MACROECONOMIC OUTLOOK: CHANGES IN THE GLOBAL OUTLOOK, DEEPER EXCHANGE-RATE DEPRECIATION AND SLOWER DOMESTIC GROWTH PROMPT ADJUSTMENTS IN OUR SCENARIO

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1 MACROECONOMIC OUTLOOK: CHANGES IN THE GLOBAL OUTLOOK, DEEPER EXCHANGE-RATE DEPRECIATION AND SLOWER DOMESTIC GROWTH PROMPT ADJUSTMENTS IN OUR SCENARIO Economic Research Department - DEPEC

2 WORLD GDP GROWTH TAXA DE VARIAÇÃO DO PIB MUNDIAL (SOMA DOS PIBs OBTIDA PELA PARIDADE DO PODER DE COMPRA) Fonte: FMI/WEO. Elaboração e projeções (*): Bradesco Média Mundial PIB MUNDIAL SOURCE: FMI/WEO FORECAST: BRADESCO

3 EURO ZONE: REAL GDP GROWTH (%) ÁREA DO EURO: VARIAÇÃO REAL DO PIB (%) Fonte: FMI. Elaboração e projeções (*): Bradesco SOURCE: BLOOMBERG FORECAST: BRADESCO

4 US: REAL GDP GROWTH (%) SOURCE: BLOOMBERG FORCAST: BRADESCO

5 CHINA: REAL GDP GROWTH (%) China: crescimento anual do PIB (variação interanual). Fonte: Bloomberg Elaboração e projeções: Bradesco SOURCE: BLOOMBERG FORECAST: BRADESCO

6 LATIN AMERICA: ANNUAL GDP GROWTH e 2014e Brazil Argentina Chile Colombia Mexico Peru SOURCE: BLOOMBERG, BRADESCO

7 * 2014* COMMODITIES PRICE - CRB INDEX ANNUAL AVERAGE SOURCE: BLOOMBERG FORECAST: BRADESCO

8 S&P 500 INDEX ,181 1,336 1,257 1,360 1,271 1,344 1,121 1,219 1,099 1,285 1,162 1,347 1,404 1,400 1,278 1,377 1,338 1,466 1,355 1,447 1,402 1,531 1,488 1,593 1,542 1,667 1,573 1,692 1,070 1,170 1,270 1,370 1,470 1,570 1,670 1,770 09/11/ /12/ /12/ /01/ /02/ /02/ /03/ /04/ /05/ /05/ /06/ /07/ /07/ /08/ /09/ /10/ /10/ /11/ /12/ /01/ /01/ /02/ /03/ /03/ /04/ /05/ /06/ /06/ /07/ /08/ /08/ /09/ /10/ /11/ /11/ /12/ /01/ /01/ /02/ /03/ /04/ /04/ /05/ /06/ /07/ /07/2013 SPX index SOURCE: BLOOMBERG 8

9 BRAZILIAN ECONOMY 9 9

10 * 2014* BRAZILIAN GDP ANNUAL VARIATION Fonte: IBGE e IPEA 1984 Elaboração - e Projeção: 2014 Bradesco CRESCIMENTO ANUAL DO PIB BRASILEIRO - % (%) Twenty years average: 2.7% Ten years average: 3.7% SOURCE: IBGE, BRADESCO FORECAST: BRADESCO

11 INDUSTRIAL PRODUCTION: ANNUAL VARIATION Fonte: IBGE PRODUÇÃO INDUSTRIAL - CRESCIMENTO ANUAL IN % 11.0% 10.5% 8.3% 7.0% 6.0% 3.0% 2.7% 3.1% 2.8% 3.1% 2.5% 2.7% 0.1% 0.4% -1.0% -2.6% -5.0% -9.0% -7.4% 11 SOURCE: IBGE; BRADESCO FORECAST: BRADESCO

12 jul/00 out/00 jan/01 abr/01 jul/01 out/01 jan/02 abr/02 jul/02 out/02 jan/03 abr/03 jul/03 out/03 jan/04 abr/04 jul/04 out/04 jan/05 abr/05 jul/05 out/05 jan/06 abr/06 jul/06 out/06 jan/07 abr/07 jul/07 out/07 jan/08 abr/08 jul/08 out/08 jan/09 abr/09 jul/09 out/09 jan/10 abr/10 jul/10 out/10 jan/11 abr/11 jul/11 out/11 jan/12 abr/12 jul/12 out/12 jan/13 abr/13 jul/13 INDUSTRIAL SECTOR CONFIDENCE Fonte: FGV Índice de Confiança da Indústria - Série com ajuste sazonal , SOURCE: FUNDAÇÃO GETÚLIO VARGAS, BRADESCO

13 (p) 2014 (p) TOTAL REAL INVESTMENTS (%). ANNUAL VARIATION (%) SOURCE: IBGE FORECAST: BRADESCO

14 102,017 76,350 46,698 35,487 64,769 84,544 74,205 62,699 51,597 32,025 47,876 64,137 70,495 48,712 63,744 55,277 77,431 68,558 78, , , , , , , , , ,782 20,000 70, , , , , * TRUCK PRODUCTION SOURCE: ANFAVEA

15 RETAIL SALES ANNUAL VARIATION INCLUIDING AUTO AND VOLUME DE VENDAS DO COMÉRCIO VAREJISTA INCLUINDO CARROS E MATERIAL DE BUILDING MATERIALS CONSTRUÇÃO (PMC SALES AMPLIADA) CRESCIMENTO ANUAL Fonte: IBGE Elaboração e Projeção: Bradesco 15.0% 13.6% 12.0% 12.2% 9.9% 9.0% 8.0% 6.4% 6.8% 6.6% 6.0% 3.0% 3.1% 3.8% 3.5% 0.0% 15 SOURCE: IBGE; BRADESCO FORECAST: BRADESCO

16 Milhões BRAZILIAN POPULATION AGED BETWEEN 18 AND a 24 anos ,9 23,1 23,4 23,3 23,6 23,4 22,9 22,5 22,4 22, ,8 21,9 21,7 21,5 21, , ,1 19,2 19, , * * * 2013* 2014* 16 SOURCE: PNAD/IBGE, BRADESCO

17 * 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* POPULATION RATE OF GROWTH WORLD AND BRAZIL FONTE: BANCO MUNDIAL Crescimento populacional anual - Brasil projeção 3,2% 2,96% 2,8% Brasil BRAZIL Mundo WORLD 2,4% 2,0% 1,6% 1,54% 1,2% 0,8% 2,43% 2,07% 2,08% 1,80% 2,13% 1,53% 1,43% 1,14% 1,21% 1,15% 0,87% 0,4% 0,57% 17 SOURCE: WORLD BANK, BRADESCO

18 ago/04 nov/04 fev/05 mai/05 ago/05 nov/05 fev/06 mai/06 ago/06 nov/06 fev/07 mai/07 ago/07 nov/07 fev/08 mai/08 ago/08 nov/08 fev/09 mai/09 ago/09 nov/09 fev/10 mai/10 ago/10 nov/10 fev/11 mai/11 ago/11 nov/11 fev/12 mai/12 ago/12 nov/12 fev/13 LABOR MARKET FORMALIZATION (%) Com carteira, militares ou func. públicos, empregadores e contas próprias contrib. sobre o total de ocupados 73,0% 71,0% 69,0% 69,0% 70,3% 71,2% 72,0% 71,2% 67,0% 67,0% 65,0% 65,0% 65,0% 63,0% 62,5% 63,6% 61,0% 61,4% 61,4% 59,0% 59,7% 18 SOURCE: IBGE, BRADESCO

19 NET CREATION OF FORMAL EMPLOYMENT Em postos de trabalho 000 INDIVIDUAL JOBS GERAÇÃO LÍQUIDA DE EMPREGO FORMAL Fonte: Caged. Elaboração e projeções (*): Bradesco 2,500 2,000 2,137 1,500 1,523 1,254 1,229 1,617 1,452 1,566 1, , , * 2014* 19 SOURCE: CAGED, BRADESCO FORECAST: BRADESCO

20 Fonte: IBGE UNEMPLOYMENT RATE TAXA SIX DE MAJOR DESEMPREGO METROPOLITAN AREAS YEARLY AVERAGE ( ) SOURCE: IBGE FORECAST: BRADESCO

21 jan/09 fev/09 mar/09 abr/09 mai/09 jun/09 jul/09 ago/09 set/09 out/09 nov/09 dez/09 jan/10 fev/10 mar/10 abr/10 mai/10 jun/10 jul/10 ago/10 set/10 out/10 nov/10 dez/10 jan/11 fev/11 mar/11 abr/11 mai/11 jun/11 jul/11 ago/11 set/11 out/11 nov/11 dez/11 jan/12 fev/12 mar/12 abr/12 mai/12 jun/12 jul/12 ago/12 set/12 out/12 nov/12 dez/12 jan/13 fev/13 mar/13 abr/13 mai/13 jun/13 9.0% Admitidos REAL AVERAGE EMPLOYEE WAGE - YEAR-OVER-YEAR VARIATION ( ) Admitidos 8.0% 7.0% 6.6% 6.0% 5.0% 4.0% 3.0% 2.0% 2.5% 1.8% 2.4% 5.1% 5.4% 4.8% 2.6% 3.9% 2.2% 3.8% 3.0% 6.6% 6.1% 4.7% 4.5% 3.8% 3.1% 3.1% 1.0% 0.0% 0.9% 1.7% 1.3% -1.0% -2.0% -0.6% -1.3% 21 SOURCE: MTE, BRADESCO

22 90/91 91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13* BRAZILIAN GRAIN PRODUCTION em mil toneladas Produção Nacional de Grãos (Arroz, Feijão, Milho, Trigo, Soja, Algodão) Fonte e projeção: Conab Elaboração: Bradesco EM MIL TON 190, , , , , ,000 90,000 70,000 50,000 68,400 68,253 57,901 81,065 83,030 76,035 78, ,267 96, , , , , , , , , ,172 30, SOURCE AND FORECAST: CONAB, USDA, BRADESCO * Projeção

23 INFLATION BEHAVIOUR: MAIN FOCUS OF CURRENT DEBATES 23

24 * PPI (IGP-M) ANNUAL PERCENT CHANGE % 12.4% 11.0% 9.8% 11.3% 9.0% 8.7% 7.8% 7.8% 7.0% 5.0% 3.8% 5.1% 5.0% 3.0% 1.0% 1.2% -1.0% -3.0% -1.7% SOURCE: FGV, BRADESCO 24

25 jan/08 mar/08 mai/08 jul/08 set/08 nov/08 jan/09 mar/09 mai/09 jul/09 set/09 nov/09 jan/10 mar/10 mai/10 jul/10 set/10 nov/10 jan/11 mar/11 mai/11 jul/11 set/11 nov/11 jan/12 mar/12 mai/12 jul/12 set/12 nov/12 jan/13 mar/13 mai/13 jul/13 set/13 nov/13 CONSUMER PRICE INDEX 12-MONTHS PERCENT CHANGE 8.5% 7.5% 7.23% 6.5% 6.41% 6.87% 6.70% 5.84% 5.5% 5.22% 5.75% 4.5% 4.17% 4.84% 4.92% 3.5% 2.5% 25 SOURCE: IBGE, BRADESCO

26 CONSUMER PRICE INFLATION (IPCA) * 14.0% 12.0% 12.53% 10.0% 9.30% 8.0% 7.60% 6.0% 5.69% 5.90% 5,90% 6.50% 5.84% 5.75% 5.60% 4.0% 3.14% 4.46% 4.31% 2.0% 0.0% * 2014* 26 SOURCE: IBGE FORECAST: BRADESCO

27 jun/09 jul/09 ago/09 set/09 out/09 nov/09 dez/09 jan/10 fev/10 mar/10 abr/10 mai/10 jun/10 jul/10 ago/10 set/10 out/10 nov/10 dez/10 jan/11 fev/11 mar/11 abr/11 mai/11 jun/11 jul/11 ago/11 set/11 out/11 nov/11 dez/11 jan/12 fev/12 mar/12 abr/12 mai/12 jun/12 jul/12 ago/12 set/12 out/12 nov/12 dez/12 jan/13 fev/13 mar/13 abr/13 mai/13 jun/13 CONSUMER PRICES: FOOD ANNUAL VARIATION * 3.0% 2.0% 1.0% 0.78% 0.0% -1.0% Mensal 12M 0.41% -0.37% -0.21% 1.25% 2.06% -0.06% -0.61% -1.30% 2.40% 1.40% 2.76% 1.24% 1.03% 0.67% -0.15% -0.62% 0.74% -0.96% 1.25% 0.36% 0.68% 0.21% -0.03% 1.70% 0.83% 0.89% 0.62% 1.17% 0.52% 2.49% 15.71% 1.36% 1.10% 0.05% 16.0% 14.0% 13.87% 12.0% 10.0% 8.0% 6.0% -0.16% 4.0% 2.0% -2.0% -1.71% 0.0% 27 SOURCE: IBGE FORECAST: BRADESCO

28 jun/03 set/03 dez/03 mar/04 jun/04 set/04 dez/04 mar/05 jun/05 set/05 dez/05 mar/06 jun/06 set/06 dez/06 mar/07 jun/07 set/07 dez/07 mar/08 jun/08 set/08 dez/08 mar/09 jun/09 set/09 dez/09 mar/10 jun/10 set/10 dez/10 mar/11 jun/11 set/11 dez/11 mar/12 jun/12 set/12 dez/12 mar/13 jun/13 set/13 dez/13 CONSUMER PRICES: SERVICES AND GOODS 12 MONTHS VARIATION * 12.0% 10.00% 10.84% 10.0% 9.96% 9.18% 9.12% 8.55% 9.00% 8.0% 8.50% 7.96% 8.00% 7.13% 7.49% 8.04% 6.0% 6.84% 7.00% 4.22% 4.01% 3.97% 4.0% 4.10% 2.46% 6.04% 6.39% 2.99% 3.01% 2.0% 1.87% 1.59% 5.26% 0.0% Goods 0.70% 6.00% 5.00% Services -0.29% -2.0% 4.00% 28 SOURCE: IBGE AND BCB

29 BRAZILIAN CURRENCY: DEPRECIATION TREND EXPLAINED BY DOMESTIC FUNDAMENTALS, CHINESE ECONOMY DECELERATION AND USD STRENGTHENING 29

30 CURRENT ACCOUNT DEFICIT (IN USD MILLION) 18,000 9, ,000-18,000-27,000-36,000-45,000-54,000-63,000-72,000-1,811-18,384-23,502-25,335-24,225-23,215-30,452-33,416-7,637 4,177 13,985 13,643 11,679 1,551-24,302-28,192-2,1% GDP -2,4% -47,273 GDP -52,480-54,246-3,4% GDP -3,4% GDP -81,000-76,561-76, SOURCE: BCB, BRADESCO

31 DÉFICIT EM CONTA CORRENTE E IED EM MILHÕES CURRENT ACCOUNT DEFICIT AND FDI (US$ MILLION) FONTE BC Current Account Deficit 76,561 76,341 70,000 FDI 66,660 65,272 58,850 52,480 54,246 55,000 50,000 47,273 48,506 30,000 10, SOURCE: BLOOMBERG, BRADESCO

32 TRADE BALANCE US$ BILLION 49,000 44,703 46,457 40,032 42,000 35,000 33,641 28,000 24,794 24,836 25,290 29,807 21,000 20,147 19,431 14,000 13,121 7, ,650 5,086 5,980-7,000-3,466-5,599-6,753-6,575-1, , SOURCE: BLOOMBERG, BRADESCO

33 26/06/09 26/07/09 26/08/09 26/09/09 26/10/09 26/11/09 26/12/09 26/01/10 26/02/10 26/03/10 26/04/10 26/05/10 26/06/10 26/07/10 26/08/10 26/09/10 26/10/10 26/11/10 26/12/10 26/01/11 26/02/11 26/03/11 26/04/11 26/05/11 26/06/11 26/07/11 26/08/11 26/09/11 26/10/11 26/11/11 26/12/11 26/01/12 26/02/12 26/03/12 26/04/12 26/05/12 26/06/12 26/07/12 26/08/12 26/09/12 26/10/12 26/11/12 26/12/12 26/01/13 26/02/13 26/03/13 26/04/13 26/05/13 26/06/13 26/07/13 BRAZILIAN EXCHANGE RATE (R$/US$) R$/ US$ DECEMBER 2008 R$ 2.34 / US$ DECEMBER 2009 R$ 1.74 / US$ DECEMBER 2010 R$ 1.67 / US$ DECEMBER 2011 R$ 1.88 / US$ DECEMBER 2012 R$ 2.04 / US$ DECEMBER 2013 R$ 2.25 / US$ SOURCE: BLOOMBERG, BRADESCO

34 mar-08 jun-08 set-08 dez-08 mar-09 jun-09 set-09 dez-09 mar-10 jun-10 set-10 dez-10 mar-11 jun-11 set-11 dez-11 mar-12 jun-12 set-12 dez-12 mar-13 jun-13 set-13 dez-13 mar-14 jun-14 set-14 dez-14 Cenário básico para a taxa de juros - Selic NOMINAL INTEREST RATE (SELIC) % 13.75% 13.00% 13.0% 12.0% 11.75% 11.0% 10.0% 9.0% 8.0% 7.0% 12.75% 11.25% 10.25% 8.75%8.75% 10.25% 9.50% 10.75% 11.25% 12.50% 12.00% 11.50% 10.50% 9.75% 9.00% 8.50% 8.00% 7.25% 9.50% 9.50% 9.00% 8.50% 8.00% 6.0% 34 SOURCE: BCB, BRADESCO FORECAST: BRADESCO

35 AND WHAT ABOUT MEDIUM AND LONG TERM? ECONOMIC POLICY CHANGES AIM TO BALANCE THE NECESSARY ADAPTATION TO: MORE COMPETITIVE GLOBAL ENVIRONMENT; RESTRICTIONS OF LABOR MARKET; EXCHANGE RATE AT A LESS APPRECIATED LEVEL; NEW FISCAL POLICY (MORE EXEMPTIONS AND LESS REVENUE); MORE FOCUS ON EDUCATION, INFRASTRUCTURE AND SECTORS THAT REQUIRES MORE TECHNOLOGY

36 Milhões POPULATION: TOTAL, WORKING AGE, LABOR FORCE, EMPLOYED POPULATION AND UNEMPLOYED Millions População TOTAL POPULATION WORKING AGE EMPLOYED total POPULATION PIA LABOR PEAFORCE POPULATION Ocupados 6.7 UNEMPLOYED Desocupados 37 SOURCE: IBGE, BRADESCO

37 mai/06 jul/06 set/06 nov/06 jan/07 mar/07 mai/07 jul/07 set/07 nov/07 jan/08 mar/08 mai/08 jul/08 set/08 nov/08 jan/09 mar/09 mai/09 jul/09 set/09 nov/09 jan/10 mar/10 mai/10 jul/10 set/10 nov/10 jan/11 mar/11 mai/11 jul/11 set/11 nov/11 jan/12 mar/12 mai/12 jul/12 set/12 nov/12 jan/13 mar/13 mai/13 VOLUME DE VENDAS NO COMÉRCIO VAREJISTA RETAIL Fonte: IBGE SALES Janeiro 2003 = 100 AND INDUSTRIAL PRODUCTION BY VOLUME Elaboração: Bradesco RESTRITO E PRODUÇÃO INDUSTRIAL - MÉDIA MÓVEL TRIMESTRAL DAS SÉRIES DESSAZONALIZADAS THREE-MONTH AVERAGE OF SEASONALLY-ADJUSTED SERIES January 2003 = Vendas no Comércio RETAIL SALES 190 Produção INDUSTRIAL Industrial PRODUCTION SOURCE: IBGE, BRADESCO

38 * 2013* CEMENT SALES em mil toneladas Produção nacional de cimento Fonte: SNIC Elaboração e (*) projeção: Bradesco 77,000 67,000 57,000 47,000 73,098 68,798 64,218 59,118 51,884 46,551 39,942 39,901 38,927 38,705 41,895 37,000 34,597 35,122 27,000 27,490 24,843 28,256 17, SOURCE: SNIC, BRADESCO FORECAST: BRADESCO

39 * 2011 BRAZIL: FORMAL EDUCATION IN YEARS OF THE POPULATION AGED OVER 25 Média por Ano SOURCE: IBGE, BRADESCO

40 * FOREIGN DIRECT INVESTMENT US$ million 72,000 66,660 65,272 63,000 54,000 45,000 45,058 48,506 55,000 36,000 32,779 34,585 27,000 18,000 28,856 28,578 22,457 16,590 18,146 15,066 18,822 25,949 9,000 10, SOURCE: BCB, BRADESCO

41 India** Philippines China* Mexico Poland Hungary Taiwan Estonia Brazil Slovakia Portugal Czech Republic Argentina Korea, Republic of Israel Greece Singapore New Zealand Spain United Kingdom United States Japan Italy Canada Ireland France Netherlands Austria Finland Australia Germany Sweden Denmark Belgium Switzerland Norway HOURLY COMPENSATION COSTS IN MANUFACTURING, US$, SOURCE: BLS, BRADESCO * 2008, ** 2007

42 United Kingdom Korea, Republic of Mexico Taiwan United States Germany Netherlands France Finland Italy Canada Austria Belgium Portugal Spain Ireland Greece Hungary Sweden Denmark Poland Norway Switzerland New Zealand Japan Philippines Israel Estonia Australia Czech Republic Singapore Slovakia Brazil PERCENT CHANGES IN HOURLY COMPENSATION COSTS IN MANUFACTURING, US$, % 94.5% 80% 79.4% 60% 40% 20% 8.9% 16.0% 23.0% 25.3% 27.9% 28.9% 31.0% 33.8% 35.2% 42.9% 47.7% 49.3% 57.9% 61.0% 0% -1.5% -20% 43 SOURCE: BLS, BRADESCO

43 THE PROCESS OF SOCIAL MOBILITY WILL CONTINUE TO FAVOR THE EXPANSION OF HOUSEHOLD CONSUMPTION. 44

44 NEW MIDDLE CLASS (% SHARE OF TOTAL POPULATION) SOURCE: CPS/FGV, BRADESCO 45

45 BRAZILIAN SOCIAL CLASSES, IN MILLION PEOPLE 70% 60% * 58.9% CLASSE A: R$ OU MAIS CLASSE B: DE R$ A R$ CLASSE C: DE R$ A R$ % CLASSE D: DE R$ 701 A R$ % CLASSE E: ATÉ R$ % 37.9% 33.3% 30% 20% 20.0% 18.4% 17.9% 16.3% 11.9% 10% 3.8% 7.9% 5.7% 5.0% 4.8% 5.1% 46 00% Classe E Classe D Classe C Classe B Classe A SOURCE: IBGE; BRADESCO

46 HOUSEHOLDS FACE GOOD FINANCIAL CONDITIONS TOTAL Fonte: IBGE REAL INCOME (ANNUAL VARIATION - %) Elaboração: MASSA DE RENDIMENTO DO TRABALHO - CRESCIMENTO MÉDIO ANUAL 8.0% 7.0% 7.48% 7.47% 6.0% 5.57% 6.17% 5.0% 4.0% 4.52% 4.91% 3.99% 4.77% 4.23% 3.0% 2.0% 1.50% 1.0% 0.0% 47 SOURCE: IBGE

47 (p) 2014 (p) TAXA DE CRESCIMENTO DO CONSUMO DAS FAMÍLIAS HOUSEHOLD Fonte: IBGE CONSUMPTION ANNUAL VARIATION (%) Elaboração: Bradesco SOURCE: IBGE; BRADESCO FORECAST: BRADESCO

48 DEPEC-BRADESCO: MACROECONOMIC SCENARIO (average) GDP% CPI (IPCA) % WPI (IGP-M) % Nominal rates (Selic) 8.75% 10.75% 11.00% 7.25% 9.50% 9.50% 9.5% Industrial Production % -7.4% 10.5% 0.4% -2.6% 2.5% 3.1% 3.1% Unemployment rate % % BRL (R/US$) average BRL (R/US$) eop Exports (US$ Bn) Imports (US$ Bn) Trade balance (US$ Bn) Current account (US$ Bn) Current account % of GDP -1.6% -2.3% -2.1% -2.4% -3.4% -3.4% -2.4% International Reserves (US$ Bn) FDI (US$ Bn) CRB (Average) n/a Crude Oil (Brent US$/b) - Average n/a n/a Fiscal balance % of GDP Net Public debt % of GDP Credit outstanding %YoY Non-performing loans Individuals 7.7% 5.7% 7.4% 7.9% 6.5% 7.1% 5.8% Companies 3.8% 3.5% 3.9% 4.0% 3.8% 4.2% 2.9% 53 Estimation based on information available until 29 th July, 2013

49 DEPEC - BRADESCO does not accept responsibility for any actions/decisions that may be taken based on the information provided in its publications and projections. All the data and opinions contained in these information bulletins is carefully checked and drawn up by fully qualified professionals, but it should not be used, under any hypothesis, as the basis, support, guidance or norm for any document, valuations, judgments or decision taking, whether of a formal or informal nature. Therefore, we emphasize that all the consequences and responsibility for using any data or analysis contained in this publication is assumed exclusively by the user, exempting BRADESCO from all responsibility for any actions resulting from the usage of this material. We all point out that access to this information implies acceptance in full of this term of responsibility and usage. The reproduction of the content in this report (partially or in full) is strictly forbidden except if authorized by BRADESCO or if the sources (the name of the authors, publication and BRADESCO) are strictly mentioned. Updated 29 th July, 2013