banif finance, ltd.

Balance SheetFINANCIAL STATEMENTS AND AUDITORS’ REPORTSBanif SGPS, S.A. (holding company of the Banif Group)Financial statements for year ended 31 December 200331 December 31 December2003111231111211211112200211112Prov. andGross11112Dep.11112Net11112Net11112Eur ’000AssetsCash and funds with Central Banks ............................ 277,056 277,056 146,269Sight deposits with Banks............................................ 85,331 43 85,288 113,475Other loans and advances to Banks ............................ 120,643 120,643 768,145Loans and advances to Clients .................................... 4,406,902 63,615 4,343,287 4,366,716Bonds and other fixed yield securities ........................ 329,686 875 328,811 222,814(a) Public ................................................................ 63,490 13 63,477 43,347(b) Other .................................................................. 266,196 862 265,334 179,468(c) Own securities .................................................. 0Shares and other variable yield securities.................... 89,020 13,228 75,792 53,538Shares in associated companiesShares in affiliated companies not included inconsolidated accounts .............................................. 48,084 48,084 32,516Other financial holdings .............................................. 4,649 313 4,336 2,843Intangible fixed assets.................................................. 59,621 37,797 21,824 23,263Tangible fixed assets .................................................... 192,735 71,210 121,525 135,410(Of which: property) ................................................ 112,707 8,963 103,744 116,108Revaluation differences - Equity Method .................... 2,070 13 2,057 16Goodwill ...................................................................... 26,347 10,334 16,013 17,594Unrealized share capitalOwn sharesOther assets .................................................................. 110,856 4,119 106,737 87,106Accruals and deferrals.................................................. 160,105 160,105 97,070Consolidated loss for the period .................................. 0Minority interests ........................................................11112 11112 11112 11112Total.............................................................................. 5,913,105 201,547 5,711,558 6,066,77511112 11112 11112 1111211112 11112 11112 11112F-1