Las protagonistas que hacemos parte de esta investigación

The commercial transactions between the Company and its subsidiaries are carried out under usual market prices and conditions, and have been eliminated on consolidation. The main transactions are the following:

(i) administrative expenses charged by the subsidiary Porto Cia for the use of properties and workforce;

(ii) rentals of buildings charged by the subsidiaries Porto Seguro, Porto Vida and Azul Seguros;

(iii) rendering of health insurance services by the subsidiary Porto Saúde;

(iv) rendering of monitoring services by the subsidiary Proteção e Monitoramento;

(v) agreement for apportionment of administrative costs of the subsidiary Itaú Auto e Residência with the companies of the Itaú Unibanco Conglomerate, mainly due to the use of common structure and personnel expenses;

(vi) rendering of portfolio management services by the subsidiary Portopar;

(vii) agreement for use of credit card payment credit between the Port Cia and Portoseg for payment of insurance policies;

(viii) services rendered of medical care and use of hospital network hired by Porto Saúde from Serviços Médicos.

(a) The balances receivable and payable regarding related-party transactions are shown below:

Page: 97/103

Notes to the Quarterly Information

(b) Transactions with the key management personnel, which include board members, officers and members of the executive committee, are as follows:

(i) The remuneration paid or payable related to services is as follows:

2nd Quarter

Page: 99/103 38. Notes not included in this interim financial information

According to IAS 34 (Interim Financial Reporting) and Official Circular Letter CVM/SNC/SEP/003/2011, Porto Seguro omitted or condensed the following notes in this financial information in relation to the financial statements for the year ended December 31, 2011, as such notes did not contain significant changes:

Note to the annual /

interim FS Title

Page on Annual FS (*)

2 /2 Summary of significant accounting policies 03

3/ 3 Accounting estimates and judgments 26

4.1/ 4.1 Insurance risk management 27

13 /14 Properties for investment 67

15.2 Fixed assets - leased 70

16.6

Behavior of provision for claims in the years subsequent to

its recognition 75

34 /35 Employee benefits 91

37 /38 Other information 96

(*)Page where is the note in the Annual Financial Statements (DFP), available at the site of CVM (www.cvm.gov.br).

Other Information Considered Relevant by the Company

AUDIT COMMITTEE’S REPORT

The Audit Committee of Porto Seguro S.A. is a statutory body subordinated to the Board of Directors, comprised of independent members, in accordance with best corporate governance practices adopted by companies with shares traded on the Novo Mercado segment of the BM&F-Bovespa S.A. - Bolsa do Valores, Mercadorias e Futuros, and complies with conformity with the prevailing law, in particular Resolution 118/04, of the National Private Insurance Council (CNSP).

The work scope of the Audit Committee encompasses all companies in the Porto Seguro conglomerate, which committee is operated through Porto Seguro S.A., a publicly-held company holding the controlling stake in the companies comprising the conglomerate.

The management of Porto Seguro S.A. is responsible for the preparation, presentation and integrity of the financial statements of Porto Seguro S.A. and its subsidiaries, as well as for the implementation and maintenance of internal controls that are adequate to the complexity of transactions, strictly in conformity with the accounting practices adopted in Brazil, including the pronouncements issued by the Accounting Pronouncements Committee and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).

Deloitte Touche Tohmatsu Auditores Independentes was engaged as the independent auditor of the financial statements of Porto Seguro S.A. and its subsidiaries, including the consolidated financial statements. Based on the audit work, conducted in accordance with the Brazilian standards on auditing, the independent auditor issues an opinion on whether these financial statements present fairly, in all material respects, the financial position of Porto Seguro S.A. and its subsidiaries as at the balance sheet date, and their financial performance and their cash flows for the period then ended in accordance with accounting practices adopted in Brazil with respect to individual financial statements and, with respect to consolidated financial statements, also in accordance with International Financial Reporting Standards (IFRS) issued by IASB.

The Audit Committee is mainly responsible for independently analyzing, monitoring and issuing recommendations on: (1) the financial statements of Porto Seguro S.A. and its subsidiaries; (ii) the internal control systems of Porto Seguro S.A. and its subsidiaries; (iii) the compliance with legal and regulatory provisions applicable to Porto Seguro S.A. and its subsidiaries, considering the characteristics inherent in each entity, in addition to internal rules and policies; (iv) the work performed by the internal and external audit staff and (v) the integrity or improvement of policies, practices and procedures identified under the scope of the work.

Page: 101/103 Based on its bylaws, the Audit Committee has performed the following activities, among others: (a) analysis and approval of the annual internal audit activity plan for 2012; (b) holding of meetings with various areas in the company; (c) request, analysis and follow-up of information and reports on the structure and operation of the internal control environment and risk management; (d) evaluation of the level of work conducted by the internal and external audit staff, as well as of the independence policy;

(c) request and analysis of documents relating to the accounting and financial aspects of the conglomerate and ongoing lawsuits; (f) analysis of the compliance with standards specifically applicable to the areas of operation of Porto Seguro S.A. and its subsidiaries.

The Committee met the independent auditor and became aware of the report on limited review of interim financial information (ITR) of Porto Seguro S.A. as at June 30, 2012.

Consequently, in reliance upon the activities performed during the period and based on the limitations arising from the scope of its work, the Committee understands that the interim financial information of Porto Seguro S.A. as at June 30, 2012 has been prepared in conformity with the accounting practices adopted in Brazil and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and recommends its approval by the Board of Directors.

São Paulo, August 2, 2012

Alfredo Sérgio Lazzareschi Neto

Evandro Cesar Camillo Coura Ricardo Baldin

Opinions and Statements / Unqualified Special Review Report

REPORT ON REVIEW OF QUARTERLY INFORMATION To the Management and Shareholders of

Porto Seguro S.A.

São Paulo - SP Introduction

We have reviewed the accompanying individual and consolidated interim financial information of Porto Seguro S.A., included in the Interim Financial Information Form (ITR), for the quarter ended June 30, 2012, which comprises the balance sheet as of June 30, 2012 and the related income statement and statement of comprehensive income for the three and six-month period then ended and the statement of changes in equity and statement of cash flows for the six-month period then ended, including the explanatory notes.

Management is responsible for the preparation of the individual interim financial information in accordance with CPC 21 - Interim Financial Reporting and the consolidated interim financial information in accordance with CPC 21 and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the presentation of such information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of Interim Financial Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and international standards on review of interim financial information (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the individual interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual interim financial information included in the ITR referred to above is not prepared, in all material respects, in accordance with CPC 21 applicable to the preparation of Interim Financial Information (ITR) and presented in accordance with the standards issued by the Brazilian Securities Commission.

Conclusion on the consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information included in the ITR referred to above is not prepared, in all material respects, in accordance with CPC 21 and IAS 34 applicable to the preparation of Interim Financial Information (ITR) and presented in accordance with the standards issued by the Brazilian Securities Commission.

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2012-0824

Other matters

Statements of value added

We have also reviewed the individual and consolidated interim statements of value added (“DVA”), for the six-month period ended June 30, 2012, prepared under the responsibility of the Porto Seguro S.A.

management, the presentation of which is required by the standards issued by the Brazilian Securities Commission (CVM) applicable to the preparation of Interim Financial Information (ITR), and considered as supplemental information for IFRS that does not require the presentation of DVA. These statements were subject to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that they are not prepared, in all material respects, in relation to the individual and consolidated interim financial information, in accordance with CPC 21, taken as a whole.

Review of individual and consolidated interim financial information for the quarter ended June 30, 2011 and audit of individual and consolidated financial information for the year ended December 31, 2011

The Interim Financial Information (ITR) referred to in the first paragraph includes financial information on profit and loss, comprehensive income, changes in equity, cash flows and value added for the three- and/or six-month periods ended June 30, 2011, obtained from the Interim Financial Information - ITR for the quarter ended June 30, 2011, and the balance sheets as at December 31, 2011, obtained from the financial statements as at December 31, 2011, which were originally prepared before the reclassifications described in Note 2.2 made to change this 2011 financial information, presented for purposes of comparison. The financial statements for the year ended December 31, 2011, as originally prepared, and the review of the Interim Financial Information (ITR) for the quarter ended June 30, 2011, were audited by another auditor, who issued unqualified audit and review reports dated February 25, 2012 and August 1, 2011, respectively.

As part of our review of the interim financial information for the quarter ended June 30, 2012, we also reviewed the reclassifications described in Note 2.2, which were made to change the financial information contained in the financial statements for the year ended December 31, 2011, presented for purposes of comparison. Based on our review, nothing has come to our attention that causes us to believe that such reclassifications are not appropriate or were not properly made, in all material respects.

We were not engaged to audit, review, or apply any other procedures to the Interim Financial Information (ITR) of Porto Seguro S.A. relating to the figures for 2011 and, therefore, we do not express an opinion or any other form of assurance on the 2011 financial information taken as a whole The accompanying interim financial information has been translated into English for the convenience of readers outside Brazil.

São Paulo, July 31, 2012

DELOITTE TOUCHE TOHMATSU Auditores Independentes

Francisco A. M. Sant’Anna Engagement Partner