Merrill Lynch is always concentrated on the so-called Bric economies (a group including Brazil,

Russia, India and China) and we are currently seeing a resurgence of interest from inestors worldwide

in emerging mar!ets" #ithin this conte$t, Brazil is one of the most profita%le mar!ets and where we

see some of the %iggest opportunities" Brazilian demographics are ery positie& ' large percentage of

the population is well educated, there is a young and growing consumer sector the country has sta%le

financial mar!ets at a highly respected central %an! with a well superised monetary policy" Brazil has

sta%le political institutions and an increasingly diersified economy" 'nd, one of the most enthusiastic

areas in Brazil, is the incredi%le priate sector" ot only does it encompass ery successful and well-

managed conglomerates in leading industries %ut it also includes a ery agile sector with small and mid

range capitalization" 'll of this guarantees that, year after year, Brazil will see growing direct foreign

inestment in eery industry"

*azeta Mercantil - #hat a%out Latin 'merica+

#e are optimistic a%out the region as a whole, and contrary to some of our competitors from the

inestment %an!ing area, we hae specifically committed to a %usiness plan which is a strategy for the

whole of Latin 'merica and does not focus solely on Brazil" #e %eliee that the strength and

sustaina%ility of our Latin 'merican %usinesses will depend to a great e$tent on pursuing a %usiness

model which is increasingly diersified through all types of assets and industries, all financial mar!ets

and a wide range of Latin 'merican countries" #e hae %een present in other parts of the region for

seeral decades, and although Brazil has always %een the country ma!ing the greatest contri%ution to

our Latin 'merican reenues, we also see e$cellent growth potential in other countries" It is important

to recognize that in order to proide the %est possi%le serices to Brazilian inestors and companies, an

inestment %an! cannot simply esta%lish itself in Brazil and ignore other regional countries" Businesses

are %ecoming increasingly glo%al in eery sector, and Brazilian clients -- inestors and companies --

are increasingly loo!ing to opportunities that transcend %orders, in other Latin 'merican countries, for

inestments as well as e$pansion opportunities" Merrill Lynch strategy is to %e a glo%al %an! which is

also an important player on the main local mar!ets" his strategy means that Merrill Lynch can offer

Brazilian clients the greatest possi%le access, which no other %an! can, to all %usiness inestment

 possi%ilities -- in Brazil, in Latin 'merica and worldwide" #e cannot do this if we are centralized

solely in Brazil, as many of our main competitors are"

*azeta Mercantil - as Brazil.s inestment-grade rating had any impact on Merrill Lynch e$pansion

 plans in Brazil+

 o" /ur Brazilian and regional e$pansion plans hae not changed at all since the new rating was

issued" he change in rating only confirmed what we hae %elieed for many years, that Brazil will

 %ecome an inestment-grade country and continue to present healthy growth" his is why Merrill

Lynch committed to Brazil for the long-term many years %efore 0tandard 1 2oor3s raised the country.s

rating to inestment-grade"