Merril Lynch GEM Conference - June 16-18, 2004 43 R$ Million Resources100 1169481 Current SituationScenario (*) Average Balance Financial Margin SpreadAverage Balance Financial Margin Spread Loans - Individuals100 1529860Loans - Businesses100 1489057Real Estate Credit100 150 100Banking Service Fees 100 115 Net Interest Margin100101 Insurance Products 100 164Provisions 100 128Expenses 100 113 (*) Future expectations derived from this sensitivity analysis must consider the risks and uncertainties that involve any activities and are away from the control of the companies of the conglomerate (politic and economic changes, volatility in interest rates and exchange, technology changes, inflation, financial disintermediation, competitive pressures over the products and prices and changes in the applicable regulations).
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