Economic projections for 2006 Separamos in two segments: fixed and mobile. The fixed operators will have to present good performance this year very on the basis of the perspective of bigger shares in short term, beyond less uncertain a regulatory environment. In this segment, our main recommendation is TMAR%. In mobile telephony, the environment must continue sufficiently competitive, with light improvement in the edge.

In this direction, we recommend to the investors an allocation of underperformer in the segment, being our main recommendation in sector TCSL4. We still continue recommending EBTP4 and NETC4 as purchase, the first one in the line of an asset still cheap, although the well moderate growth for the front, the s second, still on the basis of growth. Better Consulting of riscoCarreira the managing partner of the Risk Office, Marcelo Rabbat, was elect for the voters of better consulting INSTITUCIONAL INVESTOR as of risk in 2005. Rabbat is in the Risk Office has six years. Rightnesss in 2005 In 2005, as foreseen, we attend the increase of the importance of the operations of credit, mainly the consolidation of the market of securitizao by means of the FIDCs (deep> For 2006, remaining it hope of an acceleration in the process of fall of the taxes of interests, expects a bigger appetite of the institucional investors for the following types of investments: FIDC already all exists in Brazil device standard (benchmark) and not the homogenization of the concepts of risk amongst the managers (leverage, long shorts, etc.). In operations with ballasts in FIEX, we attend in this last trimester the use, on the part of the institucional investors, of these operations with well attractive rentabilidades. The necessary condition for the accomplishment of this type of operation is the adoption on the part of the EFPC of a work of ALM due the question of liquidity of these estratgias.