Banco Industrial e Comercial SA (BOVESPA:BICB4) > CreditStats Direct > Select Stats & Ratios

In Millions of the reported currency. Template: Period Type: Currency: Units: Adjusted Annual Reported Currency S&P Capital IQ (Default) Restatement: Order: Conversion: Decimals: Latest Filings Latest on Right Historical Capital IQ (Default)

Select Stats & Ratios For the Fiscal Period Ending Currency Loan Portfolio Public Sector & Government Loans Residential Real Estate Loans Other Consumer Loans Commercial Real Estate Loans Commercial/Corporate Loans Leases Foreign Loans Other Loans Provision & Reserves New Loan Loss Prov./Avg. Customer Loans (%) Loan Loss Reserves/Gross NPAs (%) Loan Loss Reserves/Customer Loans (%) Risk Position Growth in customer loans(%) NCOs/Avg. Customer Loans (%) Gross NPAs/Customer Loans + OREO (%) Resi. RE NCOs/Avg. Resi RE Loans (%) Other Cons. NCOs/Avg. Other Cons. Loans (%) Comm. RE NCOs/Avg. Comm. RE Loans (%) Comm.&Corp. NCOs/Avg. Comm.&Corp. Loans (%) Other NCOs/Avg. Customer Loans (%) NPAs (Net Spec.)/Cust. Loans (Net Spec.) (%) Funding & Liquidity Core Deposits/Funding Base (%) Customer Loans(Net)/Customer Deposits (%) Long Term Funding Ratio (%) Stable Funding Ratio (%) Most Recent 3 Yrs. Unweighted Avg. BRL 202.18 702.68 11,571.26 12 months Dec-31-2008 BRL 273.78 488.37 7,922.45 0 0 12 months Dec-31-2009 BRL 238.23 382.05 8,498.88 12 months Dec-31-2010 BRL 268.55 476.91 12,450.29 12 months Dec-31-2011 BRL 235.2 705.92 10,564.93

3.58 170.03 4.3

3.22 151.77 3.58

2.6 163.8 4.59

2.23 169.13 3.31

3.98 173.85 4.91

14.17 2.67 2.53

2.67 (1.85)

1.9 0.86 2.36 NM 0 NM 0 0.86 (1.27)

5.0 0.97 2.8

44.7 1.88 1.96

(12.8) 2.35 2.82

0.97 (1.88)

1.88 (1.4)

2.35 (2.19)

57.0 147.85 79.89

47.48 203.94 68.17

62.35 164.21 74.86

56.2 165.42 80.16

60.66 128.05 83.5

ST Wholesale Funding / Funding Base (%) Customer Loans (Net)/Adj. Assets (%) Broad Liquid Assets to ST Whole. Funding (x) Net Broad Liq. Assets to ST Cust. Dep. (%) Net ST Whole. Funding / Whole. Funding(%) Narrow Liquid Assets / 3-Month Whole.Funding (x) Profitability Pretax Profit/Revenues (%) Core Earnings/Revenues (%) Core Earnings/Avg. Reg. Risk-Wtd. Assets (%) Pretax Profit/Avg. Common Equity (%) Return on Equity (%) Business position Loan Market Share in Country of Domicile (%) Deposit Mkt. Share in Country of Domicile (%) Last Update Date NM --- Not Meaningful Company Last Updated: Nov-24-2013 06:40:20AM EST.

68.25 1.18 6.62 52.62

66.32 NM NM 72.42

76.32 NM NM 80.66

75.13 0.95 (2.67) 51.4

62.89 1.75 35.49 47.61

21.67 17.54 1.49 14.85 12.03

33.51 29.07 3.41 22.69 19.73

38.44 27.29 2.78 25.73 18.44

39.48 27.68 2.4 26.72 18.74

17.27 16.63 1.43 12.29 11.76

NA

Nov-24-2013

Nov-24-2013

Nov-24-2013

Nov-24-2013

S&P Credit Ratings and Research provided by

Published by Standard & Poors Financial Services LLC (S&P), Executive and Editorial offices: 55 Water Street, New York, NY 10041. Subscriber services: (1) 212-438-7280. Copyright 2013 by Standard & Poors Financial Services LLC. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poors Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) dosecurity not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENTS FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&Ps opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following

& Ratios

12 months Dec-31-2012 BRL 102.81 925.2 11,698.56

4.52 167.12 4.69

10.61 3.77 2.8

3.77 (1.97)

54.13 150.08 76.02

66.72 0.83 (12.97) 58.84

8.27 8.31 0.64 5.55 5.6

Nov-24-2013

Banco Industrial e Comercial SA (BOVESPA:BICB4) > CreditStats Direct > Income Statement
In Millions of the reported currency. Template: Period Type: Currency: Units: Adjusted Annual Reported Currency S&P Capital IQ (Default) Restatement: Order: Conversion: Decimals: Latest Filings Latest on Right Historical Capital IQ (Default)

Income Statement For the Fiscal Period Ending Currency Interest Income Interest Expense Net Interest Income Fees and Commissions Trading Gains Gains/(Losses) on Liquidity Portfolio Sec. Other Market Sensitive Income Equity in Earnings of Unconsol. Subs Net Insurance Income Other Noninterest Income Operating Noninterest Income Operating Revenues Personnel Expenses Premises Depreciation and Amortization-Other Other Noninterest Expense Noninterest Expenses Preprovision Operating Income Credit Loss Prov. (Net New) Operating Income After Loss Prov. Nonrecurring/Special Income Nonrecurring/Special Expense General Banking Risk Prov. Amortization of Intangibles Most Recent 3 Yrs. Unweighted Avg. BRL 2,548.63 1,318.44 1,230.19 72.56 12 months Dec-31-2008 BRL 2,523.35 1,489.8 1,033.55 53.81 0 0 0 0 12.22 66.03 1,099.58 167.12 0 0 287.76 454.88 644.69 277.27 367.43 1.03 0 0 0 12 months Dec-31-2009 BRL 1,005.89 7.98 997.92 48.08 12 months Dec-31-2010 BRL 2,021.22 854.12 1,167.1 68.75 12 months Dec-31-2011 BRL 2,973.53 1,675.35 1,298.18 75.75

0 27.59 100.15 1,330.34 207.55

0 109.01 157.08 1,155.0 167.44 23.57 92.33 1,259.42 174.71

0 32.01 107.77 1,405.95 223.22

409.79 617.34 713.0 429.41 283.59 (0.37)

315.96 483.39 671.61 231.82 439.79 4.2

339.27 513.98 745.45 248.27 497.18 0.07

446.65 669.87 736.08 491.72 244.36 (1.53)

Impairment of Intangibles Change in Appraisal Value of Insurance Bus. Pretax Profit Tax Expense/Credit Net Income Before Minority Interest Minority Interest In Consolidated Subsidiaries Net Income Before Extraordinaries Extraordinary Income Net Income After Extraordinaries Core Earnings Reconciliation Table Net Income Before Minority Interest - Nonrecurring Special Income + Nonrecurring Special Expense +/- Tax Impact of Adjustments + Amortization/Impair. of Goodwill/Intan. + General Banking Risk Prov. - Preferred Dividends +/- Other Earnings Adjustments Core Earnings Business position Total Revenues from Business Lines Commercial Banking/Total Revenue (%) Retail Banking/Total Revenue (%) Commercial & Retail Banking/Total Revenue (%) Trading & Sales Income/Total Revenue (%) Corporate Finance/Total Revenue (%) Retail Brokerage/Total Revenue (%) Insurance Activities/Total Revenue (%) Agency Services/Total Revenue (%) Payments & Settlements/Total Revenue (%) Asset Management/Total Revenue (%) Other Revenues/Total Revenue (%) Reported Return on Equity (%) Investment Banking/Total Revenue (%) Profitability Ratios Revenues Net Interest Income/Revenues (%) Fee Income/Revenues (%) Market-Sensitive Income/Revenues (%) Net Interest Income/Avg. Earning Assets (%)

0 283.22 52.68 230.54 230.54 368.46 47.93 320.53 0 320.53 0 320.53 443.99 125.78 318.2 318.2 497.25 148.56 348.69 348.69 242.83 10.43 232.4 232.4

230.54

318.2

348.69

232.4

230.54 0.37 (0.02) 0 0 0 230.89

320.53 (1.03) 0 0.13 0 0 0 0 319.63

318.2 (4.2) 1.19 0 0 0 315.2

348.69 (0.07) 0.02 0 0 0 348.64

232.4 1.53 (0.07) 0 0 0 233.87

NM NM NM NM NM NM NM NM NM NM NM NM

NM NM NM NM NM NM NM NM NM NM NM NM

NM NM NM NM NM NM NM NM NM NM NM NM

NM NM NM NM NM NM NM NM NM NM NM NM

NM NM NM NM NM NM NM NM NM NM NM NM

92.48 5.46

94.0 4.89 0 9.56

86.4 4.16

92.67 5.46

92.34 5.39

8.15

9.34

8.72

8.08

Net Int. Inc. (TE)/Avg. Earning Assets (%) Expenses & Prov. Personnel Expense/Revenues (%) New Loan Loss Prov./Revenues (%) NOI Before Loan Loss Prov./Rev. (%) Noninterest Expenses/Avg. Adj. Assets (%) Income Noninterest Expenses/Operating Revenues (%) Preprovision Operating Income/Avg. Assets (%) Core Earnings/Avg. Managed Assets (%) NOI Before Loan Loss Prov. /Loan Loss Prov. (%) NOI After Loan Loss Prov./Revenues (%) Tax/Pretax Profit (%) Core Earnings/Avg. Adj. Assets (%) Core Earnings/Avg. Adj. Common Equity (%) Last Update Date NM --- Not Meaningful Company Last Updated: Nov-24-2013 06:40:20AM EST.

8.15

9.56

9.34

8.72

8.08

15.57 32.01 53.71 3.76

15.2 25.22 58.63 3.71

14.5 20.07 58.15 4.02

13.87 19.71 59.19 3.62

15.88 34.97 52.35 3.9

46.29 4.39 1.47 189.96 21.7 11.11 1.48 12.67 NA

41.37 5.25 2.6 232.52 33.42 13.01 2.61 19.69 Nov-24-2013

41.85 5.59 2.62 289.71 38.08 28.33 2.62 18.31 Nov-24-2013

40.81 5.23 2.44 300.26 39.48 29.88 2.46 19.38 Nov-24-2013

47.65 4.26 1.35 149.7 17.38 4.29 1.36 12.63 Nov-24-2013

S&P Credit Ratings and Research provided by

Published by Standard & Poors Financial Services LLC (S&P), Executive and Editorial offices: 55 Water Street, New York, NY 10041. Subscriber services: (1) 212-438-7280. Copyright 2013 by Standard & Poors Financial Services LLC. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poors Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) dosecurity not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENTS FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&Ps opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following

tement

12 months Dec-31-2012 BRL 2,651.14 1,425.85 1,225.29 73.18

0 27.19 100.37 1,325.66 224.72

443.46 668.18 657.48 548.24 109.24 0.36

109.6 (0.94) 110.53 110.53

110.53

110.53 (0.36) 0 0 0 0 110.17

NM NM NM NM NM NM NM NM NM NM NM NM

92.43 5.52

7.66

7.66

16.95 41.36 49.6 3.76

50.4 3.68 0.62 119.92 8.24 (0.85) 0.62 6.01 Nov-24-2013

Banco Industrial e Comercial SA (BOVESPA:BICB4) > CreditStats Direct > Balance Sheet
In Millions of the reported currency. Template: Period Type: Currency: Units: Adjusted Annual Reported Currency S&P Capital IQ (Default) Restatement: Order: Conversion: Decimals: Latest Filings Latest on Right Historical Capital IQ (Default)

Balance Sheet For the Fiscal Period Ending Currency Assets Cash and Money Market Instruments Trading Securities (Marked To Market) Nontrading Securities Securities Mortgage Backed Securities, Included Above Loans To Banks (Net) Customer Loans (Gross) Loan Loss Reserves Customer Loans (Net) Equity Interests/Participations (Non-FI) Insurance Statutory Funds Investments In Unconsolidated Subsidiaries (FI) Intangibles (Nonservicing) Mortgage Servicing Rights Interest-Only Strips Intangibles Fixed Assets Other Real Estate/Foreclosed Assets Derivatives Credit Amount Accrued Receivables Tax Loss Carryforwards Other Deferred Tax Assets Commitments and Guarantees on B/S Other Assets Total Assets - Commitments and Guarantees on B/S - Intangibles (Nonservicing) - Insurance Statutory Funds Total Assets, Adj. Most Recent 3 Yrs. Unweighted Avg. BRL 2,821.92 915.2 166.46 1,081.65 12 months Dec-31-2008 BRL 2,000.51 341.46 27.64 369.09 0 0 8,684.59 310.86 8,373.73 0.61 0 0 12 months Dec-31-2009 BRL 1,400.77 428.49 18.79 447.28 12 months Dec-31-2010 BRL 2,417.89 599.77 261.17 860.94 12 months Dec-31-2011 BRL 4,053.47 669.9 109.0 778.9

12,476.12 532.84 11,943.28 0.65 0 93.06

9,119.17 418.84 8,700.33 0.62 0 0

13,195.75 437.19 12,758.56 0.62 0 105.19

11,506.05 565.03 10,941.02 0.62 0 93.18

93.06 108.86 270.21 530.9 40.28 452.88 269.59 17,613.29

0 46.11 0 296.38 1,119.27 2.48 301.3 0 116.02 12,625.52 0 0 12,625.52

0 47.63 9.09 371.52 6.96 311.96 103.51 11,399.66

105.19 73.17 11.72 419.61 10.97 330.01 97.76 17,086.45

93.18 107.19 160.77 654.73 37.49 471.33 192.75 17,491.42

(93.06) 17,520.23

(105.19) 11,399.66 16,981.26

(93.18) 17,398.24

Liabilities Noncore Deposits Core/Customer Deposits Total Deposits Acceptances Repurchase Agreements Mortgage Covered Bonds Legislation Enabled Covered Bonds Public Sector or Total Covered Bonds Minimal Equity Content Hybrids Other Borrowings Other Credit Reserves Other Liabilities Total Liabilities Prior Criteria Category 1 Hybrids Prior Criteria Category 2 Hybrids Intermediate Equity Content Hybrids(Cat.3) High Equity Content Hybrids (Cat.4) Govt.-Owned Hybrids in TAC w/o Limit Minority Interest-Equity Share Capital and Surplus Revaluation Reserve General Banking Risk Reserves Retained Profits Other Equity Common Shareholders Equity, Pre-Adj. Total Equity Total Liabilities and Equity Last Update Date Company Last Updated: Nov-24-2013 06:40:20AM EST.

749.51 8,113.33 8,862.84 139.69

338.15 4,106.05 4,444.2 0 19.66

513.12 5,298.44 5,811.56 8.45

913.86 7,712.63 8,626.49 239.93

675.93 8,544.64 9,220.57 46.53

0 5,333.08 1,309.4 15,645.02

0 4,236.39 2,240.18 10,940.44 0 0 0 0 0 1,434.21 0 257.33 (6.45) 1,685.09 1,685.09 12,625.52 Nov-24-2013

0 2,856.7 956.53 9,633.24 0

0 5,116.83 1,148.34 15,131.59 0

0 4,824.79 1,403.51 15,495.39

1,434.21

1,434.21

1,434.21

1,434.21

573.13 (39.06) 1,968.27 1,968.27 17,613.29 NA

379.91 (47.69) 1,766.42 1,766.42 11,399.66 Nov-24-2013

520.65 0 1,954.86 1,954.86 17,086.45 Nov-24-2013

620.42 (58.59) 1,996.04 1,996.04 17,491.42 Nov-24-2013

S&P Credit Ratings and Research provided by

Published by Standard & Poors Financial Services LLC (S&P), Executive and Editorial offices: 55 Water Street, New York, NY 10041. Subscriber services: (1) 212-438-7280. Copyright 2013 by Standard & Poors Financial Services LLC. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poors Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) dosecurity not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENTS FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&Ps opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following

12 months Dec-31-2012 BRL 1,994.41 1,475.93 129.2 1,605.13

12,726.57 596.3 12,130.27 0.72 0 80.81

80.81 146.21 638.14 518.36 72.38 557.32 518.27 18,262.0

(80.81) 18,181.19

658.74 8,082.74 8,741.48 132.62

0 6,057.63 1,376.36 16,308.08

1,434.21

578.31 (58.59) 1,953.92 1,953.92 18,262.0 Nov-24-2013

Banco Industrial e Comercial SA (BOVESPA:BICB4) > CreditStats Direct > Capital Analysis
In Millions of the reported currency. Template: Period Type: Currency: Units: Adjusted Annual Reported Currency S&P Capital IQ (Default) Restatement: Order: Conversion: Decimals: Latest Filings Latest on Right Historical Capital IQ (Default)

Capital Analysis For the Fiscal Period Ending Currency Credit Risk Government and Central Banks Institutions Corporate Retail Of Which Mortgage Securitization Other Assets Total Credit Risk Market Risk Equity in the Banking Book Trading Book Market Risk Total Market Risk Insurance Risk Total Insurance Risk Operational Risk Total Operational Risk Diversification Adjustments S&P RWA Before Diversification Total Adjustments to RWA S&P RWA After Diversification Equity Reconciliation Table Common Shareholders' Equity + Minority Interest (Equity) - Dividends Not Yet Distributed - Revaluation Reserves Most Recent 3 Yrs. Unweighted Avg. BRL 12 months Dec-31-2008 BRL 12 months Dec-31-2009 BRL 12 months Dec-31-2010 BRL 12 months Dec-31-2011 BRL

1,968.27 0 0

1,685.09 0 0 0

1,766.42 0 0

1,954.86 0 0

1,996.04 0 0

- Nonservicing Intangibles - Interest-Only Strips (Net) - Tax Loss Carryforwards - Postretirement Benefit Adjustment - Cum. Effect of Crdt.-Sprd. Rltd. Reval. Liab. - Other Equity Adjustments Adjusted Common Equity + Admissible Preferred and Hybrids Total Adjusted Capital Capital Ratios S&P RAC Ratio Before Diversification (%) S&P RAC Ratio After Diversification (%) Total Divers. Adj. / S&P RWA Bef. Divers. (%) Tier 1 Capital Ratio (%) Double Leverage (%) Adj. Common Equity/Total Adj. Capital (%) Adj. Common Equity/Regulatory RWA (%) Adj. Total Equity/Adj. Assets (%) Adj. Tot. Equity + LLR/Cust. Lns. (Gross) (%) Adj. Total Equity/Managed Assets (%) Total Managed Assets/Adj. Common Equity (x) Common Dividend Payout Ratio (%) Last Update Date NM --- Not Meaningful Company Last Updated: Nov-24-2013 06:40:20AM EST.

(93.06) (40.28) 0

0 (2.48) 0 0 1,682.6 0 1,682.6

0 (6.96) 0

(105.19) (10.97) 0

(93.18) (37.49) 0

1,834.93 0 1,834.93

1,759.47 0 1,759.47

1,838.7 0 1,838.7

1,865.37 0 1,865.37

NM NM NM 11.4 NM 100.0 10.81 10.48 19.07 10.4 9.63 77.33 NA

NM NM NM 16.6 NM 100.0 16.22 13.33 22.95 13.32 7.51 29.78 Nov-24-2013

NM NM NM 14.23 NM 100.0 14.35 15.43 23.89 15.43 6.48 53.74 Nov-24-2013

NM NM NM 11.0 NM 100.0 10.98 10.83 17.25 10.68 9.36 45.89 Nov-24-2013

NM NM NM 12.56 NM 100.0 11.68 10.72 21.12 10.66 9.38 72.11 Nov-24-2013

S&P Credit Ratings and Research provided by

Published by Standard & Poors Financial Services LLC (S&P), Executive and Editorial offices: 55 Water Street, New York, NY 10041. Subscriber services: (1) 212-438-7280. Copyright 2013 by Standard & Poors Financial Services LLC. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poors Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) dosecurity not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENTS FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&Ps opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following

lysis

12 months Dec-31-2012 BRL

1,953.92 0 0

(80.81) (72.38) 0

1,800.74 0 1,800.74

NM NM NM 10.64 NM 100.0 9.78 9.9 18.83 9.86 10.14 114.0 Nov-24-2013