Dear Ms. Lagarde

(...) Dear Ms. Lagarde:

5. On the basis of the strength of the policies defined in this letter, and in light of our
performance under the program, we request the completion of the fourth review under the
Extended Arrangement, the fifth purchase under the arrangement in the amount of
SDR 1197 million, as well as waivers of applicability of the end-June performance criteria
7. This letter is copied to Messrs. Juncker, Rehn, and Draghi.

Sincerely yours,

________________________ _____________________
              Vítor Gaspar               Carlos da Silva Costa
Minister of State and Finance Governor of the Banco de Portugal

1. Memorandum of Economic and Financial Policies (MEFP)
2. Technical Memorandum of Understanding (TMU)


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