banif finance, ltd.

LIMITED REVISION REPORT MADE BY AN AUDITOR REGISTERED AT THE CMVM ONHALF -YEARLY INDIVIDUAL INFORMATION AS AT 30 JUNE 2004INTRODUCTION1. Pursuant to article 246 of the Portuguese Securities Code (“Código dos Valores Mobiliários”), wepresent our Limited Review Report on BANIF -SGPS S.A.’s information for the six month periodended on 30 June 2004 included in: the Management Report, the Balance Sheet (which shows a totalof 421,599 thousand euros and total equity of 278,386 thousand euros, including a net profit of 4,388thousand euros) and the account statements by nature and function, the cash flow statement for the sixmonth period ending on that date, and the corresponding Annex.2. The figures in the financial statements, as well as those in the additional financial information, are theones reported in the accounts of the Company.RESPONSIBILITIES3. The following are the responsibility of the Company’s Board of Directors: (i) the historical financialinformation, prepared in accordance with the accounting principles generally accepted in Portugal forthe banking sector and which is complete, true, up-to-date, clear, objective, and lawful pursuant to thePortuguese Securities Code (“Código dos Valores Mobiliários”); (ii) the adoption of appropriateaccounting policies and criteria; (iii) the maintenance of a proper internal control system; and (iv) theprovision of information concerning any relevant fact which influenced its activity, financial situationor results.4. Our responsibility is to verify the financial information included in the documents referred to above,particularly whether it is complete, true, up-to-date, clear, objective, lawful and in compliance withthe requirements of the Portuguese Securities Code (“Código dos Valores Mobiliários”), being it ourduty to issue a professional and independent report based on our work.SCOPE5. The purpose of the work we carried out was to obtain a reasonable assurance that the financialinformation previously mentioned is free from material misstatements. Our work was based on theTechnical Rules and Revision/Auditing Guidelines (Normas Técnicas e Directrizes de Revisão/Auditoria) issued by the Official Chartered Accountant Bar (Ordem dos Revisores Oficiais deContas), planned in accordance with the purpose described above, and consisted mainly of enquiriesand analytical procedures intended to examine: (i) the trueness of the statements included in thefinancial information; (ii) the adequacy of the accounting policies adopted, considering thecircumstances and consistency of their application; (iii) the application, or not, of the continuityprinciple; (iv) the presentation of the financial information; and (iv) whether the financial informationis complete, true, up-to-date, clear, objective and lawful.6. Our work also included examination of the accordance between the consolidated financialinformation included in the Management Report and the other documents previously mentioned.7. It is our understanding that the work carried out offers an acceptable basis on which to issue thepresent report on the half-yearly information.F-34