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The following selected financial information has been derived from the audited Financial Statements included elsewhere in this Offering Memorandum. This selected financial information should be read in conjunction with, and is qualified in its entirety by reference to, the audited Financial Statements. The following selected financial information and the Financial Statements have been prepared in accordance with Brazilian GAAP and should be read in conjunction with the sections "Presentation of Financial and Certain Other Information" and

"Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Offering Memorandum.

Income from financial intermediation ... 1,784,766 3,347,864 2,431,267 2,005,203 Expenses from financial intermediation ... (1,135,836) (2,130,601) (1,464,879) (1,219,439)

Gross profit from financial intermediation ... 648,930 1,217,263 966,388 785,764 Other operating income (expenses)... (292,584) (548,829) (436,119) (126,657) Income from operations ... 356,346 668,434 530,269 659,107 Non-operating income ... 3,756 7,045 1,645 2,078

Income before taxes on income and profit sharing ... 360,102 675,479 531,914 661,185

Income and social contribution taxes ... (172,515) (323,603) (174,086) (160,487) Profit sharing ... (19,766) (37,077) (44,238) (41,686) Net income ... 167,821 314,799 313,590 459,012

(1) December 31, 2011 figures were converted into U.S. dollars using the selling exchange rate of R$1.8758 per U.S.$1.00, as published by the Central Bank on December 31, 2011.

Balance Sheet Data

Current assets ... 5,642,744 10,584,659 10,838,392 11,095,395 Cash and cash equivalents ... 51,757 97,086 82,391 72,983 Interbank investments ... 1,727,414 3,240,283 3,872,110 3,248,634 Securities and derivatives ... 124,316 233,192 1,026,946 2,227,338 Interbank accounts ... 142,485 267,274 238,268 178,392 Interbranch accounts ... 0 0 285 1 Lending operations ... 2,639,255 4,950,715 4,224,164 4,177,810

Other receivables ... 948,389 1,778,988 1,380,525 1,182,343 Other assets ... 9,127 17,121 13,703 7,894 Long-term assets ... 8,349,552 15,662,089 12,753,269 7,862,666

Securities and derivatives ... 5,264,205 9,874,595 6,739,820 3,011,201 Interbank accounts ... 19,652 36,863 32,474 38,603 Lending operations ... 3,006,512 5,639,615 5,910,740 4,710,825

Other receivables ... 59,183 111,016 70,235 102,037

Permanent assets ... 100,672 188,840 192,055 196,405 Investments ... 836 1,568 1,429 1,379 Property and equipment in use ... 98,928 185,569 188,219 191,962 Deferred charges ... 908 1,703 2,407 3,064

TOTAL ASSETS ... 14,092,967 26,435,588 23,783,716 19,154,466

(1) December 31, 2011 figures were converted into U.S. dollars using the selling exchange rate of R$1.8758 per U.S.$1.00, as published by the Central Bank on December 31, 2011.

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As of December 31,

2011 2011 2010 2009

(U.S.$ thousands)⁽¹⁾ (R$ thousands)

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities ... 5,196,798 9,748,154 8,474,793 8,110,117 Deposits ... 2,727,359 5,115,979 3,772,031 3,197,499

Open market funding ... 340,021 637,812 460,893 445,678 Payables for securities issued abroad⁽²⁾ ... 106,478 199,732 2,991 0

Interbank accounts ... 2 4 22 0

Interbranch accounts ... 3,807 7,142 30,330 13,128 Borrowings... 453,016 849,768 461,822 644,553 Domestic onlendings - Official institutions ... 92,455 173,427 289,427 313,523 Derivatives ... 4,060 7,615 12,118 15,979 Foreign onlendings ... 43,337 81,291 66,808 63,653 Other payables ... 1,426,263 2,675,384 3,378,351 3,416,104

Long-term liabilities ... 7,654,291 14,357,919 13,131,569 8,971,610 Deposits ... 2,051,669 3,848,520 4,737,550 3,135,228

Open market funding ... 35,484 66,561 63,396 0 Payables for securities issued abroad⁽³⁾ ... 300,606 563,876 482,496 0 Borrowings... 17,604 33,021 45,656 56,126 Domestic onlendings - Official institutions ... 593,484 1,113,258 1,397,349 1,120,001 Derivatives ... 7,204 13,513 46,020 20,592 Foreign onlendings ... 404,681 759,101 662,357 658,740 Other payables ... 4,243,559 7,960,069 5,696,745 3,980,923

Deferred income ... 9 16 16 14 Shareholders' equity ... 1,241,869 2,329,499 2,177,338 2,072,725

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY. 14,092,967 26,435,588 23,783,716 19,154,466

(1) December 31, 2011 figures were converted into U.S. dollars using the selling exchange rate of R$1.8758 per U.S.$1.00, as published by the Central Bank on December 31, 2011.

(2) Interest payments on the U.S.$300 million five-year notes issued in November 2010.

(3) Principal payment on the U.S.$300 million five-year notes issued in November 2010.

Selected Financial Ratios

As of and for the Year Ended December 31,

2011 2010 2009

Loans, net of allowance for loan losses/total assets ... 42.25% 44.71% 48.70%

Loans, net of allowance for loan losses/ liabilities (current and non-current) 46.33% 49.22% 54.60%

Capital Adequacy

Shareholder's equity/total assets ... 8.81% 9.15% 10.82%

Total liabilities/shareholder's equity ... 10.30 9.90 8.20 Regulatory Capital

Adjusted equity as a percentage of total risk-weighted assets⁽⁵⁾

(Capital Ratio) ... 16.58% 13.60% 12.99%

Return

Net Interest Margin (NIM)⁽⁶⁾ ... 4.30% 4.60% 4.80%

(1) Return on average equity is calculated as net income earned during the accounting period divided by our average equity.

(2) Return on average assets is calculated as net income earned during the accounting period divided by our average assets.

(3) A loan is considered past due when it is overdue from 15 days to the date the loan is written off in full. In accordance with Central Bank Resolution 2,682, loans that will mature within 36 months and loans that mature after 36 months are written off in full when they become overdue by 360 days and 540 days, respectively. See "Other Statistical and Financial Information—Lending Operations—Past Due Loans."

(4) Allowance for loan losses is calculated in accordance with the risk level of the credit following Resolution No. 2,682/99 of the CMN, as amended. See "Other Statistical and Financial Data—Lending Operations—Past Due Loans."

(5) Capital ratio required by Central Bank corresponding to a minimum capital adequacy ratio of 11% of total risk-adjusted assets. See

"Other Statistical and Financial Information—Return on Equity and Assets—Capital Adequacy and Minimum Capital Requirements."

(6) Net interest income divided by our average interest-earning assets. See "Other Statistical and Financial Data—Net Interest Spread and Net Interest Margin (NIM) Analysis."

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Total Revenues

Year Ended December 31,

2011 2010 2009

R$

millions

Relative Participation

%

R$

millions

Relative Participation

%

R$

millions

Relative Participation

% Total revenues⁽¹⁾ ... 5,864.4 100.0% 4,605.6 100.0% 4,283.4 100.0%

Income from financial intermediation ... 3,347.9 57.1% 2,431.3 52.8% 2,005.2 46.8%

Government fund and program management ... 931.7 32.9% 1,615.0 35.1% 1,379.6 32.2%

Banking services and capital markets activities ... 231.3 3.9% 311.1 6.8% 284.5 6.7%

Asset management... 14.3 0.2% 12.6 0.3% 9.7 0.2%

Other revenues⁽²⁾ ... 339.3 5.8% 235.7 5.1% 604.4 14.1%

(1) Total revenues for each period reflected in this table consists of the total of our income for the relevant period from (i) financial intermediation, (ii) administration services provided to government funds and programs, (iii) bank fees and (iv) certain other operating income (including del credere fees). Total revenues as so presented is a non-Brazilian GAAP accounting measure prepared by us that we believe to be a useful measure, insofar as it combines our interest and other income from financial intermediation and our income from fund and program management, including from our management of the FNE, which would not otherwise be reported as income from financial intermediation under Brazilian GAAP, although it may not be comparable to any similarly defined measure used by other financial institutions. As a result, our presentation of the components of total revenues set forth in this table differs from the discussion of the components of our income in "Management's Discussion and Analysis of Financial Condition and Results of Operations."

(2) Includes other operating income mainly from the effects of negative exchange rate variation in foreign-currency denominated funding, reversal of operational provisions and recovery of FNE loans. The amounts presented do not include related expenses, such as negative exchange variation on granted loans, accrual of operational provisions, and provisions for FNE transactions, among others, which are recorded as other operating expenses. For a more detailed description of other operating income and expenses, please refer to notes 20, 19 and 19, respectively, to the 2011 Financial Statements, the 2010 Financial Statements and the 2009 Financial Statements.

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