng. Duarte Pacheco, Torre 2, Fracção ND (Parque) 1991 25.000,00Av. Eng. Duarte Pacheco, Torre 2, Fracção ASN (Parque) 1992 25.000,00Av. Eng. Duarte Pacheco, Torre 2, Fracção ASO (Parque) 1992 25.000,00Av. Eng. Duarte Pacheco, Torre 2, Fracção ATE (Parque) 1992 25.000,00Av. Eng. Duarte Pacheco, Torre 2, Fracção ATF (Parque) 1992 25.000,00Praça de Espanha, Lote D - Terreno Sede 1989 7.425.000,00Rua de São Domingos à Lapa, 35 a 41 1995 11.810.230,00Rua de São Domingos à Lapa, 29 a 33 1995 4.450.000,00Rua do Prior, 6 2000 4.323.347,38Alameda dos Oceanos, Ed. Adamastor, Lj 3.16.01 J 2003 346.491,65

PORTO Rua Júlio Dinis, 676 - Loja (Fracção A) - Dependência 1996 262.200,00Rua Júlio Dinis, 676 - 3º (Fracção E) 1996 859.200,00Rua Júlio Dinis, 676 - 4º (Fracção F) 1996 859.200,00Rua Júlio Dinis, 676 - 5º (Fracção G) - Filial 1996 859.200,00Rua Júlio Dinis, 676 - 7º (Fracção I) 1996 840.000,00Rua Júlio Dinis, 676 - Auditório (50% Fracção J) 1996 123.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 1 (Fracção L) 1996 20.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 2 (Fracção M) 1996 20.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 5 (Fracção P) 1996 20.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 6 (Fracção Q) 1996 20.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 7 (Fracção R) 1996 20.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 8 (Fracção S) 1996 20.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 9 (Fracção T) 1996 20.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 10 (Fracção U) 1996 20.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 11 (Fracção V) 1996 20.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 12 (Fracção X) 1996 20.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 13 (Fracção Z) 1996 20.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 14 (Fracção AA) 1996 20.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 15 (Fracção AB) 1996 20.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 16 (Fracção AC) 1996 20.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 29 (Fracção AQ) 1996 20.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 30 (Fracção AR) 1996 20.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 31 (Fracção AS) 1996 20.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 32 (Fracção AT) 1996 20.000,00Rua Júlio Dinis, 676 - Pq. Estac. nº 33 (Fracção AU) 1996 20.000,00Rua Gonçalo Sampaio, 271 - 4º Esq. (inclui parque estac.) 2001 750.000,00Rua Gonçalo Sampaio, 329 - 4º Dto. (inclui parque estac.) 2001 750.000,00Rua Infante D. Henrique, 87/91 - R/c e Cv. 2002 279.000,00Rua Infante D. Henrique, 87/91 - Fr. “F” 2005 40.575,60Rua Infante D. Henrique, 87/91 - Fr. “B C D E” 2005 459.216,89

ALMADA Rua Galileu Saude Correia, 15 B 1999 542.616,61

AVEIRO Av. Eng. Adelino Amaro da Costa, 14 2006 188.031,79

LAND AND BUILDINGS AS AT DECEMBER 31, 2006

(euros)

LOCATION Year of Value of

Acquisition Inventory

BRAGA Largo de S. Francisco, 37 1989 572.400,00

CALDAS DA RAINHA R. Dr. Francisco Sá Carneiro, 8, r/c 2006 456.340,51

CASTELO BRANCO R. Dr. Henrique Carvalhão, Lote 13 - loja 4 2003 318.857,00

ÉVORA Rua José Elias Garcia, 36 1989 370.000,00Rua Santa Catarina 49, Piso -3, Fracção T 1993 15.000,00

MAIA Rua Augusto Simões, 1358-C 1991 148.964,00Rua Augusto Simões, 1364-B 1991 273.561,71

PORTIMÃO R. Santa Isabel, 15 2003 231.000,00Santa Maria da Feira Rua Comendador Sá Couto, 61, r/c D 2005 409.000,00

SINTRA Rua Dr Alfredo Costa, 46-48, R/c Dto. 1992 309.325,86

TORRES NOVAS Lgo D. Diogo Fern. Almeida, Ed. Parque, Lote G - 1º 1989 102.000,00Av. Francisco Sá Carneiro, nº 2, r/c dto 2004 452.750,00

GAIA Rua Soares dos Reis, 1116 - F 2000 188.000,00

LAMEGO Rua Alexandre Herculano, 6 - R/c, Loja 2 Esq. 1997 176.400,00

FUNCHAL Rua 31 Janeiro, 87 - Edif. Ponte Nova, 2º / Sala T 1997 131.882,58Rua Elias Garcia, 7, 9 e 11 1997 15.000,00

GUIMARÃES Rua Teixeira de Pascoais, 123 B 1997 209.000,00

RIO TINTO Rua da Levada, 82 - R/c. Dtº 1997 43.675,00

TOTAL 40.965.966,58

(euros)

LOCATION Year of Value of

Acquisition Inventory

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MOEDAS SUEVAS Soldos V Anv: DNPLAVALENTI - NIAANVSPFAVG Rev: VICTORI - AAVCCC COMOB R-V 49-91 2 493,99Anv: DNHONORI - VSPFAVG Rev: VICTORI - AAVCCC COMOB M-D 50-91 7 481,97Anv: DNHOHORI - VSPFAVC Rev: VICTORI - AAVCCC COMOB M-D 51-91 7 481,97Anv: IIOIIOR - VSOC VCRev: VICTORIII - VCCC CONOR II-D 52-91 7 481,97Trientes Anv: CNV ILINTIII NC Rev: CO OC 53-91 7 481,97Anv: OV IV - I V LEI Rev: O O 54-91 7 481,97Anv: OVIIIINITE OPL Rev: - O - I - * 55-91 7 481,97

MOEDAS VISIGODAS

Reinado de Leovigildus VI (568-586)

Trientes Anv: XIVVI + GIXDV Rev: I | REX | INCXI O O 56-91 7 481,97

Reinado de Reccaredus VI (586-601) Trientes Anv: +RECCAREPVS RE+ Rev: + TOS ELVORA IVS Evora 01 07 57-91 5 985,57Anv: +RECCARIPVS RE (x) Rev: + IMINIO PIVS Coimbra 01 12 58-91 14 963,94

Reinado de Liuva II (601-603) Trientes Anv: + DN LIVVA RE + Rev: + TVS ELVORA IVS Evora 01 01 59-91 14 963,94

Reinado de Witterricus VI (603-609)

Trientes Anv: + VVITTIRICVS RE Rev: TVS ELVORA IVS Evora 01 03 60-91 6 983,17

Reinado de Gundemarvs VI (609-612)

TrientesAnv: + GVHDEMARVS RE (5d) Rev: + TVS ELVORA IVS (5d) Evora 01 02 61-91 14 963,94Anv: + GVHDEMARVS RE (8c) Rev: + IMINIO ENCLITV : (51) Coimbra 01 04 62-91 29 927,87(Único exemplar conhecido)

Reinado de Sisebutus VI (612-621)

Trientes Anv: + SISEBVTVS REx (8c) Rev: + EGITANIA PIVS Idanha-a-Velha 01 05 63-91 14 963,94Anv: + SISEBVTVS REX Rev: + TVS ELVORA IVS Evora 01 06 64-91 5 985,57Anv: + SISEBVTVS REXSRev: + BRACARA PIV Braga 01 02 65-91 19 951,92Anv: + SESIBVTVS REX Rev: PANONIAS PIVS Panoias - Vila Real 01 22 66-91 37 409,84(Único exemplar conhecido)

Reinado de Suinthila VI (621-631)

Trientes Anv: + SVINTHILA REX Rev: + TVS ELVORA IVS Evora 01 14 67-91 12 469,95Anv: + SY||THILA RE Rev: + PIVS BRACARA Braga 01 04 68-91 14 963,94

Reinado de Egica e Wittiza (Egitania) VI (687-702) (698-710)

Trientes Anv: + IN DN.N.EGICA P+ Rev: + IND NME VVITTIZA P+ Idanha-a-Velha 01 05 69-91 14 963,94

LUSITANIA COLLECTIONGold Coins

(euros)

DESCRIPTION Reference Acquisition Value of

A. Gomes Nr. - Date Inventory

(euros)



Anv: + IN DI NM EGICA P+ Rev: + VVITTI A P+ Evora 01 09 70-91 14 963,94Anv: + INDINIIEGICARXREGI+ Rev: + VVITTIZA REGIES+ Elvora 01 10 1-06 5 885,25

MOEDAS PORTUGUESAS

Reinado D. Sancho I - O Povoador S1 (1185-1211)

Morabitino 04 02/ 1-90 13 963,34+SANCIVS EX RTVGALIS* / 04 05/+INNEPTRISTEILIISPSSIA 04 03 Morabitino 04 02 2-90 13 966,34+SANCIVS EX RTVGALIS* /+NNIEPTRISTEILIISPSSCIA Morabitino 06 01 1-03 20 701,50+SANCIVS REX PORTUGALIS* /+IN NE PTRIS I FLIII SRS SCIA

Reinado D. Fernando I - O Formoso FE (1367-1383)

Gentil - Lisboa 89 02 36-92 44 891,81+FERNANDVX:D* *G:REX:PORTVG: /+ FERNANDVS:D:REX:PORTVGALI:ALGARBI Dobra Pé-Terra 92 04 23-93 89 783,62FERNANDVS REX - PORTVGAL E ALG /+FERNANDVS:DEI:GRA:REX:PORTVGAL:ALG

Reinado D. Afonso V - O Africano A5 (1438-1481)

Cruzado - Lisboa 31 06 3-90 2 992,79+CRVZATVS:ALFONSVS:QVI /+ALFONS:QVIRTI:REGIS:PORT Cruzado - Lisboa 31 16v 37-92 2 992,79+CRVZATVS:ALFORS Q:URTI:REGIS /+ADIVTORIVM:NOSTRVM:IN:NOMIE Cruzado - Lisboa 31 17v 12-06 4 035,60Legenda HA - ponto nos extremos da cruzCruzado - Porto 32 04 4-90 16 460,33+CRVZATVS:ALFONSVS:QVIRTI /+ADIVTORIVN:NOSTRVN:IN:NO:

Reinado D. João II - O Príncipe Perfeito J2 (1481-1495)

Cruzado - Lisboa 22 05 13-06 2 466,20Cruzado - Lisboa 22 falta/ 22 13 6-90 1 895,43+IOAES:SEGUNDO:REGIS:POR /+IOANIS:SEQUDI:REGIS:DORT Cruzado - escudetes verticais; 7 castelos 23 02 4-06 2 802,50Cruzado - Lisboa 23 10 11-91 1 895,43+IOHANES:II:R:P:ET:A:D:GVINEE /+IOHANES:II:R:P:ET:A:D:GVINE Cruzado - Lisboa 23 11 5-90 1 895,43+IOHANES:II:R:P:ET:A:D:GVINE /+IOHANES:II:R:P:ET:A:D:GVINE Cruzado - Lisboa 23 13 7-90 1 895,43+IOHANES:II:R:P:ET:A:D:GVINEE /+IOHANES:II:R:P:RT:A:D:GUINEE Cruzado - Lisboa 23 13 8-90 1 995,19+IOHANES:II:R:P:ET:A:D:GVINEE /+IOHANES:II:R:P:ET:A:D:GVINEEJusto - Lisboa 25 07 43-95 89 783,62+IOAIIS. 2º:R:DORTVGALIE:ALGAR:DNSCB GVINE /:IVSTU:VT:PALMA:FLOREBITEspadim ou Meio Justo - Lisboa 24 08 / 24 10 38-92 23 692,90+IOhANES:I:I:P:R:ALG:DNQ:GVINE/IOhANES:R:II P:ET:A:D:GVINE

Reinado D. Manuel I - O Venturoso E1 (1495-1521)

Lote de 70 Fanões - Índia 5-04 1 750,00Mea Goa - Goa 13 03 9-94 1 246,99Cruzado - Lisboa - Estrelas no 1º e 2º Quadrantes 70 01 9-90 1 945,31+I:EMANVEL:R:P:ET:A:D:GVINEE /+:I:EMANVEL:R:P:ET:A:D:GVINE Cruzado - Lisboa - Estrela no 3º Quadrante 62 02 / 62 04 10-90 3 990,38+EMANVEL:P:R:P:ET:A:D:GVINEE: /+EMANVEL:P:R:P:ET:A:D:GVIN: Cruzado - Lisboa - Estrela no 3º Quadrante 62 03 12-91 3 990,38+EMANVEL:P:R:P:ET:A:D:GVINE /+EMANVEL:P:R:P:ET:AD:GVINE Português - Lisboa 73 07 44-95 49 879,79+I:EMANVEL:R:PORTVGALIE:AL:C:VL:IN:D:G / EN:C ETHIOPIE:ARABIE:PERSIE:IN ::IN::HOC::SIGNO::VINCEES

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Reinado D. João III - O Piedoso J3 (1521-1557)

Pardau de São Tomé 12 05 10-94 1 496,39Pardau de São Tomé - coroa diferente 12 04 22-93 2 493,99Cruzado - Lisboa - Sete Castelos 147 01 / 147 03 13-91 2 244,59*IOANES*III*R*PORT /*IN*HOC*SIGNO*VIN Cruzado - Lisboa - Sete Castelos 147 05 6-02 1 678,50*IOANES*III*R*POR /*IN*HOC*SIGNO*VIN Cruzado - Lisboa - Sete Castelos 147 06 11-90 2 244,592 pontos sobre o L*IOANES*III*R*POTRV /*IN*HOC*SIGNO*VINCCruzado - Lisboa - Oito Castelos - Módulo maior 150 01 12-90 4 987,98*IOANES*III**R*PORTVGALIE*AL /*IN*HOC*SIGNO*VINCES Cruzado LR 158 08 1-99 2 094,95*IOANES :III :R : PORTVGALIE :AL /*IN HOC SIGNO VINCES Cruzado RL Sete Castelos 161 01 v 1-05 2 741,55Cruzado Calvário P-R 164 01 1-92 8 728,96IOANES+III+R+PORTVG /+IN+HOC+SIGNO+VINCES Cruzado Calvário 162 02 24-93 6 733,77IOANES+III+R+PORTVGAL /IN.HOC:SIGNO:VINCES Cruzado Calvário 165 06 16-90 1 396,63IOANES:III:PORTVGALIE /+IN:HOC:SIG NO:VINCES Cruzado Calvário (2º tipo) (400 Reais) 166 01/ 166 03 13-90 1 396,63+IOA:III:POR:ET:AL:RE / +INHOC:SIG NO:VINCES Cruzado Calvário 168 02/ 166 01 14-90 1 396,63+IOA:III¨POR¨ET¨AL:R: / +INHOC:SI NO:VINCS. Cruzado Calvário 168 01/ 166 02 15-90 1 396,63+IOA:III:POR:ET:AL.R /+INHOC.SI GNO:VINC Cruzado Calvário - reverso SS invertido 167 falta 14-06 1 681,50Cruzado Calvário 167 06 15-06 2 354,10Cruzado Calvário - Cruz com cravos 173 02 14-91 1 396,63+IOANES.III.PORTVGALE /:IN:HOC:SIG NO:VINCES Meio São Vicente 174 04 17-90 6 234,97.IOANNES.III.REX.PORTV. /ZELATOR FIDEI VSQVEAD MORT. Meio São Vicente PO 176 02 11-99 16 714,72.IOANNES.III.REX.PORTV. /+ZELATOR FIDEI VSQVEAD M Meio São Vicente O-O Porto 177 02 6-04 10 071,00São Vicente 181 01 18-90 3 491,59IONNES:III:REX:PORTV:E(T:A)L /VSQUE ADMORTEM ZELATOR FI(DE)I Português - LR 187 01 70-92 49 879,79.IOANNES:3:REX:PORTVGALIE:AL:D:GVL /IN.HOC.SIGNO.VINCES

Reinado D. Sebastião I - O Desejado SE (1557-1578)

Meio São Vicente LG - com Setas 67 01 71-91 74 819,68+SEBASTIANVS:I:REX:PORTV:ET /.ZELATOR:FIDEI:VSQUE:AD:MORT (Único exemplar conhecido) 500 Reais 57 10 19-90 598,56+SEBASTIANVS:I:REX:PORTVG /*IN.HOC.SIGNO.VINCES 500 Reais 57 04 20-90 598,56+SEBASTIAN(VS):I:REX:PORTVG /*(I)N:HOC:SIGNO:VINCES 500 Reais 57 04 21-90 598,56+SEBASTIANVS I REX PORTVG /IN.HOC.SIGNO.VINCES 500 Reais - Cruz Pequena 57 04 22-90 598,56(R/ Florão diferente - tipo 28 03)+SEBASTIANVS I REX PORTVG /IN.HOC.SIGNO.VINCES 500 Reais 57 04 23-90 598,56+SEBASTIANVS I REX PORTVG /IN.HOC.SIGNO.VINCES 500 Reais 57 04 24-90 598,56+SEBASTIANVS I REX PORTVG /IN.HOC.SIGNO.VINCES 500 Reais 57 04 25-90 598,56+SEBASTIANVS I REX PORTVG /IN.HOC.SIGNO.VINCES 500 Reais 57 04 26-90 598,56+SEBASTIANVS I REX PORTVG /

(euros)



(euros)



IN.HOC.SIGNO.VINCES Engenhoso - 1562 - Lisboa 63 01 47-95 49 879,79SEBASTIANVS.I.R.PORTV /+IN HOC SIGNO VINCES Engenhoso 64 04 39-92 34 915,85SEBASTIANVS.I.REX.PORTVG /+IN-HOC-SIGNO-VINCES Meio São Vicente 65 01 7-04 11 190,00São Vicente - Lisboa 68 02 45-95 3 491,59+SEBASTIANVS:I:REX:PORTVGALLIAE:ET /ZELATOR:FIDEI:VS-QVE:AD MORTEM São Vicente L.G. 69 01 28-93 3 591,34+SEBASTIANVS:I:REXPORTVGALLIE /ZELATOR:FIDELVS QV ADMORTEM São Vicente - LG com setas 70 01 v 29-93 19 951,92+SEBASTIANVS:I.REX.PORTVGALLAE ET /ZELATOR:FIDEI.VSQVE.ADMORTEM São Vicente - Porto 73 01 v 46-95 19 951,92+SEBASTIANVS:I:REX:PORTVGALLIAE:ET /ZELATOR:FIDEI:VS-QVE:AD MORTEM

Reinado D. Henrique I - O Casto HE (1578-1580)

500 Reais 04 01 27-90 34 915,85+HENRICVS:I:D:G.RE(X).PORTV /*IN.HOC.SIGN:O VINCES 500 Reais 04 04 48-95 34 915,85+HENRICVS:I:D:G.REX:PORTV /*IN:HOC:SIGNO.VINCES

2º Interregno - Governadores do Reino (1580) 1º Int.

500 Reais 03 01 25-93 34 915,85+GVBERNATORES.E.DEFENS:REG:D.POR. /.IN.HOC:SIGNO:VINCES

Reinado D. Filipe I - O Prudente F1 (1580-1598)

Cruzado (400 Reais) 21 02 6-01 25 629,23PHILIPPVS : D : G.REX.PORTVG ET AL /IN : HOC : SIGNO : VINCES

Reinado D. Filipe II - O Pio F2 (1598-1621)

4 Cruzados IIII - L 24 01 5-94 24 939,89+PHILIPPVS.D.G.REX.PORT /IN HOC SIGNO VINCES

4 Cruzados LIIII - B 26.01/29.01 3-04 19 582,50

Reinado D. Filipe III - O Grande F3 (1621-1640) 4 Cruzados 18 01 28-90 18 455,52+PHILIPVS.D.G.RE(X).PORTV /*IN.HOC:SIGN:O VINCES

Reinado D. João IV - O Restaurador J4 (1640-1656)

4 Cruzados 1642 110 03 1-00 24 939,89+IOANNES .IIII.D.G.REX.PORTVGALIE /*IN.HOC.SIGNO.VINCES

Regência do Principe D. Pedro PR (1667-1683)

Moeda - 4400 Réis - 1669 29 02 27-95 29 927,87Carimbos de 4 400 e de 4 35 04 47-91 24 939,89sobre 4 Cruzados de D. João IV+IOANNES IIII D G REX PORTVGALIE /IN.HOC+SIGNO+VINCEESS Carimbo de 4 400 34 06 26-93 24 939,89sobre 4 000 Réis de D. Afonso VI - 1666Carimbos de 4 400 e de 4 35 04 28-95 24 939,89sobre 4 Cruzados de D. João IVCunhagem de Lisboa Meia Moeda - 1681 66 04 41-92 7 481,97CUNHAGEM DE LISBOA Moeda - 1678 68 01 29-95 8 978,36Moeda - 1680 68 02 40-92 8 978,36Moeda - 1681 69 04 1-95 8 978,36Moeda - 1681 - Muito rara (Pode ser única) 69 05 1-04 15 666,00Moeda - 1682 69 06 30-95 9 975,96

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Reinado D. Pedro II - O Pacífico P2 (1683-1706)

CUNHAGEM DE LISBOA Quartinho (Coroa de Rei) - 1690 93 03 2-03 1 007,10Quartinho (Coroa de Rei) - 1691 93 04 45-92 997,60CUNHAGEM DE LISBOA Meia Moeda - (Coroa de Rei) - 1689 95 02 16-96 2 992,79Meia Moeda - (Coroa de Rei) - 1690 95 03 44-92 3 990,38Meia Moeda - (Coroa de Rei) - 1692 95 05 1-93 3 491,59CUNHAGEM DE LISBOA 4 000 Réis - (Coroa de Rei) - 1688 99 01 42-92 4 987,984 000 Réis - (Coroa de Rei) - 1689 99 02 23-91 2 493,994 000 Réis - (Coroa de Rei) - 1690 99 03 43-92 1 745,794 000 Réis - (Coroa de Rei) - 1692 99 05 74-95 1 995,194 000 Réis - (Coroa de Rei) - 1693 99 06 46-92 3 740,984 000 Réis - (Coroa de Rei) - 1696 99 09 47-92 2 493,994 000 Réis - (Coroa de Rei) - 1697 99 10 5-06 2 858,554 000 Réis - (Coroa de Rei) - 1702 99 12 29-90 1 496,394 000 Réis - (Coroa de Rei) - 1703 99 14 72-91 1 496,394 000 Réis - (Coroa de Rei) - 1703 ETALG 99 16 6-06 2 522,254 000 Réis - (Coroa de Rei) - 1704 99 17 v 73-91 1 596,154 000 Réis - (Coroa de Rei) - 1704 99 17 v 17-03 2 685,604 000 Réis - (Coroa de Rei) - 1705 99 20 15-96 7 481,974 000 Réis - (Coroa de Rei) - 1706 99 21 2-93 1 745,79CUNHAGEM DO RIO DE JANEIRO 4 000 Réis - 1703 v.s. 100 01 36-91 2 244,594 000 Réis - 1703 DG 100 02 7-06 3 699,304 000 Réis - 1704 100 03 27-91 2 244,594 000 Réis - 1707 100.06 4-04 3 580,80Moeda 4 400 Réis - 1670 124 03 8-04 21 261,00com cordão e esfera coroadaCarimbos de 4 400, de 4 e esfera coroada 130 04 49-95 27 433,88sobre 4 Cruzados de João IV - 1642 - Lisboa

Reinado D. João V - O Magnânimo J5(1706-1750) CUNHAGEM DE LISBOA Ensaio da Dobra de 24 Escudos - 1731 E11 01v 50-95 49 879,79CUNHAGEM DE LISBOA Cruzado (Coroa de 4 arcos) - 1718 83 01 10-04 201,42Cruzado (Coroa de 4 arcos) - 1719 83 02 30-90 199,52Cruzado (Coroa de 4 arcos) - 1720 83 03 31-90 149,64Cruzado (Coroa de 4 arcos) - 1721 83 04 32-90 149,64Cruzado (Coroa de 4 arcos) - 1722 83 05 33-90 149,64Cruzado (Coroa de 4 arcos) - 1736 83 08 34-90 139,66Cruzado (Coroa de 4 arcos) - 1738 83 09 35-90 139,66Cruzado (Coroa de 4 arcos) - 1739 83 10 5-96 139,66Cruzado (Coroa de 4 arcos) - 1741 83 12 36-90 149,64Cruzado (Coroa de 4 arcos) - 1742 83 13 20-92 174,58Cruzado (Coroa de 4 arcos) - 1743 83 14 37-90 149,64Cruzado (Coroa de 4 arcos) - 1744 83 15 18-06 291,46Cruzado (Coroa de 4 arcos) - 1746 83 17 38-90 139,66Cruzado (Coroa de 4 arcos) - 1746 83 17 6-96 139,66(legenda separada por pontos)Cruzado (Coroa de 4 arcos) - 1748 83 18 39-90 139,66Cruzado (Coroa de 4 arcos) - 1748 83 20 3-05 156,66Cruzado (Coroa de 5 arcos) - 1723 84 02 33-92 149,64Cruzado (Coroa de 5 arcos) - 1725 84 05 75-91 149,64Cruzado (Coroa de 5 arcos) - 1726 84 07 76-91 149,64Cruzado (Coroa de 5 arcos) - 1728 84 08 40-90 124,70Cruzado (Coroa de 5 arcos) - 1729 84 09 41-90 139,66Cruzado (Coroa de 5 arcos) - 1730 84 10 42-90 139,66Cruzado (Coroa de 5 arcos) - 1733 84 13 52-92 149,64Cruzado (Coroa de 5 arcos) - 1734 84 14 43-90 134,68CUNHAGEM DE MINAS Cruzado (coroa de 4 arcos) - 1725 86 01 3-97 3 740,98CUNHAGEM DE LISBOA Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1708 87 02 10-02 699,38Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1709 87 03 9-06 252,23Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1710 87 04 2-06 784,70Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1711 87 05 2-05 335,70Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1712 87 07 44-90 229,28Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1714 87 09 3-98 349,16Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1714 87 10 15-03 481,17Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1715 87 11 4-98 399,04Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1716 87 12 4-93 299,28Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1718 87 15 11-02 335,70Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1720 87 17 45-90 299,28Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1722 87 19 71-92 349,16Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1738 87 22 3-96 299,28Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1739 87 23 59-92 311,75Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1741 87 24 46-90 299,28Quartinho (Coroa de 4 arcos) (1 200 Réis) - 1745 87 25 82-91 299,28Quartinho (Coroa de 5 arcos) (1 200 Réis) - 1733 88 03 19-91 311,75CUNHAGEM DO RIO DE JANEIRO Quartinho (Coroa de 5 arcos) (1 200 Réis) - 1708 90 01 4-96 1 246,99Quartinho (Coroa de 5 arcos) (1 200 Réis) - 1726 90 02 37-91 997,60

(euros)



(euros)



CUNHAGEM DA BAHIAQuartinho (Coroa de 5 arcos) (1 200 Réis) - 1723 91 10 17-06 1 457,30CUNHAGEM DE MINAS Quartinho (Coroa de 5 arcos) (1 200 Réis) - 1724 92 01 4-97 11 971,15Quartinho (Coroa de 4 arcos) (1200 Réis) - 1725 92 02 14-01 2 228,63Quartinho (Coroa de 5 arcos) (1 200 Réis) - 1726 92 03 5-98 3 242,19CUNHAGEM DO PORTO Quartinho (1 200 Réis) - 1713 89 01 3-01 2 228,63CUNHAGEM DE LISBOA Meia Moeda (2 400 Réis) - 1711 93 05 2-01 1 532,17Meia Moeda (2 400 Réis) - 1712 93 06 20-02 3 357,00CUNHAGEM DO PORTO Meia Moeda (2 400 Réis) - 1713 94 01 17-92 2 493,99CUNHAGEM DO RIO DE JANEIRO Meia Moeda (2 400 Réis) - 1723 95 01 18-92 1 246,99Meia Moeda (2 400 Réis) - 1725 95 02 2-97 1 745,79Meia Moeda (2 400 Réis) - 1726 95 03 16-03 1 342,80CUNHAGEM DA BAHIA Meia moeda (2 400 Réis) - 1715 96 02 47-90 598,56Meia moeda (2 400 Réis) - 1716 96 03 10-95 648,44CUNHAGEM DE MINAS Meia moeda (2 400 Réis) - 1726 97 03 21-02 5 595,00CUNHAGEM DE LISBOA Moeda (4 800 Réis) - 1707 98 01 2-96 6 983,17Moeda (4 800 Réis) - 1709 98 03 48-92 1 246,99Moeda (4 800 Réis) - 1710 98 04 31-95 1 246,99Moeda (4 800 Réis) - 1712 98 06 17-96 1 246,99Moeda (4 800 Réis) - 1714 98 08 48-90 1 197,11Moeda (4 800 Réis) - 1720 98 16 18-96 1 745,79CUNHAGEM DO PORTO Moeda (4 800 Réis) - 1712 99 01 23-96 49 879,79Moeda (4 800 Réis) - 1714 100 03 3-93 7 481,97CUNHAGEM DO RIO DE JANEIRO Moeda (4 800 Réis) - 1708 101 02 36-96 1 895,43Moeda (4 800 Réis) - 1709 101 03 37-96 1 795,67Moeda (4 800 Réis) - 1712 101 07 7-94 1 496,39Moeda (4 800 Réis) - 1713 101 08 22-97 1 496,39Moeda (4 800 Réis) - 1714 101 09 9-96 1 346,75Moeda (4 800 Réis) - 1715 101 14 49-90 1 346,75Moeda (4 800 Réis) - 1716 101 15 9-95 1 246,99Moeda (4 800 Réis) - 1717 101 16 10-96 1 246,99Moeda (4 800 Réis) - 1718 101 18 50-90 1 246,99Moeda (4 800 Réis) - 1719 101 19 16-06 4 484,00Moeda (4 800 Réis) - 1721 101 22 18-02 2 014,20Moeda (4 800 Réis) - 1723 101 25 51-90 1 246,99Moeda (4 800 Réis) - 1724 - 4 sobre o 3 101 26 1-97 1 646,03Moeda (4 800 Réis) - 1725 - 5 sobre o 4 101 28 26-96 1 246,99Moeda (4 800 Réis) - 1726 101 31 14-03 1 678,50Moeda (4 800 Réis) - 1727 101 32 8-06 1 513,35CUNHAGEM DA BAHIA Moeda (4 800 Réis) - 1716 102 03 5-97 1 147,24Moeda (4 800 Réis) - 1717 102 04 6-94 1 197,11Moeda (4 800 Réis) - 1718 102 05 3-94 997,60Moeda (4 800 Réis) - 1719 102 06 4-94 997,60Moeda (4 800 Réis) - 1720 102 07 6-97 1 047,48Moeda (4 800 Réis) - 1721 102 08 24-96 997,60Moeda (4 800 Réis) - 1722 - eixo invertido 102 09 7-97 1 246,99Moeda (4 800 Réis) - 1723 102 10 32-95 997,60Moeda (4 800 Réis) - 1726 102 13 20-97 1 496,39CUNHAGEM DA MINAS Moeda (4 800 Réis) - 1725 103 02 33-95 7 481,97Moeda (4 800 Réis) - 1726 103 03 8-97 7 481,97CUNHAGEM DE MINAS Meio dobrão (12 000 Réis) - 1724 104 01 50-92 19 951,92Meio dobrão (12 000 Réis) - 1725 104 02 52-90 1 995,19Meio dobrão (12 000 Réis) - 1726 104 03 53-90 2 493,99Meio dobrão (12 000 Réis) - 1727 104 04 54-90 3 990,38CUNHAGEM DE MINAS Dobrão (24 000 Réis) - 1724 105 01 55-90 9 975,96Dobrão (24 000 Réis) - 1725 105 02 56-90 2 992,79Dobrão (24 000 Réis) - 1726 105 03 57-90 2 992,79Dobrão (24 000 Réis) - 1727 105 04 58-90 3 491,59CUNHAGEM DE MINAS Cruzadinho (400 Réis) - 1734 107 04 81-91 149,64CUNHAGEM DE LISBOA 1/2 Escudo - (com letra monetária) - 1722 108 01 49-92 748,201/2 Escudo - (com letra monetária) - 1722 108 01 11-95 698,32CUNHAGEM DE LISBOA 1/2 Escudo - 1723 109 01 59-90 199,521/2 Escudo - 1725 109 03 60-90 149,641/2 Escudo - 1726 109 05 61-90 149,641/2 Escudo - 1729 109 08 2-92 224,461/2 Escudo - 1730 109 10 11-98 274,341/2 Escudo - 1732 109 13 19-92 249,401/2 Escudo - 1736 109 15 62-90 199,521/2 Escudo - 1738 109 16 63-90 199,521/2 Escudo - 1740 109 18 64-90 249,401/2 Escudo - 1744 111 03 65-90 199,52CUNHAGEM DO RIO DE JANEIRO

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1/2 Escudo - 1727 113 01 18-99 3 491,591/2 Escudo - 1734 113 03 9-04 2 238,00CUNHAGEM DE MINAS 1/2 Escudo - 1731 114 05 66-90 199,521/2 Escudo - 1732 M 114 06 22-03 447,601/2 Escudo - 1734 114 09 60-92 199,52CUNHAGEM DE LISBOA Escudo - 1722 115 01 10-98 1 496,39Escudo - 1723 116 01 20-93 698,32Escudo - 1724 116 03 22-02 1 790,40Escudo - 1724 116 03 12-01 919,31Escudo - 1725 116 04 23-02 1 286,85Escudo - 1726 116 05 24-02 2 238,00Escudo - 1727 116 06 3-03 1 230,90Escudo - 1728 - data emendada 116 07 25-02 783,30Escudo - 1729 116 08 9-02 447,60Escudo - 1730 116 09 26-02 1 007,10Escudo - 1744 116 18 13-01 348,23Escudo - 1746 116 20 27-02 1 007,10Escudo - 1749 116 24 28-02 1 230,90CUNHAGEM DO RIO DE JANEIRO Escudo - 1728 108 02 16-99 3 740,98CUNHAGEM DE MINAS Escudo - 1733 (data emendada) 119 07 17-99 2 244,59CUNHAGEM DE LISBOA Meia Peça (3 200 Réis) - 1722 120 01 3-02 19 023,00Meia Peça (3 200 Réis) - 1722 - L serrilha de corda 120 01 21-03 24 618,00Meia Peça (3 200 Réis) - 1723 121 01 8-02 2 909,40Meia Peça (3 200 Réis) - 1724 121 02 4-00 7 481,97Meia Peça (3 200 Réis) - 1726 121 04 54-95 4 489,18Meia Peça (3 200 Réis) - 1728 121 06 22-96 3 990,38Meia Peça (3 200 Réis) - 1732 121 09 67-90 1 995,19Meia Peça (3 200 Réis) - 1734 121 10 19-02 5 147,40Meia Peça (3 200 Réis) - 1735 121 11 55-95 1 995,19Meia Peça (3 200 Réis) - 1738 121 12 56-95 2 244,59Meia Peça (3 200 Réis) - 1741 121 14 1-91 2 244,59CUNHAGEM DO RIO DE JANEIRO Meia Peça (3 200 Réis) - 1727 123 01 5-00 14 963,94CUNHAGEM DE LISBOA Peça (6 400 Réis) - 1725 126 03 2-95 8 479,56Peça (6 400 Réis) - 1735 126 11 35-96 3 740,98Peça (6 400 Réis) - 1739 126 18 68-90 2 493,99Peça (6 400 Réis) - 1741 126 20 1-02 1 174,95Peça (6 400 Réis) - 1742 126 21 69-90 1 596,15Peça (6 400 Réis) - 1743 126 22 70-90 1 496,39Peça (6 400 Réis) - 1744 126 23 20-96 1 596,15Peça (6 400 Réis) - 1745 126 24 71-90 1 596,15Peça (6 400 Réis) - 1746 126 26 11-00 1 995,19Peça (6 400 Réis) - 1746 - ponto a seguir à data 126 27 7-05 2 797,50Peça (6 400 Réis) - 1747 126 28 14-99 2 094,95Peça (6 400 Réis) - 1747 126 29 18-03 2 685,60Peça (6 400 Réis) - 1748 126 31 7-01 1 894,33Peça (6 400 Réis) - 1749 126 32 21-96 2 244,59CUNHAGEM DA BAHIA Peça (6 400 Réis) - 1736 130 05 3-92 4 987,98Peça (6 400 Réis) - 1739 130 10 8-01 3 398,66Peça (6 400 Réis) - 1745 130 19 19-93 1 745,79Peça (6 400 Réis) - 1746 130 20 25-96 1 745,79Peça (6 400 Réis) - 1746 - Ponto depois do “B” 130 21 28-92 1 596,15Peça (6 400 Réis) - 1748 130 24 9-97 1 895,43Peça (6 400 Réis) - 1748 - Ponto depois do “B” 130 25 53-95 1 496,39Peça (6 400 Réis) - 1749 - data emendada 130 27 3-95 1 596,15Peça (6 400 Réis) - 1749 - Ponto depois do “B” 130 27 10-97 3 292,07Peça (6 400 Réis) - 1750 130 28 4-95 1 745,79CUNHAGEM DO RIO DE JANEIRO Peça (6 400 Réis) - 1734 131 10 5-95 4 987,98Peça (6 400 Réis) - 1734 - data emendada 131 11 19-03 3 916,50Peça (6 400 Réis) - 1735 131 13 52-95 2 992,79Peça (6 400 Réis) - 1736 131 14 15-92 1 745,79Peça (6 400 Réis) - 1737 31 15 2-02 1 007,10Peça (6 400 Réis) - 1738 131 17 15-99 1 596,15Peça (6 400 Réis) - 1739 131 18 6-95 1 496,39Peça (6 400 Réis) - 1741 131 23 27-96 1 496,39Peça (6 400 Réis) - 1742 131 26 7-95 1 496,39Peça (6 400 Réis) - 1743 131 28 20-03 1 119,00Peça (6 400 Réis) - 1743 131 27 8-95 1 496,39Ponto no final da legenda Peça (6 400 Réis) - 1744 131 29 28-91 1 496,39Peça (6 400 Réis) - 1745 131 30 28-96 1 496,39Peça (6 400 Réis) - 1746 131 32 1-01 1 838,62Peça (6 400 Réis) - 1746 131 33 8-05 1 566,60sem ponto no final da legendaPeça (6 400 Réis) - 1747 131 34 41-95 1 496,39Peça (6 400 Réis) - 1748 131 36 29-96 1 496,39Peça (6 400 Réis) - 1749 131 38 74-91 1 496,39Peça (6 400 Réis) - 1750 131 40 72-90 1 496,39Peça (6 400 Réis) - 1750 131 40 9-98 1 496,39CUNHAGEM DE MINAS GERAIS Peça (6 400 Réis) - 1733 132 05 35-91 12 469,95Ponto no final da legenda

(euros)



(euros)



CUNHAGEM DE LISBOA Dobra (12 800 Réis) - 1724 133 01 27-93 44 891,81Dobra (12 800 Réis) - 1725 133 02 51-95 19 951,92Dobra (12 800 Réis) - 1726 133 03 2-00 13 966,34Dobra (12 800 Réis) - 1727 133 04 73-90 9 975,96Dobra (12 800 Réis) - 1729 - Serrilha de Corda 133 06 46-91 6 983,17Dobra (12 800 Réis) - 1730 133 07 51-92 9 975,96Dobra (12 800 Réis) - 1732 133 08 19-96 9 975,96CUNHAGEM DA BAHIA Dobra (12 800 Réis) - 1727 134 01 27-92 14 963,94Dobra (12 800 Réis) - 1730 2º tipo 135 03 13-03 17 904,00Dobra (12 800 Réis) - 1730 4º tipo 137 01 3-00 22 445,91CUNHAGEM DO RIO DE JANEIRO Dobra (12 800 Réis) - 1727 138 01 1-96 10 973,55Dobra (12 800 Réis) - 1729 138 04 74-90 3 990,38Dobra (12 800 Réis) - 1731 138 08 10-99 4 239,78CUNHAGEM DE MINAS Dobra (12 800 Réis) - 1727 139 01 11-97 6 234,97Dobra (12 800 Réis) - 1728 - data emendada 139 03 7-02 2 909,40Dobra (12 800 Réis) - 1729 139 04 13-99 3 092,55Dobra (12 800 Réis) - 1730 139 05 75-90 2 743,39Dobra (12 800 Réis) - 1731 139 06 76-90 2 743,39Dobra (12 800 Réis) - 1731 139 06 77-90 3 242,19Com serrilha em cordaDobra (12 800 Réis) - 1731 - Data emendada 139 07 12-97 2 868,09Dobra (12 800 Réis) - 1732 139 08 78-90 2 992,79Dobra (12 800 Réis) - 1732 139 08 13-97 2 992,79Dobra (12 800 Réis) - 1733 139 09 79-90 2 743,39CUNHAGEM DE GOA São Tomé - 1 Xerafim - 1714/1728 87 1/ 8 5-03 951,15São Tomé - 5 Xerafins - 1715 92 03 7-00 3 491,59

Reinado de D. José I - O Reformador JO (1750-1777)

CUNHAGEM DE LISBOA Cruzado Novo (Coroa de 5 arcos) - 1752 37 01 80-90 199,52Cruzado Novo (Coroa de 5 arcos) - 1752 37 01 81-90 199,52Cruzado Novo (Coroa de 5 arcos) - 1752 37 01 8-99 199,52Cruzado Novo (Coroa de 5 arcos) - 1771 37 05 63-92 199,52Cruzado Novo (Coroa de 5 arcos) - 1752 38 01 6-05 212,61CUNHAGEM DE LISBOA 1/2 Escudo (800 Réis) - 1751 42 01 82-90 399,041/2 Escudo (800 Réis) - 1768 43 03 7-99 399,041/2 Escudo (800 Réis) - 1776 43 07 31-02 1 119,00CUNHAGEM DA BAHIA 1/2 Escudo (800 Réis) - 1752 44 01 13-02 2 238,001/2 Escudo (800 Réis) - 1768/7 44 12 5-05 2 797,50CUNHAGEM DO RIO DE JANEIRO 1/2 Escudo (800 Réis) - 1763 45 02 10-01 2 228,63CUNHAGEM DE LISBOA Quartinho - cinco arcos - 1752 40 02 13-98 997,60Quartinho - quatro arcos - 1768 39 02 9-01 640,73CUNHAGEM DE LISBOA Quartinho - cinco arcos - 1725 40 02 12-02 268,56Quartinho - cinco arcos - 1752 41 01 16-95 498,80Quartinho - cinco arcos - 1768 41 02 83-90 498,80CUNHAGEM DE LISBOA Escudo - 1751 47 01 4-92 399,04Escudo - 1776 47 06 15-95 748,20CUNHAGEM DA BAHIA Escudo - 1757 48 04 4-02 16 785,00CUNHAGEM DO RIO DE JANEIRO Escudo - 1763 49 02 12-99 2 992,79Escudo - 1763 49 02 20-99 2 992,79CUNHAGEM DE LISBOA Meia Peça (3 200 Réis) - 1751 50 01 53-92 1 646,03Meia Peça (3 200 Réis) - 1768 50 02 65-95 2 992,79Meia Peça (3 200 Réis) - 1776 50 05 84-90 3 990,38CUNHAGEM DO RIO DE JANEIRO Meia Peça (3 200 Réis) - 1752 51 01 4-05 13 987,50Meia Peça (3 200 Réis) - 1756 - data emendada 52 02 22-92 3 491,59Meia Peça (3 200 Réis) - 1760 52 03 21-97 3 990,38Meia Peça (3 200 Réis) - 1772 52 05 15-97 7 481,97CUNHAGEM DE LISBOA Peça (6 400 Réis) - 1750 53 01 77-91 3 491,59Peça (6 400 Réis) - 1751 53 02 19-99 1 197,11Peça (6 400 Réis) - 1753 53 04 85-90 997,60Peça (6 400 Réis) - 1754 53 05 57-95 997,60Peça (6 400 Réis) - 1755 53 06 54-92 997,60Peça (6 400 Réis) - 1758 53 09 5-93 997,60Peça (6 400 Réis) - 1760 53 11 11-96 997,60Peça (6 400 Réis) - 1761 53 13 2-99 997,60Peça (6 400 Réis) - 1763 53 15 42-91 997,60Peça (6 400 Réis) - 1766 53 17 12-95 997,60Peça (6 400 Réis) - 1768 53 19 3-99 997,60Peça (6 400 Réis) - 1769 53 20 58-95 997,60Peça (6 400 Réis) - 1771 53 23 30-96 997,60Peça (6 400 Réis) - 1773 53 25 24-91 997,60

58

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Peça (6 400 Réis) - 1774 53 26 21-92 997,60Peça (6 400 Réis) - 1775 53 28 86-90 997,60Peça (6 400 Réis) - 1775 - cruz potenteada 53 29 11-04 867,23CUNHAGEM DA BAHIA Peça (6 400 Réis) - 1751 - emendado R 54 01 15-01 1 894,33Peça (6 400 Réis) - 1753 54 03 29-02 1 230,90Peça (6 400 Réis) - 1755 54 06 61-92 1 246,99Peça (6 400 Réis) - 1757 54 06 61-95 1 246,99Peça (6 400 Réis) - 1759 54 10 87-90 1 246,99Peça (6 400 Réis) - 1760 54 11 34-95 1 246,99Peça (6 400 Réis) - 1761 54 12 62-95 1 246,99Peça (6 400 Réis) - 1762 54 13 30-02 4 252,20Peça (6 400 Réis) - 1764 54 16 62-92 1 246,99Peça (6 400 Réis) - 1765 - data emendada 54 18 63-95 1 246,99Peça (6 400 Réis) - 1767 54 20 64-95 1 246,99Peça (6 400 Réis) - 1768 54 21 13-95 1 246,99Peça (6 400 Réis) - 1769 54 22 25-91 1 246,99Peça (6 400 Réis) - 1771 54 24 31-96 1 246,99Peça (6 400 Réis) - 1772 54 25 88-90 1 246,99Peça (6 400 Réis) - 1773 54 26 89-90 1 246,99Peça (6 400 Réis) - 1774 54 27 90-90 1 246,99Peça (6 400 Réis) - 1776 54 29 91-90 1 246,99Peça (6 400 Réis) - 1777 54 30 14-95 1 246,99CUNHAGEM DO RIO DE JANEIRO Peça (6 400 Réis) - 1751 55 01 59-95 997,60Peça (6 400 Réis) - 1752 55 02 60-95 997,60Peça (6 400 Réis) - 1753 55 05 4-99 997,60Peça (6 400 Réis) - 1754 55 06 92-90 748,20Peça (6 400 Réis) - 1755 55 07 5-99 748,20Peça (6 400 Réis) - 1756 55 08 93-90 748,20Peça (6 400 Réis) - 1757 55 09 94-90 748,20Peça (6 400 Réis) - 1758 55 10 95-90 748,20Peça (6 400 Réis) - 1759 55 11 96-90 748,20Peça (6 400 Réis) - 1760 55 12 12-98 748,20Peça (6 400 Réis) - 1761 55 13 97-90 748,20Peça (6 400 Réis) - 1762 55 14 98-90 748,20Peça (6 400 Réis) - 1763 55 15 6-99 748,20Peça (6 400 Réis) - 1764 55 16 99-90 748,20Peça (6 400 Réis) - 1765 55 17 100-90 748,20Peça (6 400 Réis) - 1766 55 18 101-90 748,20Peça (6 400 Réis) - 1767 55 19 16-92 748,20Peça (6 400 Réis) - 1768 55 20 35-92 748,20Peça (6 400 Réis) - 1769 55 22 102-90 748,20Peça (6 400 Réis) - 1770 55 23 103-90 748,20Peça (6 400 Réis) - 1771 55 25 104-90 748,20Peça (6 400 Réis) - 1772 55 26 105-90 748,20Peça (6 400 Réis) - 1773 55 27 106-90 748,20Peça (6 400 Réis) - 1774 55 28 107-90 748,20Peça (6 400 Réis) - 1775 55 29 108-90 748,20Peça (6 400 Réis) - 1776 55 30 109-90 748,20Peça (6 400 Réis) - 1777 55 31 110-90 748,20CUNHAGEM DE GOA 1 Xerafim ND 54 01 14-00 997,60CUNHAGEM DE GOA 2 Xerafins - 1766 56 01 1-94 1 496,392 Xerafins - 1766 56 02 11-94 1 496,39CUNHAGEM DE GOA 4 Xerafins - 1766 60 02 8-98 1 496,39CUNHAGEM DE GOA 12 Xerafins - 1763 67 02 24-95 1 496,3912 Xerafins - 1764 67 03 25-95 1 496,39CUNHAGEM DE GOA 12 Xerafins - 1766 68 01 2-94 1 596,1512 Xerafins - 1769 68 04 6-03 1 230,9012 Xerafins - 1770 68 05 7-03 1 063,0512 Xerafins - 1778 69 04 8-03 559,50CUNHAGEM DE MOÇAMBIQUE 1000 Réis - 1755 05 01 9-00 1 995,19CUNHAGEM DE MOÇAMBIQUE 4000 Réis - 1755 07 01 8-00 1 995,19

Reinado de D. Maria I e D. Pedro III MP (1777-1786)

CUNHAGEM DE LISBOA Cruzado - Pinto - (480 Réis) - 1778 19 02 41-96 299,28Cruzado - Pinto - (480 Réis) - 1780 19 03 7-93 299,28Cruzado - Pinto - (480 Réis) - 1784 19 05 20-91 299,28CUNHAGEM DE LISBOA Quartinho - 1777 20 01 6-00 2 743,39CUNHAGEM DE LISBOA Meio Escudo - 1777 21 01 14-02 643,43Meio Escudo - 1778 21 02 66-92 498,80Meio Escudo - 1778 21 02 6-93 498,80Meio Escudo - 1780 21 03 15-98 498,80CUNHAGEM DE BAHIA Meio Escudo - 1782 22 01 22-99 9 975,96CUNHAGEM DE LISBOA Escudo - 1779 23 04 66-95 1 496,39Escudo - 1784 23 06 9-93 1 496,39

(euros)



(euros)



CUNHAGEM DE LISBOA Meia Peça (3 200 Réis) - 1778 25 01 25-92 2 992,79Meia Peça (3 200 Réis) - 1784 25 02 20-95 2 992,79CUNHAGEM DE BAHIA Meia Peça (3 200 Réis) - 1780 26 01 16-97 7 481,97Meia Peça (3 200 Réis) - 1781 26 02 35-95 7 481,97Meia Peça (3 200 Réis) - 1782 26 03 21-99 8 479,56Meia Peça (3 200 Réis) - 1783 26 04 36-95 10 973,55Meia Peça (3 200 Réis) - 1785 26 06 19-06 11 770,50CUNHAGEM DE LISBOA Peça (6 400 Réis) - 1778 27 02 111-90 997,60Peça (6 400 Réis) - 1779 27 05 16-01 863,59Peça (6 400 Réis) - 1780 27 06 15-91 997,60Peça (6 400 Réis) - 1781 27 07 8-93 997,60Peça (6 400 Réis) - 1782 27 10 5-92 997,60Peça (6 400 Réis) - 1783 27 11 112-90 997,60Peça (6 400 Réis) - 1785 27 13 10-93 997,60Peça (6 400 Réis) - 1785 27 15 35-02 3 357,00CUNHAGEM DA BAHIA Peça (6 400 Réis) - 1778 - “B afastado da data” 28 02 32-02 1 286,85Peça (6 400 Réis) - 1779 29 01 9-99 997,60Peça (6 400 Réis) - 1779 - “B junto da data” 29 01 6-98 997,60Peça (6 400 Réis) - 1780 29 03 7-96 997,60Peça (6 400 Réis) - 1781 29 04 113-90 997,60Peça (6 400 Réis) - 1782 - “B junto da data” 29 05 2-91 997,60Peça (6 400 Réis) - 1782 - “B afastado da data” 28 04 3-91 997,60Peça (6 400 Réis) - 1783 - “B afastado da data” 28 06 33-02 1 398,75Peça (6 400 Réis) - 1784 - “B afastado da data” 28 08 4-91 997,60Peça (6 400 Réis) - 1784 - “B afastado da data” 28 09 34-02 1 174,95Peça (6 400 Réis) - 1785 - “B afastado da data” 28 11 36-02 1 063,05Peça (6 400 Réis) - 1785 - “B afastado da data” 28 12 5-02 1 174,95Peça (6 400 Réis) - 1785 - “ponto no final da legenda” 28 12a 64-92 997,60CUNHAGEM DO RIO DE JANEIRO Peça (6 400 Réis) - 1777 30 01 11-01 16 157,56Peça (6 400 Réis) - 1778 30 03 114-90 748,20Peça (6 400 Réis) - 1778 30 03 17-95 748,20sem ponto no final da legendaPeça (6 400 Réis) - 1779 30 06 115-90 748,20Peça (6 400 Réis) - 1780 30 08 116-90 748,20Peça (6 400 Réis) - 1780 - sem ponto no final da legenda 30 09 12-04 727,35Peça (6 400 Réis) - 1781 30 10 117-90 748,20Peça (6 400 Réis) - 1782 30 12 65-92 748,20Peça (6 400 Réis) - 1783 30 14 118-90 748,20Peça (6 400 Réis) - 1784 30 16 119-90 748,20Peça (6 400 Réis) - 1785 30 19 120-90 748,20Peça (6 400 Réis) - 1786 30 21 121-90 748,20CUNHAGEM DE GOA 12 Xerafins - 1784 14 04 9-03 1 119,00São Tomé 12 Xerafins - 1796 41 10 26-95 1 995,19

Reinado de D. Maria I - A Piedosa M1 (1786-1799)

CUNHAGEM DE LISBOA Cruzado Novo - Pinto - 1787 19 01 11-93 299,28Cruzado Novo - Pinto - 1790 19 02 10-06 257,83Cruzado Novo - Pinto - 1790 19 03 73-92 299,28Cruzado Novo - Pinto - 1795 19 04 56-92 299,28CUNHAGEM DE LISBOA Quartinho - 1789 20 02 122-90 748,20Quartinho - 1792 20 03 12-93 698,32CUNHAGEM DE LISBOA Meio Escudo - Véu de Viúva - 1787 - disco pequeno 21 01 78-91 997,60CUNHAGEM DE LISBOA Meio Escudo - Toucado - 1789 22 01 38-95 598,56Meio Escudo - Toucado - 1796 22 03 57-92 598,56CUNHAGEM DE LISBOA Escudo - Toucado - 1790 24 02 55-92 1 995,19Escudo - Toucado - 1796 24 06 24-03 1 790,40CUNHAGEM DE LISBOA Meia Peça - Toucado - 1789 25 01 6-92 2 992,79CUNHAGEM DE LISBOA Peça (6 400 Réis) - Véu de Viuva - 1787 27 02 123-90 1 745,79CUNHAGEM DA BAHIA Peça (6 400 Réis) - Véu de Viuva - 1788 B 28 03 23-03 1 454,70Peça (6 400 Réis) - Véu de Viuva - 1788 28 04 67-95 1 246,99Peça (6 400 Réis) - Véu de Viuva - 1789 28 05 72-92 1 246,99CUNHAGEM DO RIO DE JANEIRO Peça (6 400 Réis) - Véu de Viuva - 1786 29 01 1-98 2 493,99Peça (6 400 Réis) - Véu de Viuva - 1787 29 02 24-92 997,60Peça (6 400 Réis) - Véu de Viuva - 1788 29 04 124-90 997,60Peça (6 400 Réis) - Véu de Viuva - 1788 29 06 15-02 811,27data emendadaPeça (6 400 Réis) - Véu de Viuva - 1789 29 08 125-90 997,60CUNHAGEM DE LISBOA Peça (6 400 Réis) - Toucado - 1789 30 01 43-91 997,60Peça (6 400 Réis) - Toucado - 1791 30 02 23-92 1 097,36Peça (6 400 Réis) - Toucado - 1792 30 03 126-90 997,60Peça (6 400 Réis) - Toucado - 1792 30 04 16-02 615,45

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ponto no final da legendaPeça (6 400 Réis) - Toucado - 1793 30 05 67-92 997,60Peça (6 400 Réis) - Toucado - 1796 30 07 127-90 997,60Peça (6 400 Réis) - Toucado - 1799 30 11 128-90 997,60Peça (6 400 Réis) - Toucado - 1799 30 12 45-91 997,60Algarismos grandes CUNHAGEM DA BAHIA Peça (6 400 Réis) - Toucado - 1791 31 02 16-00 2 493,99Peça (6 400 Réis) - Toucado - 1792 31 03 37-95 997,60Peça (6 400 Réis) - Toucado - 1793 32 03 32-96 997,60Peça (6 400 Réis) - Toucado - 1794 32 04 129-90 997,60Peça (6 400 Réis) - Toucado - 1796 31 04 40-96 997,60Peça (6 400 Réis) - Toucado - 1797 31 05 4-03 1 230,90Peça (6 400 Réis) - Toucado - 1799 32 07 69-95 997,60Peça (6 400 Réis) - Toucado - 1800 31 06 33-96 997,60Peça (6 400 Réis) - Toucado - 1792 32 02 5-91 997,60“B afastado da data”CUNHAGEM DO RIO DE JANEIRO Peça (6 400 Réis) - Toucado - 1789 33 01 130-90 698,32Peça (6 400 Réis) - Toucado - 1790 33 02 131-90 698,32Peça (6 400 Réis) - Toucado - 1791 33 04 132-90 698,32Peça (6 400 Réis) - Toucado - 1792 33 07 40-91 698,32Peça (6 400 Réis) - Toucado - 1793 33 09 133-90 698,32Peça (6 400 Réis) - Toucado - 1794 33 10 134-90 698,32Peça (6 400 Réis) - Toucado - 1795 33 11 135-90 698,32Peça (6 400 Réis) - Toucado - 1796 33 12 34-92 698,32Peça (6 400 Réis) - Toucado - 1797 33 14 68-95 698,32Peça (6 400 Réis) - Toucado - 1798 - data emendada 33 17 136-90 698,32Peça (6 400 Réis) - Toucado - 1799 33 18 137-90 698,32Peça (6 400 Réis) - Toucado - 1800 33 20 138-90 698,32Peça (6 400 Réis) - Toucado - 1801 33 22 139-90 698,32Peça (6 400 Réis) - Toucado - 1802 33 23 18-95 698,32Peça (6 400 Réis) - Toucado - 1803 33 25 140-90 698,32Peça (6 400 Réis) - Toucado - 1804 33 26 19-95 698,32Peça (6 400 Réis) - Toucado - 1805 33 27 14-98 698,32CUNHAGEM DE GOA 12 Xerafins - 1795 41 09 10-03 1 230,9012 Xerafins - 1796 41 11 11-03 783,3012 Xerafins - 1803 41 18 12-94 1 995,1912 Xerafins - 4 sobre o 3 - 1804 41 19 40-95 1 496,3912 Xerafins - 4 sobre o 3 - 1804 41 19 12-03 1 007,10

Regência do Principe D. João JR (1799-1816)

CUNHAGEM DE LISBOA Cruzado Novo - Pinto - 1807 27 02 9-92 1 496,39CUNHAGEM DE LISBOA Meio Escudo - 1805 28 01 141-90 1 496,39Meio Escudo - 1807 28 03 142-90 1 496,39CUNHAGEM DE LISBOA Escudo - 1807 29 02 8-92 2 493,99CUNHAGEM DE LISBOA Meia Peça - 1805 30 01 42-96 14 963,94Meia Peça - 1807 30 02 7-92 2 493,99CUNHAGEM DE LISBOA Peça (6 400 Réis) - de Jarra - 1802 31 01 143-90 5 985,57CUNHAGEM DE LISBOA Peça (6 400 Réis) - 1805 - Cruz singela 32 02 13-93 1 346,75Peça (6 400 Réis) - 1805 - Cruz irradiada 32 03 12-00 1 496,39Peça (6 400 Réis) - 1806 - Cruz singela 32 04 6-91 997,60Peça (6 400 Réis) - 1806 - Cruz irradiada 32 05 3-06 1 457,30Peça (6 400 Réis) - 1808 - Cruz singela 32 07 21-95 1 197,11Peça (6 400 Réis) - 1809 - Cruz singela 32 08 14-93 997,60Peça (6 400 Réis) - 1812 - Cruz singela 32 09 29-92 997,60Peça (6 400 Réis) - 1813 - Cruz singela 32 11 70-95 748,20Peça (6 400 Réis) - 1815 - Cruz singela 32 13 38-96 7 481,97CUNHAGEM DO RIO DE JANEIRO Peça (6 400 Réis) - 1805 33 01 29-91 997,60Peça (6 400 Réis) - 1806 33 03 7-91 997,60Peça (6 400 Réis) - 1807 33 04 71-95 1 047,48Peça (6 400 Réis) - 1807 - Ponto no final da legenda 33 05 11-06 1 121,00Peça (6 400 Réis) - 1808 - S/ ponto no final da legenda 33 06 48-91 997,60Peça (6 400 Réis) - 1808 - Ponto no final da legenda 33 07 144-90 997,60Peça (6 400 Réis) - 1809 33 09 145-90 997,60Peça (6 400 Réis) - 1810 33 12 2-04 1 063,05Peça (6 400 Réis) - 1810 33 13 30-91 997,60Peça (6 400 Réis) - 1811 33 15 146-90 997,60Peça (6 400 Réis) - data do cunho emendada - 1811/10 33 16 42-95 997,60Peça (6 400 Réis) - 1812 33 17 31-91 997,60Peça (6 400 Réis) - 1813 33 19 32-91 1 745,79Peça (6 400 Réis) - 1814 33 21 14-96 1 745,79Peça (6 400 Réis) - 1815 33 23 22-95 2 493,99CUNHAGEM DO RIO DE JANEIRO Peça (6 400 Réis) - 1816 33 24 17-97 9 975,96Barra de Ouro - 1810, Sabará 13-04 22 380,00

(euros)



(euros)



Reinado de D. João VI - O Clemente J6 (1816-1826)

CUNHAGEM DE LISBOA Cruzado Novo - Pinto - 1818 13 01 12-92 3 491,59Cruzado Novo - Pinto - 1821 13 04 31-93 9 975,96CUNHAGEM DE LISBOA Quartinho - 1819 14 02 73-95 3 990,38Quartinho - 1821 14 04 30-93 6 234,97CUNHAGEM DE LISBOA Meio Escudo - 1818 15 01 11-92 3 990,38Meio Escudo - 1821 15 04 13-96 4 489,18CUNHAGEM DE LISBOA Escudo - 1818 16 01 10-92 3 990,38Escudo - 1819 16 02 58-92 6 484,37CUNHAGEM DE LISBOA Meia Peça (3 200 Réis) - 1818 17 01 15-93 2 493,99Meia Peça (3 200 Réis) - 1821 17 04 147-90 9 975,96Meia Peça (3 200 Réis) - 8 Frutos - 1822 17 05 f 26-92 698,32Meia Peça (3 200 Réis) - 9 Frutos - 1822 17 05 8-91 698,32Meia Peça (3 200 Réis) - 11 Frutos - 1822 17 06 39-91 698,32Meia Peça (3 200 Réis) - 9 Frutos - 1822 - cruz irradiada 17 05 a 26-03 668,59CUNHAGEM DE LISBOA Peça (6 400 Réis) - 9 Frutos - 1819 18 02 18-97 19 951,92Peça (6 400 Réis) - 1820 18 03 37-02 21 261,00Peça (6 400 Réis) - 8 Frutos - 1821 18 04 31-92 39 903,83Peça (6 400 Réis) - 7 Frutos - 1822 18 05 148-90 698,32Peça (6 400 Réis) - 8 Frutos - 1822 18 06 7-98 698,32Peça (6 400 Réis) - 9 Frutos - 1822 18 07 75-95 748,20Peça (6 400 Réis) - 11 Frutos - 1822 18 07a 39-96 698,32Peça (6 400 Réis) - 12 Frutos - 1822 18 08 12-96 698,32Peça (6 400 Réis) - 13 Frutos - 1822 18 09 23-95 698,32Peça (6 400 Réis) - 14 Frutos - 1822 18 10 30-92 698,32Peça (6 400 Réis) - 15 Frutos - 1822 18 11 21-93 698,32Peça (6 400 Réis) - 8 Frutos - 1823 18 12 72-95 748,20Peça (6 400 Réis) - 10 Frutos - 1823 18 13a 74-92 748,20Peça (6 400 Réis) - 11 Frutos - 1823 18 14 76-95 748,20Peça (6 400 Réis) - 13 Frutos - 1823 18 15 4-01 1 476,47Peça (6 400 Réis) - 14 Frutos - 1823 18 17 16-93 748,20Peça (6 400 Réis) - 16 Frutos - 1823 18 19 16-98 748,20Peça (6 400 Réis) - 7 Frutos - 1824 18 20 80-91 748,20Peça (6 400 Réis) - 8 Frutos - 1824 18 21 5-01 780,02Peça (6 400 Réis) - 15 Frutos - 1824 18 26 34-91 748,20Peça (6 400 Réis) - 16 Frutos - 1824 18 27 149-90 748,20Peça (6 400 Réis) - 17 Frutos - 1824 18 28 8-94 748,20CUNHAGEM DO RIO DE JANEIRO Peça (6 400 Réis) - 1818 19 01 33-91 4 987,98Peça (6 400 Réis) - 1819 - data emendada 19 03 8-96 6 484,37Peça (6 400 Réis) - 1820 19 04 9-91 6 484,37CUNHAGEM DO GOA São Tomé de 12 Xerafins - 1825 34 05 19-97 1 496,39

Reinado de D. Pedro IV - O Rei Soldado P4 (1826-1828)

Meia Peça (3 750 Réis) - 1827 08 01 44-91 1 596,15Peça (7 500 Réis) - 1826 09 01 150-90 2 992,79Peça (7 500 Réis) - 1828 09 02 151-90 5 985,57

Reinado de D. Miguel I - O Absoluto M1 (1828-1834)

Meia Peça (3 250 Réis) - 1828 13 01 26-91 3 990,38Meia Peça (3 250 Réis) - 1830 14 01 152-90 1 995,19Meia Peça (3 250 Réis) - 1831 14 02 79-91 2 992,79Peça (7 500 Réis) - 1828 15 01 153-90 3 990,38Peça (7 500 Réis) - 1828 - Busto maior 15 02 13-00 3 990,38Peça (7 500 Réis) - 1830 16 01 154-90 1 995,19Peça (7 500 Réis) - 1831 16 02 17-93 2 992,79

Reinado de D. Maria II - A Educadora M2 (1834-1853)

Peça (7 500 Réis) - Degolada - 1833 17 01 39-95 6 983,17Peça (7 500 Réis) - Degolada - 1833 17 01 155-90 4 987,98Peça (7 500 Réis) - 1833E 18 02 10-91 5 985,57Com nome do gravadorPeça (7 500 Réis) - 1834 19 01 13-92 1 396,63Peça (7 500 Réis) - 1835 19 02 156-90 1 496,392500 Réis - 1851 43 01 68-92 299,281 000 Réis - 1851 41 01 157-90 149,64Meia Coroa (2500 Réis) - 1838 42 01 38-91 997,60Meia Coroa (2500 Réis) - 1851 43 01 158-90 299,28Meia Coroa (2500 Réis) - 1853 44 01 159-90 1 246,99Coroa (5000 Réis) - 1838 45 01 2-98 1 246,99Coroa (5000 Réis) - 1845 45 02 25-03 30 213,00Coroa (5000 Réis) - 1851 45 03 160-90 299,28Dobrão (30000 Réis) - 1725 - Carimbado 31 02 14-97 12 469,95Dobrão (30000 Réis) - 1726 - Carimbado 31 03 18-91 12 469,95

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CUNHAGEM DE MOÇAMBIQUE 11/4 Maticais ND (1835) - Moçambique 10 01 15-00 5 985,5711/4 Maticais (1851) - Moçambique 13 01 14-04 7 049,70com carimbo rosetaCUNHAGEM DE MOÇAMBIQUE 2 1/2 Maticais com carimbo - Moçambique 14 03 10-00 997,60Parte de 1 Matical 15-04 2 797,50

Reinado de D. Pedro V - O Esperançoso P5 (1853-1861)

1/10 Coroa (1 000 Réis) - 1855 09 01 161-90 149,641/5 Coroa (2 000 Réis) - 1856 10 01 83-91 249,401/5 Coroa (2 000 Réis) - 1857 10 02 162-90 299,281/5 Coroa (2 000 Réis) - 1858 11 01 21-91 249,401/5 Coroa (2 000 Réis) - 1859 11 02 163-90 249,401/5 Coroa (2 000 Réis) - 1860 11 03 164-90 249,401/2 Coroa (5 000 Réis) - 1860 12 01 165-90 349,161/2 Coroa (5 000 Réis) - 1861 12 02 166-90 349,16

Reinado de D. Luís I - O Popular L1 (1861-1889)

ESCUDO ORNAMENTADO 1/5 Coroa (2 000 Réis) - 1864 13 01 167-90 199,521/5 Coroa (2 000 Réis) - 1865 13 02 168-90 199,521/5 Coroa (2 000 Réis) - 1866 13 03 169-90 199,52ESCUDO EM PAVILHÃO 1/5 Coroa (2 000 Réis) - 1868 14 01 170-90 199,521/5 Coroa (2 000 Réis) - 1869 14 02 171-90 199,521/5 Coroa (2 000 Réis) - 1871 14 04 32-92 1 496,391/5 Coroa (2 000 Réis) - 1872 14 05 69-92 748,201/5 Coroa (2 000 Réis) - 1874 14 06 22-91 349,161/5 Coroa (2 000 Réis) - 1875 14 07 172-90 448,921/5 Coroa (2 000 Réis) - 1876 14 08 16-91 448,921/5 Coroa (2 000 Réis) - 1877 14 09 173-90 299,281/5 Coroa (2 000 Réis) - 1878 14 10 174-90 274,341/5 Coroa (2 000 Réis) - 1881 14 11 175-90 997,601/5 Coroa (2 000 Réis) - 1888 14 12 14-92 3 990,38ESCUDO EM PAVILHÃO 1/2 Coroa (5 000 Réis) - 1862 15 01 176-90 299,281/2 Coroa (5 000 Réis) - 1863 15 02 177-90 299,281/2 Coroa (5 000 Réis) - 1867 16 01 178-90 299,281/2 Coroa (5 000 Réis) - 1868 16 02 179-90 299,281/2 Coroa (5 000 Réis) - 1869 16 03 180-90 299,281/2 Coroa (5 000 Réis) - 1870 16 04 181-90 299,281/2 Coroa (5 000 Réis) - 1871 16 05 182-90 299,281/2 Coroa (5 000 Réis) - 1872 16 06 183-90 299,281/2 Coroa (5 000 Réis) - 1874 16 07 184-90 299,281/2 Coroa (5 000 Réis) - 1875 16 08 18-93 299,281/2 Coroa (5 000 Réis) - 1876 16 09 185-90 179,571/2 Coroa (5 000 Réis) - 1877 16 10 186-90 997,601/2 Coroa (5 000 Réis) - 1878 16 11 187-90 299,281/2 Coroa (5 000 Réis) - 1880 16 12 188-90 1 496,391/2 Coroa (5 000 Réis) - 1883 16 13 189-90 299,281/2 Coroa (5 000 Réis) - 1886 16 14 190-90 299,281/2 Coroa (5 000 Réis) - 1887 16 15 191-90 299,281/2 Coroa (5 000 Réis) - 1888 16 16 192-90 299,281/2 Coroa (5 000 Réis) - 1889 16 17 193-90 299,28Coroa (10 000 Réis) - 1878 17 01 194-90 897,84Coroa (10 000 Réis) - 1879 17 02 195-90 897,84Coroa (10 000 Réis) - 1880 17 03 196-90 897,84Coroa (10 000 Réis) - 1881 17 04 197-90 897,84Coroa (10 000 Réis) - 1882 17 06 198-90 897,84Coroa (10 000 Réis) - 1883 17 07 199-90 897,84Coroa (10 000 Réis) - 1884 17 08 200-90 897,84Coroa (10 000 Réis) - 1885 17 10 17-91 897,84Coroa (10 000 Réis) - 1886 17 11 201-90 897,84Coroa (10 000 Réis) - 1888 17 12 202-90 1 246,99Coroa (10 000 Réis) - 1889 17 13 203-90 1 246,99

República R Ensaio de 1 Escudo 1910 E 7 04 17-02 1 902,30

Total 716 3 045 877,76

(euros)



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Gravura de P. Shenk - “A Lusitania” / séc. XVIII 85-86 190,29

Aguarela de R. Bordalo - “Avenida dos Aliados -Porto” 184-86 598,06

Óleo de Rui Azevedo - “A Mina Aérea” 216-87 299,28

Gravura L’Éveque - “Guerra Peninsular” / séc. XIX 240-87 87,47

Gravura L’Éveque - “Batalha de Talavera” / séc. XIX 240-87 87,47

Gravura L’Éveque - “Batalha de Salamonde” / séc. XIX 240-87 87,47

Gravura L’Éveque 240-87 87,47

“Ponte de Miserere - Salamonde” / séc. XIX

Gravura L’Éveque 240-87 87,47

“Aspecto da Guerra Peninsular” / séc. XIX

Gravura L’Éveque - “Ponte de Nodin” / séc. XIX 240-87 87,47

Gravura L’Éveque - “Combate de Grijó” / séc. XIX 240-87 87,47

Aguarela de Rui Azevedo - “O Cais” 244-87 22,45

Aguarela de Rui Azevedo - “O Cacilheiro” 244-87 22,45

Aguarela de Rui Azevedo - “O Canal” 322-87 598,56

Aguarela de Rui Azevedo 323-87 149,64

Aguarela de L. M. Lapinha - “Leiria” 326-87 174,58

Gravura de A. Coronelli - “Madeira” / séc. XVIII 645-89 349,16

Aguarela de Luis Furtado 675-89 798,08

“O Porto - Visto de Vila Nova de Gaia”

2 Gravuras a Cobre 681-89 1 745,79

“Galeria de Versailles - Batalhas” / séc. XIX

Gravura Ben Jansen - “Mapa seiscentista do Brasil” 811-89 835,74

(na posição horizontal datado de 1640)

Gravura de F. Wit - “Mapa de Portugal” / séc. XVII 927-90 799,52

(na posição horizontal usada pelos cartógrafos quinhentistas)

Gravura de F. Wit - “Mapa de Portugal” / séc. XVII 927-90 799,52

(na posição vertical)

Aguarela de Jorge Costa - “Vista da Catedral de Viseu” 972-90 174,58Gravura de A. Coronelli - “Açores” / séc. XVIII 1024-90 249,40

Óleo de Roger Chapelet - “Navio Escola Sagres” 1135-91 3 214,75

Óleo de Roger Chapelet - “Fragata D. Fernando” 1135-91 3 214,75

Gravura de Braun e Hogenberg 1138-91 249,40

“Praças Fortes de Casablanca, Azamor, Diu e Goa”

Gravura de L. Baily - “Ponte de Amarante” 1138-91 249,40

Gravura de Braun e Hogenberg 1978-92 349,16

“Praças Fortes Portuguesas no Norte de África”

Gravura representando o General Silveira 1979-92 249,40

Óleo de José Pedroso - “Barcos no Tejo” 1983-92 11 571,94

Óleo de José Guimarães - “O Argonauta - D. João II” 1984-92 29 927,87

Escultura de Sacha Sosno - “Le Lac est au dessus” 1985-92 24 350,78

Duas esculturas em bronze de Augusto Cid 2092-93 5 207,45

“Torso de Mulher”

Maqueta em madeira (escala 1/50) de Manuel Paradela Catarino 2121-94 1 745,79

“Caravela Boa Esperança”

Óleo de Jacinto Luis - “Natureza Morta” 2123-94 1 995,19

Óleo de Artista chinês 2124-94 20 522,66

“Macau: The Praya Grande” - 1860

Aguarela de Augusto Cid 2251-94 867,91

“Monumento das Descobertas”

Gravura de Probst - “Lisboa” 2374-95 2 493,99

Gravura a cobre - “Porto de Lisboa” / séc. XVIII 2375-95 498,80

Gravura a cobre - “Fortaleza de Arronches” / séc. XVIII 2375-95 498,80

Óleo de Appian - “Le Golf des Saulettes” 2377-95 24 338,44

Escultura de João Cutileiro - “Menina deitada” 2381-95 13 467,54

Escultura de João Cutileiro - “Árvore Preta” 2382-95 9 975,96

Escultura de João Cutileiro - “Guerreiro - Viriato” 2383-95 12 469,95

Painel de Azulejos da Fábrica do Rato / séc. XVIII 2384-95 7 326,79

“Cena de caça”

Óleo - “Hortênsias” 2493-96 1 246,99

Óleo - D. José 2489-96 6 234,97

Quadro de António Osório de Castro - “sem título” 2495-96 1 995,19

Gravura - “Lisboa no séc. XIX” 2490-96 249,40

Gravura - “Porto no séc. XIX” 2491-96 199,51

Gravura - “Braga no séc. XVI” 2492-96 872,90

Centro de mesa em bronze e cristal 2558-97 8 916,24

Par de apliques em bronze 2559-97 14 076,89

Óleo - “Torre de Belém” 2592-97 36 238,31

Gravura - “Aguilar” 2593-97 390,01

Gravura - “O Palácio de Porto Côvo” 2594-97 875,39

(euros)

DESCRIPTION Acquisition Value of

Nr. - Date Inventory

LUSITANIA COLLECTIONArt Objects

(euros)



Espada de Honra do General Silveira

e British Gold Medal 1026-90 70.679,66

Sabre de Abordagem da Fragata D. Fernando 1167-91 724,30

2 Sabres de Oficial - Primeiro Império 2379-95 11.120,81

Condecorações do General Silveira 2003 5.000,00

Total 87.524,77

LUSITANIA COLLECTIONItems of Historical Value

(euros)



Óleo de Luis Pinto Coelho - “Corrida de Touros” 2595-97 8 903,54

Gravura de Hizen - “Nagazaki” 2596-97 1 757,27

Óleo de Luis Guimarães - “Dr. Costa Leal” 2615-97 4 189,90

Cómoda D. José 2820-98 7 481,97

Óleo de Luis Pinto Coelho - “D. Maria II” 2821-98 12 968,75

Desenho de Júlio Pomar - “Tigre Rampante” 2822-98 12 220,55

Óleo sobre placa de ferro de J. Pedroso 2823-98 8 357,36

“Vapor Lusitania”

2 Candeeiros Saco D. Maria 3335/6-98 57 361,76

2 Ânforas em mármore 3357/8-98 2 992,79

5 pratos de porcelana chinesa 3359/65-98 1 392,89

Palácio de Porto Côvo

15 potes de especiarias 3366/79-98 7 980,77

Estudo a Lápis de Almada Negreiros 3563/65-99 59 855,75

“Painéis de Lisboa”

Óleo de Luis Pinto Coelho - “D. João V” 3566-99 12 968,75

Óleo de Luis Pinto Coelho - “Pequena Fantasmagoria” 3567-99 3 990,38

Escultura em bronze de Augusto Cid - “Poldro deitado” 3568-99 34 042,96

3 potes de especiarias, tipo ânfora 3569/71-99 1 496,39

2 Cadeirões D. José 1998 6 629,62

Alambique em cobre 2000 1 114,31

Peça decorativa em mármore 2001 2 992,81

Mesa de encostar - D. José - séc. XVIII 2002 27 433,88

Par de cadeiras - séc. XIX 2002 6 000,00

Óleo de Roger Chapelet - “Noemi” 2003 12 840,00

3 aguarelas de Roger Chapelet 2003 23 028,19

1 escultura original de Salvador Dalí - “Terpsichore” 2004 110 000,00

Óleo de Roger Chapelet - “Marinha - Noemi” 2004 654,50

Subtotal 683 157,00

Paintings offered by the artists in the ambit of Lusitania museum activities

Óleo de Vasco Bobone - “Mercado Ferreira Borges” 2005 400,00

Óleo de Margarida Neto - “Pedro e Inês” 2005 7 000,00

Óleo de Guilherme Parente - “sem título” 2005 10 000,00

3 Óleos de Diane Kasakis - “Central Australia Triptych” 2005 460,00

Óleo de Ana Figueiredo - “sem título” 2005 1 000,00

3 Serigrafias de Nicole Callebaut - “Ar, Água, Terra” 2005 3 150,00

Desenho de Luís Teixeira da Silva - “Energia” 2005 250,00

Óleo de Sylvia Purwin Falcão Trigoso - "Ria calma" 2006 1 000,00

Subtotal 23 160,00

Total 706 417,00

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63

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Report and Opinion of the Board of Auditors

Annual Audit Report of the

Registered Statutory Auditor

Legal Ratification of Accounts

Audit Report

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REPORT AND OPINION OF THE BOARD OF AUDITORS

Pursuant to the terms of legal and statutory provisions the Board of Auditors hereby submits its Report and Opinion on the accountingstatements submitted by the Board of Directors for the financial year 2006.

The Board of Auditors closely observed the work of the Board of Directors and was in contact with the company's services. All questionsraised were always answered.

In auditing the company, the Board of Auditors verified the content of accounting ledgers, records and documents in the detail considerednecessary.

In auditing the financial statements - Board of Directors' Report, Balance Sheet, Profit and Loss Statement and the attached notes - theBoard of Auditors ascertained that they satisfy applicable legal precepts.

The Board of Directors' Report clearly describes the work of the company and the results achieved, and is in agreement with the accountssubmitted.

The Board of Auditors detected no situation or decision in contradiction to standards in force.

The Registered Auditor, who is a member of this Board, audited the accounts throughout the financial year and monitored the year-endclosure of accounts. His Report and the Legal Ratification of Accounts were drawn up and approved by The Board of Auditors.

It is the opinion of the Board of Auditors that:

1. The Report of the Board of Directors and the Accounts for the 2006 financial year be approved;

2. The proposed distribution of profits for 2006 submitted by the Board of Directors be approved;

3. A vote of thanks be expressed to the Board of Directors for their dedication and skill in handling the company's business.

Lisbon, 14 March 2007

THE BOARD OF AUDITORS

Vasco Ferreira César das NevesChairman

Luís Bartolomeu Baptista de NagyMember

Fernando Vassalo Namorado RosaRegistered Auditor nr. 138

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ANNUAL REPORT ON THE AUDITING DONE BY THE REGISTERED AUDITOR

1. INTRODUCTION

This Report has been drawn up pursuant to nº 1 of art. 52 of Decree Law nº 487/99, dated 16 November.

2. SCOPE

The Registered Auditor, a member of the Board of Auditors, made the legal review of the accounts of LUSITANIA, Companhia de Seguros,SA for the financial year 2006, as laid down in the Technical Practices and Recommendations for Review/Auditing approved by the Chamberof Registered Auditors, and in the detail considered necessary for the size of the Company.As a result of this audit the Legal Ratification of Accounts was issued bearing today's date, the content of which is fully reproduced here.

3. PROCEDURES

3.1. Monitoring company management, receiving satisfactory responses from Directors and services whenever information was requested.

3.2. Expressing an opinion on how some accounting operations are recorded.

3.3. Testing accounting documents and verifying categories, authorisations, compliance with the standards of the Portuguese InsuranceInstitute, observance of legal and fiscal demands, etc.

3.4. Assessing monthly interim balance sheets and analysing the most significant fluctuations

3.5. Analysing financial plan control and technical indicators concerning Production, Claims and Investments.

3.6. Monitoring internal auditing.

3.7. Monitoring year-end closure of accounts and subsequent analysis of financial information in the accounting documents, conductingspecific tests to meet legal provisions in force to ensure that final balances are correct.Special attention was given to the evaluation and distribution of the financial investment portfolio, calculation of depreciation and technicalreserves, analysis of debtor and creditor accounts and general expenditure and respect for the accruals principle.

3.8. Revising additional financial and statistical information for the Company.

4. COMMENTS AND CONCLUSION

4.1. There was compliance with the standards of the Instituto de Seguros de Portugal, namely those referring to the procedure foraccounts closure.

4.2. No other facts or situations were detected that should have been disclosed in this annual report.


Fernando Vassalo Namorado RosaRegistered Auditor nr. 138

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LEGAL RATIFICATION OF ACCOUNTS

INTRODUCTION

1. I have examined the attached financial statements of LUSITANIA, Companhia de Seguros, SA, consisting of the Balance Sheet as at 31December 2006 (which shows a total balance of 286.841.234 euros and a total capital and reserves of 34.795.084 euros, including a netprofit of 2.341.798 euros), the profit and loss statement and the corresponding attached documents.

RESPONSIBILITIES

2. It is the Board of Directors' responsibility to prepare financial statements that are a true and appropriate demonstration of theCompany's financial position and profits, as well as to adopt adequate accounting criteria and policies and maintain an appropriate internalcontrol system.

3. My responsibility is to express an independent, professional opinion based on my audit of these financial statements.

SCOPE

4. The audit was done in agreement with the Standards and Technical Practices of the Order of Registered Statutory Auditors, whichstipulate that the audit be planned and executed with a view to obtaining an acceptable level of certainty as to whether the financialstatements contain any materially relevant distortions or not. To this end the examination included:

. examining, on a test sample basis, evidence supporting the amounts disclosed in the financial statements and assessing estimates,based on the judgement and criteria defined by the Board of Directors and used in preparing the financial statements;

. evaluating the adequacy of the accounting policies adopted and their disclosure, bearing in mind the circumstances;

. verifying whether the going concern principle is applicable; and

. evaluating the overall adequacy of the presentation of the financial statements.

5. My audit also checked that the financial information in the Management Report agrees with that in the financial statements.

6. I consider that the audit provides a good basis for me to express an opinion on these financial statements.

OPINION

7. In my opinion these financial statements present a true and fair view, in all relevant material aspects, of the financial position ofLUSITANIA, Companhia de Seguros, S.A., as at 31 December 2006, and of the results of operations in the year then ended, in accordance withaccounting principles generally accepted in Portugal for the insurance sector


Fernando Vassalo Namorado RosaOfficial Registered Auditor nr. 138

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PricewaterhouseCoopers& Associados - Sociedade deRevisores Oficiais de Contas, Lda.Palácio SottomayorRua Sousa Martins, 1 - 3º1069-316 LisboaPortugalTel +351 213 599 000Fax +351 213 599 999

PricewaterhouseCoopers & Associados - Sociedade de Revisores Oficiais de Contas, Lda.

Sede: Palácio Sottomayor, Rua Sousa Martins, 1 - 3º, 1069 - 316 Lisboa

Matriculada na Conservatória do Registo Comercial sob o nº 506 628 752 (ex nº 11912)

Inscrita na lista dos Revisores Oficiais de Contas sob o nº 183

NIPC 506628752 Capital Social Euros 217.500

Inscrita na Comissão de Valores Mobiliários sob o nº 9077

Audit Report

Introduction

1 We have examined the attached financial statements of Lusitania, Companhia deSeguros, SA, consisting of the Balance Sheet as at 31 December 2006 (which shows a totalbalance of € 286.841.235 and a total capital and reserves of € 34.795.084, including a netprofit of € 2.341.798), the profit and loss statement and the corresponding attached documents.

Responsibilities

2 It is the Board of Directors' responsibility to prepare financial statements that are a trueand appropriate demonstration of the Company's financial position and profits, as well as toadopt adequate accounting criteria and policies and maintain an appropriate internal controlsystem.

3 Our responsibility is to express an independent, professional opinion based on ouraudit of these financial statements.

4 The audit was done in agreement with the Standards and Technical Practices of theOrder of Registered Statutory Auditors, which stipulate that the audit be planned and executedwith a view to obtaining an acceptable level of certainty as to whether the financial statementscontain any materially relevant distortions or not. To this end the examination included: (i)examining, on a test sample basis, evidence supporting the amounts disclosed in the financialstatements and assessing estimates, based on the judgement and criteria defined by theBoard of Directors and used in preparing the financial statements; (ii) evaluating the adequacyof the accounting policies adopted and their disclosure, bearing in mind the circumstances;(iii) verifying whether the going concern principle is applicable; and (iv) evaluating the overalladequacy of the presentation of the financial statements.

5 Out audit also checked that the financial information in the Management Report agreeswith that in the financial statements.

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Lusitania, Companhia de Seguros, S.A.

6 We consider that the audit provides a good basis for us to express an opinion on thesefinancial statements.

Opinion

7 In our opinion these financial statements present a true and fair view, in all relevantmaterial aspects, of the financial position of Lusitania, Companhia de Seguros, S.A., as at31 December 2006, and of the results of operations in the year then ended, in accordancewith accounting principles generally accepted in Portugal for the insurance sector.


PricewaterhouseCoopers & AssociadosSociedade de Revisores Oficiais de Contas, Ldarepresented by:

Ricardo Filipe de Frias Pinheiro, R.O.C.

(2)

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Rua de S. Domingos à Lapa, 35 . 1249-130 Lisboa . Tel. 213 926 900 - Fax 213 973 090 . www.lusitania.pt . e-mail [email protected] Social: EUROS 25.000.000 Pessoa Colectiva nº 501 689 168 . Matriculada no Registo Comercial de Lisboa sob o nº 63 504

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