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The Presidency of the Republic is making public the following communiqué:

"During the last few days the Presidency of the Republic has detected, following contacts by journalists, attempts to establish a link between the name of the President of the Republic and the situation in Banco Português de Negócios (BPN).

The President of the Republic will not tolerate that lies and insinuations continue aiming to besmirch his good name and reputation and thus wishes to put forward the following clarification:

1. Prof. Aníbal Cavaco Silva, in the exercise of his professional life, before occupying his current office (neither after, as is obvious):

a) never had any type of office in BPN or in any of its subsidiaries or associated companies;
b) never received any remuneration from BPN or from any of its subsidiaries or associated companies;
c) never purchased or sold anything to BPN or to any of its subsidiaries or associated companies.

2. Prof. Cavaco Silva and his Wife:

a) never contracted any loan with BPN;
b) do not owe a single euro to any national or foreign bank, or to any other entity.

3. Prof. Cavaco Silva and his Wife have had, for many years, their savings managed by four Portuguese banks – including BPN, since 2000 – as is patented, in detail, in the Declaration of Wealth and Income deposited with the Constitutional Court, where it is available for consultation.

The applications made by the managing banks are also patented, in detail, in the referred Declaration of Wealth deposited with the Constitutional Court – as well as the numbers of all the couple’s bank accounts, except one, opened in Montepio Geral, which is solely used as a current account – where, as already stated above, it is available for consultation.

The sales of securities made by the managing banks are patent, in the terms of the law, and can be checked, in the Income Tax declarations of Prof. Aníbal Cavaco Silva and his Wife, completed in accordance with the information supplied annually by the referred banks.

4. When taking office as President of the Republic, Prof. Cavaco Silva and his Wife instructed the banks that manage their savings no to buy or sell any shares in Portuguese companies, except for the purpose of exercising preference rights.

Palace of Belém, 23 November 2008"