================================================================================
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 20-F/A

              ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
                   For the fiscal year ended December 31, 2002

                           Commission File No. 1-14520

                           BANCO TOTTA & ACORES, S.A.
             (Exact name of Registrant as specified in its charter)

                           BANCO TOTTA & ACORES, S.A.
                 (Translation of Registrant's name into English)

      Republic of Portugal                        Rua Aurea 88, Lisbon, Portugal
(Jurisdiction of incorporation                   (Address of principal executive
        or organization)                                    offices)

 Securities registered or to be registered pursuant to Section 12(b) of the Act.

                                                          Name of each exchange
           Title of each class                             on which registered

Non-cumulative Guaranteed Preference Shares,
of Totta & Acores Financing, Ltd, Series A
("Series A Preference Shares").                          New York Stock Exchange

Guarantee of Non-cumulative Guaranteed Preference
Shares of Totta & Acores Financing, Ltd                           None

 Securities registered or to be registered pursuant to Section 12(g) of the Act.
                                      None

        Securities for which there is a reporting obligation pursuant to
                            Section 15(d) of the Act.
                                      None

      The number of outstanding shares of each class of capital or common stock
of Banco Totta & Acores, S.A. at December 31, 2002 was: 105,827,500 ordinary
shares (Euro 5 par value per share).

      The number of outstanding shares of each class of stock of Totta & Acores
Financing, Ltd benefiting from a guarantee of Banco Totta & Acores, S.A. at
December 31, 2002 was:

            Series A Preference Shares. . . . . . . . . . . 6,000,000

      Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                                 Yes |X| No |_|

      Indicate by check mark which financial statement item the registrant has
elected to follow.

                             Item 17 |_| Item 18 |X|
================================================================================


<PAGE>

                           BANCO TOTTA & ACORES, S.A.

                                    FORM 20-F

                                TABLE OF CONTENTS

                                                                            Page

PART  I

ITEM 11.  Quantitative And Qualitative Disclosures About Market Risk...........2
          A.  Overview.........................................................2
          B.  Introduction.....................................................2
          C.  Risk Management Unification Project..............................3
          D.  Credit Risk......................................................3
          E.  Counterpart Risk and Country Risk................................5
          F.  Liquidity Risk...................................................7
          G.  Operational Risk.................................................7
          H.  Market Risk......................................................7
          I.  Procedures for Measuring and Managing Market Risk................8
          J.  Statistical Tools for Measuring and Managing Market Risk.........8
          K.  Quantitative Disclosures........................................10

PART III

ITEM 19.  Exhibits............................................................18

SIGNATURES....................................................................19

CERTIFICATIONS................................................................20

INDEX TO EXHIBITS.............................................................22


<PAGE>

                                EXPLANATORY NOTE

      This Form 20-F/A hereby amends Item 11 of the Registrant's Annual Report
on Form 20-F for the fiscal year ended December 31, 2002, which was filed on
July 15, 2003. This amendment includes editorial and English language changes to
the tabular data included in the original report and referred to as represented
by line or bar graphs in the printed material. This amendment is being made in
order to present in English and to clarify for the reader the tabular data
presented.

      This Form 20-F/A does not reflect events occurring after the filing of the
original Form 20-F and does not modify or update the disclosure therein in any
way other than as required to reflect the amendment discussed above and
reflected below.

PART I

ITEM 11. Quantitative And Qualitative Disclosures About Market Risk

      A.    Overview

            Overview

            For Totta, Risk Management is a strategic competitive element and
            the ultimate purpose of which is to maximize shareholder value. This
            management entails, conceptually and organizationally, the
            integrated treatment of the different risks (credit risk, market
            risk, liquidity risk, operational risk, etc) which are assumed by
            our units in the development of their activities.

            This focus allows the different risks to be identified, measured in
            standard terms and integrated so that our global exposure is known
            and managed from different perspectives (economic groups, segments,
            sectors, geographic areas). Moreover, it helps to evaluate the risks
            in relation to their risk-adjusted profitability and to the capital
            exposed, as well as the monitoring, control and reporting to senior
            management which makes it possible to adopt timely decisions and
            optimize the allocation of capital among our different units and
            activities.

            Since we belong to the Santander Central Hispano universe, our aim
            is to meet and fully comply with the highest standards of risk
            management, settled by our headquarters in Madrid and based on the
            best practices and procedures set forth by the banking industry
            worldwide.

      B.    Introduction

            From an organizational standpoint, risk management and control is
            functionally and hierarchically independent from our business
            activities. The Risk Committee and the Credit Committee, appointed
            by the board of directors, are composed by the directors and senior
            managers of the areas involved in the risk management and control
            (business and control areas) and have the highest level of
            responsibility. In accordance with the board's Executive Committee,
            establishes the risk policies for us, setting the risk limits and
            the levels of authority delegated and, at its periodic meetings,
            ensures that the risk levels assumed at the individual and global
            level meet the targets set.


                                       2
<PAGE>

            Those targets are also perfectly coordinated with the risk profile
            as a whole of the SCH group and must be in line with the levels of
            authority delegated by them.

            We apply the RORAC (Return on Risk Adjusted Capital) methodology.
            This system allows the measurement in standard terms of the returns
            generated and the level of risk assumed by different products,
            clients or activities. On one hand, the net earnings adjusted to
            risk are calculated by deducting, among other costs, the expected
            loss (a combination of the probability of default by the client and
            the level of recovery expected should such default arise). On the
            other hand, the exposed economic capital, or capital at risk, is
            calculated, which is the capital necessary to cover the unexpected
            loss measured as a function of the uncertainty or volatility of the
            expected loss.

            The RORAC methodology allows the risk-adjusted return and capital at
            risk to be identified in three key dimensions: product, client and
            business unit. RORAC facilitates the rational setting of prices by
            considering the risk assumed as one more cost, and serves as a
            fundamental reference for decision making. At the same time, it
            quantifies the economic capital exposure and the risk-adjusted
            profitability for each product, client and business unit, allows
            budgets to be drawn up with RORAC objectives per manager and unit,
            and sets incentives for those responsible for each business
            activity. The objective of business in banking is not to eliminate
            risk but to optimize the risk-return relationship. The RORAC
            methodology facilitates this kind of risk management which is
            focused on the creation of value, and is a key tool in the strategic
            management of the business of units.

      C.    Risk Management Unification Project

            One of the first steps taken after the merger was to unify the
            different risk areas and define the processes and procedures in
            accordance with the maximum attention traditionally attached to risk
            management in Santander Central Hispano Group and with the credit
            quality goals set out in our Program Maestro. Those processes and
            procedures were already set forth in Banco Santander de Negocios
            Portugal and Banco Santander Portugal and were extended to Banco
            Totta & Acores and Credito Predial Portugues. The integration and
            configuration process relating to the areas of Corporate Risk,
            Counterparty Risk and Market Risk has been completed.

            Unification has been carried out on the basis of adopting the best
            practices, redesigning and optimizing processes according to the
            needs, size and objectives of the new banking group. New projects
            were also started to cut costs and strengthen the service quality
            provided to the business areas.

            In Retail Banking, loan portfolios have been segmented into
            categorized risks, non-mechanized standard risks and mechanized
            risks, applying the methodologies and management support tools in
            accordance with the features of each group of customers. The process
            has also taken into account the cost saving and increased efficiency
            goals common to our management as a whole.

      D.    Credit Risk

            Generally

            Our credit risk management is concerned with the periodic
            identification, measurement, integration and evaluation of aggregate
            risk and its risk-adjusted profitability for economic groups,
            customer segments, sectors, regions and countries, in


                                       3
<PAGE>

            order to monitor the levels of risk concentration and adjust them to
            the limits and targets set by senior management.

            During 2002 the unification project of the Group's Risk Department
            in Portugal was concluded. This project involved a significant
            effort of integration on the part of the teams and of homogenisation
            of policies and procedures and, notwithstanding its complexity, it
            was concluded in a short period of time with no erosion to the
            efficiency of credit management.

            The management of credit risk in the Group relates to the
            identification, measurement, integration and assessment of the
            different credit exposures and their return adjusted to the
            respective risk, both under a global perspective and within each
            area of activity.

            The credit risk management process is adjusted to the customer's
            segment along the different stages of the credit cycle: acceptance,
            management, follow-up and recovery.

            The model is based on the application of the unique treatment
            principle for each customer, independently of the sales network or
            networks with which he operates.

            This "same treatment" principle for each customer differs however in
            what concerns each customer's and product's characteristics.
            Basically, the risk model of the Retail Banking Group makes a
            distinction between: treatment of customised and global management
            risks (medium and large companies); and standardised risk treatment
            (small companies, businesses and private customers).

            The most important globally managed customers are distributed by
            portfolios, allocated to Risk Analysts who, in a dynamic and
            continuous way, follow the customers' positions. These analysts are
            grouped in CAU - Corporate Analysis Units.

            Standardised risks are managed, during the acceptance, follow-up and
            recovery cycle with the strong support of decision making systems
            and computerised tools providing timely alert signals. The
            specialised units, which deal with these risks, are identified as
            OPU - Operations' Decision Units.

            Within this model, the faculty to make decisions concerning risks is
            delegated, firstly, to Central Credit Committees (Credit Council and
            Credit Committee of the Risk Department) and, then, at a regional
            level, to Regional Credit Committees (North and South), joined by
            the heads of the business areas to reach joint and shared decisions.

            The Corporate Analysis Units and the Operations Decision Units
            depend upon each of the Regional Credit Committees, with the
            exception of those from the Corporate Banking and Large Companies
            Divisions, which have their own Analysis Unit.

            The management and follow-up of credit granted to companies is
            supported by a special monitoring system that determines the policy
            to be followed with the customers or groups. This system, based on
            the detection of alert signals, on rating review or on internal
            auditing reports, identifies different levels of special monitoring.
            These, on their turn, set the measures to be adopted for each
            customer and reduce the powers delegated in cases of higher concern.

            During last year, the computerised processes to select and accept
            standardised risks in private customers and typified products
            continued to be set up. This was achieved with


                                       4
<PAGE>

            the introduction and development of different scoring systems to be
            used in transactions involving home mortgage products, consumer
            credit and credit cards.

            The implementation of the BIS II model was also started and the
            databases needed for the measurement process of the rating and
            scoring models were structured.

      E.    Counterpart Risk and Country Risk

            There are two concepts in the area of credit risk that require
            specialized treatment: counterpart risk and country risk.

            Counterpart Risk is the risk that we assume, mainly with financial
            institutions, brokers, dealers and insurance companies, in our
            treasury and correspondent banking activities. This risk is measured
            and controlled by the Counterpart Risk Department under supervision
            and in coordination with the Credit Risk Department in BSCH Madrid,
            which consolidates risks across the whole SCH Group. Control is
            carried out in real time through an integrated system that provides
            information on the available credit line of any counterpart, in any
            product and maturity and at any branch of ours (as well as at any
            bank or branch of the entire SCH Group). The corresponding levels of
            responsibility are established for approving the credit lines and,
            where appropriate, excess limits or special transactions.

            Risk is measured both in terms of current value and potential
            exposure (that is, the value of risk positions considering possible
            variations in fundamental factors).

            During 2002 the development of a new real-time credit risk control
            tool took place, due to be fully completed in 2003 and implemented
            across the SCH Group. The purpose of the new system is to allow new
            reporting features and improved, more efficient interfaces with
            other systems in Group Totta.

            Derivatives are concentrated in excellent credit quality
            counterparties, with most of the risks concentrated on renowned
            European Union and North American Banks. In principal, no risk is
            taken with entities outside the OCDE. Below are the figures (in
            Euros) for loans and derivatives operations at end-2002 in Credit
            Equivalent Risk values (Replacement Cost + Potencial Risk, where
            applicable):

Loans
Credit Risk Equivalent Values
31-12-2002

<TABLE>
<CAPTION>
                                             --------------------------------------------------------------------
                                             Money Market/Loans      Maximum Maturity     Average Maturity*
-----------------------------------------------------------------------------------------------------------------
<S>                                                 <C>                  <C>                   <C>
European Union Banks
------------------------------------------------------------------------------------------------------------
Except Portuguese Bank and SCH Group                 90,978,704          1                     0
                                             ---------------------------------------------------------------
Portuguese Banks (Home Offices)                      34,335,730          0                     0
                                             ---------------------------------------------------------------
Portuguese Banks (North American Branches)           19,739,435          0                     0
                                             ---------------------------------------------------------------
SCH Group (EU Branches)                             129,053,698          8                     0
                                             ---------------------------------------------------------------
SCH Group (North American Branches)                     956,224          0                     0
------------------------------------------------------------------------------------------------------------
North American Banks
------------------------------------------------------------------------------------------------------------
EU Branches                                              73,825          0                     0
                                             ---------------------------------------------------------------
</TABLE>

* - CRE Weighted


                                       5
<PAGE>

Derivatives Operations / Off-Balance Sheet
Credit Risk Equivalent Values
31-12-2002

<TABLE>
<CAPTION>
                                                     ----------------------------------------------------------------
                                                        Interest Rate       Maximum Maturity     Average Maturity*
---------------------------------------------------------------------------------------------------------------------
<S>                                                           <C>                  <C>                   <C>
European Union Banks
---------------------------------------------------------------------------------------------------------------------
Except Portuguese Banks, SCH Group and NA Branches             35,291,784          16                    5
                                                     ----------------------------------------------------------------
Portuguese Banks (Home Offices)                                14,463,645           7                    4
                                                     ----------------------------------------------------------------
SCH Group (EU Branches)                                       508,501,701          20                    7
---------------------------------------------------------------------------------------------------------------------
North American Banks
---------------------------------------------------------------------------------------------------------------------
Home Offices                                                      910,749           6                    5
                                                     ----------------------------------------------------------------
EU Branches                                                    15,477,861           7                    5
---------------------------------------------------------------------------------------------------------------------
Central Administrations
---------------------------------------------------------------------------------------------------------------------
EU Central Administrations                                         14,401           0                    0
                                                     ----------------------------------------------------------------
Portuguese State                                               20,892,867          20                    20
---------------------------------------------------------------------------------------------------------------------
Other
---------------------------------------------------------------------------------------------------------------------
Corporate Clients                                             101,622,435          11                    9
                                                     ----------------------------------------------------------------
Investment Funds                                               15,727,745           9                    8
                                                     ----------------------------------------------------------------
Pension Funds                                                  26,543,947           9                    7
                                                     ----------------------------------------------------------------

<CAPTION>
                                                     ----------------------------------------------------------------
                                                              FX            Maximum Maturity     Average Maturity*
---------------------------------------------------------------------------------------------------------------------
<S>                                                           <C>                  <C>                   <C>
European Union Banks
---------------------------------------------------------------------------------------------------------------------
Except Portuguese Banks, SCH Group and NA Branches            122,576,088           2                    0
                                                     ----------------------------------------------------------------
EU Bank - NA Branch                                                 6,727           0                    0
                                                     ----------------------------------------------------------------
Portuguese Banks (Home Offices)                                13,814,833           0                    0
                                                     ----------------------------------------------------------------
Portuguese Banks (Other EU Branches)                            3,166,957           0                    0
                                                     ----------------------------------------------------------------
SCH Group (EU Branches)                                         2,415,094           1                    0
---------------------------------------------------------------------------------------------------------------------
North American Banks
---------------------------------------------------------------------------------------------------------------------
Home Offices                                                    4,156,826           1                    0
                                                     ----------------------------------------------------------------
EU Branches                                                   286,705,803           3                    1
---------------------------------------------------------------------------------------------------------------------
Other
---------------------------------------------------------------------------------------------------------------------
Corporate Clients                                               2,505,922           1                    0
                                                     ----------------------------------------------------------------
Investment Funds                                                2,051,892           1                    1
                                                     ----------------------------------------------------------------
Pension Funds                                                     466,330           0                    0
                                                     ----------------------------------------------------------------

<CAPTION>
                                                     ----------------------------------------------------------------
                                                            Equity          Maximum Maturity     Average Maturity*
---------------------------------------------------------------------------------------------------------------------
<S>                                                           <C>                  <C>                   <C>
European Union Banks
---------------------------------------------------------------------------------------------------------------------
Except Portuguese Banks, SCH Group and NA Branches            104,492,084           4                    2
                                                     ----------------------------------------------------------------
Portuguese Banks (Home Offices)                                   395,802           1                    0
                                                     ----------------------------------------------------------------
North American Banks
                                                     ----------------------------------------------------------------
EU Branches                                                    96,551,753           3                    1
                                                     ----------------------------------------------------------------

<CAPTION>
                                                     ----------------------------------------------------------------
                                                       Fin. Guarantees      Maximum Maturity     Average Maturity*
---------------------------------------------------------------------------------------------------------------------
<S>                                                           <C>                  <C>                   <C>
European Union Banks
---------------------------------------------------------------------------------------------------------------------
Except Portuguese Banks, SCH Group and NA Branches                573,011           0                    0
                                                     ----------------------------------------------------------------
Portuguese Banks (Home Offices)                                   376,335           0                    0
                                                     ----------------------------------------------------------------

<CAPTION>
                                                     ----------------------------------------------------------------
                                                          Total Risk        Maximum Maturity     Average Maturity*
---------------------------------------------------------------------------------------------------------------------
<S>                                                           <C>                  <C>                   <C>
European Union Banks
---------------------------------------------------------------------------------------------------------------------
Except Portuguese Banks, SCH Group and NA Branches            353,911,672          16                    1
                                                     ----------------------------------------------------------------
EU Bank - NA Branch                                                 6,727           0                    0
                                                     ----------------------------------------------------------------
Portuguese Banks (Home Offices)                                63,386,345           7                    1
                                                     ----------------------------------------------------------------
Portuguese Banks (North American Branches)                     19,739,435           0                    0
                                                     ----------------------------------------------------------------
Portuguese Banks (Other EU Branches)                            3,166,957           0                    0
                                                     ----------------------------------------------------------------
SCH Group (EU Branches)                                       639,970,493          20                    6
                                                     ----------------------------------------------------------------
SCH Group (North American Branches)                               956,224           0                    0
---------------------------------------------------------------------------------------------------------------------
North American Banks
---------------------------------------------------------------------------------------------------------------------
Home Offices                                                    5,067,575           6                    1
                                                     ----------------------------------------------------------------
EU Branches                                                   398,809,242           7                    1
---------------------------------------------------------------------------------------------------------------------
Central Administrations
---------------------------------------------------------------------------------------------------------------------
EU Central Administrations                                         14,401           0                    0
                                                     ----------------------------------------------------------------
Portuguese State                                               20,892,867          20                    20
---------------------------------------------------------------------------------------------------------------------
Other
---------------------------------------------------------------------------------------------------------------------
Corporate Clients                                             104,128,357          11                    8
                                                     ----------------------------------------------------------------
Investment Funds                                               17,779,637           9                    7
                                                     ----------------------------------------------------------------
Pension Funds                                                  27,010,277           9                    7
                                                     ----------------------------------------------------------------
</TABLE>

* - CRE Weighted

            Country risk is linked to the possible inability of the borrower to
            meet its obligations because of a lack of the necessary foreign
            currency or incapacity to transfer the payment abroad, or the
            failure of legal action against the borrower due to sovereignty
            issues. Our country risk exposure is managed by a specific unit
            within the Risks Division of BSCH in Madrid. This unit pays
            particular attention to emerging countries in its analysis of
            country risk (political and economic-financial), assigns a rating to
            each country, as well as proposing limits and monitoring and
            reporting on our position.


                                       6
<PAGE>

      F.    Liquidity Risk

            In our liquidity management, we seek to ensure that, even under
            adverse conditions, we have access to the funds necessary to cover
            client needs, maturing liabilities, and capital requirements.
            Portuguese banking regulations require us to make deposits with the
            Bank of Portugal on an individual bank basis to comply with the
            reserve requirements.

            Our Financial Division is responsible for maintaining an adequate
            liquidity situation and for long-term liquidity planning on a
            consolidated basis. It accomplishes this objective by monitoring,
            generally on a monthly basis, differences in maturities between
            assets and liabilities and by analyzing future funding requirements
            based on various assumptions, including conditions that might
            adversely impact our ability to liquidate investment and trading
            positions and our ability to access the capital markets.

      G.    Operational Risk

            Like all financial institutions, we are exposed to many types of
            operational risk, including fraud by employees and outsiders,
            failure to obtain proper internal authorizations, failure to
            properly document transactions, equipment failures, inadequate
            training and errors by employees. We maintain a system of controls
            that is designed to ensure that business areas are operating within
            established corporate policies and limits as set by management. Our
            internal audit department monitors compliance with these rules.

      H.    Market Risk

            Generally

            We are exposed to market risk mainly as a result of the following
            activities:

            Trading in financial instruments, which involves interest rate,
            foreign exchange rate, equity price risks, and commodity price risk.

            Engaging in retail banking activities, which involves interest rate
            risk since a change in interest rates affects gross interest income,
            gross interest expense and customer behavior.

            Investing in assets (including subsidiaries) whose returns or
            accounts are denominated in currencies other than the Euro, which
            involves foreign exchange rate risk between the Euro and such other
            currencies.

            Investing in subsidiaries and other companies, which subjects us to
            equity price risk.


                                       7
<PAGE>

            Principal Market Risks and how they arise

            The principal market risks to which we are exposed are interest rate
            risk, foreign exchange rate risk and equity price risk.

            We are exposed to interest rate risk whenever there is a mismatch
            between interest rate sensitive assets and liabilities, subject to
            any hedging with interest rate swaps or other off-balance sheet
            derivative instruments. Interest rate risk arises in connection with
            both our trading and non-trading activities.

            We are exposed to foreign exchange rate risk as a result of
            mismatches between assets and liabilities, and off-balance sheet
            items denominated in different currencies, either as a result of
            trading or in the normal course of business. We maintain non-trading
            open currency positions arising from our investments in overseas
            subsidiaries, affiliates and their currency funding.

            We are exposed to equity price risk in connection with both our
            trading and investments in equity securities.

      I.    Procedures for Measuring and Managing Market Risk

            As stated earlier, our board, through its Risk Committee, is
            responsible for establishing our policies, procedures and limits
            with respect to market risks, including which businesses to enter
            and maintain. The committee also monitors our overall performance in
            light of the risks assumed. Market Risk Unit measures and monitors
            our equity, interest-rate and foreign exchange risk related with
            treasury and trading activities. ALCO (assets and liabilities
            committee) consolidates this information with the rest of the ALM
            (assets and liabilities management) activities and manages the
            interest rate risk, as well as, the liquidity risk.

      J.    Statistical Tools for Measuring and Managing Market Risk

            VaR Model

            We use a variety of mathematical and statistical models, including
            value at risk ("VaR") models, historical simulations, stress testing
            and evaluations of RORAC to measure, monitor, report and manage
            market risk. We call our VaR figures daily or annual "capital at
            risk" figures ("DCaR" or "ACaR"), depending on their time horizon,
            since we use them to allocate economic capital to various activities
            in order to evaluate the RORAC of such activities.

            As calculated by us, DCaR is an estimate of the expected maximum
            loss in the market value of a given portfolio over a one-day time
            horizon at a 99.00% confidence interval. It is the maximum one-day
            loss that we estimate we would suffer on a given portfolio 99.00% of
            the time, subject to certain assumptions and limitations discussed
            below. Conversely, it is the figure that we would expect to exceed
            only 1.00% of the time, or approximately one-day in 100. DCaR
            provides a single estimate of market risk that is comparable from
            one market risk to the other.


                                       8
<PAGE>

            We use DCaR estimates to alert senior management whenever the
            statistically estimated losses in its portfolios exceed prudent
            levels. Limits on DCaR are used to control exposure on a portfolio
            by portfolio basis. DCaR is also used to calculate the RORAC for a
            particular activity in order to make risk-adjusted performance
            evaluations.

            Assumptions and Limitations

            We use two methodologies to calculate our VaR: the parametrical,
            based on the normal distribution of market factors, and the
            historical simulation with complete valuation.

            Our parametrical VaR models used to measure DCaR assume that changes
            in market risk factors have a normal distribution and that the
            parameters of this joint distribution (in particular the standard
            deviations of risk factor changes and the correlation between them)
            have been estimated accurately.

            The model assumes that the correlation and changes in market
            rates/prices included in our historical database are independent and
            identically distributed random variables, and provides a good
            estimate of correlation and rate/price changes in the future. We
            typically use the most recent two years of market data depending on
            circumstances, but reliable historical risk factor data may not be
            readily available for certain instruments in our portfolio. ACaR is
            derived from our DCaR, assuming that the daily risk levels are kept
            constant for one year.

            Our DCaR and VaR methodology should be interpreted in light of the
            limitations of our models, which include:

            Changes in market rates and prices may not be independent and
            identically distributed random variables or have a normal
            distribution. In particular, the normal distribution assumption may
            result in underestimating the probability of extreme market moves
            when using parametrical methodologies. However, we believe that the
            use of historical simulation techniques in Equity and Fixed Income
            portfolios has limited such potential underestimating to a large
            extent.

            A one-day time horizon may not fully capture the market risk of
            positions that cannot be liquidated or hedged within one day.

            At present, we compute DCaR at the close of business and trading
            positions may change substantially during the course of the trading
            day.

            Scenario Analysis and Stress Testing

            Because of these limitations in DCaR and VaR methodology, in
            addition to historical simulation, we use stress testing to analyze
            the impact of extreme market movements and to adopt policies and
            procedures in an effort to protect our capital and results of
            operation against such contingencies.


                                       9
<PAGE>

      K.    Quantitative Disclosures

            The quantitative disclosures below attempt to measure the market
            risks we faced for the year 2002 in our trading activities and at
            December 31, 2001. Our figures are based on the VaR methodology.

            The reported estimates only refer to the trading activities of Totta
            Group total DCaR, and our total DCaR estimates for trading
            activities at December 31, 2002, broken down by trading portfolios,
            were as follows:

<TABLE>
<CAPTION>
            In thousands of Euro
                                         At                Year ended December, 31, 2002
            ---------------------------------------------------------------------------------
                Portfolios        December 31, 2001   Average     High      Low    Period End
            ---------------------------------------------------------------------------------
<S>                                      <C>            <C>       <C>       <C>      <C>
            Interest Rate Risk           282            211       1,158       8      1,158
            ---------------------------------------------------------------------------------
                Equity Risk              321            436         780     181        181
            ---------------------------------------------------------------------------------
                  FX Risk                  3             43         234       2         76
            ---------------------------------------------------------------------------------
                   Total                 426            524       1,256     325      1,175
            ---------------------------------------------------------------------------------
</TABLE>

            It's important to mention that the trading and treasury activities
            involving the undertaking of market risks are designed to be taken
            in the investment banking unit of the group, namely by Banco
            Santander de Negocios Portugal.

            The calculated risks although they are referred to as the expected
            losses over one day, do not include assumptions of non-liquidity of
            the market related with the volumes of our non-trading portfolio.
            Additional figures considering a 5 day holding period are however
            calculated on a daily base.

            Our average DCaR for trading activities was 0.52 million Euro in
            2002. The market risk profiles, as measured by DCaR, for our trading
            activities for each business day are presented in the table below.

                                     DCaR
                                     Total

                               Millions
                              of dollars
                              ----------
            30/Dec/2002         1.26
            27/Dec/2002         1.25
            23/Dec/2002         1.20
            20/Dec/2002         1.15
            19/Dec/2002         1.14
            18/Dec/2002         1.19
            17/Dec/2002         1.21
            16/Dec/2002         1.04
            13/Dec/2002         1.04
            12/Dec/2002         1.01
            11/Dec/2002         1.07
            10/Dec/2002         0.94
             9/Dec/2002         0.81
             6/Dec/2002         0.82
             5/Dec/2002         0.82
             4/Dec/2002         0.79
             3/Dec/2002         0.85
             2/Dec/2002         0.78
            29/Nov/2002         0.45
            28/Nov/2002         0.62
            27/Nov/2002         0.64
            26/Nov/2002         0.61
            25/Nov/2002         0.63
            22/Nov/2002         0.65
            21/Nov/2002         0.68
            20/Nov/2002         0.64
            19/Nov/2002         0.69
            18/Nov/2002         0.68
            15/Nov/2002         0.72
            14/Nov/2002         0.68
            13/Nov/2002         0.67
            12/Nov/2002         0.41
            11/Nov/2002         0.37
             8/Nov/2002         0.40
             7/Nov/2002         0.42
             6/Nov/2002         0.41
             5/Nov/2002         0.39
             4/Nov/2002         0.38
            31/Oct/2002         0.40
            30/Oct/2002         0.40
            29/Oct/2002         0.54
            28/Oct/2002         0.38
            25/Oct/2002         0.37
            24/Oct/2002         0.36
            23/Oct/2002         0.35
            22/Oct/2002         0.37
            21/Oct/2002         0.36
            18/Oct/2002         0.41
            17/Oct/2002         0.41
            16/Oct/2002         0.39
            15/Oct/2002         0.41
            14/Oct/2002         0.48
            11/Oct/2002         0.48
            10/Oct/2002         0.48
             9/Oct/2002         0.42
             8/Oct/2002         0.45
             7/Oct/2002         0.43
             4/Oct/2002         0.50
             3/Oct/2002         0.52
             2/Oct/2002         0.52
             1/Oct/2002         0.65
            30/Sep/2002         0.42
            27/Sep/2002         0.42
            26/Sep/2002         0.49
            25/Sep/2002         0.73
            24/Sep/2002         0.71
            23/Sep/2002         0.75
            20/Sep/2002         0.60
            19/Sep/2002         0.57
            18/Sep/2002         0.53
            17/Sep/2002         0.52
            16/Sep/2002         0.50
            13/Sep/2002         0.48
            12/Sep/2002         0.50
            11/Sep/2002         0.50
            10/Sep/2002         0.50
             6/Sep/2002         0.47
             5/Sep/2002         0.40
             4/Sep/2002         0.40
             3/Sep/2002         0.43
             2/Sep/2002         0.44
            30/Aug/2002         0.50
            29/Aug/2002         0.40
            28/Aug/2002         0.45
            27/Aug/2002         0.46
            26/Aug/2002         0.46
            23/Aug/2002         0.54
            22/Aug/2002         0.53
            21/Aug/2002         0.52
            20/Aug/2002         0.52
            19/Aug/2002         0.42
            16/Aug/2002         0.42
            15/Aug/2002         0.42
            14/Aug/2002         0.40
            13/Aug/2002         0.41
            12/Aug/2002         0.40
             9/Aug/2002         0.44
             8/Aug/2002         0.44
             7/Aug/2002         0.44
             6/Aug/2002         0.44
             5/Aug/2002         0.47
             2/Aug/2002         0.48
             1/Aug/2002         0.44
            31/Jul/2002         0.44
            30/Jul/2002         0.46
            29/Jul/2002         0.45
            26/Jul/2002         0.44
            25/Jul/2002         0.78
            24/Jul/2002         0.79
            23/Jul/2002         0.40
            22/Jul/2002         0.38
            19/Jul/2002         0.44
            17/Jul/2002         0.43
            16/Jul/2002         0.39
            15/Jul/2002         0.38
            12/Jul/2002         0.38
            11/Jul/2002         0.38
            10/Jul/2002         0.39
             9/Jul/2002         0.38
             8/Jul/2002         0.37
             5/Jul/2002         0.37
             4/Jul/2002         0.38
             3/Jul/2002         0.38
             2/Jul/2002         0.44
             1/Jul/2002         0.38
            28/Jun/2002         0.39
            27/Jun/2002         0.46
            26/Jun/2002         0.45
            25/Jun/2002         0.45
            24/Jun/2002         0.45
            21/Jun/2002         0.45
            19/Jun/2002         0.45
            18/Jun/2002         0.46
            17/Jun/2002         0.45
            14/Jun/2002         0.46
            13/Jun/2002         0.56
            12/Jun/2002         0.56
            11/Jun/2002         0.59
            10/Jun/2002         0.44
             7/Jun/2002         0.44
             6/Jun/2002         0.45
             5/Jun/2002         0.48
             4/Jun/2002         0.44
             3/Jun/2002         0.45
            31/May/2002         0.45
            29/May/2002         0.47
            28/May/2002         0.46
            27/May/2002         0.46
            24/May/2002         0.46
            23/May/2002         0.44
            22/May/2002         0.46
            21/May/2002         0.47
            20/May/2002         0.49
            17/May/2002         0.47
            16/May/2002         0.48
            15/May/2002         0.48
            14/May/2002         0.48
            13/May/2002         0.47
            10/May/2002         0.47
             9/May/2002         0.47
             8/May/2002         0.45
             7/May/2002         0.44
             6/May/2002         0.44
             3/May/2002         0.45
             2/May/2002         0.45
             1/May/2002         0.48
            30/Apr/2002         0.48
            29/Apr/2002         0.50
            26/Apr/2002         0.50
            25/Apr/2002         0.52
            24/Apr/2002         0.52
            23/Apr/2002         0.55
            22/Apr/2002         0.55
            19/Apr/2002         0.55
            18/Apr/2002         0.54
            17/Apr/2002         0.60
            16/Apr/2002         0.51
            15/Apr/2002         0.68
            12/Apr/2002         0.68
            11/Apr/2002         0.69
            10/Apr/2002         0.69
             9/Apr/2002         0.69
             8/Apr/2002         0.72
             5/Apr/2002         0.75
             4/Apr/2002         0.76
             3/Apr/2002         0.76
             2/Apr/2002         0.57
             1/Apr/2002         0.60
            29/Mar/2002         0.60
            28/Mar/2002         0.62
            27/Mar/2002         0.60
            26/Mar/2002         0.59
            25/Mar/2002         0.56
            22/Mar/2002         0.47
            21/Mar/2002         0.46
            20/Mar/2002         0.46
            19/Mar/2002         0.49
            18/Mar/2002         0.48
            15/Mar/2002         0.47
            14/Mar/2002         0.47
            13/Mar/2002         0.48
            12/Mar/2002         0.48
            11/Mar/2002         0.48
             8/Mar/2002         0.48
             7/Mar/2002         0.48
             6/Mar/2002         0.48
             5/Mar/2002         0.46
             4/Mar/2002         0.46
             1/Mar/2002         0.44
            28/Feb/2002         0.44
            27/Feb/2002         0.43
            26/Feb/2002         0.42
            25/Feb/2002         0.42
            22/Feb/2002         0.62
            21/Feb/2002         0.60
            20/Feb/2002         0.59
            19/Feb/2002         0.58
            18/Feb/2002         0.42
            15/Feb/2002         0.42
            14/Feb/2002         0.42
            13/Feb/2002         0.42
            12/Feb/2002         0.43
            11/Feb/2002         0.43
             8/Feb/2002         0.43
             7/Feb/2002         0.42
             6/Feb/2002         0.43
             5/Feb/2002         0.43
             4/Feb/2002         0.43
             1/Feb/2002         0.43
            31/Jan/2002         0.43
            30/Jan/2002         0.43
            29/Jan/2002         0.45
            28/Jan/2002         0.52
            25/Jan/2002         0.50
            24/Jan/2002         0.44
            23/Jan/2002         0.42
            22/Jan/2002         0.43
            21/Jan/2002         0.43
            18/Jan/2002         0.54
            17/Jan/2002         0.42
            16/Jan/2002         0.42
            15/Jan/2002         0.42
            14/Jan/2002         0.42
            11/Jan/2002         0.43
            10/Jan/2002         0.43
             9/Jan/2002         0.41
             8/Jan/2002         0.41
             7/Jan/2002         0.42
             4/Jan/2002         0.44
             3/Jan/2002         0.43
             2/Jan/2002         0.42
            31/Dec/2001         0.36


                                       10
<PAGE>

            Daily Revenues Distribution

            The table below shows the 2002 distribution of daily revenues
            (either positive or negative) generated by our trading activities,
            which includes trading revenue, trading-related net interest income,
            commissions, and other source of trading-related revenue.

                              Daily P&L frequency
                                     Total

              Millions             Number
             of dollars            of days
             ----------            -------
            < -0.6                   1
            -0.6 to -0.5             0
            -0.5 to -0.4             2
            -0.4 to -0.3             0
            -0.3 to -0.2             0
            -0.2 to -0.1             2
            -0.1 to 0               36
            0 to 0.1                71
            0.1 to 0.2              47
            0.2 to 0.3              22
            0.3 to 0.4              13
            0.4 to 0.5               1
            0.5 to 0.6               0
            0.6 to 0.7               1
            0.7 to 0.8               0
            0.8 to 0.9               0
            0.9 to 1                 0
            1 to 1.1                 1
            1.1 to 1.2               0
            > 1.2                    2

            Interest Rate Risk

            Totta Group DCaR estimates at December 31, 2001, and our DCaR
            estimates at and for the year ended December 31, 2002 of interest
            rate risk related with trading activities, broken down by
            portfolios, were as follows:

<TABLE>
<CAPTION>
            In thousands of Euro
                                         At                Year ended December 31, 2002
            --------------------------------------------------------------------------------
                Portfolios        December 31, 2001    Average     High     Low   Period End
            --------------------------------------------------------------------------------
<S>                                      <C>             <C>      <C>        <C>     <C>
               F.I. Trading              187             208      1,102      7        971
            --------------------------------------------------------------------------------
               Market Making             102             15        155       0        66
            --------------------------------------------------------------------------------
            Interest Rate Total          282             211      1,158      8       1,158
            --------------------------------------------------------------------------------
</TABLE>

            Our average DCaR for trading activities was 0.21 million Euro in
            2002. It has evolved irregularly throughout the year as a result of
            the different strategies that were undertaken. The year began with
            low DCaR values, resulting mainly from low risk arbitrage strategies
            between European government bonds, mainly peripheral countries. In
            April the capital-at-risk increased as a consequence of the opening
            of a directional position in Euribor futures. In September there was
            another upward movement in the DCaR due to the opening of spreads
            between 20 year maturity government bonds (long positions in French
            bonds and short positions in Greek bonds) and also asset-swap
            positions with Greek bonds. Until the end of the year these
            positions in long term government debt increased, which caused the
            DcaR values to break the EUR 1 million upper limit.


                                       11
<PAGE>

            The market risk profiles, as measured by DCaR, for our treasury and
            trading activities for each business day are presented in the table
            below. In spite of the fact that interest rate risk is generated
            mainly by non-trading activities, we don't have yet prepared DCaR
            estimates for them.

                                     DCaR
                               Interest Rate Risk

                               Millions
                              of dollars
                              ----------
            30/Dec/2002         1.16
            27/Dec/2002         1.15
            23/Dec/2002         1.09
            20/Dec/2002         1.09
            19/Dec/2002         1.08
            18/Dec/2002         1.08
            17/Dec/2002         1.09
            16/Dec/2002         0.90
            13/Dec/2002         0.91
            12/Dec/2002         0.84
            11/Dec/2002         0.92
            10/Dec/2002         0.78
             9/Dec/2002         0.65
             6/Dec/2002         0.65
             5/Dec/2002         0.65
             4/Dec/2002         0.60
             3/Dec/2002         0.67
             2/Dec/2002         0.58
            29/Nov/2002         0.33
            28/Nov/2002         0.29
            27/Nov/2002         0.32
            26/Nov/2002         0.30
            25/Nov/2002         0.33
            22/Nov/2002         0.36
            21/Nov/2002         0.39
            20/Nov/2002         0.34
            19/Nov/2002         0.34
            18/Nov/2002         0.31
            15/Nov/2002         0.37
            14/Nov/2002         0.31
            13/Nov/2002         0.32
            12/Nov/2002         0.26
            11/Nov/2002         0.22
             8/Nov/2002         0.24
             7/Nov/2002         0.28
             6/Nov/2002         0.24
             5/Nov/2002         0.23
             4/Nov/2002         0.24
            31/Oct/2002         0.22
            30/Oct/2002         0.24
            29/Oct/2002         0.18
            28/Oct/2002         0.23
            25/Oct/2002         0.21
            24/Oct/2002         0.23
            23/Oct/2002         0.22
            22/Oct/2002         0.25
            21/Oct/2002         0.25
            18/Oct/2002         0.27
            17/Oct/2002         0.26
            16/Oct/2002         0.24
            15/Oct/2002         0.29
            14/Oct/2002         0.38
            11/Oct/2002         0.39
            10/Oct/2002         0.38
             9/Oct/2002         0.31
             8/Oct/2002         0.33
             7/Oct/2002         0.33
             4/Oct/2002         0.42
             3/Oct/2002         0.40
             2/Oct/2002         0.41
             1/Oct/2002         0.54
            30/Sep/2002         0.30
            27/Sep/2002         0.23
            26/Sep/2002         0.26
            25/Sep/2002         0.47
            24/Sep/2002         0.47
            23/Sep/2002         0.54
            20/Sep/2002         0.43
            19/Sep/2002         0.39
            18/Sep/2002         0.33
            17/Sep/2002         0.32
            16/Sep/2002         0.32
            13/Sep/2002         0.27
            12/Sep/2002         0.30
            11/Sep/2002         0.30
            10/Sep/2002         0.30
             6/Sep/2002         0.25
             5/Sep/2002         0.01
             4/Sep/2002         0.01
             3/Sep/2002         0.01
             2/Sep/2002         0.01
            30/Aug/2002         0.29
            29/Aug/2002         0.01
            28/Aug/2002         0.01
            27/Aug/2002         0.04
            26/Aug/2002         0.08
            23/Aug/2002         0.08
            22/Aug/2002         0.10
            21/Aug/2002         0.10
            20/Aug/2002         0.10
            19/Aug/2002         0.10
            16/Aug/2002         0.10
            15/Aug/2002         0.10
            14/Aug/2002         0.01
            13/Aug/2002         0.01
            12/Aug/2002         0.02
             9/Aug/2002         0.02
             8/Aug/2002         0.02
             7/Aug/2002         0.01
             6/Aug/2002         0.03
             5/Aug/2002         0.09
             2/Aug/2002         0.09
             1/Aug/2002         0.05
            31/Jul/2002         0.05
            30/Jul/2002         0.02
            29/Jul/2002         0.11
            26/Jul/2002         0.06
            25/Jul/2002         0.09
            24/Jul/2002         0.09
            23/Jul/2002         0.05
            22/Jul/2002         0.05
            19/Jul/2002         0.05
            17/Jul/2002         0.05
            16/Jul/2002         0.04
            15/Jul/2002         0.04
            12/Jul/2002         0.04
            11/Jul/2002         0.05
            10/Jul/2002         0.02
             9/Jul/2002         0.06
             8/Jul/2002         0.06
             5/Jul/2002         0.06
             4/Jul/2002         0.05
             3/Jul/2002         0.04
             2/Jul/2002         0.04
             1/Jul/2002         0.05
            28/Jun/2002         0.04
            27/Jun/2002         0.04
            26/Jun/2002         0.04
            25/Jun/2002         0.03
            24/Jun/2002         0.07
            21/Jun/2002         0.05
            19/Jun/2002         0.02
            18/Jun/2002         0.02
            17/Jun/2002         0.06
            14/Jun/2002         0.08
            13/Jun/2002         0.02
            12/Jun/2002         0.02
            11/Jun/2002         0.02
            10/Jun/2002         0.03
             7/Jun/2002         0.03
             6/Jun/2002         0.01
             5/Jun/2002         0.04
             4/Jun/2002         0.05
             3/Jun/2002         0.05
            31/May/2002         0.06
            29/May/2002         0.06
            28/May/2002         0.07
            27/May/2002         0.07
            24/May/2002         0.06
            23/May/2002         0.07
            22/May/2002         0.09
            21/May/2002         0.11
            20/May/2002         0.18
            17/May/2002         0.15
            16/May/2002         0.15
            15/May/2002         0.19
            14/May/2002         0.18
            13/May/2002         0.16
            10/May/2002         0.16
             9/May/2002         0.10
             8/May/2002         0.06
             7/May/2002         0.06
             6/May/2002         0.05
             3/May/2002         0.07
             2/May/2002         0.07
             1/May/2002         0.07
            30/Apr/2002         0.07
            29/Apr/2002         0.09
            26/Apr/2002         0.09
            25/Apr/2002         0.12
            24/Apr/2002         0.12
            23/Apr/2002         0.22
            22/Apr/2002         0.22
            19/Apr/2002         0.22
            18/Apr/2002         0.20
            17/Apr/2002         0.23
            16/Apr/2002         0.07
            15/Apr/2002         0.48
            12/Apr/2002         0.48
            11/Apr/2002         0.48
            10/Apr/2002         0.49
             9/Apr/2002         0.50
             8/Apr/2002         0.53
             5/Apr/2002         0.57
             4/Apr/2002         0.59
             3/Apr/2002         0.59
             2/Apr/2002         0.31
             1/Apr/2002         0.32
            29/Mar/2002         0.32
            28/Mar/2002         0.32
            27/Mar/2002         0.33
            26/Mar/2002         0.35
            25/Mar/2002         0.28
            22/Mar/2002         0.04
            21/Mar/2002         0.05
            20/Mar/2002         0.02
            19/Mar/2002         0.02
            18/Mar/2002         0.02
            15/Mar/2002         0.04
            14/Mar/2002         0.03
            13/Mar/2002         0.02
            12/Mar/2002         0.05
            11/Mar/2002         0.05
             8/Mar/2002         0.05
             7/Mar/2002         0.04
             6/Mar/2002         0.02
             5/Mar/2002         0.02
             4/Mar/2002         0.03
             1/Mar/2002         0.04
            28/Feb/2002         0.03
            27/Feb/2002         0.03
            26/Feb/2002         0.04
            25/Feb/2002         0.03
            22/Feb/2002         0.06
            21/Feb/2002         0.03
            20/Feb/2002         0.02
            19/Feb/2002         0.01
            18/Feb/2002         0.02
            15/Feb/2002         0.01
            14/Feb/2002         0.02
            13/Feb/2002         0.03
            12/Feb/2002         0.01
            11/Feb/2002         0.01
             8/Feb/2002         0.01
             7/Feb/2002         0.01
             6/Feb/2002         0.01
             5/Feb/2002         0.04
             4/Feb/2002         0.05
             1/Feb/2002         0.06
            31/Jan/2002         0.06
            30/Jan/2002         0.06
            29/Jan/2002         0.14
            28/Jan/2002         0.15
            25/Jan/2002         0.13
            24/Jan/2002         0.12
            23/Jan/2002         0.11
            22/Jan/2002         0.12
            21/Jan/2002         0.10
            18/Jan/2002         0.10
            17/Jan/2002         0.10
            16/Jan/2002         0.10
            15/Jan/2002         0.11
            14/Jan/2002         0.10
            11/Jan/2002         0.12
            10/Jan/2002         0.11
             9/Jan/2002         0.12
             8/Jan/2002         0.10
             7/Jan/2002         0.13
             4/Jan/2002         0.15
             3/Jan/2002         0.15
             2/Jan/2002         0.15

            Daily Revenues Distribution

            The table below shows the 2002 distribution of daily revenues
            (either positive or negative) generated by our trading activities in
            the fixed income markets, which includes trading revenue,
            trading-related net interest income, commissions, and other source
            of trading-related revenue.

                              Daily P&L frequency
                              Interest Rate Risk

              Millions                Number
             of dollars               of days
             ----------               -------
            < -0.6
            -0.6 to -0.5
            -0.5 to -0.4                  0
            -0.4 to -0.3                  0
            -0.3 to -0.2                  0
            -0.2 to -0.1                  8
            -0.1 to 0                    78
            0 to 0.1                     88
            0.1 to 0.2                   20
            0.2 to 0.3                    3
            0.3 to 0.4                    2
            0.4 to 0.5                    0
            0.5 to 0.6                    0
            0.6 to 0.7
            0.7 to 0.8
            0.8 to 0.9
            0.9 to 1
            1 to 1.1
            1.1 to 1.2
            > 1.2


                                       12
<PAGE>

            Duration and BPV's as of December 31, 2002

            Below we present the Duration and BPV's related with the trading
            activities from the Treasury Department, and reported as trading
            activities. BPV's are calculated by total value and by duration
            buckets in order to represent the interest rate risk associated with
            the portfolios in analysis.

                Prop. Position                           Euro
                -------------------------------------------------
                     Duration           BPV          Market Value
                -------------------------------------------------
                     < 1 year           -218           -647,838
                -------------------------------------------------
                     < 3 year          2,051           -684,685
                -------------------------------------------------
                     < 5 year         -1,440            696,045
                -------------------------------------------------
                     < 7 year         -1,882        -10,592,729
                -------------------------------------------------
                     < 10 year        -1,898         -3,649,925
                -------------------------------------------------
                     >10 year          6,443          5,046,626
                -------------------------------------------------
                      Total            3,056         -9,832,506
                -------------------------------------------------

                Market Making                            Euro
                -------------------------------------------------
                     Duration           BPV          Market Value
                -------------------------------------------------
                     < 1 year            --                 --
                -------------------------------------------------
                     < 3 year           -20            105,124
                -------------------------------------------------
                     < 5 year             6            -17,378
                -------------------------------------------------
                     < 7 year            --                 --
                -------------------------------------------------
                    < 10 year            --                 --
                -------------------------------------------------
                     >10 year            --                 --
                -------------------------------------------------
                      Total             -14             87,746
                -------------------------------------------------

                -------------------------------------------------
                      Total           3,043         -9,744,760
                -------------------------------------------------

            Equity Price Risk

            Totta Group DCaR estimates at December 31, 2000 and our DCaR
            estimates at and for the year ended December 31, 2001 of equity
            price risk, broken down by trading activities, were as follows at
            and for the periods ended on the dates below:

<TABLE>
<CAPTION>
            In thousands of Euro
                                          At                Year ended December 31, 2002
            -----------------------------------------------------------------------------------
                Portfolios        December 31, 2001    Average     High      Low     Period End
            -----------------------------------------------------------------------------------
<S>                                      <C>             <C>       <C>       <C>        <C>
              Equity Trading              26              47       211         0         72
            -----------------------------------------------------------------------------------
            Equity Mar. Making             1              10       217         0          4
            -----------------------------------------------------------------------------------
            Equity Proprietary            --              --        --        --         --
            -----------------------------------------------------------------------------------
                Investment               226             324       514       157        160
            -----------------------------------------------------------------------------------
            Equity Derivatives           227             270       712        36         43
            -----------------------------------------------------------------------------------
               Equity Total              321             436       780       181        181
            -----------------------------------------------------------------------------------
</TABLE>


                                       13
<PAGE>

            Market value has been used for the calculation of the DcaR (expected
            losses due to changes in market prices). The market risk profiles,
            as measured by DCaR, for our trading activities for each business
            day are presented in the table below. As we can easily see by the
            analysis of the table below, the equity risk was slightly decreased
            during September and October but was kept between 0.3 and 0.6 over
            the year with a high in July.

                                     DCaR
                                   Equity Risk

                               Millions
                              of dollars
                              ----------
            30/Dec/2002           0.48
            27/Dec/2002           0.48
            23/Dec/2002           0.49
            20/Dec/2002           0.35
            19/Dec/2002           0.37
            18/Dec/2002           0.50
            17/Dec/2002           0.51
            16/Dec/2002           0.51
            13/Dec/2002           0.49
            12/Dec/2002           0.55
            11/Dec/2002           0.55
            10/Dec/2002           0.53
             9/Dec/2002           0.49
             6/Dec/2002           0.51
             5/Dec/2002           0.51
             4/Dec/2002           0.52
             3/Dec/2002           0.52
             2/Dec/2002           0.52
            29/Nov/2002           0.30
            28/Nov/2002           0.55
            27/Nov/2002           0.55
            26/Nov/2002           0.54
            25/Nov/2002           0.53
            22/Nov/2002           0.54
            21/Nov/2002           0.55
            20/Nov/2002           0.54
            19/Nov/2002           0.59
            18/Nov/2002           0.60
            15/Nov/2002           0.61
            14/Nov/2002           0.60
            13/Nov/2002           0.58
            12/Nov/2002           0.30
            11/Nov/2002           0.30
             8/Nov/2002           0.32
             7/Nov/2002           0.30
             6/Nov/2002           0.32
             5/Nov/2002           0.30
             4/Nov/2002           0.29
            31/Oct/2002           0.32
            30/Oct/2002           0.33
            29/Oct/2002           0.51
            28/Oct/2002           0.30
            25/Oct/2002           0.31
            24/Oct/2002           0.28
            23/Oct/2002           0.24
            22/Oct/2002           0.25
            21/Oct/2002           0.27
            18/Oct/2002           0.26
            17/Oct/2002           0.27
            16/Oct/2002           0.26
            15/Oct/2002           0.26
            14/Oct/2002           0.25
            11/Oct/2002           0.26
            10/Oct/2002           0.25
             9/Oct/2002           0.25
             8/Oct/2002           0.28
             7/Oct/2002           0.26
             4/Oct/2002           0.25
             3/Oct/2002           0.26
             2/Oct/2002           0.26
             1/Oct/2002           0.26
            30/Sep/2002           0.26
            27/Sep/2002           0.31
            26/Sep/2002           0.40
            25/Sep/2002           0.54
            24/Sep/2002           0.51
            23/Sep/2002           0.51
            20/Sep/2002           0.40
            19/Sep/2002           0.40
            18/Sep/2002           0.40
            17/Sep/2002           0.41
            16/Sep/2002           0.39
            13/Sep/2002           0.38
            12/Sep/2002           0.39
            11/Sep/2002           0.39
            10/Sep/2002           0.39
             6/Sep/2002           0.39
             5/Sep/2002           0.38
             4/Sep/2002           0.38
             3/Sep/2002           0.38
             2/Sep/2002           0.39
            30/Aug/2002           0.39
            29/Aug/2002           0.38
            28/Aug/2002           0.42
            27/Aug/2002           0.42
            26/Aug/2002           0.42
            23/Aug/2002           0.51
            22/Aug/2002           0.52
            21/Aug/2002           0.51
            20/Aug/2002           0.51
            19/Aug/2002           0.41
            16/Aug/2002           0.41
            15/Aug/2002           0.40
            14/Aug/2002           0.40
            13/Aug/2002           0.40
            12/Aug/2002           0.40
             9/Aug/2002           0.44
             8/Aug/2002           0.44
             7/Aug/2002           0.44
             6/Aug/2002           0.44
             5/Aug/2002           0.47
             2/Aug/2002           0.47
             1/Aug/2002           0.43
            31/Jul/2002           0.43
            30/Jul/2002           0.45
            29/Jul/2002           0.44
            26/Jul/2002           0.43
            25/Jul/2002           0.78
            24/Jul/2002           0.78
            23/Jul/2002           0.40
            22/Jul/2002           0.38
            19/Jul/2002           0.44
            17/Jul/2002           0.42
            16/Jul/2002           0.38
            15/Jul/2002           0.38
            12/Jul/2002           0.38
            11/Jul/2002           0.37
            10/Jul/2002           0.39
             9/Jul/2002           0.37
             8/Jul/2002           0.37
             5/Jul/2002           0.37
             4/Jul/2002           0.38
             3/Jul/2002           0.38
             2/Jul/2002           0.43
             1/Jul/2002           0.38
            28/Jun/2002           0.38
            27/Jun/2002           0.46
            26/Jun/2002           0.45
            25/Jun/2002           0.45
            24/Jun/2002           0.45
            21/Jun/2002           0.44
            19/Jun/2002           0.45
            18/Jun/2002           0.46
            17/Jun/2002           0.45
            14/Jun/2002           0.45
            13/Jun/2002           0.56
            12/Jun/2002           0.56
            11/Jun/2002           0.59
            10/Jun/2002           0.44
             7/Jun/2002           0.44
             6/Jun/2002           0.44
             5/Jun/2002           0.47
             4/Jun/2002           0.44
             3/Jun/2002           0.45
            31/May/2002           0.45
            29/May/2002           0.46
            28/May/2002           0.46
            27/May/2002           0.46
            24/May/2002           0.46
            23/May/2002           0.43
            22/May/2002           0.45
            21/May/2002           0.46
            20/May/2002           0.46
            17/May/2002           0.45
            16/May/2002           0.45
            15/May/2002           0.44
            14/May/2002           0.44
            13/May/2002           0.44
            10/May/2002           0.44
             9/May/2002           0.46
             8/May/2002           0.44
             7/May/2002           0.43
             6/May/2002           0.44
             3/May/2002           0.44
             2/May/2002           0.45
             1/May/2002           0.47
            30/Apr/2002           0.47
            29/Apr/2002           0.49
            26/Apr/2002           0.49
            25/Apr/2002           0.50
            24/Apr/2002           0.50
            23/Apr/2002           0.51
            22/Apr/2002           0.50
            19/Apr/2002           0.50
            18/Apr/2002           0.50
            17/Apr/2002           0.55
            16/Apr/2002           0.50
            15/Apr/2002           0.49
            12/Apr/2002           0.49
            11/Apr/2002           0.49
            10/Apr/2002           0.49
             9/Apr/2002           0.49
             8/Apr/2002           0.49
             5/Apr/2002           0.48
             4/Apr/2002           0.49
             3/Apr/2002           0.47
             2/Apr/2002           0.47
             1/Apr/2002           0.50
            29/Mar/2002           0.50
            28/Mar/2002           0.53
            27/Mar/2002           0.50
            26/Mar/2002           0.48
            25/Mar/2002           0.48
            22/Mar/2002           0.47
            21/Mar/2002           0.46
            20/Mar/2002           0.46
            19/Mar/2002           0.49
            18/Mar/2002           0.48
            15/Mar/2002           0.47
            14/Mar/2002           0.47
            13/Mar/2002           0.47
            12/Mar/2002           0.48
            11/Mar/2002           0.48
             8/Mar/2002           0.48
             7/Mar/2002           0.48
             6/Mar/2002           0.47
             5/Mar/2002           0.46
             4/Mar/2002           0.46
             1/Mar/2002           0.44
            28/Feb/2002           0.44
            27/Feb/2002           0.43
            26/Feb/2002           0.42
            25/Feb/2002           0.42
            22/Feb/2002           0.62
            21/Feb/2002           0.60
            20/Feb/2002           0.59
            19/Feb/2002           0.58
            18/Feb/2002           0.42
            15/Feb/2002           0.42
            14/Feb/2002           0.42
            13/Feb/2002           0.42
            12/Feb/2002           0.43
            11/Feb/2002           0.43
             8/Feb/2002           0.43
             7/Feb/2002           0.42
             6/Feb/2002           0.43
             5/Feb/2002           0.43
             4/Feb/2002           0.43
             1/Feb/2002           0.43
            31/Jan/2002           0.43
            30/Jan/2002           0.43
            29/Jan/2002           0.43
            28/Jan/2002           0.45
            25/Jan/2002           0.43
            24/Jan/2002           0.42
            23/Jan/2002           0.41
            22/Jan/2002           0.41
            21/Jan/2002           0.42
            18/Jan/2002           0.53
            17/Jan/2002           0.41
            16/Jan/2002           0.41
            15/Jan/2002           0.41
            14/Jan/2002           0.41
            11/Jan/2002           0.41
            10/Jan/2002           0.41
             9/Jan/2002           0.40
             8/Jan/2002           0.40
             7/Jan/2002           0.40
             4/Jan/2002           0.41
             3/Jan/2002           0.41
             2/Jan/2002           0.40

            Daily Revenues Distribution

            The table below shows the 2002 distribution of daily revenues
            (either positive or negative) generated by our trading activities in
            the equity markets, which includes trading revenue, commissions, and
            other source of trading-related revenue.

                              Daily P&L frequency
                                   Equity Risk

              Millions             Number
             of dollars            of days
             ----------            -------
            < -0.6                    1
            -0.6 to -0.5              1
            -0.5 to -0.4              0
            -0.4 to -0.3              1
            -0.3 to -0.2              7
            -0.2 to -0.1             67
            -0.1 to 0               108
            0 to 0.1                 11
            0.1 to 0.2                2
            0.2 to 0.3                0
            0.3 to 0.4                0
            0.4 to 0.5                0
            0.5 to 0.6                0
            0.6 to 0.7
            0.7 to 0.8
            0.8 to 0.9
            0.9 to 1
            1 to 1.1
            1.1 to 1.2
            > 1.2


                                       14
<PAGE>

            Back-Testing

            Back-testing or contrast measures consists in carrying out a
            comparative analysis between Value at Risk (VaR) or Daily Capital at
            Risk (DcaR) and the daily results for a certain period of time. Its
            objective is to provide a measurement of the accuracy of the model
            used, testing the hypothesis assumed in the model.

            The back-testing analysis satisfies BIS regulatory requirements,
            which obliges all institutions that wish to use internal models for
            capital allocation, to verify the model efficiency through
            back-testing.

            The key factors for back-testing analysis are:

            Whether to consider or not the intra-day results and commissions in
            profit & loss figure.

            The number of historical data to used for the back-testing analysis.

            Confidence interval to control the efficiency of the model (it can
            be different from the one defined for the VaR or RORAC calculation).

            Establishment of corrective measures of the VaR calculation method
            according to the back-testing analysis results.

            The table below shows the 2002 back-testing of the daily P&L
            generated by our trading activities, which includes trading revenue,
            commissions, and other sources of trading-related revenue. We are
            using a dirty P&L figures, which is the daily P&L including
            intra-day results, commissions and position changes. This is a
            limitation that explains the two P&L figures above the DCaR
            estimates.

                       Daily P/L Vs Dcar on previous day

<TABLE>
<CAPTION>
FHINFORM       P&L Limpio       VaR 99.00%       VaR 95.00% STD
<C>            <C>             <C>                <C>
 1-Jan-02                      -0.661346761       -0.467608906
 2-Jan-02      0.294020409     -0.382872476       -0.270712114
 3-Jan-02      0.122757467     -0.392243289       -0.277337799
 4-Jan-02      0.023328684     -0.391665193       -0.276929054
 7-Jan-02      0.244148483     -0.372240134       -0.263194457
 8-Jan-02       0.31212407     -0.366717488        -0.25928964
 9-Jan-02     -0.062491839     -0.369483113        -0.26124509
10-Jan-02      0.347361721     -0.440457923       -0.311428224
11-Jan-02      0.334725262     -0.383461584       -0.271128646
14-Jan-02     -0.015589277     -0.375568252       -0.265547621
15-Jan-02      0.101585981     -0.433711347        -0.30665802
16-Jan-02      0.022942283     -0.427338576       -0.302152117
17-Jan-02     -0.033342681     -0.431678384       -0.305220603
18-Jan-02      0.082015509     -0.420418921       -0.297259537
21-Jan-02      0.133711913      -0.42347426       -0.299419831
22-Jan-02       0.05062348     -0.436389999       -0.308551976
23-Jan-02      -0.02696076     -0.432441193       -0.305759951
24-Jan-02     -0.051658109     -0.452151391       -0.319696156
25-Jan-02      0.125628513     -0.553774822       -0.391549568
28-Jan-02      0.189687461     -0.574755804       -0.406384288
29-Jan-02      0.060273151     -0.465254033       -0.328960452
30-Jan-02      0.089689857     -0.417364942       -0.295100204
31-Jan-02      0.244529805     -0.283059952       -0.200139114
 1-Feb-02       0.13008761     -0.417385393       -0.295114664
 4-Feb-02      0.152779262     -0.414114396       -0.292801887
 5-Feb-02      0.021958323     -0.408701748       -0.288974844
 6-Feb-02       0.15060826     -0.402735027       -0.284756041
 7-Feb-02      0.043921626     -0.396472769       -0.280328276
 8-Feb-02      0.056472274      -0.40034762       -0.283068012
11-Feb-02      0.156071993     -0.396848813       -0.280594161
12-Feb-02                      -0.374338633       -0.264678212
13-Feb-02     -0.087991941     -0.388812248       -0.274911863
14-Feb-02      0.000301357     -0.287048967       -0.202959569
15-Feb-02      0.105747074     -0.287017416        -0.20293726
18-Feb-02      0.089473487     -0.363744547       -0.257187605
19-Feb-02       0.18643937     -0.406551282       -0.287454345
20-Feb-02      0.026304677     -0.285638845       -0.201962534
21-Feb-02      0.027963243      -0.28638799       -0.202492221
22-Feb-02      0.077681017     -0.411069941       -0.290649289
25-Feb-02      0.039329963     -0.291154073       -0.205862107
26-Feb-02      0.068612822     -0.289222728       -0.204496539
27-Feb-02      0.243201725     -0.292960155       -0.207139107
28-Feb-02      0.554031411     -0.297246689       -0.210169925
 1-Mar-02      0.036711572     -0.299586973       -0.211824636
 4-Mar-02      0.076353016     -0.298142289       -0.210803164
 5-Mar-02     -0.031082421     -0.291901822       -0.206390807
 6-Mar-02     -0.036747492     -0.292619039       -0.206897919
 7-Mar-02      0.053900456     -0.298546564       -0.211089009
 8-Mar-02      0.092148388     -0.299935287       -0.212070913
11-Mar-02      0.043858996     -0.297318364       -0.210220603
12-Mar-02      0.183373959     -0.293796937       -0.207730758
13-Mar-02      0.100324654     -0.292255146       -0.206640627
14-Mar-02      0.029879664     -0.288263741       -0.203818482
15-Mar-02      0.268699367     -0.287937292       -0.203587664
18-Mar-02      0.148768976     -0.418751515       -0.296080588
19-Mar-02      0.064598392     -0.432555311       -0.305840638
20-Mar-02       0.08001482     -0.409786411       -0.289741761
21-Mar-02      0.094518837     -0.464959953       -0.328752521
22-Mar-02      0.032214631     -0.410730054       -0.290408969
25-Mar-02      0.027726255     -0.487852057        -0.34493851
26-Mar-02      0.085763043     -0.517146256       -0.365651137
27-Mar-02       0.09929888     -0.522762148       -0.369621885
28-Mar-02     -0.352686885     -0.540953619       -0.382484266
 2-Apr-02      0.154308836     -0.499472348       -0.353154702
 3-Apr-02      0.102922638     -0.666091747       -0.470963875
 4-Apr-02      0.187773834     -0.671098555       -0.474503966
 5-Apr-02      0.107068843      -0.65597545       -0.463811091
 8-Apr-02       0.12140603     -0.633874735       -0.448184657
 9-Apr-02      0.044313394     -1.256926755       -0.888717054
10-Apr-02      0.001220822     -1.362020077       -0.963023872
11-Apr-02      0.122025171     -0.603968223       -0.427039091
12-Apr-02      0.254296034     -0.599797704       -0.424090303
15-Apr-02      0.158333836     -0.601810932       -0.425513767
16-Apr-02     -0.011555585     -0.445534717         -0.3150178
17-Apr-02     -0.040871799     -0.531504156        -0.37580297
18-Apr-02                      -0.480405995       -0.339673731
19-Apr-02      0.016934855      -0.48898251       -0.345737803
22-Apr-02      0.341306453     -0.484218147       -0.342369134
23-Apr-02      0.027401096     -0.490243223       -0.346629198
24-Apr-02      0.115574133     -0.461274321       -0.326146575
25-Apr-02                      -0.461274321       -0.326146575
26-Apr-02      0.147449385     -0.449803219       -0.318035868
29-Apr-02      0.188788044     -0.453162579       -0.320411122
30-Apr-02      0.146277109      -0.43241605       -0.305742173
 1-May-02                       -0.43241605       -0.305742173
 2-May-02                      -0.409564989       -0.289585204
 3-May-02                      -0.405820948       -0.286937959
 6-May-02       0.03184845     -0.404708006       -0.286151047
 7-May-02      0.063627198     -0.436326248         -0.3085069
 8-May-02      0.283545092     -0.439759855       -0.310934652
 9-May-02      1.145538707     -0.484688958       -0.342702024
10-May-02      0.068311261     -0.429290905       -0.303532522
13-May-02                      -0.429877061       -0.303946967
14-May-02       0.03936329     -0.434000047       -0.306862147
15-May-02      0.019785906     -0.431565159       -0.305140546
16-May-02      0.190108146     -0.437259784       -0.309166963
17-May-02      0.023117637      -0.43286055        -0.30605646
20-May-02      0.109192737     -0.452702379       -0.320085735
21-May-02      0.107507637     -0.435516227       -0.307934171
22-May-02       0.06534523     -0.428260559        -0.30280401
23-May-02      0.084329226     -0.407079192       -0.287827607
24-May-02       0.00256457     -0.424015713       -0.299802669
27-May-02     -0.035306446      -0.42703568       -0.301937953
28-May-02     -0.028444094     -0.430323639       -0.304262723
29-May-02      0.104538894     -0.436666895       -0.308747757
31-May-02      0.004285942     -0.424103113       -0.299864465
 3-Jun-02      0.128832337     -0.422902242       -0.299015383
 4-Jun-02      0.095591051      -0.41922372       -0.296414463
 5-Jun-02      -0.01048708     -0.445369473       -0.314900963
 6-Jun-02      0.058161519      -0.41790019       -0.295478654
 7-Jun-02     -0.005965378     -0.414148823       -0.292826229
10-Jun-02      -0.07094223     -0.414139132       -0.292819377
11-Jun-02      0.130561512     -0.559986644       -0.395941671
12-Jun-02      0.193607234     -0.529196966       -0.374171658
13-Jun-02      0.006496082     -0.533105858       -0.376935462
14-Jun-02      0.241393978     -0.433460472       -0.306480638
17-Jun-02     -0.012322627     -0.427148442       -0.302017682
18-Jun-02      0.113128244     -0.434656007       -0.307325947
19-Jun-02       0.03191407     -0.431187295       -0.304873375
20-Jun-02     -0.008852118     -0.051598475       -0.036482989
21-Jun-02      0.014225272     -0.431777631       -0.305290776
24-Jun-02       0.01229696     -0.443260652       -0.313409909
25-Jun-02      0.186026612     -0.439078727       -0.310453056
26-Jun-02      0.226136755     -0.450738839       -0.318697403
27-Jun-02      0.041887546     -0.452524563        -0.31996001
28-Jun-02      0.083649425     -0.384489607       -0.271855515
 1-Jul-02      0.058961222     -0.376610819       -0.266284775
 2-Jul-02      0.078188881     -0.429342794       -0.303569211
 3-Jul-02      0.053792076     -0.376012254       -0.265861556
 4-Jul-02     -0.016279732     -0.371724176       -0.262829646
 5-Jul-02      0.110777908     -0.363353534       -0.256911137
 8-Jul-02      0.018714047     -0.368118069       -0.260279928
 9-Jul-02      0.309480404     -0.373053763       -0.263769738
10-Jul-02      0.017539883     -0.389339459        -0.27528463
11-Jul-02      0.050463071     -0.372131403       -0.263117578
12-Jul-02      0.018036399      -0.37944462       -0.268288429
15-Jul-02      0.090843221     -0.382291279       -0.270301176
16-Jul-02      0.213754578     -0.391801334       -0.277025312
17-Jul-02      0.076763198     -0.429888085       -0.303954761
19-Jul-02      -0.00041775     -0.450937269       -0.318837705
22-Jul-02      0.003576363     -0.383155158       -0.270911986
23-Jul-02      0.458059388     -0.400357392       -0.283074921
24-Jul-02     -0.082910487     -0.778606639       -0.550518155
25-Jul-02     -0.099691658     -0.779173378       -0.550918871
26-Jul-02       0.12189139     -0.435473726        -0.30790412
29-Jul-02        0.0648848       -0.4455434       -0.315023939
30-Jul-02      0.059708263     -0.447761828       -0.316592491
31-Jul-02     -0.032282338     -0.428310127       -0.302839058
 1-Aug-02      1.003382465     -0.427191131       -0.302047866
 2-Aug-02      0.078924487     -0.472644913       -0.334186215
 5-Aug-02      0.186637467     -0.467069871        -0.33024435
 6-Aug-02     -0.073925584     -0.423212026       -0.299234417
 7-Aug-02      0.159269364      -0.42456129       -0.300188422
 8-Aug-02      0.148668689     -0.424152047       -0.299899064
 9-Aug-02      0.147760408     -0.429053994       -0.303365013
12-Aug-02      0.211419596     -0.389212268       -0.275194699
13-Aug-02     -0.011562541     -0.397014196       -0.280711096
14-Aug-02      0.150642496     -0.397556457       -0.281094505
15-Aug-02      0.060894518     -0.411341046       -0.290840975
16-Aug-02      0.010256831     -0.414616025       -0.293156567
19-Aug-02      0.094763996     -0.416321008       -0.294362084
20-Aug-02      0.028326762     -0.505362278        -0.35731921
21-Aug-02     -0.018722047     -0.510154778       -0.360707774
22-Aug-02      0.084285611     -0.519832994        -0.36755081
23-Aug-02      0.223070332     -0.521408334       -0.368664663
26-Aug-02     -0.003616974     -0.448787767       -0.317317887
27-Aug-02      0.181418141     -0.447892283        -0.31668473
28-Aug-02      0.090883453     -0.443065908       -0.313272215
29-Aug-02      0.323827785     -0.393741324       -0.278396993
30-Aug-02      0.184109605     -0.487240777       -0.344506302
 2-Sep-02     -0.064499245     -0.427793796       -0.302473983
 3-Sep-02      0.088537738     -0.424950872       -0.300463878
 4-Sep-02       0.08681526     -0.396990846       -0.280694586
 5-Sep-02     -0.113056261     -0.395857801        -0.27989346
 6-Sep-02      0.227474581     -0.470428948       -0.332619405
 9-Sep-02      0.118824791     -0.460595753       -0.325666789
10-Sep-02      0.085807438     -0.489815246       -0.346326595
11-Sep-02      0.137225432     -0.491536385       -0.347543535
12-Sep-02     -0.423773681     -0.492617609        -0.34830802
13-Sep-02     -0.037268683     -0.474840688        -0.33573875
16-Sep-02     -0.077419292     -0.488140279       -0.345142299
17-Sep-02      0.194149873     -0.501456658       -0.354557719
18-Sep-02      0.148447951     -0.515735757       -0.364653836
19-Sep-02     -0.082337021     -0.555175334       -0.392539808
20-Sep-02      0.305977443     -0.586098816       -0.414404428
23-Sep-02     -0.084179579     -0.738180578       -0.521934684
24-Sep-02      0.292169217     -0.694463449       -0.491024244
25-Sep-02      1.270446635     -0.709634578       -0.501751076
26-Sep-02      0.027039661     -0.484235159       -0.342381163
27-Sep-02      0.093497973     -0.410644851       -0.290348726
30-Sep-02     -0.074490155     -0.413983683       -0.292709466
 1-Oct-02      0.261259687     -0.636896433       -0.450321166
 2-Oct-02      0.113413317     -0.515580198       -0.364543847
 3-Oct-02     -0.042869448     -0.513647206       -0.363177114
 4-Oct-02      0.344380073     -0.496079841       -0.350756011
 7-Oct-02      0.007276911     -0.419222305       -0.296413463
 8-Oct-02      0.310805284     -0.432037286       -0.305474366
 9-Oct-02      0.149251214     -0.416897144       -0.294769444
10-Oct-02      0.011507125     -0.476463293       -0.336886022
11-Oct-02      0.277067519     -0.476536268       -0.336937619
14-Oct-02     -0.029278388     -0.470222773       -0.332473628
15-Oct-02      0.317008992     -0.406806326       -0.287634676
16-Oct-02       -0.0091048     -0.350263755       -0.247655937
17-Oct-02      0.017445605      -0.39925456       -0.282295158
18-Oct-02     -0.042960632     -0.396163009       -0.280109259
21-Oct-02       0.12093393     -0.354800819       -0.250863893
22-Oct-02     -0.023968125      -0.35712063       -0.252504128
23-Oct-02       0.09851905     -0.339886756       -0.240318821
24-Oct-02      0.283881251     -0.350449542       -0.247787298
25-Oct-02      0.412321372     -0.365273485       -0.258268649
28-Oct-02      0.284679501     -0.367423945       -0.259789144
29-Oct-02     -0.014943227     -0.529896986       -0.374666611
30-Oct-02      0.153870657     -0.397216486       -0.280854126
31-Oct-02       0.09378843     -0.393479332        -0.27821175
 1-Nov-02                      -0.393479332        -0.27821175
 4-Nov-02      0.234585694     -0.374956784        -0.26511528
 5-Nov-02      0.141858808     -0.386454252       -0.273244628
 6-Nov-02      0.097766455     -0.398244983       -0.281581331
 7-Nov-02      0.082105423     -0.417092156       -0.294907329
 8-Nov-02     -0.005066325     -0.409730666       -0.289702346
11-Nov-02      0.055912886     -0.379565566       -0.268373945
12-Nov-02      0.216804167     -0.410458426       -0.290216913
13-Nov-02      0.027571497     -0.673924812       -0.476502287
14-Nov-02      0.341883157     -0.685338359       -0.484572299
15-Nov-02       0.10042364      -0.71972855       -0.508888075
18-Nov-02      0.096469329      -0.68615382       -0.485148875
19-Nov-02      0.155647002     -0.697119955       -0.492902542
20-Nov-02       0.22749378     -0.639607772       -0.452238233
21-Nov-02     -0.023249187     -0.678430994       -0.479688408
22-Nov-02       0.02160147     -0.651560374       -0.460689387
25-Nov-02      -0.02866768      -0.61994304       -0.438334175
26-Nov-02      0.033301655     -0.608330891        -0.43012374
27-Nov-02      0.226748566     -0.632077286       -0.446913761
28-Nov-02     -0.113137846     -0.619972545       -0.438355036
29-Nov-02      0.384810509     -0.445935519       -0.315301189
 2-Dec-02       0.09274799     -0.773501477       -0.546908522
 3-Dec-02      0.101829988     -0.848128965       -0.599674303
 4-Dec-02      0.048766751     -0.792485507       -0.560331286
 5-Dec-02      0.017969514     -0.822796848       -0.581763088
 6-Dec-02     -0.026240505     -0.822909003       -0.581842388
 9-Dec-02     -0.065926503     -0.822289308       -0.581404229
10-Dec-02     -0.090723503     -0.947526494       -0.669953878
11-Dec-02      0.082615535     -1.080596372       -0.764041676
12-Dec-02      0.197263852     -1.023488139       -0.723662982
13-Dec-02      0.079532259     -1.059773738       -0.749318916
16-Dec-02     -0.018342908     -1.060869585       -0.750093742
17-Dec-02      0.151909172     -1.247894121        -0.88233048
18-Dec-02      0.020706642     -1.219309443       -0.862119524
19-Dec-02     -0.102477348     -1.172786854       -0.829225469
20-Dec-02     -0.062331758      -1.17623738       -0.831665182
23-Dec-02     -0.078129204     -1.232030379       -0.871113933
27-Dec-02      -0.04577613     -1.300330253       -0.919405738
30-Dec-02      0.098727976     -1.308821536       -0.925409547
31-Dec-02      0.048510368     -1.231802539       -0.870952837
</TABLE>


                                       15
<PAGE>

            Euro-denominated Assets and Liabilities

            The following table shows our interest-earning assets and
            interest-bearing liabilities denominated in Euro at December 31,
            2002 and do not reflect positions at other times.

<TABLE>
<CAPTION>
                                                                     More               Total in
                                        Up to 1    1 - 3    3 - 5   than 5      Not     thousand
        EURO                              year     years    years    years   Sensitive   of EUR)
        ----                              ----     -----    -----    -----   ---------   -------
<S>                                      <C>       <C>        <C>     <C>      <C>      <C>
Interest-Earning Assets
        Money market                      1,355       21        0        3       493     1,873
        Loans and discounts              18,450    1,135      953       92       249    20,878
        Security portfolio                  604       17       24      139       122       906
        Other assets                          0        0        0        0     2,198     2,198
Total Euro-denominated
        Interest-earning assets          20,409    1,173      978      234     3,062    25,855
Interest-Bearing Liabilities
        Money market                      4,403        3        0        0       142     4,548
        Customer deposits                11,340    1,486    1,482      778       239    15,325
        Debt securities                     461       18       36        0        70       585
        Capital and other liabilities         0        0        0        0     2,765     2,765
Total Euro-denominated
        interest-bearing liabilities     16,203    1,507    1,518      778     3,216    23,223
        Asset/liability gap               4,205     -334     -541     -544      -154     2,632
        Off balance sheet items          -3,331      786        1      -87         0    -2,632
Total gap                                   874      451     -539     -631      -154         1
Cumulative sensitivity gap                  874    1,325      786      154         1         1
</TABLE>


                                       16
<PAGE>

            Dollar-denominated Assets and Liabilities

            The following table shows our interest earning assets and
            interest-bearing liabilities denominated in dollars (but not in
            other currencies) at December 31, 2002 and does not reflect
            positions at other times.

<TABLE>
<CAPTION>
                                                                                            Total
                                                                        More                 (in
                                         Up to 1     1 - 3     3 - 5    than 5     Not     Thousand
        Dollar                             year      years     years    years   Sensitive   of US$)
        ------                             ----      -----     -----    -----   ---------   -------
<S>                                      <C>          <C>       <C>      <C>        <C>     <C>
Interest-Earning Assets
        Money market                        438         0         0         0       179        618
        Loans and discounts                 444         2         3         0         0        448
        Security portfolio                    7         0         0         0         0          7
        Other assets                          0         0         0         0        51         51
Total Dollar-denominated
        Interest-earning assets             889         2         3         0       231      1,124
Interest-Bearing Liabilities
        Money market                      2,317         0         0         0        26      2,343
        Customer deposits                   855        87        59        66         5      1,071
        Debt securities                     262         0         0         0         0        262
        Capital and other liabilities         0         0         0         0        81         81
Total Dollar-denominated
        Interest-bearing liabilities      3,434        87        59        66       111      3,757
        Asset/liability gap              -2,545       -85       -56       -66       120     -2,633
        Off balance sheet items           2,643         0         0       -11         0      2,632
Total gap                                    97       -85       -56       -77       120         -1
Cumulative sensitivity gap                   97        12       -44      -121        -1         -1
</TABLE>


                                       17
<PAGE>

PART III

ITEM 19. Exhibits

Exhibit Number          Description of Exhibit
32.1                    Section 906 Certification of Principal Executive Officer
32.2                    Section 906 Certification of Principal Financial Officer


                                       18
<PAGE>

                                   SIGNATURES

            The registrant hereby certifies that it meets all of the
            requirements for filing on Form 20-F and has duly caused and
            authorized the undersigned to sign this Amendment No. 1 to the
            annual report on its behalf.

                                                      BANCO TOTTA & ACORES, S.A.

                                           By:  /S/ Maria do Rosario Bettencourt
                                                --------------------------------
                                           Name:  Maria do Rosario Bettencourt
                                           Title: Vice-President

Dated: July 22, 2003


                                       19
<PAGE>

                                 CERTIFICATIONS

I, Antonio Mota de Sousa Horta Osorio, certify that:

      1.    I have reviewed this Amendment No.1 to the annual report on Form
            20-F of Banco Totta & Acores, S.A.

      2.    Based on my knowledge, this Amendment No.1 to the annual report does
            not contain any untrue statement of a material fact or omit to state
            a material fact necessary to make the statements made, in light of
            the circumstances under which such statements were made, not
            misleading with respect to the period covered by this Amendment No.1
            to the annual report;

      3.    Based on my knowledge, the financial statements, and other financial
            information included in this Amendment No.1 to the annual report,
            fairly present in all material respects the financial condition,
            results of operations and cash flows of the registrant as of~, and
            for, the periods presented in this Amendment No.1 to the annual
            report;

      4.    The registrant's other certifying officers and I are responsible for
            establishing and maintaining disclosure controls and procedures (as
            defined in Exchange Act Rules 13a-14 and lSd-14) for the registrant
            and have:

            a.    designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidated subsidiaries, is made known to us
                  by others within those entities, particularly during the
                  period in which this Amendment No.1 to the annual report is
                  being prepared;

            b.    evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this Amendment No.1 to the annual report
                  (the "Evaluation Date"); and

            c.    presented in the annual report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

      5.    The registrant's other certifying officers and I have disclosed,
            based on our most recent evaluation, to the registrant's auditors
            and the audit committee of registrant's board of directors (or
            persons performing the equivalent function):

            a.    all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls; and

            b.    any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

      6.    The registrant's other certifying officers and I have indicated in
            the annual report whether or not there were significant changes in
            internal controls or in other factors that could significantly
            affect internal controls subsequent to the date of our most recent
            evaluation, including any corrective actions with regard to
            significant deficiencies and material weaknesses.

Date: July 22, 2003

                                       By: /S/ Antonio Horta Osorio
                                           -------------------------------------
                                       Name:  Antonio Mota de Sousa Horta Osorio
                                       Title: Chief Executive Officer


                                       20
<PAGE>

I, Miguel de Campos Pereira de Braganca, certify that:

      1.    1 have reviewed this Amendment No.1 to the annual report on Form
            20-F of Banco Totta & Acores, S.A.

      2.    Based on my knowledge, this Amendment No.1 to the annual report does
            not contain any untrue statement of a material fact or omit to state
            a material fact necessary to make the statements made, in light of
            the circumstances under which such statements were made, not
            misleading with respect to the period covered by this annual report;

      3.    Based on my knowledge, the financial statements, and other financial
            information included in this Amendment No.1 to the annual report,
            fairly present in all material respects the financial condition,
            results of operations and cash flows of the registrant as of, and
            for, the periods presented in this Amendment No.1 to the annual
            report;

      4.    The registrant's other certifying officers and I are responsible for
            establishing and maintaining disclosure controls and procedures (as
            defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
            and have:

            a.    designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidated subsidiaries, is made known to us
                  by others within those entities, particularly during the
                  period in which this Amendment No.1 to the annual report is
                  being prepared;

            b.    evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this Amendment No.1 to the annual report
                  (the "Evaluation Date"); and

            c.    presented in the annual report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

      5.    The registrant's other certifying officers and I have disclosed,
            based on our most recent evaluation, to the registrant's auditors
            and the audit committee of registrant's board of directors (or
            persons performing the equivalent function):

            a.    all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls; and

            b.    any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

      6.    The registrant's other certifying officers and I have indicated in
            the annual report whether or not there were significant changes in
            internal controls or in other factors that could significantly
            affect internal controls subsequent to the date of our most recent
            evaluation, including any corrective actions with regard to
            significant deficiencies and material weaknesses.

Date: July 22, 2003

                                     By: /S/ Miguel de Braganca
                                         ---------------------------------------
                                     Name:  Miguel de Campos Pereira de Braganca
                                     Title: Chief Financial Officer


                                       21
<PAGE>

                                INDEX TO EXHIBITS                   Sequentially
                                                                    Numbered
Number                             Description                      Page
------                             -----------                      ----

32.1    Section 906 Certification of Principal Executive Officer        23

32.2    Section 906 Certification of Principal Financial Officer        24


                                       22