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Explanatory notes
09. Variable Income
The Variable Income portfolio in December 31st of 2007 and 2006 shows the following figures:

The increase in the Variable Income Portfolio was of R$22,773,489 thousand, produced by the following events: investments of 273,569 thousand; realizations of R$6,466,887 thousand (sales of securities held in its own portfolio and of those allocated in investment funds, redemptions and amortizations of investment funds) and asset variation of R$28,966,807 thousand.