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The constitution of the agreement will lead to the creation of one of the most important insurance groups in Brazil, which would consolidate the joint positions of both partners in this sector with a market share of 16% and premiums of BRL 4,000 million (EUR 1,530 million, approximately) during the first seven months of 2009. In addition, the new insurance Group will be the leading company in the Brazilian market for Personal assurance and will become the second company in Property and Casualty lines.

Within the framework of MAPFRE¿s international expansion, the Brazilian market has an important strategic value. It has a presence there since 1991, and since 2005 has an agreement with BANCO NOSSA CAIXA (subsidiary of BANCO DO BRASIL) which has been highly successful, both in terms of results as well as business model.

BANCO DO BRASIL, Brazil¿s leading financial institution, is quoted on the ¿Novo Mercado¿ with a free float of approximately 21.70%. Its main shareholder is the Federal Republic of Brazil (¿Republica Federativa do Brasil¿). The bank has the largest presence in the country (presence in 59% of Brazil¿s cities with nearly 5,000 branches) and is clearly the leading retail bank in the market: 34 million customers (30% market share), USD 139,000 million in deposits (23% market share) and 24 million credit cards in issuance.

MAPFRE is the leading Spanish insurance company, with a presence in 45 countries, specialised in the insurance, reinsurance and assistance markets in Latin America, where the Group is the leading Non-life insurer. MAPFRE has more than 34,600 employees and over 13 million customers throughout the world. In the first half of 2009, it recorded a net result of over EUR 530 million and revenues exceeded EUR 10,000 million.