<SEC-DOCUMENT>0001292814-19-000634.txt : 20190308
<SEC-HEADER>0001292814-19-000634.hdr.sgml : 20190308
<ACCEPTANCE-DATETIME>20190308160905
ACCESSION NUMBER:		0001292814-19-000634
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20181231
FILED AS OF DATE:		20190308
DATE AS OF CHANGE:		20190308

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANK BRADESCO
		CENTRAL INDEX KEY:			0001160330
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15250
		FILM NUMBER:		19669187

	BUSINESS ADDRESS:	
		STREET 1:		CIDADE DE DEUS S/N VILA YARA
		STREET 2:		06029-900 OSASCO
		CITY:			SP BRAZIL
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K/A
<SEQUENCE>1
<FILENAME>bbdfs2018_6ka.htm
<DESCRIPTION>BBDFS2018_6KA
<TEXT>

<HTML>
<HEAD>
   <TITLE>bbdfs2018_6ka.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Washington, D.C. 20549 </B></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<HR align=center color=#000000 width="21%" noShade>



<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>FORM 6-K/A</B></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE</B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><B>SECURITIES EXCHANGE ACT OF 1934 </B></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center>

<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of March, 2019</B></FONT></DIV><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1-15250 </B></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

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<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>BANCO BRADESCO S.A.&nbsp;</B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><B>(Exact name of registrant as specified in its charter) </B></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center></DIV>

<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>BANK BRADESCO </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><B>(Translation of Registrant's name into English) </B></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Cidade de Deus, s/n, Vila Yara<BR>06029-900 - Osasco - SP<BR>Federative Republic of Brazil </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><B>(Address of principal executive office) </B></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<P></P>

<P></P>

<P></P>

<P></P>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.&nbsp;</FONT> <FONT color=#000000 size=3 face="Times New Roman">Form 20-F ___X___ Form 40-F _______</FONT>

<P>&nbsp;<FONT size=3 face="'Times New Roman, Times, Serif'">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.&nbsp;</FONT>&nbsp;</P><FONT color=#000000 size=3 face="Times New Roman">Yes _______ No ___X____</FONT>

<P><FONT color=#ffffff>&nbsp;.</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name="page_1"></A>

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<IMG border=0 src="capa.jpg"></P>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name="page_2"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 148.8pt">

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<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%"><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></TD></TR></TABLE></DIV></DIV>

<DIV>&nbsp;</DIV></DIV>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT face=arial,sans-serif><FONT color=black face=arial,sans-serif><B><I><FONT lang=PT-BR style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt">Summary</FONT></I></B></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; LINE-HEIGHT: 9pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=bottom width="50%">
   <A href="#page_3">

   <P style="MARGIN-BOTTOM: 6pt"><FONT style="FONT-SIZE: 9pt" face=Arial>Independent Auditors&#8217; Report</FONT></P></A></TD>

   <TD vAlign=bottom width="50%" align=right>
   <A href="#page_3">

   <P style="MARGIN-BOTTOM: 6pt"><FONT style="FONT-SIZE: 9pt" face=Arial>3</FONT></P></A></TD></TR>

<TR>

   <TD vAlign=bottom width="50%">
   <A href="#page_9">

   <P style="MARGIN-BOTTOM: 6pt"><FONT style="FONT-SIZE: 9pt" face=Arial>Audit Committee&#8217;s Report</FONT></P></A></TD>

   <TD vAlign=bottom width="50%" align=right>
   <A href="#page_9">

   <P style="MARGIN-BOTTOM: 6pt"><FONT style="FONT-SIZE: 9pt" face=Arial>8</FONT></P></A></TD></TR>

<TR>

   <TD vAlign=bottom width="50%">
   <A href="#page_10">

   <P style="MARGIN-BOTTOM: 6pt"><FONT style="FONT-SIZE: 9pt" face=Arial>Consolidated Statements of Income</FONT></P></A></TD>

   <TD vAlign=bottom width="50%" align=right>
   <A href="#page_10">

   <P style="MARGIN-BOTTOM: 6pt"><FONT style="FONT-SIZE: 9pt" face=Arial>9</FONT></P></A></TD></TR>

<TR>

   <TD vAlign=bottom width="50%">
   <A href="#page_11">

   <P style="MARGIN-BOTTOM: 6pt"><FONT style="FONT-SIZE: 9pt" face=Arial>Consolidated Statements of Comprehensive Income</FONT></P></A></TD>

   <TD vAlign=bottom width="50%" align=right>
   <A href="#page_11">

   <P style="MARGIN-BOTTOM: 6pt"><FONT style="FONT-SIZE: 9pt" face=Arial>10</FONT></P></A></TD></TR>

<TR>

   <TD vAlign=bottom width="50%">
   <A href="#page_12">

   <P style="MARGIN-BOTTOM: 6pt"><FONT style="FONT-SIZE: 9pt" face=Arial>Consolidated Statements of Financial Position</FONT></P></A></TD>

   <TD vAlign=bottom width="50%" align=right>
   <A href="#page_12">

   <P style="MARGIN-BOTTOM: 6pt"><FONT style="FONT-SIZE: 9pt" face=Arial>11</FONT></P></A></TD></TR>

<TR>

   <TD vAlign=bottom width="50%">
   <A href="#page_15">

   <P style="MARGIN-BOTTOM: 6pt"><FONT style="FONT-SIZE: 9pt" face=Arial>Consolidated Statements of Changes in Equity</FONT></P></A></TD>

   <TD vAlign=bottom width="50%" align=right>
   <A href="#page_15">

   <P style="MARGIN-BOTTOM: 6pt"><FONT style="FONT-SIZE: 9pt" face=Arial>12-13</FONT></P></A></TD></TR>

<TR>

   <TD vAlign=bottom width="50%">
   <A href="#page_16">

   <P style="MARGIN-BOTTOM: 6pt"><FONT style="FONT-SIZE: 9pt" face=Arial>Consolidated Statements of Cash Flows</FONT></P></A></TD>

   <TD vAlign=bottom width="50%" align=right>
   <A href="#page_16">

   <P style="MARGIN-BOTTOM: 6pt"><FONT style="FONT-SIZE: 9pt" face=Arial>14-15</FONT></P></A></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="50%">

   <P style="MARGIN-BOTTOM: 6pt"><FONT style="FONT-SIZE: 9pt" face=Arial>
   <A href="#page_19">Notes to the Consolidated Financial Statements</A> </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="50%">

   <P style="MARGIN-BOTTOM: 6pt"><FONT style="FONT-SIZE: 9pt"></FONT>&nbsp;</P></TD></TR></TABLE></DIV></DIV></DIV>

<P style="MARGIN: 0in 0in 6pt 14.2pt; TEXT-INDENT: -14.2pt">&nbsp;</P>

<P style="MARGIN: 0in 0in 6pt 14.2pt; TEXT-INDENT: -14.2pt">&nbsp;</P>

<DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="5%" colSpan=2>
   <A href="#Toc1554798"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">1)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#Toc1554798"><FONT color=#0000ff face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt">General information</FONT></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>16</FONT></FONT></FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554827"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">22)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554827"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Financial assets and liabilities held for trading</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000><FONT style="FONT-SIZE: 9pt" face=Arial>105</FONT></FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#Toc1554799"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">2)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#Toc1554799"><FONT color=blue face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt">Significant accounting practices</FONT></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>16</FONT></FONT></FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554828"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">23)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554828"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Derivative financial instruments</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000><FONT style="FONT-SIZE: 9pt" face=Arial>106</FONT></FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc1554800"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">3)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554800"><FONT color=blue face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt">Risk Management</FONT></FONT></A></TD>

   <TD width="6%" align=right><FONT size=2><FONT style="FONT-SIZE: 9pt" face=Arial>45</FONT></FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554829"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">24)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554829"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Financial assets at fair value through other comprehensive income</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>111</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="3%">&nbsp;</TD>

   <TD width="2%">
   <A href="#_Toc1554801"><FONT color=#0000ff face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt">3.1</FONT></FONT></A></TD>

   <TD width="37%"><FONT color=#0000ff size=2 face=Arial>

   <P style="MARGIN-LEFT: 0pt"><FONT size=2 face=Arial><FONT style="LINE-HEIGHT: 115%">
   <A href="#_Toc1554801"><FONT color=#0000ff face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt">Credit risk</FONT></FONT></A></FONT></FONT></P></FONT></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT face=Arial><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; FONT-FAMILY: Arial" color=#000000>46</FONT></FONT></FONT></FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554830"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">25)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554830"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Financial assets available for sale</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>112</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="3%">&nbsp;</TD>

   <TD width="2%"><FONT color=blue face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%">
   <A href="#_Toc318995710"><FONT color=#0000ff face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt">3.2</FONT></FONT></A></FONT></U></FONT></TD>

   <TD width="37%"><FONT color=#0000ff size=2 face=Arial><U>
   <A href="#_Toc318995710"><FONT color=#0000ff face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt">Market risk</FONT></FONT></A></U></FONT></TD>

   <TD width="6%" align=right><FONT size=2><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">54</FONT></FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554831"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">26)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554831"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Loans and advances to financial institutions</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>113</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="3%">&nbsp;</TD>

   <TD width="2%"><FONT color=blue face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%">
   <A href="#page_67"><FONT color=#0000ff face=arial,sans-serif>3.3</FONT></A></FONT></U></FONT></TD>

   <TD width="37%"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%">
   <A href="#page_67"><FONT color=#0000ff face=arial,sans-serif>Liquidity risk</FONT></A></FONT></U></FONT></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt; TEXT-DECORATION: none; FONT-FAMILY: Arial; LINE-HEIGHT: 115%" color=#000000>63</FONT></FONT></FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554832"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">27)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554832"><FONT color=#0000ff face=arial,sans-serif><FONT face=Arial><U><FONT lang=EN-US style="FONT-SIZE: 9pt">L</FONT></U></FONT><U><FONT lang=EN-US style="FONT-SIZE: 9pt">oans and advances to customers</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>113</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="3%">&nbsp;</TD>

   <TD width="2%">
   <A href="#_Toc1554804"><FONT color=blue face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%">3.4</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554804"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%">Fair value of financial assets and liabilities</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt; TEXT-DECORATION: none; FONT-FAMILY: Arial; LINE-HEIGHT: 115%" color=#000000>74</FONT></FONT></FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554833"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">28)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554833"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Bonds and securities at amortized cost</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>115</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="3%">&nbsp;</TD>

   <TD width="2%">
   <A href="#_Toc1554805"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%">3.5</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554805"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%">Independent Model Validation</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt; TEXT-DECORATION: none; FONT-FAMILY: Arial; LINE-HEIGHT: 115%" color=#000000>81</FONT></FONT></FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554834"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">29)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554834"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Investments held to maturity</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>116</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="3%">&nbsp;</TD>

   <TD width="2%">
   <A href="#_Toc1554806"><FONT color=blue face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%">3.6</FONT></U></FONT></A></TD>

   <TD width="37%"><FONT color=blue face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%">
   <A href="#_Toc1554806"><FONT color=blue face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%">Capital management</FONT></FONT></A></FONT></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">82</FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554835"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">30)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554835"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Financial assets granted as collateral</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>116</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="3%">&nbsp;</TD>

   <TD width="2%">
   <A href="#_Toc1554807"><FONT color=blue face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%">3.7</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554807"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%">Insurance risk/subscription risk</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">85</FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554836"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">31)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554836"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Non-current assets held for sale</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>117</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc1554808"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">4)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554808"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Estimates and judgments</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>90</FONT></FONT></FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554837"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">32)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554837"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Investments in associates and joint ventures</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>118</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc1554809"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">5)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554809"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Operating segments</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>92</FONT></FONT></FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554838"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">33)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554838"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Property and equipment</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>121</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc1554810"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">6)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554810"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Net interest income</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>96</FONT></FONT></FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554839"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">34)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554839"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Intangible assets and goodwill</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>123</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc1554811"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">7)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554811"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Net fee and commission income</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>97</FONT></FONT></FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554840"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">35)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554840"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Other assets</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>124</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc1554812"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">8)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554812"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Net gains/(losses) on financial assets and liabilities at fair value through profit or loss</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 9pt" face=Arial>97</FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554841"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">36)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554841"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Deposits from banks</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>125</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc1554813"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">9)</FONT></U></FONT></A></TD>

   <TD width="37%"><FONT color=#0000ff size=2 face=Arial>
   <A href="#_Toc1554813"><FONT color=blue face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt">Net gains/(losses) on financial instruments classified as held for trading</FONT></FONT></A></FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 9pt" face=Arial>97</FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554842"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">37)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554842"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Deposits from customers</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>125</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc1554814"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">10)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554814"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Net gains/(losses) on financial assets at fair value through other comprehensive income</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT style="FONT-SIZE: 9pt" face=Arial>97</FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554843"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">38)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554843"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Funds from securities issued</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>125</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc1554815"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">11)</FONT></U></FONT></A></TD>

   <TD width="37%"><FONT color=#0000ff size=2 face=Arial>
   <A href="#_Toc1554815"><FONT color=blue face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt">Net gains/(losses) on financial instruments classified as available for sale</FONT></FONT></A></FONT></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>98</FONT></FONT></FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554844"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">39)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554844"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Subordinated debt</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>127</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc1554816"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">12)</FONT></U></FONT></A></TD>

   <TD width="37%"><FONT color=blue face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt">
   <A href="#_Toc1554816"><FONT color=blue face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt">Net gains/(losses) on foreign currency transactions</FONT></FONT></A></FONT></FONT></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>98</FONT></FONT></FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554845"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">40)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554845"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Insurance technical provisions and pension plans</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>129</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc1554817"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">13)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554817"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Net income from insurance and pension plans</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>98</FONT></FONT></FONT></TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554846"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">41)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554846"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Supplemental pension plans</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>137</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc1554818"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">14)</FONT></U></FONT></A> </TD>

   <TD width="37%">
   <A href="#_Toc1554818"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Personnel expenses</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>99</FONT></FONT></FONT> </TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554847"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">42)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554847"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Provisions, contingent liabilities and contingent assets</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>139</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc1554819"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">15)</FONT></U></FONT></A> </TD>

   <TD width="37%">
   <A href="#_Toc1554819"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Other administrative expenses</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>99</FONT></FONT></FONT> </TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554848"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">43)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554848"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Other liabilities</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>143</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc1554820"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">16)</FONT></U></FONT></A> </TD>

   <TD width="37%">
   <A href="#_Toc1554820"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Depreciation and amortization</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>99</FONT></FONT></FONT> </TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554849"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">44)</FONT></U></FONT></A></TD>

   <TD width="37%"><FONT color=#0000ff size=2 face=Arial>
   <A href="#_Toc1554849"><FONT color=blue face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt">Equity</FONT></FONT></A></FONT></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>144</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc1554821"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">17)</FONT></U></FONT></A> </TD>

   <TD width="37%">
   <A href="#_Toc1554821"><FONT color=#0000ff face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt">Other operating income/(expenses</FONT></FONT></A> <FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">)</FONT></U></FONT></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>99</FONT></FONT></FONT> </TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554850"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">45)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554850"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Transactions with related parties</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>146</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc474923337"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">18)</FONT></U></FONT></A> </TD>

   <TD width="37%">
   <A href="#_Toc474923337"><FONT color=#0000ff face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Income tax and social contribution</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>100</FONT></FONT></FONT> </TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554851"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">46)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554851"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Off-balance sheet commitments</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>148</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc1554824"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">19)</FONT></U></FONT></A> </TD>

   <TD width="37%">
   <A href="#_Toc1554824"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Earnings per share</FONT></U></FONT></A> </TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>103</FONT></FONT></FONT> </TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%">
   <A href="#_Toc1554852"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">47)</FONT></U></FONT></A></TD>

   <TD width="37%">
   <A href="#_Toc1554852"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">New standards and amendments and interpretations of existing standards</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>149</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc1554825"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">20)</FONT></U></FONT></A> </TD>

   <TD width="37%">
   <A href="#_Toc1554825"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Cash and cash equivalents</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>103</FONT></FONT></FONT> </TD>

   <TD width="6%">&nbsp;</TD>

   <TD vAlign=top width="3%">
   <A href="#_Toc1554853"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">48)</FONT></U></FONT></A></TD>

   <TD width="37%">

   <P style="MARGIN: 0in 0in 6pt 14.2pt; TEXT-INDENT: -14.2pt">
   <A href="#_Toc1554853"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Other information</FONT></U></FONT></A></P></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>154</FONT></FONT></FONT></TD></TR>

<TR>

   <TD width="5%" colSpan=2>
   <A href="#_Toc1554826"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">21)</FONT></U></FONT></A> </TD>

   <TD width="37%">
   <A href="#_Toc1554826"><FONT color=blue face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 9pt">Financial assets and liabilities at fair value through profit or loss</FONT></U></FONT></A></TD>

   <TD width="6%" align=right><FONT face=arial,sans-serif><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#000000>104</FONT></FONT></FONT> </TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="3%"></TD>

   <TD vAlign=top width="37%"></TD>

   <TD width="6%"></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>&nbsp;</DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif><A name="page_3"></A><STRONG>Independent Auditors&#8217; Report on consolidated financial statements</STRONG></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>To</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Shareholders and the Board of Directors of</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Banco Bradesco S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Osasco &#8211; SP</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Opinion </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>We have audited the consolidated financial statements of Banco Bradesco S.A. (&#8220;Bradesco&#8221;), which comprise the consolidated statement of financial position as of December 31, 2018 and the respective consolidated statements of income and comprehensive income, changes in shareholders&#8217; equity and cash flows for the year then ended, and notes, including significant accounting policies and other clarifying information.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of Banco Bradesco S.A as of December 31, 2018, and of its consolidated performance and its consolidated respectives cash flows, for the year then ended, in accordance with International Financial Reporting Standards (IFRS) issued by the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>International Accounting Standards Board</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> (IASB).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Basis for opinion </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>We conducted our audit in accordance with Brazilian and International Standards on Auditing. Our responsibilities under those standards, are further described in the &#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Auditor&#8217;s Responsibilities for the Audit of the Consolidated Financial Statements</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> section of our report</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>. </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>We are independent of the Bradesco and its subsidiaries in accordance with the relevant ethical requirements included in the Accountant&#180;s Professional Ethics Code and the professional standards issued by the Brazilian Federal Accounting Council and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Key Audit Matters</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Key audit matters are those that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were treated in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and, therefore, we do not express a separate opinion on these matters. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Expected losses from loans and advances to clients, loan commitments, financial guarantees, financial assets at fair value through other comprehensive income and securities at amortized cost </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As mentioned in notes 2d viii, 3.1, 4, 27 and 47, Bradesco periodically reviews its portfolio of loans and advances to clients, loans commitments, financial guarantees, financial assets at fair value through other comprehensive income and securities at amortized cost (as hereinafter defined &#8220;transactions subject to credit risk&#8221;), evaluating the estimated expected losses from these transactions (impairment), in the amount of R$ 31,105,579 thousand, R$ 2,551,676 thousand e R$ 719,216 thousand, R$ 337,506 thousand, R$ 3,022,038 thousand, respectively, as of December 31, 2018. Beginning January 1, 2018, IFRS 9 &#8211; Financial Instruments standard entered into force, which among other changes, modifies the measurement of the estimated loss for transactions subject to credit risk from an "incurred losses" to an "expected losses" model. In accordance with that amendment, the Bradesco reviewed and modified its internal policies and methodologies for loss measurement for transactions subject to credit risk. The new methodologies require, by its nature, the use of judgments and assumptions by Bradesco, which include analysis of both external factors, such as general economic conditions and projections, and internal factors, such as payment and renegotiation history, counterparty credit risk evaluation and collaterals. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Due to the relevance of transactions subject to credit risk and the level of uncertainty and judgment for the determination of the expected loss, as well as related disclosure requirements, we consider this as a significant matter for the audit. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>How our audit approached this matter </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On a sample basis, we tested the design and operating effectiveness of relevant internal controls related to the approval and registration of transactions subject to credit risk, the analysis of policies and manuals related to the models, the application of the methodologies, the use of indexes and assumptions in the calculation of the expected losses of transactions subject to credit risk. On a sample basis, we evaluated the expected loss for transactions subject to credit risk considered individually significant; we inspected the documentation and assumptions that support Bradesco's evaluation of the expected losses, including the sufficiency analysis of the guarantees. We have also tested, with the technical support of our specialists, the models, assumptions and data used by Bradesco to measure &nbsp;expected losses for transactions subject to credit risk evaluated on a collective basis, including the assumptions and data used to determine the expected losses through the application of statistical calculations to evaluate the performance and stability of those models and methodologies developed by Bradesco. Our procedures also included the evaluation of the disclosures made by Bradesco in the consolidated financial statements in relation to the applicable rules.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>3</FONT></FONT></B></FONT></FONT></B></FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN style="FONT-SIZE: 10pt" color=#222222 face=arial,sans-serif><BR>Based on the evidence obtained through the procedures summarized above, we consider adequate the level of expected losses and related disclosures in the context of the consolidated financial statements taken as a whole, for the year ended December 31, 2018.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Measurement of financial instruments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>As disclosed in the Notes 2d, 3.4, 21a e b, 23, 24 and 47, derivative financial instruments levels 2 and 3 amount to R$ 14,735,842 thousand (assets) and R$ 16,119,653 thousand (liabilities), the financial instruments measured at fair value through profit or loss levels 2 and 3 amount to R$ 18,792,441 thousand and the financial instruments measured at fair value through other comprehensive income levels 2 and 3 amount to R$ 8,123,144 thousand. These instruments, measured at fair value, are relevant to the consolidated financial statements of Bradesco. For the financial instruments for whose fair value measurement does not directly use quoted prices (Levels 2 and 3 in the fair value hierarchy), the determination of the fair value is subject to a higher uncertainty level to the extent Bradesco makes significant judgments to estimate such amounts. Therefore, we consider the fair value measurement of these financial instruments including the evaluation of indicative of evidence of loss as a significant matter in our audit.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>How our audit approached this matter</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On a sample basis, we tested the design and operating effectiveness of the relevant internal controls adopted by Bradesco to capture and process the information, parameterization of the calculation models for the financial instruments for which parameters are not observable (Levels 2 and 3 in the fair value hierarchy). For a sample of financial instruments classified in levels 2 and 3, with the technical support of our specialists in financial instruments, we evaluated the pricing models developed by Bradesco for determining fair values and the data reasonableness, the parameters and information included in the models, as well as the criteria and policies related to indicative evidence of&nbsp; loss and we recalculate, on a sample basis, the amount of certain transactions. Our procedures also included the evaluation of the disclosures made by Bradesco in the consolidated financial statements.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Based on the evidence obtained from the procedures summarized above, we consider adequate the fair value measurement of financial instruments and disclosures in the context of the consolidated financial statements taken as a whole, for the year ended December 31, 2018.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Provisions and contingent liabilities - tax, civil and labor</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>As described in Notes 2j and 42, Bradesco is defendant in tax, civil and labor lawsuits in the normal course of its activities, with provisions recognized in the consolidated financial statements in the amounts of R$ 8,204,206 thousand, R$ 5,614,362 thousand, and R$ 5,983,603 thousand, respectively. Some laws, regulations and judicial proceedings in Brazil have high complexity levels, and, therefore, the measurement, recognition and disclosure of Provisions and Contingent Liabilities, related to lawsuits, and/or, in certain cases, adherence to laws and regulations, require Bradesco&#8217;s professional judgment. Due to the relevance, complexity and judgment involved in the evaluation, measurement and disclosures related to Provisions and Contingent Liabilities, as well as those related to the compliance with laws and regulations, we consider this as a significant matter in our audit.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>How our audit approached this matter</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On a sample basis, we tested the design and operating effectiveness of the relevant internal controls related to the identification, evaluation, measurement and disclosure of Provisions and Contingent Liabilities, as well as those related to the compliance with laws and regulations. Additionally, we evaluated the sufficiency of the recognized provisions and disclosed amounts, by evaluating the criteria and assumptions adopted in the measurement methodology, also considering the assessment of the internal and external legal advisors of Bradesco, as well as historical data and information. This work included, when necessary, the involvement of our legal and tax specialists in the evaluation of the likelihood of unfavorable outcome and the documentation and information related to the main tax matters involving Bradesco. Our procedures also included the evaluation of the disclosures made by Bradesco in the consolidated financial statements.</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>4</FONT></B></FONT></FONT></B><B><FONT><FONT style="BACKGROUND: darkgray" face=arial,sans-serif><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=black face=arial,sans-serif></FONT></B></FONT></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif> &nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Based on the evidence obtained from the procedures summarized above, we consider adequate Bradesco&#8217;s level of provisions and contingent liabilities as well as the respective disclosures in the context of the consolidated financial statements taken as a whole, for the year ended December 31, 2018.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Impairment of assets</FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The consolidated financial statements include deferred tax assets in the amount of R$ 53,280,933 thousand (Note 18c) and intangible assets, which include goodwill on the acquisition of investments in the amount of R$ 5,576,068 thousand and other intangible assets in the amount of R$ 4,795,136&nbsp;thousand&nbsp;(note 34a) which realization is based on future profitability based on business plans and budgets prepared by Bradesco and which are supported by several economic and business assumptions, among others. As described in Notes 2i and 4, considering the frequent changes that occur in the economic and regulatory environment of the markets where it operates, Bradesco continuously evaluates the assumptions and estimates of taxable profit, profitability of the cash generating units &#8220;CGU&#8220; to which goodwill and intangible assets are allocated, growth rates, discount rates, and cash flow projections or at least the existence of indicative impairment losses on assets. In view of the level of judgment inherent in the determination of these estimates and the potential impact that changes in the assumptions could cause on the consolidated financial statements, we consider this area significant to our audit.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>How our audit approached this matter</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On a sample basis, we tested the design and operating effectiveness of the relevant internal controls related to the assessment prepared by Bradesco of indicative of impairment losses of those assets. Additionally, we evaluated, with the technical support of our corporate finance specialists when necessary, the reasonableness and consistency of the data and assumptions used for preparing such assessment. We also performed an analysis of the reasonableness of the mathematical calculations included in technical study support for tax credits. Our procedures also included the evaluation of the disclosures made by Bradesco in the consolidated financial statements.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Based on the evidence obtained from the procedures summarized above, we consider adequate the measurement of the recoverable amounts of assets and related disclosures in the context of the consolidated financial statements taken as a whole, for the year ended December 31, 2018.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Technical Provisions &#8211; Insurance and Pension Plans</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>As mentioned in Notes 2l and 40, Bradesco has liabilities related to insurance and pension plans contracts denominated &#8220;Technical Provisions&#8221;, in the amount of R$ 251,578,287 thousand, which includes among others, the following provisions involving judgment: Provision for Claims Incurred But Not Reported (IBNR) in the amount of R$ 4,332,935 thousand, Claims Incurred But Not Enough Reported (IBNeR) and Provision for Claims to be settled (PSL) in the amount of R$ 5,818,525 thousand, Provision for Unearned Premiums for risks in force but not yet issued (PPNG-RVNE) in the amount of 158,535 thousand, Mathematical Provision for Benefits to be Granted &#8211; Insurance in the amount of R$ 1,218,860 thousand, Mathematical Provision for Benefits Granted in the amount of R$ 8,833,164 thousand, Provision for Insufficient Premiums in the amount of R$ 2,133,130 thousand, Provision for Related Expenses in the amount of R$ 558,190 thousand and Other Technical Provisions in the amount R$ 2,007,136 thousand. The measurement of such provisions and the liability adequacy test require significant judgment of Bradesco in the determination of methodologies and assumptions, which include, among others, loss ratio, mortality, longevity, persistency, and interest rates. Due to the relevance of these technical provisions and the impact that any change in calculation assumptions of technical provisions and of liability adequacy test could cause on the consolidated financial statements, we consider this matter significant to our audit.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 3.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>How our audit approached this matter</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=arial,sans-serif>On sampling basis, we tested the design and operating effectiveness of the relevant internal controls related to the process of determination and measurement, the technical provisions identified above and of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>liability adequacy test</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=arial,sans-serif>. With the technical support of our actuarial specialists, we evaluated the methodologies, the consistency of data and reasonableness of assumptions, such as loss ratio, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>mortality</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=arial,sans-serif>, longevity persistency and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>interest rates, used in the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=arial,sans-serif>measurement the technical provisions and of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>liability adequacy test, as well as </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=arial,sans-serif>we performed the recalculation, on a sample bases, of technical provisions and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>liability adequacy test. Additionally, we tested the reasonableness of the databases used in the actuarial calculations.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=arial,sans-serif> Our audit procedures also </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>included the evaluation of the disclosures made in the financial statements, in particular the disclosure of the financial assets offered to cover the technical provisions.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>5</FONT></FONT></B></FONT></FONT></B></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Based on evidence obtained from the procedures summarized above, we consider adequate the level of provisioning and the respective disclosures in the context of the consolidated financial statements taken as a whole, for the year ended December 31, 2018.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Application controls and information technology general controls</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Bradesco has an information technology structure as well as a technology investment plan for conducting its businesses. The information technology structure has process for access and changes in the systems and applications, development of new programs, and automated controls and/or controls with automated components in the various relevant processes. In order to maintain its operations, Bradesco provides its employees with access to systems and applications, taking into account the duties, responsibilities and its organizational structure. The controls to authorize, monitor, restrict, and/or revoke the respective accesses to this environment are important to ensure that the accesses and information updates are appropriately performed and by the appropriate professionals to mitigate the potential risk of fraud or error arising from inappropriate access or change in a system or information, and to guarantee the integrity of the financial information and accounting records. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In view of the high investment level, heavy dependence of Bradesco on its technology systems, the high daily volume of processed transactions and the importance of access controls and the change management process in its systems and applications, we consider that this area is significant to our audit.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>How our audit approached this matter</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=arial,sans-serif>On a sample basis, we tested the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>design and operating effectiveness of access controls, such as authorization of new users, revocation of terminated users, and periodic monitoring of active users, with the assistance of our information technology specialists, whenever we plan to rely on specific information extracted from certain systems considered relevant for the purpose of preparing the financial statements. In areas where our judgment is highly dependent on information technology, our tests included also assessing password policies, security settings, and control over developments and changes in systems and applications. In addition, when we identify key internal controls fully automated or with some component dependent on systems and applications for the financial reporting process and other relevant processes, we tested, with the assistance of our information technology specialists, the design and operating effectiveness of these controls.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The evidence obtained through the above summarized procedures allowed us to consider information from certain systems to plan the nature, time and extension of our substantive tests in the context of the consolidated financial statements taken as a whole.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Responsibilities of management and those in charge with governance for the consolidated financial statements</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and internal controls as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement whether due to fraud or error.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In preparing the consolidated financial statements, management is responsible for assessing Bradesco&#8217;s ability to continue as going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless management either intends to liquidate Bradesco and its subsidiaries or to cease operations, or there has no realistic alternative but to do so.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Those charged with governance are those responsible for overseeing Bradesco&#180;s financial reporting process.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Auditor&#8217;s responsibilities for the audit of the consolidated financial statements</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor&#180;s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Brazilian and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>6</FONT></B></FONT></FONT></B><B><FONT><FONT style="BACKGROUND: darkgray" face=arial,sans-serif><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=black face=arial,sans-serif></FONT></B></FONT></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>As part of an audit in accordance with the Brazilian and International Standards on Auditing, we exercise professional judgment, and maintain professional skepticism throughout the audit. We also:</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtained audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting material misstatement resulting from fraud is higher than for the one resulting from error, as fraud may involve collusion, forgery, intentional omission or misrepresentations, or the override of internal controls.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>obtain an understanding of internal control relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Bradesco and its subsidiaries internal control.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>evaluate the appropriateness of the accounting policies used and the reasonableness of accounting estimates and related disclosures made by Bradesco.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>conclude on the appropriateness of management&#8217;s use of the going concern basis of accounting, and, based on the audit evidence obtained, whether material uncertainty exists related to events or conditions that may cast significant doubt on Bradesco&#8217;s ability to continue as going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor&#8217;s report to the related disclosures in the consolidated financial statements, or if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidences obtained up to the date of our auditor&#8217;s report. However, future events or conditions may cause Bradesco and its subsidiaries to cease to continue as a going concern.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of group audit. We remain solely responsible for our audit opinion.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>We communicate with those charged with governance regarding, among other matters, the planned scope and timing and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>We also provided those charged with governance with a statement that we have complied with the relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear our independence, and where applicable, related safeguards.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>From the matters communicated with those charged with governance, we determined those matters that were of most significance in the audit of the consolidated financial statements of the current period, and are therefore the key audit matters. We describe these matters in our auditor&#8217;s report, unless law or regulation precludes public disclosure about the matters, or when, in extremely rare circumstances, we determine a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefit of such communication. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Osasco, March 07, 2019</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>KPMG Auditores Independentes</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>CRC 2SP028567/O-1 F SP</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Original report in Portuguese signed by</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Rodrigo de Mattos Lia</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Accountant CRC 1SP252418/O-3</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></U>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>7</FONT></FONT></B></FONT></FONT></B></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif><A name="page_9"></A><STRONG><EM>Audit Committee&#8217;s Report</EM></STRONG></FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Bradesco Conglomerate Audit Committee&#8217;s Report on Financial Statements prepared in accordance with International Financial Reporting Standards (IFRS)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>In addition to the Audit Committee's Report related to the consolidated financial statements of Banco Bradesco S.A. for the year ended December 31, 2018, issued on January 30, 2019, we have also analyzed the financial statements prepared in accordance with International Financial Reporting Standards.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>As mentioned in the report referred to above, our analysis has taken into consideration the work carried out by independent auditors and the internal controls systems maintained by the various financial areas of Bradesco financial conglomerate, mainly Internal Audit, Risk Management and Compliance areas.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Management has the responsibility of defining and implementing accounting and management information systems that produce the consolidated financial statements of Bradesco and its subsidiaries, in compliance with Brazilian and international accounting standards.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Management is also responsible for processes, policies and procedures for internal controls that ensure the safeguarding of assets, timely recognition of liabilities and risk management for Bradesco Organization transactions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Independent Auditors are responsible for auditing the financial statements and for issuing an auditing report on their compliance with applicable accounting principles.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>The responsibility of internal auditors is to assess the quality of Bradesco Organization's internal control systems and the regularity of policies and procedures determined by Management, including those used to prepare accounting and financial reports.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>The Audit Committee is responsible for evaluating the quality and effectiveness of the internal and independent auditors' work, the effectiveness and adequacy of the internal control systems, and also for analyzing financial statements in order to issue, when applicable, pertinent recommendations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Based on the review and discussions mentioned above, the Audit Committee recommends that the Board of Directors approves the audited financial statements for the year ended December 31, 2018, prepared in accordance with International Financial Reporting Standards.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Cidade de Deus, Osasco, SP, March 06, 2018.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 6pt" align=right><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>MILTON MATSUMOTO</FONT></B></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Coordinator)</FONT></B></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 6pt" align=right><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>PAULO ROBERTO SIM&#213;ES DA CUNHA</FONT></B></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 6pt" align=right><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Financial Expert)</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 21.3pt" align=right><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>WILSON ANTONIO SALMERON GUTIERREZ</FONT></B></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>8</FONT></B></FONT></FONT></B><B><FONT><FONT style="BACKGROUND: darkgray" face=arial,sans-serif><FONT style="DISPLAY: none"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=black face=arial,sans-serif></FONT></B></FONT></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Note</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Interest and similar income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>122,053,139</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>126,232,328</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>147,700,375</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Interest and similar expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(55,244,669)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(75,589,415)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(91,037,386)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net interest income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>66,808,470</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,642,913</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>56,662,989</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net fee and commission income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,831,590</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,748,828</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,341,051</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net gains/(losses) on financial assets and liabilities at fair value through profit or loss</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,676,573)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net gains/(losses) on financial instruments classified as held for trading</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,623,108</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,402,770</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net gains/(losses) on financial assets at fair value through other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,073,563</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net gains/(losses) on financial instruments classified as available for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>570,358</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,341,400)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Losses on investments held-to-maturity</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>29</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(54,520)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net gains/(losses) on foreign currency transactions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,096,826</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,422,957</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>150,757</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net income from insurance and pension plans</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,656,872</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,239,990</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,155,763</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other operating income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,849,312)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,801,893</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,367,890</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Impairment of loans and advances</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>27</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,860,835)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(15,350,278)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Expected loss on loans and advances</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>27</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(15,091,975)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Expected loss on other financial assets</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>24 and 28</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,172,860)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Personnel expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>14</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,871,462)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,723,265)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(17,003,783)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,873,962)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,882,461)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,149,563)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>16</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,808,255)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,568,568)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,658,413)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other operating income/(expenses)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(14,210,594)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(10,133,357)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(14,004,162)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other operating expense</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(71,029,108)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(69,168,486)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(66,166,199)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Income before income taxes and share of profit of associates and joint ventures</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,761,640</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,025,148</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30,205,731</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Share of profit of associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>32</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,680,375</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,718,411</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,699,725</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Income before income taxes</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,442,015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,743,559</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>31,905,456</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>18</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,693,576)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,428,956)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(13,912,730)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net income for the year</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,748,439</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,314,603</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,992,726</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Attributable to shareholders:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Controlling shareholders</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,583,915</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,089,364</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,894,249</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164,524</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>225,239</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>98,477</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Basic and diluted income per share based on the weighted average number of shares attributable to shareholders (expressed in R$ per share):</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#8211; Earnings per common share</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2.36</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.43</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.55</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#8211; Earnings per preferred share</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2.60</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.67</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.80</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>The Notes are an integral part of the Consolidated Financial Statements.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>9</FONT></FONT></B></FONT></FONT></B></FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif><STRONG><EM></EM></STRONG></FONT></P>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif><A name="page_11"></A><STRONG><EM>Consolidated Statements of Comprehensive Income</EM></STRONG></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Note</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net income for the year</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,748,439</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,314,603</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,992,726</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Items that are or may be reclassified to the Consolidated Statement of Income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets available for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Unrealized gains/(losses)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,005,067</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,718,277</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gains/(losses) transferred to income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>487,017</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,459,372)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tax effect</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,260,609)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,571,397)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets at fair value through other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Unrealized gains/(losses)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(473,594)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gains/(losses) transferred to income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,023,299</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tax effect</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(209,359)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Unrealized gains/(losses) on hedge</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash flow hedge</FONT></I></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(96,760)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(13,778)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>39,198</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hedge of investment abroad</FONT></I></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(209,300)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(59,739)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tax effect</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>122,424</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,407</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(15,679)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange differences on translations of foreign operations</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign exchange on translations of foreign operations</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>113,198</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,002</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(107,011)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Items that can not be reclassified to the Consolidated Statement of Income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gains/(losses) on equity instruments at fair value through other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(756,042)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tax effect</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>302,417</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(92,764)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total adjustments not included in the net income</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(276,481)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,216,367</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,604,016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total comprehensive income for the year</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,471,958</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,530,970</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,596,742</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Attributable to shareholders:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Controlling shareholders</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,307,434</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,305,731</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,498,265</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164,524</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>225,239</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>98,477</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>The Notes are an integral part of the Consolidated Financial Statements.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></FONT></FONT><U><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>10</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></FONT></U></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </DIV>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif><A name="page_12"></A><STRONG><EM>Consolidated Statements of Financial Position</EM></STRONG></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="58%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Note</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash and balances with banks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>20</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>107,209,743</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>81,742,951</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets at fair value through profit or loss</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>21a</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>246,161,150</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets held for trading</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>22a</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>241,710,041</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets at fair value through other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>178,050,536</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets available for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>159,412,722</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets at amortized cost</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Loans and advances to financial institutions, net of provision for losses</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>26</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>105,248,950</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,247,724</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Loans and advances to customers, net of provision for losses</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>27</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>380,387,076</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>346,758,099</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Securities, net of provision for losses</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>28</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>140,604,738</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Other financial assets</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>35</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>43,893,309</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investments held to maturity</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>29</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>39,006,118</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets pledged as collateral</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>183,975,173</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-current assets held for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>31</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,353,330</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,520,973</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investments in associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>32</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,125,799</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,257,384</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Premises and equipment</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>33</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,826,836</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,432,475</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Intangible assets and goodwill, net of accumulated amortization</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>34</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,128,548</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,179,307</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Taxes to be offset</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>18g</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,498,264</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,524,575</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deferred income tax assets</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>18c</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>48,682,569</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>43,731,911</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other assets</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>35</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,372,866</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,853,987</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,305,543,714</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,224,353,440</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Liabilities at amortized cost</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Deposits from banks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>36</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>247,313,979</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>285,957,468</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Deposits from customers</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>37</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>340,748,196</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>262,008,445</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Funds from issuance of securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>38</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>148,029,018</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>135,174,090</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Subordinated debts</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>39</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>53,643,444</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,179,401</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Other financial liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>43</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,598,235</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial liabilities at fair value through profit or loss</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>21c</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,152,087</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial liabilities held for trading</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>22c</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,274,999</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Provision for Expected Loss</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Loan Commitments</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>27</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,551,676</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Financial guarantees</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>27</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>719,216</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Insurance technical provisions and pension plans</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>40</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>251,578,287</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>239,089,590</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other reserves</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>42</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,802,171</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,490,727</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Current income tax liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,373,261</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,416,345</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deferred income tax assets</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>18c</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,200,589</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,251,847</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>43</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,157,435</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>97,816,824</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,180,867,594</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,106,659,736</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Shareholders&#8217; equity</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>44</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capital</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>67,100,000</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>59,100,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Treasury shares</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(440,514)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(440,514)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capital reserves</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,973</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,973</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Profit reserves</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>53,267,584</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>49,481,227</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Additional paid-in capital</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,496</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,496</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,206,718</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,817,659</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Retained earnings</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,035,198</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,338,990</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equity attributable to controlling shareholders</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>124,275,455</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,403,831</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-controlling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>400,665</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>289,873</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total equity</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>124,676,120</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,693,704</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,305,543,714</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,224,353,440</FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</DIV>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>The Notes are an integral part of the Consolidated Financial Statements.</FONT></DIV>

<P></P>

<DIV align=left>&nbsp;</DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>1</FONT></FONT></B></FONT></FONT></B></P></DIV>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Consolidated Statements of Changes in Equity</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="77%" colSpan=11>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Capital</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Treasury shares</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Capital reserves</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Profit reserves</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Additional paid-in capital</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Other comprehensive income (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Retained earnings</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Equity attributable to&nbsp; controlling shareholders</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Non-controlling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=#000000 face=arial,sans-serif>Legal</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=#000000 face=arial,sans-serif>Statutory</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Balance on December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>43,100,000</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(431,048)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,973</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,052,949</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>43,867,071</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,496</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,002,724)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,096,710</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>90,789,427</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>125,335</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>90,914,762</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,894,249</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,894,249</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>98,477</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,992,726</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Financial assets available for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,711,027</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,711,027</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,711,027</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Foreign currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(107,011)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(107,011)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(107,011)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Comprehensive income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,604,016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,894,249</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,498,265</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>98,477</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,596,742</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase of non-controlling shareholders&#8217; interest</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,265</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,265</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Purchase of treasury shares</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,466)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,466)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,466)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capital increase of with reserves (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,000,000</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,000,000)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Transfers to reserves</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>754,179</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,353,617</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,107,796)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Interest on equity and dividends</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,975,782)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,975,782)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(50,314)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,026,096)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Balance on December 31,&nbsp; 2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>51,100,000</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(440,514)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,973</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,807,128</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>43,220,688</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,496</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(398,708)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,907,381</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>105,302,444</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>176,763</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>105,479,207</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,089,364</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,089,364</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>225,239</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,314,603</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Financial assets available for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,187,365</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,187,365</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,187,365</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Foreign currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,002</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,002</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,002</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Comprehensive income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,216,367</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,089,364</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,305,731</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>225,239</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,530,970</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase of non-controlling shareholders&#8217; interest</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,099</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,099</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capital increase of with reserves (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,000,000</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,000,000)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Transfers to reserves</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>732,888</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,720,523</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,453,411)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Interest on equity and dividends</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,204,344)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,204,344)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(114,228)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,318,572)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Balance on December 31,&nbsp; 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>59,100,000</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(440,514)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,973</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,540,016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>41,941,211</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,496</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,817,659</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,338,990</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,403,831</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>289,873</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,693,704</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>The Notes are an integral part of the Consolidated Financial Statements. </FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>2</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT><I><FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=windowtext face=arial,sans-serif>Consolidated Statements of Changes in Equity </FONT></I></B></FONT></I></FONT></B><FONT face=arial,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>(continued)</FONT></I></B></FONT></P></DIV>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="77%" colSpan=11>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Capital</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Treasury shares</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Capital reserves</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Profit reserves</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Additional paid-in capital</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Other comprehensive income (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Retained earnings</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Equity attributable to&nbsp; controlling shareholders</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Non-controlling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=#000000 face=arial,sans-serif>Legal</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=#000000 face=arial,sans-serif>Statutory</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Balance on December 31,&nbsp; 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>59,100,000</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(440,514)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,973</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,540,016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>41,941,211</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,496</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,817,659</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,338,990</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,403,831</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>289,873</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,693,704</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Adoption of IFRS 9 (Note 47)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>665,540</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,802,754)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,137,214)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,137,214)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Balance on January 1ST, 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>59,100,000</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(440,514)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,973</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,540,016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>41,941,211</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,496</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,483,199</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,536,236</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>115,266,617</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>289,873</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>115,556,490</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,583,915</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,583,915</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164,524</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,748,439</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Financial assets at fair value through other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(296,915)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(296,915)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(296,915)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Foreign currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>113,198</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>113,198</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>113,198</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(92,764)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(92,764)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(92,764)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Comprehensive income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(276,481)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,583,915</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,307,434</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164,524</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,471,958</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase of non-controlling shareholders&#8217; interest</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,265</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,265</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capital increase with reserves (4)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,000,000</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,000,000)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Transfers to reserves</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>954,247</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,832,110</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,786,357)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Interest on shareholders&#8217; equity</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,298,596)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,298,596)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(55,997)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,354,593)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Balance on December 31,&nbsp; 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>67,100,000</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(440,514)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,973</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,494,263</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>44,773,321</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,496</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,206,718</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,035,198</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>124,275,455</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>400,665</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>124,676,120</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=Arial,sans-serif>(1)Mainly composed of financial assets at fair value through other comprehensive income and gains and losses with cash flow hedge and foreign investment; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=Arial,sans-serif>(2) At Special Shareholders&#8217; Meeting held on March 10, 2016, the shareholders approved the Board of Directors&#8217; proposal to increase the capital by R$8,000,000 thousand, from R$43,100,000 thousand to R$51,100,000 thousand, with bonus in shares, through capitalization of part of the balance of the caption &#8220;Profit reserves - Statutory Reserve&#8221;, in conformity with Article 169 of Law No. 6,404/76, with issuance of 504,872,885 new registered shares, without par value, of which 252,436,456 are common and 252,436,429 are preferred shares, which will be granted to the shareholders, free of charge, as bonus, at the proportion of 1 new share to each 10 shares of the same type held by them on the base date;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=Arial,sans-serif>(3) At Special Shareholders&#8217; Meeting held on March 10, 2017, the shareholders approved the Board of Directors&#8217; proposal to increase the capital by R$8,000,000 thousand, from R$51,100,000 thousand to R$59,100,000 thousand, with bonus in shares, through capitalization of part of the balance of the caption &#8220;Profit reserves - Statutory Reserve&#8221;, in conformity with Article 169 of Law No. 6,404/76, with issuance of 555,360,173 new registered shares, without par value, of which 277,680,101 are common and 277,680,072 are preferred, which were granted to the shareholders, free of charge, as bonus, at the proportion of 1 new share to each 10 shares of the same type held by them on the base date; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=black face=Arial,sans-serif>(4) At Special Shareholders&#8217; Meeting held on March 12, 2018, the shareholders approved the Board of Directors&#8217; proposal to increase the capital by R$8,000,000 thousand, from R$59,100,000 thousand to R$67,100,000 thousand, with bonus in shares, through capitalization of part of the balance of the caption &#8220;Profit reserves - Statutory Reserve&#8221;, in conformity with Article 169 of Law No. 6,404/76, with issuance of 610,896.190 new registered shares, without par value, of which 305,448,111 common and 305,448,079 are preferred shares, granted to the shareholders, free of charge, as bonus, at the proportion of 1 new share to each 10 shares of the same type held by them.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 1pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>The Notes are an integral part of the Consolidated Financial Statements. </FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>13</FONT></B></FONT></FONT></B></FONT></U></FONT></U></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Consolidated Statements of Cash Flows </FONT></I></B></P></DIV>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="55%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2016</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Operating activities</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income before income taxes</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,442,015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,743,559</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>31,905,456</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Adjustments to reconcile income before income tax to net cash flow from operating activities:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expected loss on loans and advances</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,091,975</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impairment of loans and advances</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,860,835</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,350,278</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Changes in the insurance technical provisions and pension plans</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,409,222</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,805,771</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,781,918</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net (gains)/losses from disposals of assets available for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,299,397)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(764,707)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Gains)/Net realized losses on financial assets at fair value through other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,073,563)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expenses with provisions and contingent liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,306,043</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,471,288</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,518,761</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deferred acquisition cost (insurance)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>144,224</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>680,136</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>194,994</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impairment of assets</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,757,981</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,925,304</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,388,580</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Depreciation</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,460,013</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,237,328</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,140,369</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Amortization of intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,348,242</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,331,240</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,516,777</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Share of profit of associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,680,375)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,718,411)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,699,725)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Losses on disposal of non-current assets held for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>516,713</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>577,212</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>442,251</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net losses from disposal of property and equipment</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>98,182</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>106,722</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24,791</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Gains) on sale of investments in associates</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(270,977)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Effect of Changes in Exchange Rates in Cash and Cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(751,769)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(806,312)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,617,747</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Changes in assets and liabilities:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Increase)/Decrease in reserve requirement - Central Bank</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,882,690)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,677,695)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,651,121</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Increase)/decrease in loans and advances to banks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(403,312)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,493,535)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,368,220</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Increase)/decrease in loans and advances to customers</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(112,425,101)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(59,578,512)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(49,649,090)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Increase)/decrease in financial assets held for trading</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(23,089,236)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(40,248,319)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Increase)/Reduction in financial assets at fair value through profit or loss</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,625,822)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Increase)/decrease in other assets</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(30,301,912)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(23,384,107)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,296,942)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase/(decrease) in deposits from banks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,749,542)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,955,797</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>33,269,744</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase/(decrease) in deposits from customers</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>88,659,514</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>36,853,866</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,707,994)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase/(decrease) in financial liabilities held for trading</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>839,321</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,700,099)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase/(Decrease) in financial liabilities at fair value through profit or loss</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,877,088</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase/(decrease) in insurance technical provisions and pension plans</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,920,525)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,556,181)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,042,897)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase/(decrease) in other provisions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,994,599)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,272,970)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,019,960)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase/(decrease) in other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,364,262</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,117,355</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,312,756</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest received</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,660,260</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,743,368</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,917,068</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest paid</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(27,813,710)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(27,254,361)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(45,140,018)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income tax and social contribution paid</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,086,237)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,575,438)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,771,075)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other changes in taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,923,895)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(720,182)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(400,787)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net cash provided by/(used in) operating activities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(6,497,318)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>35,551,788</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>53,959,218</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Acquisitions) of subsidiaries, net of cash and cash equivalents paid/received</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(442,122)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,188,659)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Acquisitions) of financial assets available for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(114,186,612)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(108,296,179)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Acquisition) of financial assets at fair value through other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(103,432,365)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Proceeds from sale of financial assets available for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>82,760,146</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>115,724,092</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Disposal of financial assets at fair value through other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>103,897,609</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Maturity of investments held to maturity</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,219,351</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Maturity of financial assets at amortized cost</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,759,857</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Acquisitions) of investments held to maturity</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(204,557)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Acquisition) of financial assets at amortized cost</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(70,719,797)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Disposal of non-current assets held for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>688,885</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>796,869</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>629,768</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Acquisitions) of investments in associates</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(52,844)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(83,172)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(376,434)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dividends and interest on shareholders&#8217; equity received</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,463,448</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>845,134</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>510,285</FONT></P></TD></TR></TABLE></FONT></FONT></DIV></DIV>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>4</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=arial,sans-serif>Consolidated Statements of Cash Flows </FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(continued)</FONT></I></B></FONT></I></B></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Acquisition) of property and equipment</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,389,433)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,897,645)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,779,321)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sale of premises and equipment</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>361,240</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>445,347</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>486,303</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Acquisition) of intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,053,156)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,743,704)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,343,497)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dividends received</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,264</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>83,341</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,972</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest received</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,383,392</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,735,539</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,668,011</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net cash provided by/(used in) investing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(34,485,022)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,229,963)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,152,341</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Funds from securities issued</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>85,963,195</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,237,380</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>47,253,373</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Payments on securities issued</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(69,747,110)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(72,494,509)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(47,861,607)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Issuance of subordinated debts</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,890,606</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,594,610</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,787,207</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Payments on subordinated debts</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,181,501)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,666,038)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(581,713)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Acquisition of treasury shares</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,466)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase/(decrease) of non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,265</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,099</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,265</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest paid</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,986,503)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(24,465,562)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,504,528)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest on equity and dividends paid</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,539,193)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,512,102)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,611,350)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net cash provided by/(used in) financing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,598,241)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(43,304,122)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(23,524,819)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Decrease)/Increase in cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(46,580,581)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(25,982,297)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>39,586,740</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At the beginning of the year</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>156,054,442</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>181,230,427</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>147,261,434</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Effect of Changes in Exchange Rates in Cash and Cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>751,769</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>806,312</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,617,747)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At the end of the year</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>110,225,630</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>156,054,442</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>181,230,427</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Decrease)/Increase in cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(46,580,581)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(25,982,297)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>39,586,740</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-cash transactions</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Credit operations transferred to non-current assets held for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,947,924</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,953,996</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,122,871</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dividends and interest on equity declared but not yet paid</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,876,458</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,295,314</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,482,718</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Unrealized (gains)/losses on securities available for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,187,365)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,711,027)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Gains)/losses on financial assets at fair value through other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>296,915</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR></TABLE><FONT face=Arial></FONT></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>The Notes are an integral part of the Consolidated Financial Statements.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>5</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="Toc1554798"></A>1)&nbsp;&nbsp;&nbsp; General information</FONT></H1>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Banco Bradesco S.A. (&#8220;Bradesco&#8221;, the &#8220;Bank&#8221;, the &#8220;Company&#8221; or the &#8220;Organization&#8221;) is a publicly-traded company established according to the laws of the Federative Republic of Brazil with headquarters in the city of Osasco, state of S&#227;o Paulo, Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Bradesco is a bank that provides multiple services within two segments: banking and insurance. The Bank complies with Brazilian banking regulations and operates throughout all of Brazil. The banking segment includes a range of banking activities, serving individual and corporate customers in the following operations: investment banking, national and international banking operations, asset management operations and consortium administration. The insurance segment covers auto, health, life, accident and property insurance and pension plans, &nbsp;real estate ventures and capitalization bonds.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The retail banking products include demand deposits, savings deposits, time deposits, mutual funds, foreign exchange services and a range of loans and advances, including overdrafts, credit cards and loans with repayments in installments. The services provided to corporate entities include fund management and treasury services, foreign exchange operations, corporate finance and investment banking services, hedge and finance operations including working capital financing, lease and loans with repayments in installments. These services are provided, mainly, in domestic markets, but also include international services on a smaller scale.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization was originally listed on the S&#227;o Paulo Stock Exchange (&#8220;B3&#8221;) and then subsequently on the New York Stock Exchange (&#8220;NYSE&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The consolidated financial statements, in accordance with the IFRS, were approved by the Board of Directors on March 06, 2019.</FONT></P>

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<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="Toc1554799"></A>2)&nbsp;&nbsp;&nbsp; Significant accounting practices</FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>These consolidated financial statements of the Organization were prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). The consolidated financial statements include the consolidated statements of financial position, consolidated statements of income, consolidated statements of comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows as well as the notes to the consolidated financial statements.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>These consolidated financial statements have been prepared based on historical cost, except for the following material items in the balance sheet: financial assets at fair value through other comprehensive income, assets and liabilities at fair value through profit or loss and financial instruments designated at fair value through profit or loss, and defined-benefit liabilities that are recognized at the present value of the defined benefit obligation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization has classified its expenses according to their nature.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The consolidated statement of cash flows shows the changes in cash and cash equivalents during the year arising from operating, investing and financing activities. Cash and cash equivalents include highly liquid investments. Note 20 details the accounts of the consolidated statement of financial position that comprise cash and cash equivalents. The consolidated statement of cash flows is prepared using the indirect method. Accordingly, the income before taxes was adjusted by non-cash items such as provisions, depreciation, amortization and Impairment losses on loans and advances. The interest and dividend received and paid are classified as operating, financing or investment cash flows according to the nature of the corresponding assets and liabilities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The preparation of the consolidated financial statements requires the use of estimates and assumptions which affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the date of the financial statements, and the profit and loss amounts for the year. The consolidated financial statements also reflect various estimates and assumptions, including, but not limited to: adjustments to the provision for expected losses of assets and financial liabilities; estimates of the fair value of financial instruments; depreciation and amortization rates; impairment losses on </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>assets; the useful life of intangible assets; evaluation of the realization of tax assets; assumptions for the calculation of technical provisions for insurance, supplemental pension plans and capitalization bonds; provisions for contingencies and provisions for potential losses arising from fiscal and tax uncertainties. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4.</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>6</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=#000000 face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>In 2018, the Organization adopted IFRS 9 &#8211; Financial instruments, which replaced IAS 39. For more details on the transition process to the new standard, classification and measurement of financial assets, impairment and hedge accounting, see Note 47.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>The accounting policies listed below were used in all the periods presented and by all the companies of the Organization.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>a)&nbsp;&nbsp;&nbsp;&nbsp; <A name="_Toc474923252"></A><A name="_Toc474919303"></A><A name="_Toc415565830"></A><A name="_Toc415499809"></A><A name="_Toc415498644"></A><A name="_Toc415498520"></A><A name="_Toc415498291"></A><A name="_Toc413337819"></A><A name="_Toc412626151"></A><A name="_Toc381783331"></A><A name="_Toc379874051"></A><A name="_Toc355707581"></A><A name="_Toc351013962"></A><A name="_Toc320264309"></A><A name="_Toc318995662"></A><A name="_Toc318995460"></A><A name="_Toc316896239"></A><A name="_Toc312767216"></A><A name="_Toc289782394"></A><A name="_Toc285698308"></A><A name="_Toc285642789"></A><A name="_Toc285538655"></A><A name="_Toc285477016"></A><A name="_Toc285472555"></A><A name="_Toc284885019"></A><A name="_Toc284697525"></A>Consolidation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>The consolidated financial statements include the financial statements of Bradesco and those of its direct and indirect subsidiaries, including exclusive mutual funds and special purpose entities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17.45pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>The main subsidiaries included in the consolidated financial statements are as follows:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Activity</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Shareholding interest</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>On December<FONT style="FONT-SIZE: 8pt" face=Arial>,</FONT> 31</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financial Sector &#8211; Brazil</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#193;gora Corretora de T&#237;tulos e Valores Mobili&#225;rios S.A.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Brokerage</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Banco Alvorada S.A. (1)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Banking</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>99.99%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Banco Bradescard S.A.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cards</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Banco Bradesco BBI S.A.(2)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Investment bank</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>99.96%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>99.85%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Banco Bradesco BERJ S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Banking</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Banco Bradesco Cart&#245;es S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Banco Bradesco Financiamentos S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Banking</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Banco Losango S.A.</FONT></P></TD>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco Administradora de Cons&#243;rcios Ltda.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Consortium management</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco Leasing S.A. Arrendamento Mercantil</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Leases</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco-Kirton Corretora de C&#226;mbio S.A. (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Exchange Broker</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>99.97%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>99.97%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco S.A. Corretora de T&#237;tulos e Valores Mobili&#225;rios</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Brokerage</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>BRAM - Bradesco Asset Management S.A. DTVM</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Asset management</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Kirton Bank Brasil S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Tempo Servi&#231;os Ltda.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financial Sector &#8211; Overseas</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Banco Bradesco Argentina S.A.U (4) (5)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Banking</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>99.99%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Banco Bradesco Europa S.A. (5)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Banking</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Banco Bradesco S.A. Grand Cayman Branch (5) (6)</FONT></P></TD>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Banco Bradesco S.A. New York Branch (5)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Banking</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco Securities, Inc. (5)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco Securities, UK. Limited (5)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Brokerage</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco Securities, Hong Kong Limited (5)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cidade Capital Markets Ltd (5)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradescard M&#233;xico, sociedad de Responsabilidad Limitada (7)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cards</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Insurance, Pension Plan and Capitalization Bond Sector - In Brazil</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" vAlign=bottom width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Atl&#226;ntica Companhia de Seguros</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Insurance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco Auto/RE Companhia de Seguros</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Insurance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco Capitaliza&#231;&#227;o S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Capitalization bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco Sa&#250;de S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Insurance/health</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco Seguros S.A. (8)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Insurance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>99.96%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco Vida e Previd&#234;ncia S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Pension plan/Insurance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Kirton Capitaliza&#231;&#227;o S.A. (9)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Capitalization bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>7</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=3 width="55%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=3 width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Activity</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Shareholding interest</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December<FONT style="FONT-SIZE: 8pt" face=Arial>,</FONT> 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Kirton Seguros S.A. (9)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Insurance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>98.54%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Kirton Vida e Previd&#234;ncia S.A. (9)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Pension plan/Insurance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Odontoprev S.A. (10)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Dental care</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50.01%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50.01%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Insurance - Overseas</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco Argentina de Seguros S.A. (5) (10)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Insurance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>99.98%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>99.98%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other Activities - Brazil</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Andorra Holdings S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradseg Participa&#231;&#245;es S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradescor Corretora de Seguros Ltda.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Insurance Brokerage</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesplan Participa&#231;&#245;es Ltda. (11)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>BSP Empreendimentos Imobili&#225;rios S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cia. Securitizadora de Cr&#233;ditos Financeiros Rubi</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Credit acquisition</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Columbus Holdings S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Nova Paiol Participa&#231;&#245;es Ltda.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Uni&#227;o Participa&#231;&#245;es Ltda. (12)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Holding</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other Activities - Overseas</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco North America LLC (5)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Services</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Investment Funds (13)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco F.I.R.F. Master II Previd&#234;ncia</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Investment Fund</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco F.I. Referenciado DI Performance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Investment Fund</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco F.I.C.F.I. R.F. VGBL F10</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Investment Fund</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco F.I.R.F. Master IV Previd&#234;ncia</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Investment Fund</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco F.I.R.F. Master Previd&#234;ncia</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Investment Fund</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco Private F.I.C.F.I. RF PGBL/VGBL Ativo</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-LEFT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Investment Fund</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco FI Referenciado DI Uni&#227;o</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Investment Fund</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>99.83%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>99.92%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco Private F.I.C.F.I. R.F. PGBL/VGBL Ativo - F 08 C</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-LEFT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Investment Fund</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco F.I.C.R.F. VGBL FIX</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Investment Fund</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco F.I.C.F.I. Renda Fixa V-A</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Investment Fund</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(1) In December 2018, there was acquisition of shares held by a minority shareholder;</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(2) In May 2018, there was acquisition of shares held by minority shareholders by Banco Bradesco S.A.;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(3) In November 2018, there was a change in the corporate name of Bradesco-Kirton Corretora de T&#237;tulos e Valores Mobili&#225;rios S.A. to Bradesco-Kirton Corretora de C&#226;mbio S.A.;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(4) Change in the percentage of participation, by assignment of quotas and change of corporate name to unilateral company;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(5) The functional currency of these companies abroad is the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(6) The special purpose entity International Diversified Payment Rights Company is being consolidated. The company is part of a structure set up for the securitization of the future flow of payment orders received overseas;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(7) The functional currency of this company is the Mexican Peso;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(8) Reduction in participation due to the merger of Kirton Seguros S.A. through the exchange of minority shares;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(9) Companies merged into their repective counterparts in June 2018 (Bradesco Seguros S.A., Bradesco Capitaliza&#231;&#227;o S.A. and Bradesco Vida e Previd&#234;ncia S.A.);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(10) The financial information portrayed is from the previous month; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(11) Company merged in October 2018, by the company Nova Paiol Participa&#231;&#245;es Ltda.; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(12) Company merged in November 2018, by the company Nova Paiol Participa&#231;&#245;es Ltda.; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(13) The investment funds in which Bradesco assumes or substantially retains the risks and benefits were consolidated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0.65in 0pt 63.8pt; TEXT-INDENT: -21.25pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>i.</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Subsidiaries</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Subsidiaries are all of the companies over which the Organization, has control. The Organization has control over an investee if it is exposed to, or has rights to, variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The subsidiaries are fully consolidated from the date at which the Organization obtains control over its activities until the date this control ceases.</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>8</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>For acquisitions meeting the definition of a business combination, the acquisition method of accounting is used. The cost of an acquisition is measured as the fair value of the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>consideration, including assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. The excess of the consideration given over the fair value of the Organization&#8217;s share of the identifiable net assets and non-controlling interest acquired is recorded as goodwill. Any goodwill arising from business combinations is tested for impairment at least once a year and whenever events or changes in circumstances may indicate the need for an impairment write-down. If the cost of acquisition is less than the fair value of the Organization&#8217;s share of the net assets acquired, the difference is recognized directly in the consolidated statement of income.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>For acquisitions not meeting the definition of a business combination, the Organization allocates the cost between the individual identifiable assets and liabilities. The cost of acquired assets and liabilities is determined by (a) recognizing financial assets and liabilities at their fair value at the acquisition date; and (b) allocating the remaining balance of the cost of purchasing assets and assuming liabilities to individual assets and liabilities, other than financial instruments, based on their relative fair values</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>of these instruments at the acquisition date.</FONT></P>

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<P style="MARGIN: 0in 0.65in 0pt 63.8pt; TEXT-INDENT: -21.25pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>ii.</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Associates</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Companies are classified as associates if the Organization has significant influence, but not control, over the operating and financial management policy decisions. Normally significant influence is presumed when the Organization holds in excess of 20%, but no more than 50%, of the voting rights. Even if less than 20% of the voting rights are held, the Organization could still have significant influence through its participation in the management of the investee or representations on its Board of Directors, providing it has executive power; i.e. voting power.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Investments in associates are recorded in the Organization's consolidated financial statements using the equity method and are initially recognized at cost. The investments in associates include goodwill (net of any impairment losses) identified at the time of acquisition.</FONT></P>

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<P style="MARGIN: 0in 0.65in 0pt 63.8pt; TEXT-INDENT: -21.25pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>iii.</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Joint ventures </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization has contractual agreements in which two or more parties undertake activities subject to joint control. Joint control is the contractual sharing of control over an activity and it exists only if strategic, financial and operating decisions are made on a unanimous basis by the parties. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the arrangement, rather than rights to its assets and obligations for its liabilities. Investments in joint ventures are recorded in the consolidated financial statements of the Organization using the equity method.</FONT></P>

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<P style="MARGIN: 0in 0.65in 0pt 63.8pt; TEXT-INDENT: -21.25pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>iv.</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Structured entities </FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>A structured entity is an entity that has been designed such that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Structured entities normally have some or all of the following features or characteristics:</FONT></P>

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   <P style="MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=#231f20 face=arial,sans-serif>restricted activities;</FONT></P></TD></TR>

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   <TD vAlign=top width="92%" align=left><FONT color=#231f20 size=2 face=Arial>a narrow and well-defined objective, such as, to effect a specific structure like a tax efficient lease, to perform research and development activities, or to provide a source of capital or funding to an entity or to provide investment opportunities for investors by passing risks and rewards associated with the assets of the structured entity to investors;</FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#231f20 face=arial,sans-serif>thin capitalization, that is, the proportion of &#8216;real&#8217; equity is too small to support the structured entity&#8217;s overall activities without subordinated financial support; and</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#231f20 face=arial,sans-serif>financing in the form of multiple contractually linked instruments to investors that create <FONT lang=EN-US style="FONT-SIZE: 10pt" color=#231f20 face=arial,sans-serif>concentrations of credit risk or other risks (tranches).</FONT></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>9</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="MARGIN: 0in 0.65in 0pt 63.8pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>v.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Transactions with and interests of non-controlling shareholders </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>The Organization applies a policy of treating transactions with non-controlling interests as transactions with equity owners of the Bank. For purchases of equity from non-controlling interests, the difference between any consideration paid and the share of the carrying value of net assets of the subsidiary acquired is recorded in equity. Gains or losses on sales to non-controlling shareholders are also recorded in equity.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Profits or losses attributable to non-controlling interests are presented in the consolidated statements of income under this title. </FONT></P>

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<P style="MARGIN: 0in 0.65in 0pt 63.8pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>vi.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Balances and transactions eliminated in the consolidation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Intra-group transactions and balances (except for foreign currency transaction gains and losses) are eliminated in the consolidation process, including any unrealized profits or losses resulting from operations between the companies except when unrealized losses indicate an impairment loss of the asset transferred which should be recognized in the consolidated financial statements. Consistent accounting policies as well as similar valuation methods for similar transactions, events and circumstances are used throughout the Organization for the purposes of consolidation.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923253"></A><A name="_Toc474919304"></A><A name="_Toc415565831"></A><A name="_Toc415499810"></A><A name="_Toc415498645"></A><A name="_Toc415498521"></A><A name="_Toc415498292"></A><A name="_Toc413337820"></A><A name="_Toc412626152"></A><A name="_Toc381783332"></A><A name="_Toc379874052"></A><A name="_Toc355707582"></A><A name="_Toc351013963"></A><A name="_Toc320264310"></A><A name="_Toc318995663"></A><A name="_Toc318995461"></A><A name="_Toc316896242"></A><A name="_Toc312767218"></A><A name="_Toc289782399"></A><A name="_Toc285698313"></A><A name="_Toc285642794"></A><A name="_Toc285538660"></A><A name="_Toc285477021"></A><A name="_Toc285472560"></A><A name="_Toc284885024"></A><A name="_Toc284697530"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>b)&nbsp;&nbsp;&nbsp; Foreign currency translation </FONT></B></P>

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<P style="MARGIN: 0in 0in 0in 63.8pt; TEXT-INDENT: -63.8pt"><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>i.</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Functional and presentation currency</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Items included in the financial statements of each of the Organization&#8217;s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Brazilian </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> (R$), which is the Organization&#8217;s presentation currency. The domestic and foreign subsidiaries use the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Real </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>as their functional currency, with the exception of the subsidiary in Mexico, which uses the Mexican Peso as its functional currency.</FONT></P>

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<P style="MARGIN: 0in 0in 0in 63.8pt; TEXT-INDENT: -63.8pt"><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>ii.</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Transactions and balances </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Foreign currency transactions, which are denominated or settled in a foreign currency, are translated into the functional currency using the exchange rates prevailing on the dates of the transactions. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Monetary items denominated in foreign currency are translated at the closing exchange rate as at the reporting date. Non-monetary items measured at historical cost denominated in a foreign currency are translated at the exchange rate on the date of initial recognition; non-monetary items in a foreign currency that are measured at fair value are translated using the exchange rates on the date when the fair value was determined. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at each period exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of income as &#8220;Net gains/(losses) of foreign currency transactions&#8221;.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In the case of changes in the fair value of monetary assets denominated in foreign currency classified as financial assets at fair value through other comprehensive income, a distinction is made between translation differences resulting from changes in amortized cost of the security and other changes in the carrying amount of the security. Translation differences related to changes in the amortized cost are recognized in the consolidated statement of income, and other changes in the carrying amount, except impairment, are recognized in equity.</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>20</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="MARGIN: 0in 0in 0in 63.8pt; TEXT-INDENT: -63.8pt"><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>iii.</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Foreign operations </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The results and financial position of all foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: </FONT></P>

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   <P style="MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#231f20 face=arial,sans-serif>Assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate at the reporting date;<BR>&nbsp;</FONT></P></TD></TR>

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   <TD vAlign=top width="92%" align=left><FONT color=#231f20 size=2 face=Arial>Income and expenses for each consolidated statement of income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rate prevailing on the transaction dates, in which case income and expenses are translated at the rates in effect on the dates of the transactions); and<BR>&nbsp;</FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#231f20 face=arial,sans-serif>All resulting exchange differences are recognized in other comprehensive income. </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Exchange differences arising from the above process are reported in equity as &#8220;Foreign currency translation adjustment&#8221;.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>On consolidation, exchange differences arising from the translation of the net investment in foreign entities are taken to &#8220;Other comprehensive income&#8221;. If the operation is a non-wholly owned subsidiary, then the relevant proportion of the transaction difference is allocated to the non-controlling interest. When a foreign operation is partially sold or disposed, such exchange differences, which were recognized in equity, are recognized in the consolidated statement of income as part of the gain or loss on sale. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923254"></A><A name="_Toc474919305"></A><A name="_Toc415565832"></A><A name="_Toc415499811"></A><A name="_Toc415498646"></A><A name="_Toc415498522"></A><A name="_Toc415498293"></A><A name="_Toc413337821"></A><A name="_Toc412626153"></A><A name="_Toc381783333"></A><A name="_Toc379874053"></A><A name="_Toc355707583"></A><A name="_Toc351013964"></A><A name="_Toc320264311"></A><A name="_Toc318995664"></A><A name="_Toc318995462"></A><A name="_Toc316896243"></A><A name="_Toc312767219"></A><A name="_Toc289782400"></A><A name="_Toc285698314"></A><A name="_Toc285642795"></A><A name="_Toc285538661"></A><A name="_Toc285477022"></A><A name="_Toc285472561"></A><A name="_Toc284885025"></A><A name="_Toc284697532"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>c)&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Cash and cash equivalents include: cash, bank deposits, unrestricted balances held with the Central Bank of Brazil and other highly liquid short-term investments, with original maturities of three months or less and which are subject to insignificant risk of changes in fair value, used by the Organization to manage its short-term commitments. See Note 20(b) &#8211; &#8220;Cash and cash equivalents&#8221;.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923256"></A><A name="_Toc474919307"></A><A name="_Toc415565834"></A><A name="_Toc415499813"></A><A name="_Toc415498648"></A><A name="_Toc415498524"></A><A name="_Toc415498295"></A><A name="_Toc413337823"></A><A name="_Toc412626155"></A><A name="_Toc381783335"></A><A name="_Toc379874055"></A><A name="_Toc355707585"></A><A name="_Toc351013966"></A><A name="_Toc320264313"></A><A name="_Toc318995666"></A><A name="_Toc318995464"></A><A name="_Toc316896246"></A><A name="_Toc312767221"></A><A name="_Toc289782402"></A><A name="_Toc285698316"></A><A name="_Toc285642797"></A><A name="_Toc285538663"></A><A name="_Toc285477024"></A><A name="_Toc285472563"></A><A name="_Toc284885027"></A><A name="_Toc284697534"></A><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>d)&nbsp;&nbsp;&nbsp;&nbsp; Financial assets and liabilities</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Accounting Practices adopted as of January 1, 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 63.8pt; TEXT-INDENT: -21.25pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>i.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial assets</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In 2018, we began to apply IFRS 9, which contains a new approach for classification and measurement of financial assets, where the entity is based on the business model for the management of financial assets, as well as the characteristics of contractual cash flow of the financial asset.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face="Univers 45 Light"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>This new approach replaced the financial assets categories foreseen in IAS 39: (i) measured at fair value through profit or loss; (ii) investments held to maturity; (iii) loans and receivables; and (iv) available for sale.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>IFRS 9 classifies financial assets into three categories: (i) measured at amortized cost; (ii) measured at fair value through other comprehensive income (FVOCI &#8211; Shareholders&#8217; Equity); and (iii) measured at fair value through profit or loss (FVTPL).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>21</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>- Business model:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> it relates to the way in which the entity manages its financial assets to generate cash flows. The objective of the Management for a particular business model, is: (i) to maintain the assets to receive contractual cash flows; (ii) to maintain the assets to receive the contractual cash flows and sales; or (iii) any other model. When the financial assets conform to the business models (i) and (ii) the SPPI test (Solely Payment of Principal and Interest) should be applied. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>- SPPI Test:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> the purpose of this test is to assess the contractual terms of the financial instruments to determine if they give rise to cash flows at specific dates that conform only to the payment of the principal and interest on the principal amount. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In this sense, the principal refers to the fair value of the financial asset at the initial recognition and interest refers to the consideration for the time value of money, the credit risk associated with the principal amount outstanding for a specific period of time and other risks and borrowing costs. Financial instruments that do not fall under the aforementioned concept are measured at FVTPL, such as derivatives.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 78pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>&#8226;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Measured at fair value through profit or loss</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>All financial assets that do not meet the criteria of measurement at amortized cost or at VJORA are classified as measured at VJR, in addition to those assets that in the initial recognition are irrevocably designated at VJR, if this eliminates or significantly reduces asset-liability mismatches.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial assets measured at VJR are initially recorded at fair value with subsequent changes to the fair value recognized immediately in profit or loss. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>They are held for trading if it is acquired by Organization for the purpose of selling it in the short-term or if it is part of a portfolio of identified financial instruments that are managed together for short-term profit or position taking, or, eventually, assets that do not meet the SPPI test. Derivative financial instruments are also categorized as VJR.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial assets are initially recognized in the consolidated statement of financial position at fair value and the transaction costs are recorded directly in the consolidated statement of income. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Realized and unrealized gains and losses arising from changes in fair value of non-derivative assets are recognized directly in the consolidated statement of income under &#8220;Net gains/(losses) on financial assets and liabilities at fair value through profit or loss&#8221;. Interest income on financial assets measured at VJR is included in &#8220;Interest and similar income&#8221;. For the treatment of derivative assets see Note 2(d)(iii).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Measured at fair value through other comprehensive income</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>They are financial assets that meet the criterion of the SPPI test, which are held in a business model whose objective is both to maintain the assets to receive the contractual cash flows as well as for sale.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial assets are initially recognized at fair value, plus any transaction costs that are directly attributable to their acquisition or their issuance and are, subsequently, measured at fair value with gains and losses being recognized in other comprehensive income, except for impairment losses and foreign exchange gains and losses on debt securities, until the financial asset is derecognized. The expected credit losses are recorded in the consolidated statement of income in contrast to "Other comprehensive income", having no impact on the gross carrying amount of the asset.</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>22</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Interest income is recognized in the consolidated statement of income using the effective interest method. Dividends on equity instruments are recognized in the consolidated statement of income in &#8216;Dividend income&#8217;, within &#8220;Net Gains/(losses) on financial assets at fair value through other comprehensive income&#8221; when the Organization&#8217;s right to receive payment is established. Gains or losses arising out of exchange variation on investments in debt securities classified as VJORA are recognized in the consolidated statement of income. See Note 2(d)(viii) for more details of the treatment of the expected credit losses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 77.95pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Measured at amortized cost</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial assets that meet the criterion of the SPPI test, which are held in a business model whose objective is to maintain the assets to receive the contractual cash flows.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial assets measured at amortized cost are recognized initially at fair value including direct and incremental costs, and are subsequently recorded at amortized cost, using the effective interest rate method. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Interest are recognized in the consolidated statement of income and reported as &#8220;Interest and similar income&#8221;. In the case of expected credit loss, it is reported a deduction from the carrying value of the financial asset and is recognized in the consolidated statement of income. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 63.8pt; TEXT-INDENT: -21.25pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>ii.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial liabilities</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization classifies its financial liabilities as subsequently measured at amortized cost, using the effective interest rate method, except for the following financial instruments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 78pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Measured at fair value through profit and loss</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>These financial liabilities are recorded and measured at fair value and the respective changes in fair value are immediately recognized in the income statement. These liabilities can be subdivided into two different classifications upon initial recognition: financial liabilities designated at fair value through profit and loss and financial liabilities held for trading.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 92.15pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face="times new (w1)">-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial liabilities designated at FVTPL on initial recognition</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>These are liabilities that on initial recognition are irrevocably designated at VJR, if this eliminates or significantly reduces asset-liability mismatches.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization does not have any financial liability designated at fair value through profit and loss in income. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 92.15pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face="times new (w1)">-</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial liabilities held for trading</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial liabilities held for trading recognized by the Organization are derivative financial instruments. For the treatment of derivatives see Note 2(d)(iii). </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 78pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial guarantee contracts and loan commitments</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial guarantees are contracts that require the Organization to make specific payments under the guarantee for a loss incurred when a specific debtor fails to make a payment when due in accordance with the terms of the debt instrument.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial guarantees are initially recognized in the financial statements at fair value on the date the guarantee was given. Subsequent to initial recognition, the Organization&#8217;s obligations under such guarantees are measured by the higher value between (i) the value of the provision for expected losses and (ii) the value initially recognized, minus, if appropriate, the accumulated value of the revenue from the service fee. The fee income earned is recognized on a straight-line basis over the life of the guarantee. Any increase in <FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>the liability relating to guarantees is reported in the consolidated statement of income within &#8220;Other operating income/ (expenses)&#8221;.</FONT></FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>23</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Loan commitments are recognized as the amount of expected credit loss calculated as described in Note 3.1.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 78pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 63.8pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>iii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Derivative financial instruments and hedge transactions</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Derivatives are initially recognized at fair value on the date the derivative contract is signed and are, subsequently, re-measured at their fair values with the changes recognized in the income statement under &#8220;Net gains or losses on financial assets at fair value through profit or loss&#8221;. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Fair values are obtained from quoted market prices in active markets (for example, for exchange-traded options), including recent market transactions, and valuation techniques (for example for swaps and foreign currency transactions), such as discounted cash-flow models and options-pricing models, as appropriate. The calculation of fair value, the counterparty's and the entity's own credit risk are considered.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Certain derivatives embedded in other financial instruments are treated as separate derivatives when their economic characteristics and risks are not closely related to those of the host contract and the host contract is not recorded at fair value through profit or loss. These embedded derivatives are separately accounted for at fair value, with changes in fair value recognized in the consolidated statement of income.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Organization has structures of cash flow hedges, whose objective is to protect the exposure to variability in cash flows attributable to a specific risk associated with all the assets or liabilities recognized, or a component of it. The details of these structures have been presented in Note 3.2 &#8211; Market risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 63.8pt; TEXT-INDENT: -21.25pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>iv.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Recognition</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Initially, the Organization recognizes deposits, securities issued and subordinated debts and other financial assets and liabilities on the trade date, in accordance with the contractual provisions of the instrument.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 63.8pt; TEXT-INDENT: -21.25pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>v.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Derecognition</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial assets are derecognized when there is no reasonable expectation of recovery, when the contractual rights to receive the cash flows from these assets have ceased to exist or the assets have been transferred and substantially all the risks and rewards of ownership of the assets are also transferred. Financial liabilities are derecognized when they have been discharged, paid, redeemed, cancelled or expired. If a renegotiation or modification of terms of an existing financial asset is such that the cash flows of the modified asset are substantially different from those of the original unmodified asset, then the original financial asset is derecognized and the modified financial asset is recognized as a new financial asset and initially measured at fair value.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 63.8pt; TEXT-INDENT: -21.25pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>vi.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Offsetting financial instruments </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial assets and liabilities are offset and the net amount reported in the consolidated statement of financial position when, the Organization has the intention and the legal enforceable right to offset the recognized amounts on a net basis or realize the asset and settle the liability simultaneously.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 63.8pt; TEXT-INDENT: -21.25pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>vii.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Determination of fair value</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The determination of the fair values for the majority of financial assets and liabilities is based on the market price or quotes of security dealers for financial instruments traded in an active market. The fair value for other instruments is determined using valuation techniques. The valuation techniques which include use of recent market transactions, discounted cash flow <FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>method, comparison with other instruments similar to those for which there are observable market prices and valuation models.</FONT></FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>24</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>For more common other instruments the Organization uses widely accepted valuation models that consider observable market data in order to determine the fair value of financial instruments.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>For more complex instruments, the Organization uses its own models that are usually developed from standard valuation models. Some of the information included in the models may not be observable in the market and is derived from market prices or rates or may be estimated on the basis of assumptions. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The value produced by a model or by a valuation technique is adjusted to reflect various factors, since the valuation techniques do not necessarily reflect all of the factors that market participants take into account during a transaction.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The valuations are adjusted to consider the risks of the models, differences between the buy and sell price, credit and liquidity risks, as well as other factors. Management believes that such valuation adjustments are necessary and appropriate for the correct evaluation of the fair value of the financial instruments recorded in the consolidated statement of financial position.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>More details on the calculation of the fair value of financial instruments are available in Note 3.4.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 63.8pt; TEXT-INDENT: -21.25pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>viii.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Expected credit losses</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization calculates the expected losses in prospective bases for financial instruments measured at amortized cost, at FVOCI (with the exception of investments in equity instruments), financial guarantees and loan commitments.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Expected credit losses on financial instruments are measured as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial assets: it is the present value of the difference between contractual cash flows and the cash flows that the Organization hopes to recover discounted at the effective interest rate of the operation;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial guarantees: it is the present value of the difference between the expected payments to reimburse the holder of the guarantee and the values that the Organization expects to recover</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>discounted at a rate that reflects the market conditions; and</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Loan commitments: is the present value of the difference between the contractual cash flows that would be due if the commitment was used and the cash flows that the Organization expects to recover</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>discounted at a rate that reflects the market conditions.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Expected losses will be measured on one of the following basis:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>&#8722; Credit losses expected for 12 months, i.e., credit losses as a result of possible events of delinquency within 12 months after the reporting date; and </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>&#8722; Credit Losses expected for the whole of lifecycle, i.e., credit losses that result from all possible events of delinquency throughout the expected lifecycle of a financial instrument.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 85.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The measurement of expected losses for the whole lifecycle is applied when the credit risk of a financial asset, on the date of the report, has increased significantly since its initial recognition and the measurement of credit loss of 12 months is applied when the credit risk has not increased significantly since its initial recognition. The Organization may determine that the credit risk of a financial asset has not increased significantly when the asset has a low credit risk on the date of the report.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>With respect to Brazilian government bonds, the Organization has internally developed a study to assess the credit risk of these securities, which does not expect any loss for the next 12 months, that is, no provision is required for credit losses.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>2<FONT style="FONT-SIZE: 9pt" face=Arial>5</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 85.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization evaluates if the credit risk increased significantly for both individual assets and assets at collective level. For the purposes of a collective evaluation, financial assets are grouped on the basis of similar credit-risk characteristics (that is, on the basis of the Organization&#8217;s rating process that considers product type, market segment, geographical location, collateral type, past-due status and other related factors). Those characteristics are relevant to the estimation of future cash flows for groups of such assets by being indicative of the debtors&#8217; ability to pay all amounts due according to the contractual terms of the assets being evaluated.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 85.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The amount of loss is measured as the difference between the asset&#8217;s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset&#8217;s original effective interest rate. The asset&#8217;s carrying amount is reduced through provisions and the amount of the loss is recognized in the consolidated statement of income.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 85.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The calculation of the present value of the estimated future cash flows of a collateralized financial asset reflects the cash flows that may result from foreclosure less costs for obtaining and selling the collateral.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 85.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The methodology and assumptions used for estimating future cash flows are reviewed regularly to mitigate any differences between loss estimates and actual loss experience.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 85.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Following the recognition of expected credit loss, interest income is recognized using the effective rate of interest which was used to discount the future cash flows, on the accounting value gross of provision, except for assets with problem of credit recovery, in which, the rate stated is applied at the net book value of the provision.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 85.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The whole or part of a financial asset &nbsp;is written off against the related credit loss expected when there is no reasonable expectation of recovery. Such loans are written off after all the relevant collection procedures have been completed and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off are credited to the consolidated statement of income.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 85.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The criteria used to calculate the expected credit loss are detailed in Note 3.1.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Accounting Practices adopted until December 31, 2017.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization opted for the exemption provided by the Standard not to restate comparative information from prior periods arising from the changes arising from IFRS 9, therefore we present below the accounting policies applied to Financial Instruments up to December 31, 2017:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT size=2 face=Arial><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><STRONG>i. </STRONG><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Sale and repurchase agreements</FONT></B></FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Securities sold subject to repurchase agreements are presented in the consolidated financial statements in &#8220;Financial assets pledged as collateral&#8221;. The counterparty liability is included in &#8220;Deposits from Banks&#8221;. Securities purchased under agreements to resell are recorded in &#8220;Loans and advances to banks&#8221; or &#8220;Loans and advances to customers&#8221;, as appropriate. The difference between sale and repurchase price is treated as interest in the consolidated statement of income and recognized over the life of the agreements using the effective interest rate method.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT size=2 face=Arial><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><STRONG>ii. </STRONG><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Financial assets</FONT></B></FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization classifies its financial assets into the following categories: measured at fair value through profit or loss, available-for-sale, held-to-maturity and loans and receivables. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets on initial recognition.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=symbol>&#183;&nbsp;&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Measured at fair value through profit or loss</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Financial assets are recorded and initially measured at fair value, with subsequent subsequent changes in fair value recognized immediately in profit or loss. These assets can be subdivided into two distinct classifications: financial assets designated at fair value through profit or loss; and financial assets for trading (upon initial recognition).</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext size=3 face="Times New Roman"></FONT></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>2</FONT><FONT style="FONT-SIZE: 9pt" face=Arial>6</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 3cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>- Financial assets designated at fair value through profit or loss</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization does not have any financial assets designated at fair value through profit or loss.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 3cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>- Financial assets for trading (except Derivatives)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial assets for trading are assets held by the Organization for the purpose of trading them in the short term or maintaining them as part of a managed portfolio in order to obtain short-term profit or to take positions. Derivative financial instruments are also classified as held for trading.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial assets held for trading are initially recognized and measured at fair value on the balance sheet, and transaction costs are recorded directly in the statement of income for the period.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Realized and unrealized gains and losses arising from changes in the fair value of non-derivative financial assets are recognized directly in the income statement under "Gains and losses net of financial assets for trading". Interest income on financial assets held for trading is recognized in "Net interest income".</FONT></P>

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   <TD style="WIDTH: 18pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=symbol>&#183;&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="96%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Available-for-sale financial assets</FONT></B></P></FONT></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Available-for-sale financial assets are non-derivative financial assets, for which it is intended to be held for an indefinite period of time, and which may be sold in response to changes in interest rates, foreign exchange rates, prices of equity securities or liquidity needs or that are not classified as held-to-maturity, loans and receivables or at fair value through profit or loss.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>They are initially recognized at fair value, which corresponds to the amount paid including transaction costs and is subsequently measured at fair value with gains and losses recognized in equity, other comprehensive income, except for impairment losses recoverable from exchange gains and losses until the financial asset is no longer recognized. If an available-for-sale financial asset presents a loss due to impairment, the accumulated loss recorded in other comprehensive income is recognized in the statement of income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Interest income is recognized in the income statement using the effective interest rate method. Dividend income is recognized in the consolidated statement of income when the Organization becomes entitled to the dividend. Foreign exchange gains and losses on investments in debt securities classified as available for sale are recognized in the consolidated statement of income.</FONT></P>

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   <TD style="WIDTH: 18pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=symbol>&#183;&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="96%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Held-to-maturity investments</FONT></B></P></FONT></FONT></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturity that the Organization has the intention and ability to hold to maturity and which are not designated at the initial recognition as at fair value through profit or loss, or as available for sale and that do not meet the definition of loans and receivables.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>They are initially recognized at fair value including direct and incremental costs and are subsequently accounted for at amortized cost using the effective interest rate method.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>27</FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Interest on investments held to maturity is included in the consolidated statement of income as "Interest and similar income". In the event of impairment, the impairment loss is recognized as a deduction from the carrying amount of the investment and is recognized in the consolidated statement of income.</FONT></P>

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   <TD style="WIDTH: 18pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=symbol>&#183;&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="96%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Loans and receivables</FONT></B></P></FONT></FONT></TD></TR></TABLE>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market that have not been designated as "available for sale" or "at fair value through profit or loss" and that the Organization does not intends to sell immediately or in the short term.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>They are initially measured at fair value plus direct transaction costs and subsequently measured at amortized cost using the effective interest rate method.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Loans and receivables are recognized in the balance sheet as loans and advances to financial institutions or to customers. Interest on loans is included in the income statement as "Interest and similar income". In the event of impairment, the impairment loss is reported as a reduction in the book value of loans and advances and is recognized in the statement of income as "Impairment losses on loans and advances".</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT size=2 face=Arial><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><STRONG>iii. </STRONG><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Financial liabilities</FONT></B></FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 46.8pt 0pt 0cm"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>The Organization classifies its financial liabilities in the following categories: measured at fair value through profit or loss and at amortized cost.</FONT></P>

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   <TD style="WIDTH: 18pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=symbol>&#183;&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="96%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Measured at fair value through profit or loss</FONT></B></P></FONT></FONT></TD></TR></TABLE>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>They are recorded and valued at fair value, and the respective changes in fair value are recognized immediately in profit or loss. These liabilities can be subdivided into two distinct classifications: financial liabilities designated at fair value through profit or loss and financial liabilities for trading.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>- Financial liabilities at fair value through profit or loss</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>The Organization does not have any financial liabilities designated at fair value through profit or loss.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>- Financial liabilities for trading</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>The financial liabilities for trading recognized by the Organization are derivative financial instruments.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=symbol>&#183;&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="96%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Financial liabilities at amortized cost</FONT></B></P></FONT></FONT></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>These are financial liabilities that are not measured at fair value through profit or loss. They are initially recorded at fair value and subsequently measured at amortized cost. They include, among others, resources from financial and client institutions, debt securities issuance and subordinated debt securities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT size=2 face=Arial><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><STRONG>iv. </STRONG><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Deposits, securities issued and subordinated liabilities</FONT></B></FONT></FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Deposits, securities issued and subordinated liabilities are the main funding sources used by the Organization to finance its operations.</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>28</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>They are initially measured at fair value plus transaction costs and subsequently measured at amortized cost using the effective interest rate method.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT size=2 face=Arial><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><STRONG>v. </STRONG><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Derivative financial instruments and hedge operations</FONT></B></FONT></FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair values &#8203;&#8203;with the changes being recognized in the statement of income under "Gains and losses on financial assets held for trading".</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Fair values &#8203;&#8203;are derived from quoted market prices in active markets (for example, exchange traded options), including recent market transactions and valuation techniques (eg, swaps and currency transactions), discounted cash and option pricing models, as appropriate. In determining the fair value, the credit risk of the counterparty and the entity itself is considered.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Certain derivatives embedded in other financial instruments are treated as separate derivatives when their economic characteristics and risks are not closely related to those in the main contract and the contract is not accounted for at fair value through profit or loss. These embedded derivatives are recorded separately at fair values, with changes in fair values &#8203;&#8203;being included in the consolidated income statement.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT size=2 face=Arial><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><STRONG>vi. </STRONG><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Impairment of financial assets</FONT></B></FONT></FONT></FONT></FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>a) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="96%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Financial assets recognized at amortized cost</FONT></B></P></FONT></FONT></FONT></TD></TR></TABLE></DIV>

<a name="_bclHeader32"></a><DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</DIV>

<a name="_bclHeader32"></a><P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>At each balance sheet date, the Organization assesses whether there is objective evidence that the carrying amount of the financial assets is impaired. Impairment losses are only recognized if there is objective evidence that a loss occurs after the initial recognition of the financial asset and that the loss has an impact on the future cash flows of the financial asset or group of financial assets , which can be estimated reliably.</FONT></P>

<a name="_bclHeader32"></a><P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclHeader32"></a><P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>The criteria that the Organization uses to determine whether there is objective evidence of a impairment loss include:</FONT></P>

<a name="_bclHeader32"></a><P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclHeader32"></a><P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>- Relevant financial difficulty of the issuer or borrower;</FONT></P>

<a name="_bclHeader32"></a><P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>- A breach of contract, such as default or delays in the payment of interest or principal;</FONT></P>

<a name="_bclHeader32"></a><P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>- Economic or legal reasons related to the financial difficulty of the borrower, guarantees to the borrower a concession that the creditor would not consider;</FONT></P>

<a name="_bclHeader32"></a><P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>- When it becomes probable that the policyholder declares bankruptcy or other financial reorganization;</FONT></P>

<a name="_bclHeader32"></a><P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>- The disappearance of an active market for that financial asset due to financial difficulties; or</FONT></P>

<a name="_bclHeader32"></a><P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>- Observable data indicating that there is a measurable reduction in estimated future cash flows from a portfolio of financial assets since the initial recognition of those assets, although the loss event can not yet be identified at the level of the individual financial assets in the portfolio, including:</FONT></P>

<a name="_bclHeader32"></a><P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclHeader32"></a><P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 90.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(i) adverse changes in the payment situation of the borrowers of the assessed group; and</FONT></P>

<a name="_bclHeader32"></a><P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 90.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(ii) national or local economic conditions that correlate with default on assets.</FONT></P>

<a name="_bclHeader32"></a><P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclHeader32"></a><P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>The Organization considers evidence of impairment for both individually significant assets and for assets at the collective level. All significant financial assets are valued for specific losses.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>29</FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>All significant assets that the evaluation indicates are not specifically impaired are evaluated collectively to detect any impairment losses incurred but not yet identified. Financial assets, accounted for at amortized cost, which are not individually significant, are evaluated collectively to detect impairment losses, grouping them according to similar risk characteristics. Financial assets, which are individually assessed for impairment and a loss is recognized, are not included in the collective assessment of impairment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>The amount of the loss is measured as the difference between the book value of the assets and the present value of the estimated future cash flows (excluding future credit losses that were not incurred) discounted at the original interest rate of the financial assets. The book value of the asset is reduced through provisions and the amount of the loss is recognized in the statement of income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>The calculation of the present value of the estimated future cash flows of a guaranteed financial asset reflects the cash flows, which may result from the asset's execution, less the costs of obtaining and selling the guarantee.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>For the purposes of a collective assessment of impairment, financial assets are grouped based on similar credit risk characteristics (ie, based on the process, the Organization classifies the type of product, business segments, location geographical, type of guarantee, maturity and other related factors). These characteristics are relevant for estimating future cash flows for groups of such assets as they are indicative of the borrower's ability to pay all amounts owed in accordance with the contractual terms of the assets to be valued.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Future cash flows in a group of financial assets, tested together to determine if there is any impairment, are estimated based on the contracted cash flows of a group of assets and the history of losses for assets with risk characteristics similar to those of the group of assets. Loss history is adjusted according to current observable data to reflect the effects of current conditions that did not affect the period in which the loss history is based and to disregard the effects of the conditions existing in the historical period that do not currently exist.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>The methodology and assumptions used to estimate future cash flows are reviewed regularly to reduce any differences between the loss estimates and the actual loss.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>After the impairment loss, financial income is recognized using the effective interest rate, which was used to discount future cash flows in order to measure the impairment loss.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>When it is not possible to receive a credit, it is written off against the respective provision for impairment. These credits are written off after the completion of all necessary recovery procedures for the determination of the loss amount. Subsequent recoveries of amounts previously written off are credited to the income statement.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>b)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="96%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Financial assets classified as available for sale</FONT></B></P></FONT></FONT></FONT></FONT></TD></TR></TABLE>

<DIV align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>The Organization shall assess, at the end of each reporting period, whether there is objective evidence that a financial asset or group of financial assets is deteriorating. For debt instruments, the Organization uses the criteria mentioned in item (a) above in order to identify a loss event.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>In the case of equity instruments classified as available for sale, a material or prolonged decline in the fair value of the security below its cost is considered as evidence that impairment losses have been incurred.</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>30</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>If any such evidence exists for available for sale financial assets, the cumulative loss - measured as the difference between the acquisition cost and the current fair value less any impairment loss on the previously recognized financial asset - is written off recognized in the statement of income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 77.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>If, in a subsequent period, the fair value of a debt instrument classified as available for sale increases and the increase can be objectively related to an event that occurred after the impairment loss was recognized, the reduction is reversed from the income statement. Impairment losses on capital instruments recognized in the statement of income are not reversed. Increase in fair value of equity instruments after impairment is recognized directly in equity in other comprehensive income.</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 85.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923257"></A><A name="_Toc474919308"></A><A name="_Toc415565835"></A><A name="_Toc415499814"></A><A name="_Toc415498649"></A><A name="_Toc415498525"></A><A name="_Toc415498296"></A><A name="_Toc413337824"></A><A name="_Toc412626156"></A><A name="_Toc381783336"></A><A name="_Toc379874056"></A><A name="_Toc355707586"></A><A name="_Toc351013967"></A><A name="_Toc320264314"></A><A name="_Toc318995667"></A><A name="_Toc318995465"></A><A name="_Toc316896247"></A><A name="_Toc312767222"></A><A name="_Toc289782403"></A><A name="_Toc285698317"></A><A name="_Toc285642798"></A><A name="_Toc285538664"></A><A name="_Toc285477025"></A><A name="_Toc285472564"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>e)&nbsp;&nbsp;&nbsp;&nbsp; Non-current assets held for sale </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Under certain circumstances, property is repossessed following foreclosure of loans that are in default. Repossessed properties are measured at the lower of their carrying amount and fair value less the costs to sell &#8211; whichever is the lowest &#8211; and are included within &#8220;Non-current assets held for sale&#8221;. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923258"></A><A name="_Toc474919309"></A><A name="_Toc415565836"></A><A name="_Toc415499815"></A><A name="_Toc415498650"></A><A name="_Toc415498526"></A><A name="_Toc415498297"></A><A name="_Toc413337825"></A><A name="_Toc412626157"></A><A name="_Toc381783339"></A><A name="_Toc379874059"></A><A name="_Toc355707589"></A><A name="_Toc351013970"></A><A name="_Toc320264317"></A><A name="_Toc318995670"></A><A name="_Toc318995468"></A><A name="_Toc316896250"></A><A name="_Toc312767225"></A><A name="_Toc289782406"></A><A name="_Toc285698320"></A><A name="_Toc285642801"></A><A name="_Toc285538667"></A><A name="_Toc285477028"></A><A name="_Toc285472567"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>f)&nbsp;&nbsp;&nbsp; Property and equipment</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>i.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Recognition and valuation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Property and equipment are measured at cost less accumulated depreciation and accumulated impairment losses (see Note 2(i) below), if any. The cost includes expenses directly attributable to the acquisition of an asset.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The cost of assets internally produced includes the cost of materials and direct labor, as well as any other costs that can be directly allocated and that are necessary for them to function. Software acquired for the operation of the related equipment is recorded as part of the equipment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>When parts of an item have different useful lives, and separate control is practical, they are <FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>recorded as separate items (main components) comprising the property and equipment.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>31</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Useful lives and residual values are reassessed at each reporting date and adjusted, if appropriate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Gains and losses from the sale of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>property and equipment</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> are determined by comparing proceeds received with the carrying amount of the asset and are recorded in the consolidated income statement under the heading &#8220;Other operating income/(expenses)&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>ii.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Subsequent costs</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Expenditure on maintenance and repairs of property and equipment items is recognized as an asset when it is probable that future economic benefits associated with the items will flow to the Organization for more than one year and the cost can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance costs are charged to the consolidated statement of income during the reporting period in which they are incurred.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>iii.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Depreciation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Depreciation is recognized in the consolidated statement of income using the straight-line basis and taking into consideration the estimated useful economic life of the assets. The depreciable amount is the gross-carrying amount, less the estimated residual value at the end of the useful economic life. Land is not depreciated. Useful lives and residual values are reassessed at each reporting date and adjusted, if appropriate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923259"></A><A name="_Toc474919310"></A><A name="_Toc415565837"></A><A name="_Toc415499816"></A><A name="_Toc415498651"></A><A name="_Toc415498527"></A><A name="_Toc415498298"></A><A name="_Toc413337826"></A><A name="_Toc412626158"></A><A name="_Toc381783340"></A><A name="_Toc379874060"></A><A name="_Toc355707590"></A><A name="_Toc351013971"></A><A name="_Toc320264318"></A><A name="_Toc318995671"></A><A name="_Toc318995469"></A><A name="_Toc316896251"></A><A name="_Toc312767226"></A><A name="_Toc289782407"></A><A name="_Toc285698321"></A><A name="_Toc285642802"></A><A name="_Toc285538668"></A><A name="_Toc285477029"></A><A name="_Toc285472568"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>g)&nbsp;&nbsp;&nbsp; Intangible assets </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Intangible assets comprise separately identifiable non-monetary items, without physical substance due to business combinations, such as goodwill and other purchased intangible assets, computer software and other such intangible assets. Intangible assets are recognized at cost. The cost of an intangible asset, acquired in a business combination, is its fair value at the date of acquisition. Intangible assets with a definite useful life are amortized over their estimated useful economic life. Intangible assets with an indefinite useful life are not amortized. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Generally, the identified intangible assets of the Organization have a definite useful life. At each reporting date, intangible assets are reviewed for indications of impairment or changes in estimated future economic benefits &#8211; see Note 2(i) below.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>i.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Goodwill</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Goodwill (or bargain purchase gain) arises on the acquisition of subsidiaries, associates and joint ventures.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Goodwill reflects the excess of the cost of acquisition in relation to the Organization&#8217;s share of the fair value of net identifiable assets or liabilities of an acquired subsidiary, associate or joint venture on the date of acquisition. Goodwill originated from the acquisition of subsidiaries is recognized as &#8220;Intangible Assets&#8221;, and the goodwill from acquisition of associates and joint ventures is included in the carrying amount of the investment. When the difference between the cost of acquisition and the Organization&#8217;s share of the fair value of net identifiable assets or liabilities is negative (bargain purchase gain), it is immediately recognized in the consolidated statement of income as a gain on the acquisition date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Goodwill is tested annually, as well as whenever a trigger event has been observed, for impairment (see Note 2(i) below). Gains and losses realized in the sale of an entity include consideration of the carrying amount of goodwill relating to the entity sold. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>ii.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp; </FONT><B><I><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Software</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Software acquired by the Organization is recorded at cost, less accumulated amortization and <FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>accumulated impairment losses, if any. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>32</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Internal software-development expenses are recognized as assets when the Organization can demonstrate its intention and ability to complete the development, and use the software in order to generate future economic benefits. The capitalized costs of internally developed software include all costs directly attributable to development and are amortized over their useful lives. Internally developed software is recorded at its capitalized cost less amortization and impairment losses (see Note 2(i) below).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Subsequent software expenses are capitalized only when they increase the future economic benefits incorporated in the specific asset to which it relates. All other expenses are recorded as expenses as incurred.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Amortization is recognized in the consolidated statement of income using the straight-line method over the estimated useful life of the software, beginning on the date that it becomes available for use. The estimated useful life of software is from two to five years. Useful life and residual values are reviewed at each reporting date and adjusted, if necessary.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>iii.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Other intangible assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 42.55pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Other intangible assets refer basically to the customer portfolio and acquisition of banking service rights. They are recorded at cost less amortization and impairment losses, if any, and are amortized for the period in which the asset is expected to contribute, directly or indirectly, to the future cash flows. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>These intangible assets are reviewed annually, or whenever events or changes in circumstances occur which could indicate that the carrying amount of the assets cannot be recovered. If necessary, the write-off or impairment (see Note 2(i) below) is immediately recognized in the consolidated statement of income.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -28.35pt"><A name="_Toc474923260"></A><A name="_Toc474919311"></A><A name="_Toc415565838"></A><A name="_Toc415499817"></A><A name="_Toc415498652"></A><A name="_Toc415498528"></A><A name="_Toc415498299"></A><A name="_Toc413337827"></A><A name="_Toc412626159"></A><A name="_Toc381783341"></A><A name="_Toc379874061"></A><A name="_Toc355707591"></A><A name="_Toc351013972"></A><A name="_Toc320264319"></A><A name="_Toc318995672"></A><A name="_Toc318995470"></A><A name="_Toc316896252"></A><A name="_Toc312767227"></A><A name="_Toc289782408"></A><A name="_Toc285698322"></A><A name="_Toc285642803"></A><A name="_Toc285538669"></A><A name="_Toc285477030"></A><A name="_Toc285472569"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization has both operating and finance leases and operates as a lessee and a lessor.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Leases in which a significant part of the risks and benefits of the asset is borne by the lessor are classified as operating leases. For leases in which a significant part of the risks and benefits of the asset is borne by the lessee, the leases are classified as financial lease.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Leases under the terms of which the Organization assumes substantially all the risks and rewards of ownership are classified as finance leases. Upon initial recognition, the leased asset is measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>As a lessee, the Organization classifies its leasing operations mainly as operating leases, and the monthly payments are recognized in the financial statements using the straight-line method over the term of the lease. Lease incentives received are recognized as an integral part of the total lease expense, over the term of the lease.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>When an operating lease is terminated before the contract expires, any payment that may be made to the lessor in the form of a penalty is recognized as an expense for the period.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Contingent lease payments are accounted for by revising the minimum lease payments over the remaining term of the lease when the lease adjustment is confirmed.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>33</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>As a lessor, the Organization has substantial finance lease contracts, in value and total number of contracts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>i.</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Finance Leases</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Finance lease assets in the consolidated statement of financial position are initially recognized in the &#8220;loans and advances to customers&#8221; account at an amount equal to the net investment in the lease.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The initial direct costs generally incurred by the Organization are included in the initial measurement of the lease receivable and recognized as part of the effective interest rate of the contract, decreasing the amount of income recognized over the lease term. These initial costs include amounts for commissions, legal fees and internal costs. The costs incurred in relation to the negotiation, structuring and sales of leases are excluded from the definition of initial direct costs and therefore are recognized as expenses at the beginning of the lease term.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Recognition of financial revenue reflects a constant rate of return on the net investment made by the Organization.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The estimated non-guaranteed residual values used in the calculation of the gross investment of the lessor in the lease are reviewed at least annually. If there is a decrease in the estimated non-guaranteed residual value, the income allocated over the period of the lease is also reviewed periodically and any decrease in relation to the accumulated values is immediately recognized in the consolidated statement of income.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The lease receivables are subject to the requirements of Write-off and credit Losses expected, described in the topic above, financial assets and liabilities, items v and viii, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>ii.</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Operating leases</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The assets</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>leased under operating leases, where the Organization acts as lessor, are recognized in the consolidated statement of financial position as property and equipment according to the nature of the item leased.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The initial direct costs incurred by the Organization are added to the carrying amount of the leased asset and are recognized as expenses over the period of the lease and on the same basis as the income recognition.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Revenue from lease is recognized using the straight-line method over the term of the lease, even if the payments are not made on the same basis. Costs, including depreciation and maintenance, incurred in the generation of income are recognized as expenses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The depreciation policy for leased assets is the same as the depreciation policy used by the Organization for similar assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -28.35pt"><A name="_Toc474923261"></A><A name="_Toc474919312"></A><A name="_Toc415565839"></A><A name="_Toc415499818"></A><A name="_Toc415498653"></A><A name="_Toc415498529"></A><A name="_Toc415498300"></A><A name="_Toc413337828"></A><A name="_Toc412626160"></A><A name="_Toc381783342"></A><A name="_Toc379874062"></A><A name="_Toc355707592"></A><A name="_Toc351013973"></A><A name="_Toc320264320"></A><A name="_Toc318995673"></A><A name="_Toc318995471"></A><A name="_Toc316896253"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment losses on non-financial assets (except for deferred tax assets)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Assets that have an indefinite useful life such as goodwill are not subject to amortization and are tested, at least, annually at the same date to verify the existence of impairment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Assets, which are subject to amortization or depreciation, are reviewed to verify impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized based on the excess the carrying amount of the asset or the cash generating unit (CGU) over its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its fair value, less costs to sell, and its value in use.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>34</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>For the purpose of impairment testing, the assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>largely independent of the cash inflows of other assets or CGUs. Subject to a ceiling of the operating segments, for the purpose of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to CGU or groups of CGUs that are expected to benefit from the synergies of the combination. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>When assessing the value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects the current market conditions of the time value of money and the specific risks of the asset or CGU.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization&#8217;s corporate assets do not generate separate cash inflows and are utilized by more than one CGU. Corporate assets are allocated to CGUs on a reasonable and consistent basis and tested for impairment as part of the testing of the CGU to which the corporate asset is allocated.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Impairment losses are recognized in the consolidated Statement of Income. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (or group of CGUs) and then to reduce the carrying amount of the other assets in the CGU (or group of CGUs) on a pro rata basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>An impairment of goodwill cannot be reversed. With regard to other assets, an impairment loss recognized in previous periods is reassessed at each reporting date for any indications that the impairment has decreased or no longer exists. An impairment loss will be reversed if there has been a change in the estimates used to determine the recoverable amount or to the extent that the carrying amount of the asset does not exceed the carrying amount that would have been determined, net of depreciation and amortization, if no impairment had been recognized.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 49.65pt; TEXT-INDENT: -28.35pt"><A name="_Toc474923263"></A><A name="_Toc474919314"></A><A name="_Toc415565841"></A><A name="_Toc415499820"></A><A name="_Toc415498655"></A><A name="_Toc415498531"></A><A name="_Toc415498302"></A><A name="_Toc413337830"></A><A name="_Toc412626162"></A><A name="_Toc381783344"></A><A name="_Toc379874064"></A><A name="_Toc355707594"></A><A name="_Toc351013975"></A><A name="_Toc320264322"></A><A name="_Toc318995675"></A><A name="_Toc318995473"></A><A name="_Toc316896255"></A><A name="_Toc312767230"></A><A name="_Toc289782411"></A><A name="_Toc285698325"></A><A name="_Toc285642806"></A><A name="_Toc285538672"></A><A name="_Toc285477033"></A><A name="_Toc285472572"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>j) &nbsp;&nbsp;&nbsp;&nbsp;Provisions, contingent assets and liabilities and legal obligations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>A provision is recognized when, as a result of a past event, the Organization has a present legal or constructive obligation that can be reliably estimated and it is probable that an outflow of resources will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Provisions were established by Management whenever it considers that there is a probable loss taking into account the opinion of their legal advisors; the nature of the actions; the similarity to previous suits; the complexity and the positioning of the Courts. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Contingent liabilities are not recognized, since their existence will only be confirmed by the occurrence or not of one or more future and uncertain events that are not totally under the control of the Management. Contingent liabilities do not meet the criteria for recognition, since they are considered as possible losses and should only be disclosed in explanatory notes, when relevant. Obligations classified as remote are neither provisioned nor disclosed.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Contingent assets are recognized only when there are actual guarantees or definitive favorable court rulings, over which there are no more resources, characterizing the gain as practically certain. Contingent assets, whose expectation of success is probable, are only disclosed in the financial statements, when relevant.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Legal obligations arise from legal proceedings, the object of which is its legality or constitutionality, which, independently of the assessment of the likelihood of success, have their amounts fully recognized in the financial statements.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 42.5pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923264"></A><A name="_Toc474919315"></A><A name="_Toc415565842"></A><A name="_Toc415499821"></A><A name="_Toc415498656"></A><A name="_Toc415498532"></A><A name="_Toc415498303"></A><A name="_Toc413337831"></A><A name="_Toc412626163"></A><A name="_Toc381783345"></A><A name="_Toc379874065"></A><A name="_Toc355707595"></A><A name="_Toc351013976"></A><A name="_Toc320264323"></A><A name="_Toc318995676"></A><A name="_Toc318995474"></A><A name="_Toc316896256"></A><A name="_Toc312767231"></A><A name="_Toc289782412"></A><A name="_Toc285698326"></A><A name="_Toc285642807"></A><A name="_Toc285538673"></A><A name="_Toc285477034"></A><A name="_Toc285472573"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>k)&nbsp;&nbsp;&nbsp;&nbsp; Classification of insurance contracts and investments</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>An insurance contract is a contract in which the Organization accepts a significant insurance risk from the policy holder by agreeing to compensate the policyholder if a specific, uncertain, future event adversely affects the policy holder. Reinsurance contracts are also treated as insurance contracts because they transfer significant insurance risk. Contracts in the Insurance segment classified as investment contracts are related to our capitalization bonds, which do not transfer significant insurance risk and are accounted for as financial liabilities in accordance with IFRS 9 &#8211; Financial Instruments.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>3</FONT><FONT style="FONT-SIZE: 9pt" face=Arial>5</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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<P style="MARGIN: 0in 0in 0pt 42.5pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923265"></A><A name="_Toc474919316"></A><A name="_Toc415565843"></A><A name="_Toc415499822"></A><A name="_Toc415498657"></A><A name="_Toc415498533"></A><A name="_Toc415498304"></A><A name="_Toc413337832"></A><A name="_Toc412626164"></A><A name="_Toc381783346"></A><A name="_Toc379874066"></A><A name="_Toc355707596"></A><A name="_Toc351013977"></A><A name="_Toc320264324"></A><A name="_Toc318995677"></A><A name="_Toc318995475"></A><A name="_Toc316896257"></A><A name="_Toc312767232"></A><A name="_Toc289782413"></A><A name="_Toc285698327"></A><A name="_Toc285642808"></A><A name="_Toc285538674"></A><A name="_Toc285477035"></A><A name="_Toc285472574"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>l)&nbsp;&nbsp; Insurance and pension plan technical provisions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>i.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Property damage</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Provision for Unearned Premiums (PPNG) is calculated on a daily pro-rata basis using premiums net of coinsurance premiums, including amounts ceded through reinsurance operations, and the value registered in the consolidated statement of financial position corresponds to the unexpired risk period of the insurance contracts less initial contracting costs. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The portion of these reserves corresponding to the estimate </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>for risks </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>in effect</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> but not yet issued </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>is designated PPNG-RVNE</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Provision for Claims Incurred But Not Reported (IBNR) is constituted based on the claims incurred and not yet paid (IBNP), subtracting the balance of the Provision for Claims to be settled (PSL) at the base date of calculation. To calculate the IBNP, the final estimate of claims that have not yet been paid based on semiannual run-off triangles, which consider the historical development of the claims paid in the last 10 semesters for the branches of damages and the last 11 quarters for the extended guarantee business, in order to establish a future projection by period of occurrence and also considers the estimate of Claims Incurred But Not Enough Reported (IBNER), reflecting the expectation of alteration of the provisioned amount throughout the regulation process. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Provision for Claims to be Settled (PSL) is determined based on the indemnity payment estimates, considering all administrative and judicial claims existing at the reporting date, restated monetarily, net of salvage and payments expected to be received.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Provision for Related Expenses (PDR) is recorded on a monthly basis to cover expenses related to estimated claims and benefits. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>It covers both costs that can be individually allocated to each claim as well as claims costs not discriminated, meaning those incurred at the portfolio level.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Complementary Provision for Coverage (PCC) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>shall be established when there is insufficiency of the technical provisions required under the legislation, as determined in the Liability Adequacy Test (see Note 2(l)(vi) below). At the reporting date management did not identify the need for PCC on property damage contracts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Other Technical Provisions (OPT) correspond to the Provision for Administrative Expenses (PDA) arising on the Mandatory Insurance For Personal Injury Caused by Motor Vehicles (DPVAT) insurance operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 116%" color=black face=arial,sans-serif>ii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 116%" color=black face="times new roman">&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 116%" color=black face=arial,sans-serif>Life insurance, excluding life insurance with survival coverage (VGBL product)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Provision for Unearned Premiums (PPNG) is calculated on a daily pro-rata basis using premiums net of coinsurance premiums, but including amounts ceded through reinsurance operations, and the value registered in the consolidated statement of financial position corresponds to the unexpired risk period of the insurance contracts. The portion of these reserves corresponding to the estimate for risks </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>in effect</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> but not yet issued </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>is designated PPNG-RVNE.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Mathematical Provision for Benefits to be Granted (PMBaC) is calculated by the difference between the present value of the future benefits and the present value of the future contributions to be received for these benefits.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Provision for Redemptions and other Amounts to be Settled (PVR) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>comprises amounts related to redemptions to settle, premium refunds owed and portability (transfer-outs) requested but not yet transferred to the recipient insurer</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Provision for Claims Incurred But Not Reported</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> (IBNR) is calculated based on semiannual run-off triangles, which consider the historical development of claims paid and outstanding in the last 10 semesters, to establish a future projection per period of occurrence. A residual cauda <FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>study is carried out to forecast the claims reported after 10 semesters of the date of occurrence.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"> </FONT></FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>3<FONT style="FONT-SIZE: 9pt" face=Arial>6</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Provision for Claims to be Settled (PSL) considers the expected amounts to be settled from all claim notifications received up to the end of the reporting period. The provision covers administrative and judicial claims indexed to inflation and with interest in the event of judicial claims.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Complementary Provision for Coverage (PCC) refers to the amount necessary to complement technical reserves, as calculated through the liability adequacy test (TAP). TAP</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> is prepared</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> using statistical and actuarial methods based on realistic considerations, taking into account the biometric table BR-EMS of both genders, adjusted by longevity development criteria compatible with the latest published versions (improvement), </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>claims, administrative and operating expenses and</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> using a risk free forward interest rate structures (ETTJ) which was approved by SUSEP. The improvement rate is calculated from automatic updates of the biometric table, considering the expected increase in future life expectancy. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Technical Surplus Provision (PET) corresponds to the difference between the value of the expected cost and the actual cost of claims that occurred during the period for contracts of individual life insurance with rights to participate in technical surplus.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Provision of Related Expenses (PDR) is recorded to cover expenses related to estimated claims and benefits. For products structured in self-funding and partially regimes, the reserve covers claims incurred. For products structured under a capitalization regime, the reserve covers the expected expenses related to incurred claims and also claims expected to be incurred in the future.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>iii.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Health and Dental Insurance</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Provision for Claims Incurred But Not Reported (IBNR) is calculated from the final estimate of claims already incurred and still not reported, based on monthly run-off triangles that consider the historical development of claims reported in the last 12 months for health insurance and 18 months for dental insurance, to establish a future projection per period of occurrence</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Provision for Claims to be Settled (PSL) is based on claims received up to the reporting date, including judicial claims and related costs adjusted for inflation.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Mathematical Provision for Benefits to be Granted (PMBaC) whose calculation methodology considers, in addition to the discount rate of 4% per year (4.5% in 2017), the difference between the present value of the future benefits and the present value of the future contributions, corresponding to the assumed obligations.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The mathematical reserve for vested benefits relates to the individual health care plan portfolio and accounts for the risk related to the cover of the holder&#8217;s dependents for five years following the death of the holder. It is calculated using: a 4% annual</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>discount rate </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(4.51% in 2017)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>; the period over which holders are expected to remain in the plan up to their death; and the projected costs of the five-year-period cover in which no premiums will be received.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Mathematical Provision for Benefits Granted (PMBC-GBS) is constituted by the obligations arising from the contractual clauses of remission of installments in cash, regarding the coverage of health assistance and by the premiums through payment of insured persons participating in the Bradesco Sa&#250;de insurance &#8211; "GBS Plan", and considering a discount rate of 4% </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>per</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>annum</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(4.5% in 2017)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Unearned Premium or Contribution Provision (PPCNG) is calculated on the currently effective contracts on a daily pro-rata basis based on the portion of health insurance premiums corresponding to the remaining period of coverage.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The other technical provisions for the individual health portfolio are constituted to cover differences between the expected present value of claims and related future costs and the expected present value of future premiums, considering a discount rate of 4% per year </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(4.5% in <FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2017)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>.</FONT></FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>37</FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>iv.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Operations with DPVAT Insurance</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Revenues from DPVAT premiums and the related technical reserves are recorded gross, based on reports received from Seguradora </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>dos Cons&#243;rcios do Seguro DPVAT </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>S.A. (Seguradora L&#237;der) in proportion to the percentage of Bradesco&#8217;s stake in the consortium. It is the function of the Seguradora L&#237;der to collect the premiums, coordinate policy issuance, settle claims and manage the administrative costs within the consortium, in accordance with the CNSP Resolution No. 332/15. As defined in the regulations of the consortium, 50% of the monthly net income is distributed to the consortium&#8217;s members in the following month. The remaining 50% of the monthly income is retained by the lead insurer over the year and transferred to the members of the consortium at the start of the following year.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>v.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Open pension plans and life insurance with survival coverage (VGBL product)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Provision for Unearned Premiums (PPNG) is calculated on a daily pro-rata basis, using net premiums and is comprised of the portion corresponding to the remaining period of coverage. &nbsp;The portion of these reserves corresponding to the estimate for risks </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>in effect</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> but not yet issued </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>is designated PPNG-RVNE</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Mathematical </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Provision for Benefits to be Granted </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(PMBaC) is constituted to the participants who have not yet received any benefit. In defined benefit pension plans, the provision represents the difference between the present value of future benefits and the present value of future contributions, corresponding to obligations assumed in the form of retirement, disability, pension and annuity plans. The provision is calculated using methodologies and assumptions set forth in the actuarial technical notes.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Mathematical </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Provision for Benefits to be Granted </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(PMBaC) related to life insurance with survival coverage and unrestricted benefit pension plans (VGBL and PGBL), and defined contribution plans, includes the contributions, received from participants, net of costs and other contractual charges, plus the financial return generated through the investment of these amounts in units of specially constituted investment funds (FIE).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Provision for Redemptions and other Amounts to be Settled (PVR) comprises amounts related to redemptions to settle, premium refunds owed and portability (transfer-outs) requested but not yet transferred to the recipient insurer.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Mathematical </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Provision for Benefits Granted </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(PMBC) is recognized for participants already receiving benefits and corresponds to the present value of future obligations related to the payment of those on-going benefits</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Complementary Provision for Coverage (PCC) refers to the amount necessary to complement technical reserves, as calculated through the Liability Adequacy Test (see Note 2(l)(vi)).</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> TAP is prepared using statistical and actuarial methods based on realistic considerations, taking into account the biometric table BR-EMS of both genders,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>adjusted by longevity development criteria compatible with the latest published versions (improvement), claims, administrative and operating expenses and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>using a risk free forward interest rate structures </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(ETTJ) which was approved by SUSEP. The improvement rate is calculated from automatic updates of the biometric table, considering the expected increase in future life expectancy. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Provision of Related Expenses (PDR) is recorded to cover expenses related to estimated claims and benefits. For products structured in self-funding and partially regimes, the provision covers claims incurred. For plans structured under a capitalization regime, the provision is made to cover the expected expenses related to incurred claims and also claims expected to be incurred in the future. The projections are performed through the passive adequacy test (TAP).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Financial Surplus Provision (PEF) corresponds to the financial result, which exceeds the guaranteed minimum profitability of contracts with a financial surplus participation clause.</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>38</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Provision for IBNR is calculated based on semiannual run-off triangles, which consider the historical development of claims paid and outstanding in the last 16 semesters to establish a future projection by period of occurrence. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Provision for Claims to be Settled (PSL) considers the expected amounts to be settled from all claim notifications received up to the end of the reporting period. The provision covers administrative and judicial claims indexed to inflation and with interest in the event of judicial claims.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 2cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The provision "Other technical provisions (OPT)" comprises the mathematical provisions of benefits to be granted and benefits granted to this accounting line, as required by SUSEP. This amount refers to the difference between the calculation of mathematical provisions, carried out with realistic premises at the time, approved by the autarchy in 2004, and the calculation with the technical bases defined in the technical notes of the product.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 2cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 2cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The financial charges credited to technical provisions, and the recording and/or reversal of the financial surplus, are classified as financial expenses, and are presented under &#8220;Net income from insurance and pension plans&#8221;.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>vi.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Liability Adequacy Test (TAP)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: middle" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Organization conducted the liability adequacy test for all the contracts that meet the definition of an insurance contract according to IFRS 4 and which are in force on the date of execution of the test. This test is conducted every six months and the liability of insurance contracts, gross of reinsurance, is calculated as the sum of the carrying amount, deducting the deferred acquisition costs and the related intangibles. This is compared to the expected cash flows arising from the obligations under commercialized contracts and certificates.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The test considerers projections of claims and benefits that have occurred and are to occur, administrative expenses, allocable expenses related to the claims, intrinsic options and financial surpluses, salvage and recoveries</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>and other income and expense directly related to the insurance contracts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>To calculate the present value of projected cash flows, the Organization </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>used the risk free forward (ETTJ) rate which was approved by SUSEP.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The test was segmented between life insurance and pension products and property coverage, and liabilities related to DPVAT insurance were not included in the adequacy test.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.9pt 0in 70.9pt; TEXT-INDENT: -14.2pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" color=windowtext face=Arial,sans-serif>&#8226;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Life and pension products</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>For private pension products and Life Insurance with Coverage for Survival, the contracts are grouped based on similar risks or when the insurance risk is managed jointly by the Management.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The projected average loss ratio was 44.6% for individual and collective individuals segments, obtained from analysis based on triangles for the development of Company claims generated with information from January 2007.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The result of the liability adequacy test for life insurance was fully recognized in the income statement. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.9pt 0in 70.9pt; TEXT-INDENT: -14.2pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" color=windowtext face=Arial,sans-serif>&#8226;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Property Coverage</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The expected present value of cash flows relating to claims incurred &#8211; primarily claims costs and salvage recoveries &#8211; was compared to the technical provisions for claims incurred &#8211; PSL and IBNR.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The expected present value of cash flows relating to claims to be incurred on the policies in <FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>force, plus any administrative expenses and other expenses relating to products in run-off, was compared to the sum of the related technical provisions &#8211; PPNG and PPNG-RVNE.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></U>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>39</FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The projected average loss ratio was 10.10% for the Extended Guarantee segment and 52.8% for the elementary lines,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>including in this calculation the estimate of the future premium of the housing insurance portfolio, which is characterized by low loss ratio and long terms, since it accompanies the period of financing of the property.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The average reinsurance projected in the study, calculated on the basis of reported claims was 5.66%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The result of the liability adequacy test, for property coverage, did not present insufficiency and, consequently, no additional PCC provisions were recorded.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923266"></A><A name="_Toc474919317"></A><A name="_Toc415565844"></A><A name="_Toc415499823"></A><A name="_Toc415498658"></A><A name="_Toc415498534"></A><A name="_Toc415498305"></A><A name="_Toc413337833"></A><A name="_Toc412626165"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>m)&nbsp;&nbsp;&nbsp; Reinsurance contracts</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 0.25in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Reinsurance contracts are used in the normal course of operations with the purpose of limiting potential losses, by spreading risks. Liabilities relating to contracts that have been reinsured are presented gross of their respective recoveries, which are booked as assets since the existence of the reinsurance contract does not nullify the Organization&#8217;s obligations with the insured parties.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>As required by the regulators, reinsurance companies with headquarters abroad must have a minimum rating, assessed by a credit rating agency, to operate in the country, whereby all other reinsurance operations must be performed with local reinsurers. This is how Management understands that the impairment risks are reduced. If there are indications that the amounts recorded will not be realized by its carrying amount, these assets will be adjusted for impairment. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923267"></A><A name="_Toc474919318"></A><A name="_Toc415565845"></A><A name="_Toc415499824"></A><A name="_Toc415498659"></A><A name="_Toc415498535"></A><A name="_Toc415498306"></A><A name="_Toc413337834"></A><A name="_Toc412626166"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>n)&nbsp;&nbsp;&nbsp; Deferred acquisition costs</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>These comprise deferred acquisition costs including commissions and brokers&#8217; fees related to the sale of insurance policies. Deferred commissions are recognized in the consolidated statement of income over the life of the respective policies and pension plan contracts or over an average period of 12 months. Expenses relating to insurance agency operations relating to the sale of health plans are amortized over a 24 month period and life assurance costs are appropriated within 12 months.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923269"></A><A name="_Toc474919320"></A><A name="_Toc415565847"></A><A name="_Toc415499826"></A><A name="_Toc415498661"></A><A name="_Toc415498537"></A><A name="_Toc415498308"></A><A name="_Toc413337836"></A><A name="_Toc412626168"></A><A name="_Toc381783348"></A><A name="_Toc379874068"></A><A name="_Toc355707598"></A><A name="_Toc351013979"></A><A name="_Toc320264326"></A><A name="_Toc318995679"></A><A name="_Toc318995477"></A><A name="_Toc316896259"></A><A name="_Toc312767234"></A><A name="_Toc289782415"></A><A name="_Toc285698329"></A><A name="_Toc285642810"></A><A name="_Toc285538676"></A><A name="_Toc285477037"></A><A name="_Toc285472576"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>o)&nbsp;&nbsp;&nbsp; Employee benefits</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Bradesco recognizes (in accordance with IAS 19), prospectively the surplus or deficit of its defined benefit plans and post-retirement plans as an asset or an obligation in its consolidated statement of financial position, and must recognize the changes in the financial condition during the year in which the changes occurred, in profit or loss.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>i.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Defined contribution plan</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Bradesco and its subsidiaries sponsor pension plans for their employees and Management. Contribution obligations for defined contribution pension plans are recognized as expenses in profit or loss as incurred. Once the contributions are paid, Bradesco, in the capacity of employer, has no obligation to make any additional payment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>ii.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Defined benefit plans</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization&#8217;s net obligation, in relation to the defined benefit plans, refers exclusively to institutions acquired and is calculated separately for each plan, estimating the future defined benefit that the employees </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>will be entitled to after leaving the Organization or at the time of retirement.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Bradesco&#8217;s net obligation for defined benefit plans is calculated on the basis of an estimate of the value of future benefits that employees receive in return for services rendered in the current and prior periods.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> This value is discounted at its current value </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>and is presented net of the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>fair <FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>value of any plan assets. </FONT></FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>40</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The calculation </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>of the obligation of the defined benefit plan</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> is performed annually by a qualified actuary, using the projected unit credit method</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>, as required by accounting rule.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Remeasurement of the net obligation, which include: actuarial gains and losses, the return of the assets of the plan other than the expectation (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in other comprehensive income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Net interest and other expenses related to defined benefit plans are recognized in the income statement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#008080 face=Times></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>iii.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Termination benefits</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Severance benefits are required to be paid when the employment relationship is terminated by the Organization before the employee&#8217;s normal date of retirement or whenever the employee accepts voluntary redundancy in return for such benefits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Benefits which are payable 12 months or more after the reporting date are discounted to their present value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>iv.</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Short-term benefits</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Benefits such as wages, salaries, social security contributions, paid annual leave and paid sick leave, profit sharing and bonuses (if payable within 12 months of the reporting date) and non-monetary benefits such as health care, etc. are recorded as expenses in the consolidated statement of income, without any discount to present value, if the Organization has a present legal or constructive obligation to pay the amount as a result of past service provided&nbsp; by the employee and the obligation can be reliably estimated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><A name="_Toc285698330"></A><A name="_Toc285642811"></A><A name="_Toc285538677"></A><A name="_Toc285477038"></A><A name="_Toc285472577"></A><A name="_Toc474923270"></A><A name="_Toc474919321"></A><A name="_Toc415565848"></A><A name="_Toc415499827"></A><A name="_Toc415498662"></A><A name="_Toc415498538"></A><A name="_Toc415498309"></A><A name="_Toc413337837"></A><A name="_Toc412626169"></A><A name="_Toc381783349"></A><A name="_Toc379874069"></A><A name="_Toc355707599"></A><A name="_Toc351013980"></A><A name="_Toc320264327"></A><A name="_Toc318995680"></A><A name="_Toc318995478"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>p)&nbsp;&nbsp;&nbsp; Capitalization bonds</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The liability for capitalization bonds is registered in the line &#8220;Other liabilities&#8221;. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial liabilities and revenues from capitalization bonds are accrued at the time bonds are issued. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Bonds are issued according to the types of payments, monthly or single payment. Each bond bears a nominal value and the deposit portion of each payment is remunerated at the referential rate (TR) plus 0.5% per month, which is used to determine the liability.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Capitalization bond beneficiaries are eligible for a prize draw. At the end of a certain period that is determined at the time the capitalization bond is issued, a beneficiary may redeem the nominal value paid plus the referential rate (TR), even if they have not won in the draw. These products are regulated by the insurance regulator in Brazil; however, they do not meet the definition of an insurance contract in accordance with IFRS 4 and, therefore, are classified as financial liabilities in accordance with IFRS 9.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Unclaimed amounts from &#8220;capitalization plans&#8221; are derecognized when the obligation legally expires, in accordance with IFRS 9 as it relates to the derecognition of a financial liability.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Expenses for placement of &#8220;capitalization plans&#8221;, are recognized as they are incurred.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923271"></A><A name="_Toc474919322"></A><A name="_Toc415565849"></A><A name="_Toc415499828"></A><A name="_Toc415498663"></A><A name="_Toc415498539"></A><A name="_Toc415498310"></A><A name="_Toc413337838"></A><A name="_Toc412626170"></A><A name="_Toc381783350"></A><A name="_Toc379874070"></A><A name="_Toc355707600"></A><A name="_Toc351013981"></A><A name="_Toc320264328"></A><A name="_Toc318995681"></A><A name="_Toc318995479"></A><A name="_Toc316896261"></A><A name="_Toc312767236"></A><A name="_Toc289782417"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>q)&nbsp;&nbsp;&nbsp;&nbsp; Interest</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Income from financial assets measured at amortized cost and at VJORA, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>except instruments of equity and</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> interest costs from liabilities classified at amortized cost are recognized on an accrual basis in the consolidated statement of income using the effective interest rate method. The effective interest rate is the rate that discounts estimated future cash payments and receipts throughout the expected life of the financial asset or liability (or, when appropriate, a shorter period) <FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>to the carrying amount of the financial asset or liability. When calculating the effective rate, the Organization estimates future cash flows considering all contractual terms of the financial instrument, but not future credit losses.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>41</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The calculation of the effective interest rate includes all commissions, transaction costs, discounts or bonuses which are an integral part of such rate. Transaction costs are incremental costs directly attributable to the acquisition, issuance or disposal of a financial asset or liability.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923272"></A><A name="_Toc474919323"></A><A name="_Toc415565850"></A><A name="_Toc415499829"></A><A name="_Toc415498664"></A><A name="_Toc415498540"></A><A name="_Toc415498311"></A><A name="_Toc413337839"></A><A name="_Toc412626171"></A><A name="_Toc381783351"></A><A name="_Toc379874071"></A><A name="_Toc355707601"></A><A name="_Toc351013982"></A><A name="_Toc320264329"></A><A name="_Toc318995682"></A><A name="_Toc318995480"></A><A name="_Toc316896263"></A><A name="_Toc312767237"></A><A name="_Toc289782418"></A><A name="_Toc285698331"></A><A name="_Toc285642812"></A><A name="_Toc285538678"></A><A name="_Toc285477039"></A><A name="_Toc285472578"></A><A name="_Toc316896262"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>r)&nbsp;&nbsp;&nbsp;&nbsp; Fees and commissions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Fees and commission income and expense which are part of and are directly allocable to the effective interest rate on a financial asset or liability are included in the calculation of the effective interest rate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Other fee and commission income, substantially composed by account service fees, asset management fees, credit card annual charges, and collection and consortium fees are recognized, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>according to the requirements of IFRS 15, to the extent that the obligations of performance are fulfilled. The price is allocated to the provision of the monthly service, and the revenue is recognized in the result in the same manner. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>When a loan commitment is not expected to result in the drawdown of a loan, the related commitment fees are recognized on a straight-line basis over the commitment period. Other fees and commissions expense relate mainly to transaction as the services are received.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923273"></A><A name="_Toc474919324"></A><A name="_Toc415565851"></A><A name="_Toc415499830"></A><A name="_Toc415498665"></A><A name="_Toc415498541"></A><A name="_Toc415498312"></A><A name="_Toc413337840"></A><A name="_Toc412626172"></A><A name="_Toc381783352"></A><A name="_Toc379874072"></A><A name="_Toc355707602"></A><A name="_Toc351013983"></A><A name="_Toc320264330"></A><A name="_Toc318995683"></A><A name="_Toc318995481"></A><A name="_Toc316896264"></A><A name="_Toc312767238"></A><A name="_Toc289782419"></A><A name="_Toc285698332"></A><A name="_Toc285642813"></A><A name="_Toc285538679"></A><A name="_Toc285477040"></A><A name="_Toc285472579"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>s)&nbsp;&nbsp;&nbsp;&nbsp; Net insurance income</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Insurance and coinsurance premiums, net of premiums transferred through coinsurance and reinsurance and related commissions, are recognized as income upon issuance of the respective policies/ certificates/ endorsements and invoices, or at the beginning of the risk period for cases in which the cover begins before issue date, and accounted for on a straight-line basis, over the duration of the policies, through the upfront recognition and subsequent reversal of the provision for unearned premiums and the deferred acquisition costs. Income from premiums and the acquisition costs related to risks already assumed whose respective policies have not yet been issued are recognized in the consolidated statement of income at the start of the risk coverage period on an estimated basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The health insurance premiums are recorded in the premium account (result) or Unearned Premium or Contribution Provision (PPCNG), according to the coverage period of the contracts in effect at the balance sheet date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Revenues and expenses related to &#8220;DPVAT&#8221; insurance operations are recorded on the basis of information received from the Seguradora L&#237;der dos Cons&#243;rcios do Seguro DPVAT S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Accepted co-insurance contracts and retrocession operations are recorded on the basis of information received from the lead co-insurer and IRB - Brasil Resseguros S.A. (IRB), respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Reinsurance operations are recorded based on the provision of accounts, which are subject to review by reinsurers. The deferral of these operations is carried out in a manner consistent with the related insurance premium and/or reinsurance contract.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The receipts from insurance agency operations are deferred and recognized in income linearly, for a period of 24 months in health insurance operations and by the term of 12 months in the other operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Contributions to pension plans and life insurance premiums with survivor coverage are recognized in income upon their effective receipt.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The management fee income is appropriated to the income on an accrual basis, according to contractually established rates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><STRONG><FONT size=2 face=Arial></FONT></STRONG>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><STRONG><FONT size=2 face=Arial></FONT></STRONG>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>42</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923274"></A><A name="_Toc474919325"></A><A name="_Toc415565852"></A><A name="_Toc415499831"></A><A name="_Toc415498666"></A><A name="_Toc415498542"></A><A name="_Toc415498313"></A><A name="_Toc413337841"></A><A name="_Toc412626173"></A><A name="_Toc381783353"></A><A name="_Toc379874073"></A><A name="_Toc355707603"></A><A name="_Toc351013984"></A><A name="_Toc320264331"></A><A name="_Toc318995684"></A><A name="_Toc318995482"></A><A name="_Toc316896265"></A><A name="_Toc312767239"></A><A name="_Toc289782420"></A><A name="_Toc285698333"></A><A name="_Toc285642814"></A><A name="_Toc285538680"></A><A name="_Toc285477041"></A><A name="_Toc285472580"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>t)&nbsp;&nbsp;&nbsp; Income tax and social contribution</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: 20px"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Income tax and social contribution deferred tax assets, calculated on income tax losses, social contribution losses and temporary differences, are recorded in &#8220;Assets - Deferred Taxes&#8221; and the deferred tax liabilities on tax differences in lease depreciation (applicable only for income tax),<BR>mark-to-market adjustments on securities, restatement of judicial deposits, among others, are recorded in &#8220;Liabilities - Deferred Taxes&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Deferred tax assets on temporary differences are realized when the difference between the accounting treatment and the income tax treatment reverses. Deferred tax assets on income tax and social contribution losses are realizable when taxable income is generated, up to the 30% limit of the taxable profit for the period. Deferred tax assets are recorded based on current expectations of realization considering technical studies and analyses carried out by Management.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The provision for income tax is calculated at 15% of taxable income plus a 10% surcharge. For financial companies, financial company equivalent and of the insurance industry, the social contribution on the profit was calculated until August 2015, considering the rate of 15%. For the period between September 2015 and December 2018, the rate was changed to 20%, according to Law No. 13,169/15, and returned at the rate of 15% as from January 2019. For the other companies, the social contribution is calculated considering the rate of 9%.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Tax expense comprises current and deferred tax. Current and deferred tax are recorded in the consolidated statement of income except when the result of a transaction is recognized directly in equity, in which case the related tax effect is also recorded in equity or in other comprehensive income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Current tax assets are amounts of taxes to be recovered through restitution or offset with taxes due from excess of taxes paid in relation to the current and/or previous period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Current tax expenses are the expected amounts payable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax payable also includes any tax liability arising from the declaration of dividends. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amount used for taxation purposes. Deferred tax is not recognized for:</FONT></P>

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   <TD vAlign=top width="2%" align=left><FONT size=2 face=Symbol>&#183;</FONT></TD>

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   <P style="MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss;<BR>&nbsp;</FONT></P></TD></TR>

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   <TD vAlign=top width="2%" align=left><FONT size=2 face=Symbol>&#183;</FONT></TD>

   <TD vAlign=top width="94%" align=left><FONT size=2 face=Arial>temporary differences related to investments in subsidiaries, associates and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future; and<BR>&nbsp;</FONT></TD></TR>

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   <TD vAlign=top width="2%" align=left><FONT size=2 face=Symbol>&#183;</FONT></TD>

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   <P style="MARGIN: 0in 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>taxable temporary differences arising on the initial recognition of goodwill.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In determining the amount of current and deferred tax the Organization takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Organization believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of various factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve judgments about future events. New information may become available that causes the Organization to change its judgment regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact the tax expense in the period that such a determination is made.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>43</FONT></B></FONT></FONT></B></FONT></U></FONT></U>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>tax liabilities against current tax assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Additional taxes that arise from the distribution of dividends by the Bank are recognized at the same time as the liability to pay the related dividend is recognized. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923275"></A><A name="_Toc474919326"></A><A name="_Toc415565853"></A><A name="_Toc415499832"></A><A name="_Toc415498667"></A><A name="_Toc415498543"></A><A name="_Toc415498314"></A><A name="_Toc413337842"></A><A name="_Toc412626174"></A><A name="_Toc381783354"></A><A name="_Toc379874074"></A><A name="_Toc355707604"></A><A name="_Toc351013985"></A><A name="_Toc320264332"></A><A name="_Toc318995685"></A><A name="_Toc318995483"></A><A name="_Toc316896270"></A><A name="_Toc312767240"></A><A name="_Toc289782421"></A><A name="_Toc285698334"></A><A name="_Toc285642815"></A><A name="_Toc285538681"></A><A name="_Toc285477042"></A><A name="_Toc285472581"></A><A name="_Toc316896266"></A><A name="_Toc316896267"></A><A name="_Toc316896268"></A><A name="_Toc316896269"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>u)&nbsp;&nbsp;&nbsp;&nbsp; Segment reporting</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Information for operating segments is consistent with the internal reports provided to the Executive Officers (being the Chief Operating Decision Makers), which are comprised by the Chief Executive Officer, Executive Vice-Presidents, Managing Officers and Deputy Officers. The Organization operates mainly in the banking and insurance segments. The banking operations include operations in retail, middle market and corporate activities, lease, international bank operations, investment banking and private banking. The Organization&#8217;s banking activities are performed through its own branches located throughout the country, in branches abroad and through subsidiaries, as well as by means of our shareholding interest in other companies. The insurance segment consists of insurance operations, supplementary pension plans and capitalization plans which are undertaken through a subsidiary, Bradesco Seguros S.A., and its subsidiaries.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>v)&nbsp;&nbsp;&nbsp; Shareholders&#8217; <A name="_Toc474923276"></A><A name="_Toc474919327"></A><A name="_Toc415565854"></A><A name="_Toc415499833"></A><A name="_Toc415498668"></A><A name="_Toc415498544"></A><A name="_Toc415498315"></A><A name="_Toc413337843"></A><A name="_Toc412626175"></A><A name="_Toc381783355"></A><A name="_Toc379874075"></A><A name="_Toc355707605"></A><A name="_Toc351013986"></A><A name="_Toc320264333"></A><A name="_Toc318995686"></A><A name="_Toc318995484"></A><A name="_Toc316896271"></A><A name="_Toc312767241"></A><A name="_Toc289782422"></A><A name="_Toc285698335"></A><A name="_Toc285642816"></A><A name="_Toc285538682"></A><A name="_Toc285477043"></A><A name="_Toc285472582"></A>Equity</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Preferred shares have no voting rights, but have priority over common shares in reimbursement of capital, in the event of liquidation, up to the amount of the capital represented by such preferred shares, and the right to receive a minimum dividend per share that is ten percent (10%) higher than the dividend distributed per share to the holders of common shares.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 63.8pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923277"></A><A name="_Toc474919328"></A><A name="_Toc415565855"></A><A name="_Toc415499834"></A><A name="_Toc415498669"></A><A name="_Toc415498545"></A><A name="_Toc415498316"></A><A name="_Toc413337844"></A><A name="_Toc412626176"></A><A name="_Toc381783356"></A><A name="_Toc379874076"></A><A name="_Toc355707606"></A><A name="_Toc351013987"></A><A name="_Toc320264334"></A><A name="_Toc318995687"></A><A name="_Toc318995485"></A><A name="_Toc316896272"></A><A name="_Toc312767242"></A><A name="_Toc289782423"></A><A name="_Toc285698336"></A><A name="_Toc285642817"></A><A name="_Toc285538683"></A><A name="_Toc285477044"></A><A name="_Toc285472583"></A><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face="times new (w1)">-</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Share issue costs</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Incremental costs directly attributable to the issuance of shares are shown net of taxes in shareholders&#8217; equity, thus reducing the initial share value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 63.8pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923278"></A><A name="_Toc474919329"></A><A name="_Toc415565856"></A><A name="_Toc415499835"></A><A name="_Toc415498670"></A><A name="_Toc415498546"></A><A name="_Toc415498317"></A><A name="_Toc413337845"></A><A name="_Toc412626177"></A><A name="_Toc381783357"></A><A name="_Toc379874077"></A><A name="_Toc355707607"></A><A name="_Toc351013988"></A><A name="_Toc320264335"></A><A name="_Toc318995688"></A><A name="_Toc318995486"></A><A name="_Toc316896273"></A><A name="_Toc312767243"></A><A name="_Toc289782424"></A><A name="_Toc285698337"></A><A name="_Toc285642818"></A><A name="_Toc285538684"></A><A name="_Toc285477045"></A><A name="_Toc285472584"></A><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face="times new (w1)">-</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Earnings per share</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization presents basic and diluted earnings per share data. Basic earnings per share is calculated by allocating the net income attributable to shareholders between that attributable to common shareholders and that attributable to preferred shareholders and dividing this by the weighted average number of common and preferred shares, respectively, outstanding during the year, excluding the average number of shares purchased by the Organization and held as treasury shares. Diluted earnings per share are the same as basic earnings per share, as there are no potentially dilutive instruments.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 63.8pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923279"></A><A name="_Toc474919330"></A><A name="_Toc415565857"></A><A name="_Toc415499836"></A><A name="_Toc415498671"></A><A name="_Toc415498547"></A><A name="_Toc415498318"></A><A name="_Toc413337846"></A><A name="_Toc412626178"></A><A name="_Toc381783358"></A><A name="_Toc379874078"></A><A name="_Toc355707608"></A><A name="_Toc351013989"></A><A name="_Toc320264336"></A><A name="_Toc318995689"></A><A name="_Toc318995487"></A><A name="_Toc316896275"></A><A name="_Toc312767244"></A><A name="_Toc289782425"></A><A name="_Toc285698338"></A><A name="_Toc285642819"></A><A name="_Toc285538685"></A><A name="_Toc285477046"></A><A name="_Toc285472585"></A><A name="_Toc316896274"></A><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face="times new (w1)">-</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Dividends payable</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Dividends on shares are paid and provisioned during the year. In the Shareholders&#8217; Meeting are destined at least the equivalent of 30% of the annual adjusted net income, in accordance with the Company&#8217;s Bylaws</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light">. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Dividends approved and declared after the reporting date of the financial statements, are disclosed in the notes as subsequent events.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 63.8pt; TEXT-INDENT: -21.25pt"><A name="_Toc474923280"></A><A name="_Toc474919331"></A><A name="_Toc415565858"></A><A name="_Toc415499837"></A><A name="_Toc415498672"></A><A name="_Toc415498548"></A><A name="_Toc415498319"></A><A name="_Toc413337847"></A><A name="_Toc412626179"></A><A name="_Toc381783359"></A><A name="_Toc379874079"></A><A name="_Toc355707609"></A><A name="_Toc351013990"></A><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face="times new (w1)">-</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Capital transactions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Capital transactions are transactions between partners qualified as investment owners. These transactions modify the equity held by the controlling shareholder in a subsidiary. Since there <FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>is no loss of control, the difference between the amount paid and the fair value of the transaction is recognized directly in the shareholders&#8217; equity.</FONT></FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>44</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554800"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>3)&nbsp;&nbsp;&nbsp; Risk Management</FONT></B></H1>

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<P style="MARGIN: 0in 0in 0pt 21.3pt"><A name="_Toc474923282"></A><A name="_Toc474919333"></A><A name="_Toc415565860"></A><A name="_Toc415499839"></A><A name="_Toc415498674"></A><A name="_Toc415498550"></A><A name="_Toc415498321"></A><A name="_Toc413337849"></A><A name="_Toc412626181"></A><A name="_Toc381783361"></A><A name="_Toc379874081"></A><A name="_Toc355707611"></A><A name="_Toc351013992"></A><A name="_Toc320264338"></A><A name="_Toc318995692"></A><A name="_Toc318995490"></A><A name="_Toc316896277"></A><A name="_Toc312767246"></A><A name="_Toc289782427"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Risk management structure</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The risk and capital management structure is made up of committees, which assist the Board of Directors, the CEO and the Board of Executive Officers in their strategic decision-making process. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Organization has a committee known as the Integrated Risk Management and Capital Allocation Committee (COGIRAC), whose duty is to assure the fulfillment of the Organization&#8217;s risk management processes and policies and advise the Board of Directors in performing its duties in risk management, capital and control. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>This committee is assisted by the Capital Management Executive Committee, and Risk Management Executive Committees in managing a) Credit risk, b) Market and Liquidity risk, c) Operational and Social and Environmental risk and d) Grupo Bradesco Seguros and BSP Empreendimentos Imobili&#225;rios. In addition, it also has the support of the Products and Services Executive Committee and the Executive Committees in business areas, which, among other duties, suggest exposure thresholds to their respective risks and prepare mitigation plans to be submitted to the Integrated Risk Management and Capital Allocation Committee and the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>To comply with Resolution No. 4,557/17 of February 23, 2017, of the National Monetary Council (CMN), the Risk Committee was implemented in order to represent an advisory forum to the Board of Directors for the performance of its assignments related to risk and capital management, and the position of Chief Risk Officer (CRO) was formalized, which, among other responsibilities, exercises the supervision of the development, implementation and performance of the risk management structure, including its improvement, on independent basis and reporting to the Risk Committee, CEO and Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Integrated Risk Control Department (DCIR), whose mission is to promote and to implementing risk control and capital allocation through robust practices and certification of existence, execution and effectiveness of controls which assure acceptable risk levels in the Organization&#8217;s processes, independently, consistently, on a transparent and integrated manner. This Department is also responsible for complying with the Central Bank of Brazil rules for risk management activities.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Risk appetite</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The risk appetite refers to the types and levels of risks that the Organization is willing to accept in the conduct of its business and purposes. The Risk Appetite Statement &#8211; RAS is an important instrument that summarizes the risk culture of the Organization, and guides the strategic and business plans, driving the budget planning and allowing Senior Management to optimize the allocation of capital at acceptable risk levels and types, considering the markets and the regulatory environment in which it operates.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>At the same time, RAS emphasizes the existence of an efficient process of assignments in the operational risk management and in the performance of control functions, as well as for mitigation and disciplinary actions and processes of scheduling and reporting to Senior Management upon breach of the risk limits or control processes established. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Risk Appetite Statement is reviewed on annual basis, or whenever necessary, by the Board of Directors and permanently monitored by forums of the Senior Management and business and control areas.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>RAS reinforces the dissemination of the risk culture by disclosing the main aspects of risk appetite of the Organization to all its members.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>For the many types of risks, whether measurable or not, the Organization established control approaches, observing the main global dimensions:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>4</FONT><FONT style="FONT-SIZE: 9pt" face=Arial>5</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P style="MARGIN-BOTTOM: 0pt" align=left><FONT size=2 face=Arial>Capital: to maintain a proper capital level, even on prospective basis, to cover unexpected losses, situations of stress and business opportunities, in compliance with regulatory requirements, thus ensuring the soundness of the Organization;<BR>&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 0pt" align=left><FONT size=2 face=Arial>Profitability: to remunerate its capital on sustainable basis, seeking to cover the remuneration expectation of its shareholders in relation to the risks assumed in their business;<BR>&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 0pt" align=left><FONT size=2 face=Arial>Liquidity: to maintain diversified and low cost sources of funding through interconnected network and dynamic and proper segmentation to provide a cash structure compatible with the size of its obligations; thus, ensuring survival even in adverse scenarios;<BR>&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 0pt" align=left><FONT size=2 face=Arial>Loan: to focus on domestic clients, on diversified and dispersed manner, in terms of products and segments, aiming at the security and quality of the portfolio, with guarantees consistent with the risks assumed, considering the amounts, purposes and terms of loans granted and maintaining proper levels of provisions and low levels of concentrations;<BR>&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN-BOTTOM: 0pt" align=left><FONT size=2 face=Arial>Market: to align the exposures to the strategic guidelines, with specific limits established on independent basis and with risks mapped, measured and classified as to the probability and magnitude; and<BR>&nbsp;</FONT></P></TD></TR>

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   <TD vAlign=top width="94%" align=left><FONT size=2 face=Arial>Operational: to provide assurance with regard to appropriately carrying out the Organization&#8217;s business in accordance with laws regulations and policies, ensuring that processes are covered by controls that mitigate operational risks.</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Stress Test Program</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The risk management structure has a stress test program defined as a coordinated set of processes and routines, containing own methodologies, documentation and governance, whose principal purpose is to identify potential vulnerabilities of the institution. Stress tests are exercises of prospective evaluation of the potential impacts of adverse events and circumstances on capital, on liquidity or on the value of a portfolio of the Organization. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In the Program of Stress Tests, the scenarios are designed by the Department of Research and Economic Studies &#8211; DEPEC and discussed with the Business areas, Integrated Risk Control Department &#8211; DCIR, Department of Planning, Budgeting and Control &#8211; DPOC, among other areas. Both scenarios and results are discussed and approved by a specific Collegiate Body. Subsequently, they are submitted to the Executive Committee and Board of Directors, that, in addition to the scenarios and results of stress tests are also responsible for the approval of the program and guidelines to be followed.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Stress tests are used as a tool for managing risks: in its identification, measurement, evaluation, monitoring, control and mitigation of risks of the institution. The results of stress tests are used for evaluation of capital and liquidity levels of the institution, for preparation of the respective contingency plans, for evaluation of the capital adequacy and for the recovery plan. Similarly, the results are considered in the decisions related to strategic guidelines, definition of the levels and limits of risk appetite applied to the management of risks and capital, as well as in the definition of governance actions aimed at mitigation of risks identified by aligning them to the risk appetite of the Organization.</FONT></P>

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<H3 style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -24.55pt"><A name="_Toc1554801"></A><A name="_Toc284327554"></A><A name="_Toc284323257"></A><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" color=black face=arial,sans-serif>3.1.</FONT></B><B><FONT style="FONT-SIZE: 7pt; FONT-STYLE: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" color=black face=arial,sans-serif>Credit risk</FONT></B></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Credit risk refers to the possibility of losses associated with the borrower&#8217;s or counterparty&#8217;s failure to comply with their financial obligations under the terms agreed, as well as the fall in value of loan agreements resulting from deterioration in the borrower&#8217;s risk rating, the reduction in gains or remunerations, benefits granted to borrowers in renegotiations, recovery costs and other costs <FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>related to the counterparty&#8217;s noncompliance with the financial obligations.</FONT></FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>4</FONT><FONT style="FONT-SIZE: 9pt" face=Arial>6</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Credit risk management in the Organization is a continuous and evolving process of mapping, development, assessment and diagnosis through the use of models, instruments and procedures that require a high degree of discipline and control during the analysis of transactions in order to preserve the integrity and autonomy of the processes.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization controls the exposure to credit risk which comprises mainly loans and advances, securities and derivatives. There is also the credit risk in financial obligations relating to commitments on loan or financial guarantees.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>With the objective of not compromising the quality of the portfolio, all aspects inherent to credit concession, concentration, guarantee requirements and terms, among others, are observed.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization continuously maps all the activities that could possibly generate exposure to credit risk, classifying them by their probability and magnitude, identifying their managers and mitigation plans.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc474923284"></A><A name="_Toc474919335"></A><A name="_Toc415565862"></A><A name="_Toc415499841"></A><A name="_Toc415498676"></A><A name="_Toc415498552"></A><A name="_Toc415498323"></A><A name="_Toc413337851"></A><A name="_Toc412626183"></A><A name="_Toc381783363"></A><A name="_Toc379874083"></A><A name="_Toc355707613"></A><A name="_Toc351013994"></A><A name="_Toc320264340"></A><A name="_Toc318995694"></A><A name="_Toc318995492"></A><A name="_Toc316896279"></A><A name="_Toc312767248"></A><A name="_Toc289782429"></A><A name="_Toc285698342"></A><A name="_Toc285642823"></A><A name="_Toc285538689"></A><A name="_Toc285477050"></A><A name="_Toc285472589"></A><A name="_Toc284885054"></A><A name="_Toc284697560"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Counterparty Credit Risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The counterparty credit risk to which the Organization is exposed includes the possibility of losses due to the non-compliance by counterparties with their obligations relating to the settlement of financial asset trades, including the settlement of derivative financial instruments. Counterparty credit risk also includes the risk related to a downgrade in the counterparty&#8217;s credit standing.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization exercises complete control over its net position (the difference between purchase and sale agreements) and potential future exposures from operations where there is counterparty risk. Each counterparty&#8217;s exposure to risk is treated in the same way and is part of general credit limits granted by the Organization&#8217;s to its customers. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Counterparty Credit Risk management covers the modeling and monitoring (i) of the consumption of the credit limit of the counterparties, (ii) of the portion of the adjustment at fair value of the portfolio of credit derivatives (CTF &#8211; Credit Value Adjustment) and (iii) of the respective regulatory and economic capital. The methodology adopted by the Organization establishes that the credit exposure of the portfolio to certain counterparty can be calculated based on the Replacement Cost (RC) of its operations in different scenarios of the financial market, which is possible through the Monte Carlo simulation process.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Regarding the forms of mitigating the Counterparty credit risk that the Organization is exposed to, the most usual is the composition of guarantees as </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>margin deposits </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>and disposal of public securities</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>, which are made by the counterparty with the Organization or with other trustees, whose counterparty&#8217;s risks are also appropriately evaluated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc474923285"></A><A name="_Toc474919336"></A><A name="_Toc415565863"></A><A name="_Toc415499842"></A><A name="_Toc415498677"></A><A name="_Toc415498553"></A><A name="_Toc415498324"></A><A name="_Toc413337852"></A><A name="_Toc412626184"></A><A name="_Toc381783364"></A><A name="_Toc379874084"></A><A name="_Toc355707614"></A><A name="_Toc351013995"></A><A name="_Toc320264341"></A><A name="_Toc318995695"></A><A name="_Toc318995493"></A><A name="_Toc316896280"></A><A name="_Toc312767249"></A><A name="_Toc289782430"></A><A name="_Toc285698343"></A><A name="_Toc285642824"></A><A name="_Toc285538690"></A><A name="_Toc285477051"></A><A name="_Toc285472590"></A><A name="_Toc284885055"></A><A name="_Toc284697561"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Credit Concession</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Under the responsibility of the Credit Department, lending procedures are based on the Organization's credit policy emphasizing the security, quality and liquidity of the lending. The process is guided by the risk management governance and complies with the rules of the Central Bank of Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The methodologies adopted value business agility and profitability, with targeted and appropriate procedures oriented to the granting of credit transactions and establishment of operating limits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In the evaluation and classification of customers or economic groups, the quantitative (economic and financial indicators) and qualitative (personal data and behaviors) aspects associated with the customers capacity to honor their obligations are considered.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>All business proposals are subject to operational limits, which are included in the Loan Guidelines and Procedures. At branches, the delegation of power to grant a loan depends on its size, the total <FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>exposure to the Organization, the guarantees offered, the level of restriction and their credit risk score/rating. Business proposals with risks beyond these limits are subject to technical analysis and approval of by the Credit Department. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>47</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In its turn, the Executive Credit Committee was created to decide, within its authority, on queries about the granting of limits or loans proposed by business areas, previously analyzed and with opinion from the Credit Department. According to the size of the operations/limits proposed, this Committee, may then submit the proposal for approval by the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Loan proposals pass through an automated system with parameters set to provide important information for the analysis, granting and subsequent monitoring of loans, minimizing the risks inherent in the operations. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>There are exclusive Credit and Behavior Scoring systems for the assignment of high volume, low principal loans in the Retail segment, meant to provide speed and reliability, while standardizing the procedures for loan analysis and approval.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Business is diversified wide-spread and aimed at individuals and companies with a proven payment capacity and solvency, seeking to support them with guarantees that are adequate to the risk assumed, considering the amounts, objectives and the maturities of loan granted. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><A name="_Toc285538691"></A><A name="_Toc285477052"></A><A name="_Toc285472591"></A><A name="_Toc284885056"></A><A name="_Toc284697562"></A><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></P>

<P style="MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc474923286"></A><A name="_Toc474919337"></A><A name="_Toc415565864"></A><A name="_Toc415499843"></A><A name="_Toc415498678"></A><A name="_Toc415498554"></A><A name="_Toc415498325"></A><A name="_Toc413337853"></A><A name="_Toc412626185"></A><A name="_Toc381783365"></A><A name="_Toc379874085"></A><A name="_Toc355707615"></A><A name="_Toc351013996"></A><A name="_Toc320264342"></A><A name="_Toc318995696"></A><A name="_Toc318995494"></A><A name="_Toc316896281"></A><A name="_Toc312767250"></A><A name="_Toc289782431"></A><A name="_Toc285698345"></A><A name="_Toc285642826"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Credit Risk Rating</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The credit risk assessment methodology, in addition to providing data to establish the minimum parameters for lending and risk management, also enables the definition of Special Credit Rules and Procedures according to customer characteristics and size. Thus, the methodology provides the basis not only for the correct pricing of operations, but also for defining the appropriate guarantees.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The methodology used also follows the requirements established by CMN Resolution No. 4,327/14 and includes analysis of social and environmental risk in projects, aimed at evaluating customers&#8217; compliance with related laws and the Equator Principles, a set of rules that establish the minimum social and environmental criteria which must be met for lending.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In accordance with its commitment to the continuous improvement of methodologies, the credit risk rating of the Organization&#8217;s economic groups/customers uses an eighteen-level scale, in which fourteen levels represent performing loan operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Risk ratings for economic groups (legal entities) are based on standardized statistical and judgmental procedures, and on quantitative and qualitative information. Classifications are carried out in a corporate manner and periodically monitored in order to preserve the quality of the credit portfolio.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>For individuals, in general, credit ratings are based on personal data variables, such as income, assets, restrictions and indebtedness, in addition to the history of their relationship with the Organization, and statistical credit evaluation models.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The criteria regulated by Resolution No. 2,682 of the National Monetary Council are maintained for the constitution of the applicable provisions, according to the equivalence of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>ratings</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> shown in the table above.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The risk classification adopted on the basis of the customers' capacity of honoring their commitments is shown below:</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>48</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><A name="_Toc474923287"></A><A name="_Toc474919338"></A><A name="_Toc415565865"></A><A name="_Toc415499844"></A><A name="_Toc415498679"></A><A name="_Toc415498555"></A><A name="_Toc415498326"></A><A name="_Toc413337854"></A><A name="_Toc412626186"></A><A name="_Toc381783366"></A><A name="_Toc379874086"></A><A name="_Toc355707616"></A><A name="_Toc351013997"></A><A name="_Toc320264343"></A><A name="_Toc318995697"></A><A name="_Toc318995495"></A><A name="_Toc316896282"></A><A name="_Toc312767251"></A><A name="_Toc289782432"></A><A name="_Toc285698346"></A><A name="_Toc285642827"></A><A name="_Toc285538692"></A><A name="_Toc285477053"></A><A name="_Toc285472592"></A><A name="_Toc284885057"></A><A name="_Toc284697563"></A><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Organization classification</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>AA1</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>AA2</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>AA3</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>A1</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>A2</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Low risk</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>A3</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>B1</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" colSpan=2>&nbsp;</TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>B2</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>B3</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>C1</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>C2</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>C3</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>C4</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="40%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Medium risk</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>D</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>E</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" colSpan=2>&nbsp;</TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>F</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>High risk</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>G</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>H</FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Credit-Risk Management Process</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The credit risk management process is conducted in a corporation-wide manner. This process involves several areas with specific duties, ensuring an efficient structure. Credit risk measurement and control are conducted in a centralized and independent manner.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The credit risk monitoring area actively participates in improving the customer risk rating models, following up large risks by periodically monitoring major delinquencies and the provisioning levels for expected and unexpected losses.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>This area continuously reviews the internal processes, including the roles and responsibilities and it training and requirements, as well as conducts periodical reviews of risk evaluation processes to incorporate new practices and methodologies.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc474923288"></A><A name="_Toc474919339"></A><A name="_Toc415565866"></A><A name="_Toc415499845"></A><A name="_Toc415498680"></A><A name="_Toc415498556"></A><A name="_Toc415498327"></A><A name="_Toc413337855"></A><A name="_Toc412626187"></A><A name="_Toc381783367"></A><A name="_Toc379874087"></A><A name="_Toc355707617"></A><A name="_Toc351013998"></A><A name="_Toc320264344"></A><A name="_Toc318995698"></A><A name="_Toc318995496"></A><A name="_Toc316896283"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Control and Monitoring </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The credit risk of the Organization has its control and corporate follow-up performed in the credit risk area of the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Integrated Risk Control Department &#8211; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>DCIR. The Department advises the Executive Committee on Credit Risk Management, where methodologies for measuring credit risk are discussed and formalized. Significant issues discussed in this committee are reported to the COGIRAC, which is subordinate to the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In addition to committee meetings, the area holds monthly meetings with all product and segment executives and officers, with a view to inform them about the evolution of the loan portfolio, delinquency, credit recoveries, gross and net losses, limits and concentrations of portfolios, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>allocation of economic and regulatory capital,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> among others. This information is also reported to the Audit Committee on a monthly basis</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The area also monitors any internal or external event that may cause a significant impact on the Organization&#8217;s credit risk, such as spin-offs, bankruptcies and crop failures, in addition to monitoring economic activity in the sectors to which the company has significant risk exposures. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Both the governance process and existing limits are sanctioned by the Integrated Risk Management and Capital Allocation Committee, which are submitted for the approval of the Board of Directors, being reviewed at least once a year.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>49</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc474923289"></A><A name="_Toc474919340"></A><A name="_Toc415565867"></A><A name="_Toc415499846"></A><A name="_Toc415498681"></A><A name="_Toc415498557"></A><A name="_Toc415498328"></A><A name="_Toc413337856"></A><A name="_Toc412626188"></A><A name="_Toc381783368"></A><A name="_Toc379874088"></A><A name="_Toc355707618"></A><A name="_Toc351013999"></A><A name="_Toc320264345"></A><A name="_Toc318995699"></A><A name="_Toc318995497"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Internal Report </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Credit risk is monitored on a daily basis in order to maintain the risk levels within the limits established by the Organization. Managerial reports on risk control are provided to all levels of business, from branches to Senior Management.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>With the objective of highlighting the risk situations that could result in the customers' inability to honor its obligations as contracted, the credit risk monitoring area provides daily reports, to the branches, business segments, as well as the lending and loan recovery areas. This system provides timely information about the loan portfolios and credit bureau information of customers, in addition to enabling comparison of past and current information, highlighting points requiring a more in-depth analysis by managers. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization also has an electronic corporate system of credit risk indicators to provide the lending and loan recovery areas, business areas, regional managers and branches with information on assets by segment, product, region, risk classification, delinquency and expected and unexpected losses, among others. This electronic system provides both a macro-level and detailed view of the information, and also enables a specific loan operation to be viewed. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The information is viewed and delivered via dashboards, allowing queries at several levels such as business segment, divisions, managers, regions, products, employees and customers, and under several aspects (asset, delinquency, provision, write-off, restriction levels, guarantees, portfolio quality by rating, among others).</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Measurement of credit risk </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Periodically, the Organization evaluates the expected losses of the exposures subject to credit risk by means of statistical models and internal processes, considering the historical loss experience, which comprises approximately 8 years, as well as the current quality and characteristics of clients and operations, including their guarantees. Macroeconomic Information is also used in the measurement by means of econometric models that incorporate the current and prospective effects of economic variables in the estimates of expected loss. The main macroeconomic variables used in this process are tied to interest rates, inflation rates and internal and external economic activity indexes.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Organization uses different indicators for classification in stages, according to the profile of the client and the operation. Below we present the breakdown of segments, according with stages and indictors. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Retail Segment:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Stage 1: up-to-date exposure or 30 days in arrears;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Stage 2:</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> exposure between 31 and 90 days in arrears, except for residential real estate financing that is between 31 and 180 days, or classification to internal</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>ratings framed as medium or high risk;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.75pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Stage 3 (Non-compliance or "impaired"): exposure due over 90 days, except for residential real estate financing that is above180 days.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Wholesale Segment:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Stage 1: up-to-date exposure or 30 days in arrears;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Stage 2: <FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>exposure</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> due between 31 and 90 days</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>, except for residential real estate financing that is between 31 and 180 days, or classification to internal</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>ratings framed as medium or high risk</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.75pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Stage 3 (Non-compliance or "impaired"): material exposure due beyond 90 days, except for financing residential real estate, which is due over 180 days and/or that showed signs that they would not be honored in the agreed conditions without the execution of guarantees, such as: failing events, judicial recovery and restructuring of debts.</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>50</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The expected losses are based on the multiplication of credit risk parameters: Probability of noncompliance (PD), Loss due to noncompliance (LGD) and Exposure to noncompliance (EAD).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The PD parameter refers to the probability of noncompliance perceived by the Organization regarding the client, according to the internal models of evaluation, which, in retail, use statistical methodologies based on the characteristics of the client, such as the internal rating and segment, and the operation, such as product and warranty and, in the case of wholesale, they use specialist models based on financial information and qualitative analyses. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The LGD refers to the percentage of loss in relation to exposure in case of noncompliance, considering all the efforts of recovery, according to the internal model of evaluation that uses statistical methodologies based on the characteristics of the operation, such as product and warranty. Clients with significant exposure have estimates based on individual analyses, which are based on the structure of the operation and expert knowledge, aiming to capture the complexity and the particularities of each operation. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>EAD refers to the exposure (book value) of the client in relation to the Organization at the time of estimation of the expected loss. In the case of commitments or financial guarantees provided, the EAD will have the addition of the expected value of the commitments or financial guarantees provided that they will be converted into credit in case of noncompliance of the client.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>51</FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Credit Risk Exposure </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>We present below the credit risk exposure of the financial instruments:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31, 2018</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gross value</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expected loss</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Book value</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash and balances with banks (Note 20)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>107,209,743</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>107,209,743</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets at fair value through profit or loss (Note 21)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>246,161,150</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>246,161,150</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets at fair value through other comprehensive income (Note 24)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>178, 050,536</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(337,506)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>178,050,536</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loans and advances to banks (Note 26)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>105,250,928</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,978)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>105,248,950</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loans and advances to customers (Note 27)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>411,492,655</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(31,105,579)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>380,387,076</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Securities at amortized cost (Note 28)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>143,626,776</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,022,038)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>140,604,738</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other financial assets (Note 35)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>43,893,309</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>43,893,309</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Provision for Expected Loss</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loan Commitments (Note 27)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,551,676)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,551,676)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial guarantees (Note 27)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(719,216)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(719,216)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Items not recorded in the balance sheet (Note 46)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>301,345,624</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>301,345,625</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total risk exposure</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,537,&nbsp;030,721</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(37,737,993)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,499,630,235</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Organization's maximum credit risk exposure was R$1,499,630,235 thousand in 2018, which was an increase of 8.4% compared to 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Of this exposure, R$107,209,743 thousand, or 7.1% is related to cash and bank deposits composed mainly of funds deposited with the Central Bank of Brazil that are assessed to have low credit risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Financial assets at fair value through profit or loss (16.4% of total exposure) are mostly low credit risk, composed mainly of Brazilian government securities at fair value and also include derivative financial instruments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Financial assets at fair value through other comprehensive income amounted to R$178,050,536 thousand (11.9% of total exposure), are recorded at fair value with changes in ECL recognized in profit or loss and are represented mostly by Brazilian government securities, for details of these assets , see note 24.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Loans and advances to financial institutions, which are 7.0% of the total, consist basically of repurchase agreements which have a low credit risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Loans and advances to customers represent 25.4% of the total exposure, for details of these assets and the expected loss, see note 27 for details.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Financial assets at amortized cost represent 9.4% of the total, for details of these assets, see note 28.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Operations classified as "Other financial assets" represent 2.9% of the total and are basically comprised of foreign exchange operations and escrow deposits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In 2018, items not recorded in the consolidated balance sheet (recorded in clearing accounts) totaled R$301,345,625, representing 20.1% of total exposure.</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>52</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Loans and advances to customers</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 70.9pt"><A name="_Toc285698355"></A><A name="_Toc285642836"></A><A name="_Toc285538701"></A><A name="_Toc285477062"></A><A name="_Toc285472601"></A><A name="_Toc284885066"></A><A name="_Toc284697572"></A><A name="_Toc279663382"></A><A name="_Toc474923297"></A><A name="_Toc474919348"></A><A name="_Toc415565875"></A><A name="_Toc415499854"></A><A name="_Toc415498689"></A><A name="_Toc415498565"></A><A name="_Toc415498336"></A><A name="_Toc413337864"></A><A name="_Toc412626196"></A><A name="_Toc381783376"></A><A name="_Toc379874096"></A><A name="_Toc355707626"></A><A name="_Toc351014007"></A><A name="_Toc320264353"></A><A name="_Toc318995707"></A><A name="_Toc318995505"></A><A name="_Toc316896293"></A><A name="_Toc312767259"></A><A name="_Toc289782439"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Concentration of credit risk </FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Largest borrower</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.2%</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.5%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10 largest borrowers</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9.1%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8.2%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20 largest borrowers</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12.9%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12.2%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50 largest borrowers</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18. 6%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17.8%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100 largest borrowers</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22.9%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22.2%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><A name="_Toc285698357"></A><A name="_Toc285642838"></A><A name="_Toc285538703"></A><A name="_Toc285477064"></A><A name="_Toc285472603"></A><A name="_Toc284885068"></A><A name="_Toc284697574"></A><A name="_Toc312767260"></A><A name="_Toc289782441"></A><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></P>

<P style="MARGIN: 0in 0in 0pt 70.9pt"><A name="_Toc474923298"></A><A name="_Toc474919349"></A><A name="_Toc415565876"></A><A name="_Toc415499855"></A><A name="_Toc415498690"></A><A name="_Toc415498566"></A><A name="_Toc415498337"></A><A name="_Toc413337865"></A><A name="_Toc412626197"></A><A name="_Toc381783377"></A><A name="_Toc379874097"></A><A name="_Toc355707627"></A><A name="_Toc351014008"></A><A name="_Toc320264354"></A><A name="_Toc318995708"></A><A name="_Toc318995506"></A><A name="_Toc316896294"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>By Economic Activity Sector</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The credit-risk concentration analysis presented below is based on the economic activity sector in which the counterpart operates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="52%">

   <P style="MARGIN: 0in 0in 0pt"><A name="_Toc289782442"></A><A name="_Toc285698358"></A><A name="_Toc285642839"></A><A name="_Toc285538705"></A><A name="_Toc285477066"></A><A name="_Toc285472605"></A><A name="_Toc284885070"></A><A name="_Toc284697576"></A><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31 - R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Public sector</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,259,368</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.3</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,676,927</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.6</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Oil, derivatives and aggregate activities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,092,151</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.2</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,410,382</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.5</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Production and distribution of electricity</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,829</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,322</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other industries</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>165,388</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>265,223</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>0.1</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Private sector</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>402,233,287</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>97.7</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>364,136,738</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>97.4</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Companies</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>209,365,567</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50.9</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>190,148,345</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50.9</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Real estate and construction activities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25,267,761</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6.1</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,383,442</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7.9</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Retail</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,472,286</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7.9</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,935,638</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6.4</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Services</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,086,508</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.6</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,996,533</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.8</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transportation and concession</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,261,369</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.2</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,190,284</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.8</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Automotive</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,284,972</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.7</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,014,454</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.7</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Food products</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,040,631</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.9</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,866,028</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.4</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Wholesale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,467,168</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.8</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,045,916</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.4</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Production and distribution of electricity</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,784,015</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.2</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,360,804</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.0</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Siderurgy and metallurgy</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,698,444</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.9</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,001,290</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.9</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sugar and alcohol</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,907,858</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.7</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,042,811</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.9</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other industries</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,094,555</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14.8</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>55,311,145</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14.8</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Individuals</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>192,867,720</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>46.9</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>173,988,393</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>46.5</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total portfolio</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>411,492,655</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100.0</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>373,813,665</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100.0</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impairment of loans and advances</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(31,105,579)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(27,055,566)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total of net loans and advances to customers</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>380,387,076</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>346,758,099</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif><STRONG></STRONG></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>53</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Credit Risk Mitigation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Potential credit losses are mitigated by the use of a variety of types of collateral formally stipulated through legal instruments, such as conditional sales, liens and mortgages, by </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>guarantees such as third-party sureties or guarantees, and also by financial instruments such as credit derivatives. The efficiency of these instruments is evaluated considering the time to recover and realize an asset given as collateral, its market value, the guarantors&#8217; counterparty risk and the legal safety of the agreements. The main types of collaterals include: term deposits; financial investments and securities; residential and commercial properties; movable properties such as vehicles, aircraft. Additionally, collateral may include commercial bonds such as invoices, checks and credit card bills. Sureties and guarantees may also include bank guarantees.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The table below shows the financial effect of the guarantee on credit and financial lease transactions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; LINE-HEIGHT: 8pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="70%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Book value</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair Value Guarantees</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Individuals</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>192,867,720</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>121,318,093</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stage 1</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>165,031,788</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>109,456,403</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stage 2</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,354,577</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,925,277</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stage 3</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,481,355</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,936,413</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Companies</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>218,624,935</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>77,161,470</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stage 1</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>177,191,748</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,244,814</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stage 2</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,750,673</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,374,186</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stage 3</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,682,514</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,542,470</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>411,492,655</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>198,479,563</FONT></B></P></TD></TR></TABLE><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(1) Of the total balance of credit operations, R$284,373,526 thousand refers to operations without guarantees.</FONT></P>

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<H3 style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -24.55pt"><A name="_Toc1554802"></A><A name="_Toc282513944"></A><A name="_Toc318995508"></A><A name="_Toc318995710"></A><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" color=black face=arial,sans-serif>3.2.</FONT></B><B><FONT style="FONT-SIZE: 7pt; FONT-STYLE: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" color=black face=arial,sans-serif>Market risk</FONT></B></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Market risk is represented by the possibility of financial loss due to fluctuating prices and interest rates of the Organization&#8217;s financial instruments, such as its asset and liability transactions that may have mismatched maturities, currencies and indexes.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Market risk is identified, measured, mitigated, controlled and reported. The Organization&#8217;s exposure to market risk profile is in line with the guidelines established by the governance process, with limits monitored on a timely basis independently of the business areas.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>All transactions that expose the Organization to market risk are mapped, measured and classified according to probability and magnitude, and the whole process is approved by the governance structure.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The risk management process relies on the participation of all levels of the Organization, from the business areas to the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In compliance with the best Corporate Governance practices, to preserve and strengthen the management of market risk in the Organization, as well as to meet the requirements of Resolution </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>No.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> 4,557/17, of CMN, the Board of Directors approved the Market and Liquidity Risk Management Policy, which is reviewed at least annually by the relevant Committees and by the Board of Directors itself, and provides the main guidelines for acceptance, control and management of market risk.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In addition to the policy, the Organization has specific rules to regulate the market risk management process, as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Classification of Operations;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Reclassification of Operations;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Trading of Public or Private Securities;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Use of Derivatives; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Hedging.</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>54</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc282513945"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Market Risk Management Process</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The market risk management process is a corporation wide process, comprising from business areas to the Board of Directors; it involves various areas, each with specific duties in the process, thereby ensuring an efficient structure. The measurement and control of market risk is conducted in a centralized and independent manner. This process permits that the Organization be the first financial institution in the country authorized by the Central Bank of Brazil to use its internal market risk models to calculate regulatory capital requirements since January 2013. This process, is also revised at least once a year by the Committees and approved the Board itself.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc282513946"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Determination of Limits</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Proposed market-risk limits are validated by specific Committees and submitted for approval by the Integrated Risk Management and Capital Allocation Committee, and then for approval by the Board of Directors. Based on the business&#8217; characteristics, they are segregated into the following Portfolios:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Trading Portfolio</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>: it comprises all operations involving financial instruments, held-for-trading, including derivatives, or used to hedge other instruments in the Trading Portfolio, which have no trading restrictions. Held-for-trading operations are those intended for resale, to obtain benefits from actual or expected price variations, or for arbitrage.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Trading Portfolio is monitored with the following limits:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Value at Risk (VaR);</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Stress;</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Income;</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Financial Exposure / Concentration.</FONT></I></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Banking Portfolio</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>: it comprises operations not classified in the Trading Portfolio</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>, arising from Organization&#8217;s other businesses and their respective hedges.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Banking Portfolio is monitored with the following limits:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Interest rate risk limit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc282513947"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Market-Risk Measurement Models</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Market risk is measured and controlled using Stress, Value at Risk (VaR), Economic Value Equity (EVE) and Sensitivity Analysis methodologies, as well as limits for the Management of Results and Financial Exposure. Using several methodologies to measure and evaluate risks is of great importance, because they can complement each other and their combination allows for analysis of different scenarios and situations.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc282513948"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Trading and Regulatory Portfolio </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Trading Portfolio risks are controlled by the Stress and VaR methodologies. The Stress methodology quantifies the negative impact of economic shocks and events that are financially unfavorable to the Organization&#8217;s positions. The analysis uses stress scenarios prepared by the Market Risk area and the Organization&#8217;s economists based on historical and prospective data for the risk factors in which the Organization portfolio.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The methodology adopted to calculate VaR is the Delta-Normal, with a confidence level of 99% and considering the number of days necessary to unwind the existing exposures. The methodology is applied to the Trading and Regulatory Portfolio (Trading Portfolio positions plus Banking Portfolio foreign currency and commodities exposures). It should be noted that for the measurement of all <FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>the risk factors of the portfolio of options are applied the historical simulation models and Delta-Gama-Vega, prevailing the most conservative between the two.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>A minimum 252-business-day period is adopted to calculate volatilities, correlations and historical returns.</FONT></FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>5<FONT style="FONT-SIZE: 9pt" face=Arial>5</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>For regulatory purposes, the capital requirements relating to shares held in the Banking Portfolio of Prudential Conglomerate (includes, in its consolidation basis, entities located in the country and abroad, financial institutions, similar to financial institutions over which the institution has direct or indirect control, in addition to investment funds pursuant to CMN Resolution No. 4,280/13) are determined on a credit risk basis, as per Central Bank of Brazil resolution,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face="Univers 45 Light"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>i.e., are not included in the market risk calculation.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Risk of Interest Rate in the Banking Portfolio</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The measurement and control of the interest-rate risk in the Banking Portfolio area is based on the Economic Value of Equity (EVE) methodology, which measures the economic impact on the positions, according to scenarios prepared by the Organization&#8217;s economists. These scenarios determine the positive and negative movements of interest rate curves that may affect Organization&#8217;s investments and capital-raising.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The EVE methodology consists of repricing the portfolio exposed to interest rate risk, taking into account the scenarios of increases or decreases of rates, by calculating the impact on present value and total term of assets and liabilities. The economic value of the portfolio is estimated on the basis of market interest rates on the analysis date and of scenarios projected. The difference between the values obtained for the portfolio will be EVE, that is, the interest-rate risk applicable to the Banking Portfolio.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>To measure the Banking Portfolio interest rate risk, the premise of prepayment of loans is not used. For demand and savings deposits with undetermined maturity, their historical behaviors and the possibility of maintaining them are studied. After all the deductions related to demand and savings deposits, for example, the required compulsory deposits held at Central Bank of Brazil, the remaining balance (free funds) is allocated in accordance with the maturity flows of fixed-rate lending operations, and in the case of savings, the risk factor considered for its mapping is the TR coupon.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial Instrument Pricing </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>To adopt the best market prices related to the assessment of financial instruments&#8217; market value, the Market and Liquidity Risk Management Executive Committee (CEGRIMEL) established the Mark-to-Market Commission (CMM), which is responsible for approving or submitting mark-to-market models to GEGRIMEL. CMM is composed of business, back-office and risk representatives. The risk area is responsible for the coordination of the Commission and for the submission the matters to the CEGRIMEL for reporting or approval, whichever is the case. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Whenever possible, the Bank uses prices and quotes from by the securities, commodities and futures exchange and the secondary markets. Failing to find such market references, prices made available by other sources (such as Bloomberg, Reuters and Brokerage Firms) are used. As a last resort, proprietary models are used to price the instruments, which also follow the same CMM approval procedure and are submitted to the Organization&#8217;s validation and assessment processes.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Mark-to-market criteria are periodically reviewed, according to the governance process, and may vary due to changes in market conditions, creation of new classes of instruments, establishment of new sources of data or development of models considered more appropriate.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The financial instruments to be included in the Trading Portfolio must be approved by the Treasury Executive Committee or the Product and Service Executive Committee and their pricing criteria must be defined by the CMM.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The following principles for the mark-to-market process are adopted by the Organization:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 85.65pt; TEXT-INDENT: -0.3in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Commitment: the Organization is committed to ensuring that the prices used reflect the <FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>market value of the operations. Should information not be found, the Organization uses its best efforts to estimate the market value of the financial instruments; </FONT></FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>5<FONT style="FONT-SIZE: 9pt" face=Arial>6</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 85.65pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Frequency: the formalized mark-to-market criteria are applied on a daily basis; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 85.65pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Formality: the CMM is responsible for ensuring the methodological quality and the formalization of the mark-to-market criteria; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 85.65pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Consistency: the process to gather and apply prices should be carried out consistently, to guarantee equal prices for the same instrument within the Organization; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 85.65pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Transparency: the methodology must be accessible by the Internal and External Audit, Independent Model Validation Areas - AVIM and by Regulatory Agencies. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In December 2014, the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>National Monetary Council</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> published Resolution No. 4,389/14, which amended Resolution No. 4,277. These resolutions set forth the basic procedures that entities must follow in pricing financial instruments valued at market value and guidelines for the application of prudential adjustments for such instruments. The Organization aligned with these resolutions&#8217; guidelines, including applying due prudential adjustments required by the regulation.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc282513950"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Control and Follow-Up</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Market risk is controlled and monitored by an independent area, the DCIR, which, on a daily basis, measures the risk of outstanding positions, consolidates results and prepares reports required by the existing governance process.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In addition to daily reports, Trading Portfolio positions are discussed once every fifteen days by the Treasury Executive Committee, while Banking Portfolio positions and liquidity reports are examined by the Asset and Liability Management Treasury Executive Committee. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>At both meetings, results and risks are assessed and strategies are discussed. Both the governance process and the existing thresholds are ratified by the Integrated Risk Management and Capital Allocation Committee and submitted to approval of the Board of Directors, and they are revised at least once a year.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Should any threshold controlled by the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Integrated Risk Control Department &#8211; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>DCIR be exceeded, the head of the business area responsible for the position is informed that threshold was reached, and the Integrated Risk Management and Capital Allocation Committee is called in timely fashion to make a decision. If the Committee decides to raise the threshold and/or maintain the positions, the Board of Directors is called to approve the new threshold or revise the position strategy.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc282513951"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Internal Communication</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The market risk department provides daily managerial control reports on the positions to the business areas and Senior Management, in addition to weekly reports and periodic presentations to the Board of Directors. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Reporting is conducted through an alert system, which determines the addressees of risk reports as previously determined risk threshold percentage is reached; therefore, the higher the risk threshold consumption, more Senior Management members receive the reports.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc282513952"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Hedging and Use of Derivatives</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In order to standardize the use of financial instruments as hedges of transactions and the use of derivatives by the Treasury Department, the Organization created specific rules that were approved by the competent Committees. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The hedge transactions executed by Bradesco&#8217;s Treasury Department must necessarily cancel or mitigate risks related to unmatched quantities, terms, currencies or indexes of the positions in the Treasury books, and must use assets and derivatives authorized to be traded in each of their books to:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 49.65pt; TEXT-INDENT: -10.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>control and classify the transactions, &nbsp;respecting the exposure and risk limits in effect; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 1in"><FONT lang=EN-US style="FONT-SIZE: 2pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>57</FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 49.65pt; TEXT-INDENT: -10.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>alter, modify or revert positions due to changes in the market and to operational strategies; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 49.65pt; TEXT-INDENT: -10.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>reduce or mitigate exposures to transactions in inactive markets, in conditions of stress or of low liquidity.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>For derivatives classified in the "hedge accounting" category, there is a monitoring of their effectiveness, as well as their accounting implications.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Cash flow Hedge </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>On December 31, 2018, Bradesco maintained cash flow hedges. See more details in Note 23.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc282513953"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Standardized and &#8220;Continuous Use&#8221; Derivatives</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Organization&#8217;s Treasury Department may use standardized (traded on an exchange) and &#8220;continuous use&#8221; (traded over-the-counter) derivatives for the purpose of obtaining income or as hedges. The derivatives classified as &#8220;continuous use&#8221; are those habitually traded over-the-counter, such as vanilla swaps (interest rates, currencies, CDS &#8211; Credit Default Swap, among others), forward operations (currencies, for example) and vanilla options (currency, Bovespa Index), among others. Non-standardized derivatives that are not classified as &#8220;continuous use&#8221; or structured operations cannot be traded without the authorization of the applicable Committee.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc282513955"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Evolution of Exposures</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In this section are presented the evolution of financial exposure, the VaR calculated using the internal model and its backtesting and the Stress Analysis</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc282513956"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial Exposure &#8211; Trading Portfolio (Fair value)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><A name="_Toc282513957"></A><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk factors</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Liabilities</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 10.75pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fixed rates</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,131,939</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,081,794</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,614,849</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,184,099</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>IGP-M (General Index of market pricing) / IPCA (Consumer price index)</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>249,922</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>191,486</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,053,893</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>532,957</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange coupon</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,090,277</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>785,578</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,808,598</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,658,084</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign Currency</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,471,956</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,611,049</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,808,598</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,103,715</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equities</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>776,376</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>776,735</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>461,957</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>468,911</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sovereign/Eurobonds and Treasuries</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,805,259</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,099,612</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>560,619</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>360,252</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>685,724</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>31,729</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>257,537</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>98,517</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,211,453</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,577,983</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,566,051</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,406,535</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 1pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>VaR Internal Model &#8211; Trading Portfolio</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The 1-day VaR of Trading Portfolio net of tax effects in end of 2018 was R$5,776 thousand, with the interest rate risk Sovereign/Eurobonds and Treasuries as the largest participation of the portfolio. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; LINE-HEIGHT: 8pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 10.75pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="70%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk factors</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 10.75pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fixed rates</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>850</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,956</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>IGPM/IPCA</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>264</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,751</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange coupon</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>142</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>48</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign Currency</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>712</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,925</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sovereign/Eurobonds and Treasuries</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,770</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>826</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equities</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>655</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>289</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,597</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Correlation/diversification effect</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,214)</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,379)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>VaR at the end of the year</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,776</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,417</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Average VaR in the year</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,624</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24,024</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Minimum VaR in the year</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,316</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,499</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Maximum VaR in the year</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>76,935</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100,640</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>58</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk factors</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>VaR at the end of the year</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,776</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,417</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Average VaR in the year</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,624</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24,024</FONT></P></TD></TR>

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   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Minimum VaR in the year</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,316</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,499</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Maximum VaR in the year</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>76,935</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100,640</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>VaR Internal Model &#8211; Regulatory Portfolio </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The capital is calculated by the normal delta VaR model based in Regulatory Portfolio, composed by Trading Portfolio and the Foreign Exchange Exposures and the Commodities Exposure of the Banking Portfolio. In addition, the historical simulation and the Delta&#8211;Gama&#8211;Vega models of risk are applied to measure all risk factors to an options portfolio, whichever is the most conservative, whereby this risk of options is added to the VaR of the portfolio. In this model, risk value is extrapolated to the regulatory</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> horizon<SUP>(</SUP></FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>1</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>)</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(the highest between 10 days and the horizon of the portfolio) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>by the &#8216;square root of time&#8217; method. VaR and Stressed VaR shown below refer to a ten-day horizon and are net of tax effects.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"> </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><A name="_Toc282513958"></A><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk factors</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="48%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="48%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="24%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="24%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>VaR</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stressed</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>VaR</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stressed</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="52%">

   <P style="MARGIN: 0in 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Interest rate</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,131</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>47,851</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>37,659</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>48,400</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Exchange rate</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,666</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,959</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,715</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,300</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Commodity price (Commodities)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,194</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,704</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,110</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>200</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Equities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,355</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,844</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,065</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,400</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Correlation/diversification effect</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7,569)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>33,180</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>36,429</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>240</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 0in 0pt 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>VaR at the end of the year</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,777</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>121,538</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>84,978</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>73,540</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Average VaR in the year</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>69,852</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>117,946</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>87,358</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>107,059</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Minimum VaR in the year</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,777</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>57,523</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>24,945</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,803</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Maximum VaR in the year</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>252,797</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>231,080</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>369,342</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>236,895</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Note: Ten-day horizon VaR net of tax effects.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>To calculate regulatory capital requirement according to the internal model, it is necessary to take into consideration the rules described by Central Bank Circular Letters No. 3,646/13 and No. 3,674/13, such as the use of VaR and Stressed VaR net of tax effects, the average in the last 60 days and its multiplier.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>VaR Internal Model &#8211; Backtesting</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The risk methodology applied is continuously assessed using backtesting techniques, which compare the one-day period VaR with the hypothetic P&amp;L, obtained from the same positions used in the VaR calculation, and with the effective P&amp;L, also considering the intraday operations for which VaR was estimated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The main purpose of backtesting is to monitor, validate and assess the adherence of the VaR model, and the number of exceptions that occurred must be compatible with the number of exception accepted by the statistical tests conducted and the confidence level established. Another objective is to improve the models used by the Organization, through analyses carried out with different observation periods and confidence levels, both for Total VaR and for each risk factor. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Daily hypothetical and effective P&amp;L over the last 250 business days surpassed their respective <FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>VaR four times, with a confidence level of 99%.</FONT></FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 20px" align=right></P><U>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0in 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; VERTICAL-ALIGN: super" face="Times New Roman">(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>The maximum amount between the book&#8217;s holding period and ten days, which is the minimum regulatory horizon required by Central Bank of Brazil, is adopted. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0in 14.2pt; TEXT-INDENT: -14.2pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0in 14.2pt; TEXT-INDENT: -14.2pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>59</FONT></B></FONT></FONT></B></FONT></U></FONT></U> </P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>According to the document published by the Basel Committee on Banking Supervision<SUP>(2)</SUP>, exceptions are classified as being due to &#8220;either bad luck or the markets did not behave as expected by the model&#8221;, i.e. volatility was significantly higher than expected and, in certain situations, the correlations differed from those forecast by the model.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc282513959"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Stress Analysis &#8211; Trading Portfolio</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization also assesses on a daily basis, the possible impacts on positions in stress scenarios for the next 20 business days, with limits established in the governance process. Thus, considering the effect of diversification between the risk factors and the tax effects, the average of the possible loss estimates in a stress situation would be R$185,192&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>thousand</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> in 2018 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(2017 &#8211; R$168,751 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>thousand</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>, and the maximum estimated loss in the year of 2018 would be R$419,677 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>thousand </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(2017 &#8211; R$387,884 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>thousand</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>At the end of the year</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>59,489</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>103,949</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Average in the year</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>185,192</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>168,751</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Minimum in the year</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>52,716</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>53,426</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Maximum in the year</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>419,677</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>387,884</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Note: Values net of tax effects.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 3pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Sensitivity Analysis</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 5pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Trading Portfolio is also monitored daily by sensitivity analyses that measure the effect of movements of market and price curves on our positions. Furthermore, a sensitivity analysis of the Organization&#8217;s financial exposures (Trading and Banking Portfolios) is performed on a quarterly basis, in compliance with CVM Rule No. 475/08.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The sensitivity analyses were carried out based on the scenarios prepared for the respective dates, always taking into consideration market inputs available at the time and scenarios that would adversely impact our positions, in accordance with the scenarios below:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -56.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Scenario 1: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Based on market information (B3, Anbima, etc.), stresses were applied for 1 basis point on the interest rate and 1.0% variation on prices. For example: for a Real/US dollar exchange rate of R$3.87 a scenario of R$3.91 was used, while for a 1-year fixed interest rate of 6.55%, a scenario of 6.56% was applied;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -56.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Scenario 2: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>25.0% stresses were determined based on market information. For example: for a Real/US dollar exchange rate of R$3.87 a scenario of R$4.84 was used, while for a 1-year fixed interest rate of 6.55%, a 8.18% scenario was applied. The scenarios for other risk factors also accounted for 25% stresses in the respective curves or prices; and</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -56.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Scenario 3: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>50.0% stresses were determined based on market information. For example: for a Real/US dollar quote of R$3.87 a scenario of R$5.81 was used, while for a 1-year fixed interest rate of 6.55%, a 9.82% scenario was applied. The scenarios for other risk factors also account for 50.0% stresses in the respective curves or prices.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The results show the impact for each scenario on a static portfolio position. The dynamism of the market and portfolios means that these positions change continuously and do not necessarily reflect the position demonstrated here. In addition, the Organization has a continuous market risk management process, which is always searching for ways to mitigate the associated risks, according to the strategy determined by Management. Therefore, in cases of deterioration <FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>indicators in a certain position, proactive measures are taken to minimize any potential negative impact, aimed at maximizing the risk/return ratio for the Organization.</FONT></FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0in 14.2pt; TEXT-INDENT: -14.2pt"><SUP><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial"><FONT style="FONT-SIZE: 8pt" face=Arial>(</FONT>2<FONT lang=EN-US style="VERTICAL-ALIGN: 0px">)</FONT></FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Supervisory Framework for the use &#8220;Backtesting&#8221; in Conjunction with the Internal Models Approach to Market Risk Capital Requirements (January 1996).</FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Sensitivity Analysis &#8211; Trading Portfolio</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Trading Portfolio (1)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenarios</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenarios</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest rate in Reais</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exposure subject to variations in fixed interest rates and interest rate coupons</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(67)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,474)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(22,374)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(359)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(61,497)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(120,385)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Price indexes</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exposure subject to variations in price index coupon rates</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(22)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,462)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,706)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(147)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(17,576)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(33,298)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange coupon</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exposure subject to variations in foreign currency coupon rates</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(236)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(460)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(420)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(839)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign currency</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exposure subject to exchange rate variations</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(331)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,265)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,529)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,629)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(40,736)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(81,473)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exposure subject to variation in stock prices</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(88)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,195)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,389)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,215)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(30,378)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(60,757)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sovereign/Eurobonds and Treasuries</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exposure subject to variations in the interest rate of securities traded on the international market</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(315)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(93,073)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(129,865)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,469)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(61,730)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(123,461)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exposure not classified in other definitions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(37)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(73)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total excluding correlation of risk factors</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(826)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(117,742)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(178,396)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,828)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(212,337)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(420,213)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total including correlation of risk factors</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(429)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(93,092)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(130,432)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,448)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(131,662)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(259,684)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;(1) Values net of taxes.</FONT></P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>61</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=arial,sans-serif>Presented below, the Sensitivity Analysis &#8211; Trading and Banking Portfolios.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Sensitivity Analysis &#8211; Trading and Banking Portfolios</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Trading and Banking Portfolios (1)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenarios</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Scenarios</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest rate in Reais</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exposure subject to variations in fixed interest rates and interest rate coupons</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,141)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,973,012)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,760,223)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(12,579)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,339,939)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,560,181)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Price indexes</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exposure subject to variations in price index coupon rates</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,410)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(913,671)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,630,441)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(512)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(56,130)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(107,716)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange coupon</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exposure subject to variations in foreign currency coupon rates</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,368)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(119,441)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(229,387)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,575)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(80,110)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(158,548)</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign currency</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exposure subject to exchange rate variations</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(407)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(10,119)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,238)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(600)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(15,004)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(30,008)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exposure subject to variation in stock prices</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(21,229)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(530,729)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,061,459)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,289)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(407,237)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(814,475)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sovereign/Eurobonds and Treasuries</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exposure subject to variations in the interest rate of securities traded on the international market</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,762)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(92,193)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(184,758)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,978)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(205,764)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(406,054)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exposure not classified in other definitions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(412)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(10,298)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,596)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(12)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(307)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(613)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total excluding correlation of risk factors</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(49,729)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,649,463)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,907,102)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(36,545)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,104,491)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,077,595)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total including correlation of risk factors</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(37,535)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,905,602)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,499,908)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(26,956)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,678,101)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,232,466)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) Values net of taxes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 49.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<H3 style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -24.55pt"><A name="_Toc282513962"></A><A name="_Toc1554803"></A></H3>

<P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -24.55pt">&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>62</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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&nbsp;

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<H3 style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -24.55pt"><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" color=black face=arial,sans-serif><A name="page_67"></A>3.3.</FONT><FONT style="FONT-SIZE: 7pt; FONT-STYLE: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" color=black face=arial,sans-serif>Liquidity risk </FONT></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Liquidity Risk is represented by the possibility of the institution not being able to efficiently meet its obligations, without affecting its daily operations and incurring significant losses, as well as the possibility of the institution to fail to trade a position at market price, due to its larger size as compared to the volume usually traded or in view of any market interruption.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The understanding and monitoring of this risk are crucial to enable the Organization to settle operations in a timely manner. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc282513963"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Management Process for Liquidity Risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The management of liquidity risk is a group-wide process. This process involves several areas with specific responsibilities. The measurement and control of liquidity risk are conducted in a centralized and independent manner, including the daily monitoring of available funds, the compliance with the liquidity level according to the risk appetite defined by the board,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>as well as</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>the contingency plan and recovery for possible stress situations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization has a Liquidity Risk Management Policy approved by the Board of Directors, which has as one of its objectives to ensure the existence of norms, criteria and procedures for the correct monitoring of this type of risk, as well as the existence of a strategy and of action plans for liquidity crisis situations. The policy and controls established fully comply with the provisions of CMN Resolution No. 4,557/17.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Control and Monitoring</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Liquidity risk management is carried out by the Treasury Department, based on the positions available, by independent area. The DCIR is responsible for the measurement methodology, control of the limits established by type of currency and company (including non-financial), review of policies, standards, criteria and procedures and studies for new recommendations.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Liquidity risk is monitored daily by the business and control areas and at the meetings of the Asset and Liability Management Treasury Executive Committee, which manages liquidity reserves, with term and currency mismatches. Monitoring is also handled by the Risk Committee and the Integrated Risk Management and Capital Allocation Committee and the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Since October 2017, the Organization adopted as metric also for internal management, Short-Term Liquidity indicator (liquidity coverage ratio), as provided by CMN Resolution No. 4,401/15 of Central Bank Circular Letter No. 3,749/15.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>63</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U> </P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>LCR - Liquidity Coverage Ratio</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Liquidity Coverage Ratio (LCR) is designed to ensure that the Organization maintains a sufficient level of liquid assets to cover liquidity needs in an eventual stress scenario. The LCR is the ratio between the stock of High Quality Liquid Assets (HQLA) and total net cash outflow, calculated based on a generic stress scenario. The formula shows the main components of the indicator as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>In accordance with the LCR implantation schedule, the level of the ratio between HQLA and total net cash outflows must comply with the following schedule:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Year</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>As of 2019</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>% Required</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>70%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5.65pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>80%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 5.65pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>90%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc282513964"></A><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>The stress scenarios parameterization was conducted by the Regulator to capture idiosyncratic and market shocks, considering the period of 30 days. The items below show some of the shocks included in the methodology: </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 1pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: 1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>the partial loss of retail and uncollateralized wholesale funding, as well as short-term funding capacity; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 1pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: 1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>the additional outflow of funds, contractually foreseen, due to the downgrading of the institution&#8217;s credit rating by up to three levels, including eventual additional collateral requirements; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 1pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: 1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>an increase in the volatility of factors that impact collateral quality or the potential future exposure of derivative positions, resulting in the application of larger collateral discounts or a call for additional collateral or in other liquidity requirements; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 1pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: 1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>withdrawals of higher than expected amounts from credit/liquidity lines granted; and </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 1pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: 1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>the potential need to repurchase debt or honor non-contractual obligations in order to mitigate reputational risk.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>High Quality Liquid Assets (HQLA) </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>HQLA are assets that maintain their market liquidity in periods of stress and that meet the minimum requirements established by the Central Bank of Brazil, such as, among others, being free of any legal impediment or restriction; suffering little or no loss in market value when converted into cash; having a low credit risk; easy and accurate pricing; and being traded in an active and important market, with little difference between the purchase and sale price, high traded volume and a large number of participants. These assets are subject to weighting factors which may reduce their value, for example, in accordance with the risk rating of their issuer or the historic variation in their market price, among other requirements. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Cash Outflows and Inflows </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Cash outflows are the result of a reduction in deposits and funding; the maturity of securities issued; scheduled contractual obligations for the next 30 days; margin adjustments and calls in derivative operations; the utilization/withdrawal of credit and liquidity lines granted by the Bank; and contingent cash outflows. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Cash inflows for the next 30 days correspond to the expected receipt of loans and financings; deposits; securities; and margin adjustments and easing in derivative operations.</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>64</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>The table below shows the average LCR Prudential Conglomerate:</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Information on the Liquidity Coverage Ratio (LCR)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31 (1)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31 (2)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Average Amount (3)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Weighted Average Amount (4)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Average Amount (3)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Weighted Average Amount (4)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Number of Line</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>High Quality Liquid Assets (HQLA)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total High Quality Liquid Assets (HQLA)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>140,377,669</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>125,596,242</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Number of Line</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash Outlows</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Ratail funding:</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>235,539,799</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,919,302</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>210,005,411</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,749,477</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stable funding</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>119,809,242</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,990,462</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>135,661,528</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,783,076</FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Less stable funding</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>115,730,557</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,928,840</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>74,343,883</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,966,401</FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-collateralized wholesale funding:</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>125,136,835</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,927,871</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>112,474,083</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,716,519</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Operating deposits (all counterparties) and affiliated cooperative deposits</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,648,728</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>432,436</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,152,936</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>407,647</FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-operating deposits (all counterparties)</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>115,864,088</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>49,871,416</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>103,275,838</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>49,263,563</FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other non-collateralized wholesale funding</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>624,019</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>624,019</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,045,309</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,045,309</FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Collateralized wholesale funding</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,361,781</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,656,909</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Additional requirements:</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>104,341,246</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,181,343</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>97,751,894</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,746,422</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Related to exposure to derivatives and other collateral requirements</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,419,270</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,741,269</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,192,265</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,089,564</FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Related to funding losses through the issue of debt instruments</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>554,811</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>554,811</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>345,574</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>345,574</FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Related to lines of credit and liquidity</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>89,367,165</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,885,263</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>82,214,055</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,311,284</FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other contractual obligations</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>33,875,647</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>31,857,396</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30,492,461</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,811,462</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other contingent obligations</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>122,319,336</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,915,397</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>131,133,680</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,160,312</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total cash outflows</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>129,163,091</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>122,841,100</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Number of Line</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash Inflows</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Collateralized loans</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>95,238,798</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>161,500,640</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Outstanding loans whose payments are fully up-to-date</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30,039,902</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,950,831</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,424,050</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,009,387</FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other cash inflows</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>37,235,944</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30,511,989</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24,624,328</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,429,233</FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total cash inflows</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>162,514,644</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>47,462,820</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>218,549,018</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>42,438,620</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total Adjusted Amount (5) </FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total Adjusted Amount (5) </FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total HQLA</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>140,377,669</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>125,596,242</FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total net cash outflow</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>81,700,271</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>80,402,480</FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>LCR (%) (5)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>171.8%</FONT></B></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>156.2%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 4pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) Calculated based on the simple daily average of the months that compose the quarter (61 observations);</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2) Calculated based on the simple average of the closing of the months that compose the quarter (3 observations);</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3) Corresponds to the total balance related to the item of cash inflows or outflows;</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4) Corresponds to the value after application of the weighting factors; and</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5) Corresponds to the calculated value after the application of weighting factors and limits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The amount of net assets (HQLA) consists, in addition to the compulsory returns and reserves at the Central Bank of Brazil, mainly of federal government securities. These net assets resulted in R$140,377,668 thousand, the average of the fourth quarter of 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Related to the cash outflows, based on the regulatory stress scenario (line 16), about 56.0% are redemptions and non-renewals retail and wholesale funding without collateral (unsecured), as shown on the lines 2 and 5 of the table. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Another relevant group refers to the item "Other contractual obligations" (line 14), which mainly includes the output streams of onlending operations, credit cards and trade finance.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Regarding cash inflows, corresponding to R$47,462,820 thousand in the average of the fourth quarter of 2018, stand out the receipts of loans operations (partial renewal), the inflows of Trade Finance operations, cash and cash equivalents and redemptions of securities in addition to the inflow of transfer and credit card operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>6<FONT style="FONT-SIZE: 9pt" face=Arial>5</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Net Stable Funding</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><STRONG><FONT size=2 face=Arial></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Net Stable Funding (NSFR) aims to asses if the Organization is financing its activities (assets) from more stable sources of funding </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(liabilities). The NSFR corresponds to the ratio between the Available Stable Funding (ASF) and the Required Stable Funding (RSF), which are defined according to the structures of assets and liabilities of the institution that are weighted according to the definitions of the Regulator.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The following figure shows the main components of the indicator:</FONT></P>

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<IMG border=0 src="imagem2.gif" align=middle></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Available Stable Funding (ASF)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The available stable funding is represented by the Liabilities and Shareholders&#8217; Equity, which are weighted according to their stability, in which the resources considered as more stable are determined mainly by behavioral aspects of the clients, also considering their relationship with the institution, legal aspects and other variables implied.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Required Stable Funding (RSF)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The required stable funding shall be determined according to the assets in the balance sheet and other financial instruments, for example, credit limits provided and guarantees given, which are weighted by aspects related to the type of operation, maturity, and counterparty, among others.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The following table shows the NSFR of December of the Prudential Conglomerate:</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>R$ thousand</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Information on the Long-term Indicator (NSFR)</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="32%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>On December 31, 2018 (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Weighted Average (2)</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Amount per effective term of residual maturity</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Without expiration</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Less than 6 months</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Greater than or equal to 6 months and less than one year</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Greater than or equal to one year</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Line Number</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Available stable funding (ASF)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capital</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121,289,750 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47,181,305 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168,471,055 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Reference Equity, gross of regulatory deductions</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121,289,750 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121,289,750 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other instruments not included in line 2</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47,181,305 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47,181,305 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Retail Funding, of which:</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>125,747,484 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121,158,206 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928,202 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,531,590 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232,929,002 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stable funding</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80,033,425 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46,858,729 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46,015 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120,591,728 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Less stable fundraising</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45,714,059 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74,299,478 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 882,187 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,531,123 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112,337,274 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Wholesale Funding, of which:</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,215,270 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360,387,800 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,722,267 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113,139,255 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203,870,597 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Operating deposits and deposits of affiliated cooperatives</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,164,749 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,157,051 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other wholesale fundings</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,050,521 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360,387,800 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,722,267 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113,139,255 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199,713,546 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Operations in which the institution acts exclusively as an intermediary, assuming no rights or obligations, even if contingent</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26,014,027 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,575 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203,130 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other liabilities, of which:</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67,588,097 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,123,614 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,394,664 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Derivatives whose replacement value is less than zero</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,123,614 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other liabilities or shareholders' equity not included in the previous items</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67,588,097 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,394,664 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total Available Stable Funding (ASF)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607,665,317 </FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT size=3 face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>6</FONT><FONT style="FONT-SIZE: 9pt" face=Arial>6</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV><U>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P>

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<TR>

   <TD style="BORDER-TOP: #000000 1px solid; BACKGROUND-COLOR: #bfbfbf" width="100%" colSpan=7>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>R$ thousand </FONT></FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 8.2pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Line Number</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="92%" colSpan=6>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Required Stable Funding (ASF)</FONT></B></FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total High Liquidity Assets (HQLA)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; 10,978,040 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Operating deposits held in other financial institutions</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Securities, securities and transactions with financial institutions, non-financial institutions and central banks, of which:</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,981,329 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp; 208,163,497 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; 51,172,541 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp; 237,826,970 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp; 281,492,138 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transactions with financial institutions collateralized by Level 1 HQLA</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,583,766 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>558,377 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transactions with financial institutions collateralized by HQLA Level 2A, Level 2B or without collateral</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp; 100,234,344 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,463,757 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,351,303 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,077,176 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loans and financing granted to wholesale, retail, central government and central bank operations, of which:</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; 96,715,762 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; 46,251,306 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp; 142,375,233 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp; 195,963,868 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Operations with a Risk Weighting Factor (FPR) of less than or equal to 35%, pursuant to Circular No. 3644, of 2013</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Residential real estate financing, of which:</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>904,499 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>892,290 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; 30,708,792 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; 20,859,110 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Operations that comply with the provisions of Circular No. 3644, of 2013, art. 22</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>904,499 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>892,290 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; 30,708,792 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; 20,859,110 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Securities not eligible for HQLA, including shares traded on the stock exchange</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,981,329 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,725,126 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,565,188 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; 62,391,642 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; 59,033,607 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Operations in which the institution acts exclusively as an intermediary, assuming no rights or obligations, even if contingent</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; 28,233,429 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,997,705 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>231,882 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>26</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other assets, of which:</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp; 190,860,571 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; 14,761,798 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,377,311 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; 26,863,862 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp; 178,448,718 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Operations with gold and commodities, including those with a forecast of physical settlement</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Assets provided as a result of the deposit of initial guarantee margin in operation with derivatives and participation in mutualized guarantee funds of clearing houses and clearing and settlement service providers that are interposed as central counterparty</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,091,888 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,728,105 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Derivatives whose replacement value is greater than or equal to zero</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; 14,140,931 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Derivatives whose replacement value is less than zero, gross of the deduction of any guarantee provided as a result of the margin deposit</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>806,181 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>31</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other assets not included in the previous lines</FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp; 190,860,571 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; 14,761,798 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,377,311 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,631,043 </FONT></P></TD>

   <TD style="HEIGHT: 8.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp; 169,914,433 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transactions not recorded in the balance sheet</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp; 305,134,878 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; 11,028,648 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>33</FONT></B></P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total Required Stable Funding (RSF)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp; 481,947,545 </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>NSFR (%)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>126,1%</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif><BR>(1) Corresponds to the balance-sheet total; quarter (61 comments); and<BR>(2) Corresponds to the value after applying the weighting factors.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The NSFR long term indicator presented a volume weighted for available stable funding resources much higher to that of required stable funding resources, with a surplus weighted balance of approximately R$126 billion, resulting in an indicator of 126.1%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The amount of available stable funding (ASF) is formed largely by the funding of clients considering the level of stability as the main factor for the contribution of the ASF. The calculation of December 2018 for the ASF presented a participation of 38% from the funding of Retail and 34% from the funding of Wholesale.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The values of required stable funding (RSF) are constituted by the Asset items and by items not recognized on the balance sheet. These balance sheets are weighted according to their respective liquidity profile, therefore, the items related to loans and other assets, with low or no </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>liquidity, feature prominently in the RSF (high weighting factors), while highly liquid assets, such as, for example unpledged federal public securities, receive low weighting factors. For the month of December 2018 the loan operations (item 20) accounted for 41% of the total RSF, while other assets (item 31) participated in 35% of the RSF.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>67</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<a name="_bclHeader72"></a><P></P><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></DIV>

<a name="_bclHeader72"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc282513965"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Internal Communication</FONT></B></P>

<a name="_bclHeader72"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclHeader72"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In the process of liquidity risk management, reports are distributed daily to the areas involved in management and control, as well as to Management. This process includes the use of several analysis instruments to monitor liquidity, such as:</FONT></P>

<a name="_bclHeader72"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclHeader72"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.75pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Daily distribution of liquidity control instruments;</FONT></P>

<a name="_bclHeader72"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.75pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Automatic </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>intra-day update of the liquidity reports for appropriate management by the Treasury Department</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>;</FONT></P>

<a name="_bclHeader72"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.75pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Preparation of reports with past behavior and future simulations based on scenarios</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>;</FONT></P>

<a name="_bclHeader72"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.75pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Daily verification of compliance with minimum </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>liquidity levels</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>;</FONT></P>

<a name="_bclHeader72"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.75pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Elaboration of complementary reports where the concentrations of funding by type of product, term and counterparty are presented; and</FONT></P>

<a name="_bclHeader72"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.75pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Weekly reports to the Senior Management, showing the behavior and expectations related to the liquidity situation.</FONT></P>

<a name="_bclHeader72"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclHeader72"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The liquidity risk management process also has an alert system that selects the appropriate reporting level according to the percentage of the established limit utilized. Thus, the lower the liquidity ratios, the higher the number and echelon of Senior Management members who receive the reports.</FONT></P>

<a name="_bclHeader72"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclHeader72"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc279663413"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Undiscounted cash flows of financial liabilities</FONT></B></P>

<a name="_bclHeader72"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclHeader72"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The table below presents the cash flows payable for non-derivative financial liabilities, covering the remaining contractual period to maturity as from the date of the consolidated statement of financial position. The values disclosed in this table represent the undiscounted contractual cash flows.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31, 2018</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Up to 1 month</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>From 1 to 3 months</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>From 3 months to 1 year</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>From 1 to 5 years</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>More than 5 years</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt"></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deposits from banks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>187,971,161</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,043,189</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>31,568,186</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,339,106</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,278,070</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>255,199,712</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deposits from customers</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>154,751,012</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,321,457</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>51,709,653</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>142,724,058</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>86,171</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>357,592,351</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Funds from issuance of securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,715,463</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,704,113</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>57,416,558</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>110,993,400</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,819,759</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>181,649,293</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Subordinated debt</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>303,419</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>83,095</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,290,777</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,122,764</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>43,080,703</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>74,880,758</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other financial liabilities (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>38,764,438</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,790,526</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,717,811</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,672,499</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,652,961</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>62,598,235</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>384,505,493</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>38,942,380</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>151,702,985</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>300,851,827</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>55,917,664</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>931,920,349</FONT></B></P></TD></TR></TABLE></DIV>

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<a name="_bclHeader72"></a><DIV align=left>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>68</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>

<DIV></DIV>

<a name="_bclHeader72"></a><DIV>

<HR align=center SIZE=2 width="100%" noShade>

</DIV></FONT></U>

<DIV></DIV>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; LINE-HEIGHT: 8pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=4 width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="66%" colSpan=6>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="66%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31, 2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Up to 1 month</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>From 1 to 3 months</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>From 3 months to 1 year</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>From 1 to 5 years</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>More than 5 years</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt"></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deposits from banks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>197,275,471</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,199,209</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>47,240,285</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25,251,295</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,593,477</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>293,559,737</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deposits from customers</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>141,846,015</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,519,939</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,476,264</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>106,861,185</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,268</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>272,820,671</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Funds from issuance of securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,346,915</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,222,173</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>69,548,689</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>77,143,455</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,503,901</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164,765,133</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Subordinated debt</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>896,349</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,705,136</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,942,643</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,064,409</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>33,166,577</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>71,775,114</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other financial liabilities (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>43,606,124</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,785,744</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,290,146</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,711,492</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,046,006</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,439,512</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>386,970,874</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,432,201</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>142,498,027</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>240,031,836</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>45,427,229</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>865,360,167</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>&nbsp;(1) I</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>nclude, mainly, credit card transactions, foreign exchange transactions, negotiation and intermediation of securities, finance lease and capitalization bonds. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The assets available to meet all the obligations and cover the outstanding commitments include cash and cash equivalents, financial assets, loans and advances. Management may also cover unexpected cash outflows by selling securities and by having access to sources of additional funds, such as asset-backed-markets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The previous table shows the undiscounted contractual cash flows of the financial liabilities of the Organization. The cash flows that the Organization estimates for these instruments may vary significantly from those presented. For example, it is expected that demand deposits of customers will maintain a stable or increasing balance, and it is not expected that these deposits will be withdrawn immediately.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The gross cash outflows presented in the previous table refer to the undiscounted contractual cash flow related to the financial liability. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In the Organization, liquidity-risk management involves a series of controls, mainly related to the establishment of technical limits, with the ongoing evaluation of the positions assumed and the financial instruments used.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc279663414"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Undiscounted cash flows for derivatives </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>All the derivatives of the Organization are settled at net value, and include: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Foreign currency derivatives &#8211; over-the-counter currency options, currency futures, and currency options traded on an exchange; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Interest rate derivatives &#8211; interest rate swaps, forward rate contracts, interest rate options, other interest rate contracts, interest rate futures traded on an exchange and interest rate options traded on an exchange.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>69</FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The table below analyzes the derivative financial liabilities that will be settled at net value, grouped based on the period remaining from the reporting date to the respective maturity date. The values disclosed in the table are undiscounted cash flows.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=4 width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="66%" colSpan=6>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="66%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31, 2018</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Up to 1 month</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>From 1 to 3 months</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>From 3 months to 1 year</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>From 1 to 5 years</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>More than 5 years</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt"></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Differential of swaps payable</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,302,578</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>464,191</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,428,914</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,266,955</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>350,374</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,813,012</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Non-deliverable forwards</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>96,680</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>141,438</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>250,176</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,676</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>637</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>514,607</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#8226; Purchased</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,062</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,695</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>101,869</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,090</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>637</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>152,353</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#8226; Sold</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>82,618</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>123,743</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>148,307</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,586</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>362,254</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Premiums of options</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,001,464</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,355</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>127,983</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>123,491</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>372,057</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,645,350</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Adjustment payables - future</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>21,283</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>21,283</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total of derivative liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,422,005</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>625,984</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,807,073</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,416,122</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>723,068</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,994,252</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; LINE-HEIGHT: 8pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=4 width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="66%" colSpan=6>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="66%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31, 2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Up to 1 month</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>From 1 to 3 months</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>From 3 months to 1 year</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>From 1 to 5 years</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>More than 5 years</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt"></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Differential of swaps payable</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>279,134</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>125,468</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>536,406</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,169,717</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>166,038</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,276,763</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Non-deliverable forwards</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>201,115</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>95,761</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>147,710</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>66,682</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>737</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>512,005</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#8226; Purchased</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>73,599</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>53,513</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>90,914</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>65,640</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>737</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>284,403</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#8226; Sold</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>127,516</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>42,248</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>56,796</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,042</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>227,602</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Premiums of options</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>551,220</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,510</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>34,443</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>63,052</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>303,200</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>965,425</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Adjustment payables - future</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>155,305</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>155,305</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total of derivative liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,186,774</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>234,739</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>718,559</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,299,451</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>469,975</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,909,498</FONT></B></P></TD></TR></TABLE><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></DIV>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>70</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

<P style="TEXT-ALIGN: right"><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial></FONT></FONT></B></FONT></FONT></B></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Statement of financial position by maturities </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The tables below show the financial assets and liabilities of the Organization segregated by maturities used for the management of liquidity risks, in accordance with the remaining contractual maturities on the reporting date:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; LINE-HEIGHT: 8pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=5 width="37%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" colSpan=7>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31, 2018</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1 to 30 days</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>31 to 180 days</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>181 to 360 days</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1 to 5 years</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>More than 5 years</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>No stated maturity</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash and balances with banks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>107,209,743</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>107,209,743</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets at fair value through profit or loss</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,129,166</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,917,446</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,425,013</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164,553,949</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,990,603</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,144,973</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>246,161,150</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets at fair value through other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,262,976</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>44,288,649</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,212,201</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>67,290,177</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24,067,050</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,929,483</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>178,050,536</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loans and advances to customers, net of impairment</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,060,766</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>92,247,120</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>52,642,217</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>124,423,414</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>49,013,559</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>380,387,076</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loans and advances to banks, net of impairment</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,770,492</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>68,354,830</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,831,146</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,292,482</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>105,248,950</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Securities, net of provision for losses</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,040,454</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,361,956</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>855,476</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>91,922,854</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>44,423,998</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>140,604,738</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other financial assets (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,524,094</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>134,393</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>131,233</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,910,297</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,193,292</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>43,893,309</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total financial assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>252,997,691</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>211,304,394</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>75,097,286</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>462,393,173</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>181,688,502</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,074,456</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,201,555,502</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial liabilities at amortized cost</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deposits from banks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>193,135,637</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,377,472</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,489,852</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,646,679</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,664,339</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>247,313,979</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deposits from customers (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>154,046,665</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,639,175</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>42,076,109</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>128,959,777</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>26,470</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>340,748,196</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Funds from issuance of securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,598,083</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,410,415</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,192,057</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>81,108,678</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>719,785</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>148,029,018</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Subordinated debt</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,059</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>149,894</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,305,187</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,492,556</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,434,005</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,254,743</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>53,643,444</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other financial liabilities (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>38,764,438</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,790,526</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,717,811</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,672,499</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,652,961</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,598,235</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial liabilities at fair value through profit or loss</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,066,551</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>373,896</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>162,153</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>177,029</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>372,458</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,152,087</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Provision for Expected Loss</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loan Commitments</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,551,676</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,551,676</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial guarantees</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>719,216</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>719,216</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Insurance technical provisions and pension plans (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>216,282,259</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,347,327</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>939,034</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,009,667</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>251,578,287</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total financial liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>619,900,692</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>80,088,705</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>101,882,203</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>287,337,777</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24,870,018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,254,743</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,123,334,138</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>71</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=5 width="37%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" colSpan=7>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31, 2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1 to 30 days</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>31 to 180 days</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>181 to 360 days</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1 to 5 years</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>More than 5 years</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>No stated maturity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt"></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash and balances with banks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>81,742,951</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>81,742,951</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets held for trading</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,181,714</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,934,575</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,501,249</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>146,527,365</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>56,173,284</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,391,854</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>241,710,041</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets available for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,422,266</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,392,915</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,351,886</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>83,816,085</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>33,391,763</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,037,807</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>159,412,722</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investments held to maturity</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,753</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,454</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,205</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,284,940</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,691,766</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>39,006,118</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets pledged as collateral</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25,977,537</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>111,922,357</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,543,922</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>40,965,417</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,565,940</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>183,975,173</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loans and advances to banks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,136,673</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,544,426</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,387,187</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,754,483</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>424,955</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,247,724</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loans and advances to customers</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>55,830,036</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>80,715,548</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>51,526,092</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>114,151,120</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>44,535,303</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>346,758,099</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other financial assets (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25,375,820</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,340,567</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,807,856</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,322,882</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,872,358</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>41,719,483</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total financial assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>229,674,750</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>217,852,842</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>84,137,397</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>408,822,292</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>167,655,369</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,429,661</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,126,572,311</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deposits from banks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>197,177,061</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,640,587</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>31,589,994</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,221,075</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,328,751</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>285,957,468</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deposits from customers (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>142,525,722</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,400,607</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,531,633</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>97,523,112</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,371</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>262,008,445</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial liabilities held for trading</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,552,386</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>201,643</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>81,073</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>134,649</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>305,248</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,274,999</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Funds from issuance of securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,422,727</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>31,299,770</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>48,540,240</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>51,142,979</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>768,374</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>135,174,090</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Subordinated debt</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>738,929</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,428,997</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>640,536</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,767,242</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,603,697</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,179,401</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Insurance technical provisions and pension plans (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>207,499,559</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,411,996</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>939,034</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,239,001</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>239,089,590</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other financial liabilities (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>43,606,124</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,785,744</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,290,146</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,711,492</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,046,006</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,439,512</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total financial liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>608,522,508</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>93,169,344</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>94,612,656</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>223,739,550</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,079,447</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,049,123,505</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) Includes mainly foreign exchange transactions, debtors for guarantee deposits and negotiation and intermediation of securities;</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2) Demand and savings deposits and technical provisions for insurance and pension plans comprising VGBL and PGBL products are classified as up to 30 days, without considering average historical turnover; and</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3) Includes mainly credit card transactions, foreign exchange transactions, negotiation and intermediation of securities, finance lease and capitalization bonds.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>72</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial></FONT></FONT></B></FONT></FONT></B></P><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>

<HR align=center SIZE=2 width="100%" noShade>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The tables below show the assets and liabilities of the Organization segregated by current and non-current, in accordance with the remaining contractual maturities on the reporting date:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; LINE-HEIGHT: 8pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><A name="_Toc279663407"></A>&nbsp;&nbsp;&nbsp; <B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31, 2018</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total financial assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>539,399,371</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>662,156,131</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,201,555,502</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Non-current assets held for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,353,330</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,353,330</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Investments in associated companies</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,125,799</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,125,799</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Premises and equipment</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,826,836</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,826,836</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Intangible assets and goodwill, net of accumulated amortization</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,128,548</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,128,548</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Taxes to be offset</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,683,210</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,815,054</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,498,264</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deferred income tax assets</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>48,682,569</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>48,682,569</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other assets</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,443,840</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,929,026</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,372,866</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total non-financial assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,480,380</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>93,507,832</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>103,988,212</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>549,879,751</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>755,663,963</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,305,543,714</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total financial liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>801,871,600</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>321,462,538</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,123,334,138</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other reserves</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,846,682</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,955,489</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>19,802,171</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Current income tax liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,373,261</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,373,261</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deferred income tax assets</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>48,925</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,151,664</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,200,589</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>32,630,277</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,527,158</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>34,157,435</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total non-financial liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>36,899,145</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,634,311</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>57,533,456</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total equity</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>124,676,120</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>124,676,120</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>838,770,745</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>466,772,969</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,305,543,714</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; LINE-HEIGHT: 8pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31, 2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total financial assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>531,664,989</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>594,907,322</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,126,572,311</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Non-current assets held for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,520,973</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,520,973</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Investments in associated companies</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,257,384</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,257,384</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Premises and equipment</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,432,475</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,432,475</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Intangible assets and goodwill, net of accumulated amortization</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,179,307</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,179,307</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Taxes to be offset</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,589,981</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,934,594</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,524,575</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deferred income tax assets</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>43,731,911</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>43,731,911</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other assets</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,602,669</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,531,835</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,134,504</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total non-financial assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,713,623</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>85,067,506</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>97,781,129</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>544,378,612</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>679,974,828</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,224,353,440</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total financial liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>796,304,508</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>252,818,997</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,049,123,505</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other reserves</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,349,366</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,141,361</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,490,727</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Current income tax liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,416,345</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,416,345</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deferred income tax assets</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>36,344</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,215,503</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,251,847</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>33,460,225</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,917,087</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>35,377,312</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total non-financial liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>37,262,280</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,273,951</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>57,536,231</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total equity</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>117,693,704</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>117,693,704</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>833,566,788</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>390,786,652</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,224,353,440</FONT></B></P></TD></TR></TABLE></DIV>

<H3 style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.5pt; TEXT-INDENT: -0.25in">&nbsp;</H3>

<P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.5pt; TEXT-INDENT: -0.25in">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>73</FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<H3 style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -24.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal" color=black face=arial,sans-serif><A name="_Toc1554804"></A>3.4.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-STYLE: normal" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal" color=black face=arial,sans-serif>Fair value of financial assets and liabilities</FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Organization applies IFRS 13 for financial instruments measured in the consolidated statement of financial position at fair value, which requires disclosure of fair-value measurements according to the following fair-value hierarchy of fair value measurement:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Level 1</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active market, as well as Brazilian government securities that are highly liquid and are actively traded in over-the-counter markets.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Level 2</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Valuation uses observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data, including but not limited to yield curves, interest rates, volatilities, equity or debt prices and foreign exchange rates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Level 3</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Valuation uses unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities normally include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant Management judgment or estimation. This category generally includes certain corporate and bank debt securities and certain derivative contracts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>To fair value securities which have no consistent, regulatory updated, public price source, Bradesco uses models defined by the mark-to-market Commission and documented in the mark-to-mark manual for each security type. Through the use of methods and both mathematical and financial models which capture the effects and variations in the prices of marked-to-market assets, or similar instruments, Bradesco is able to ascertain in a clear and consistent manner the determination of fair value of its Level 3 assets and liabilities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>74</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial></FONT></FONT></B></FONT></FONT></B></P><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The tables below present the composition of the financial assets and liabilities measured at fair value, classified using the hierarchical levels:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="60%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="60%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31, 2018</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Level 3</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair Value</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Brazilian government securities</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>202,199,216</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,556,831</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>206,756,050</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Corporate debt and marketable equity securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,678,532</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,206,852</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>418,558</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,303,942</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bank debt securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,554,257</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,610,197</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,164,454</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mutual funds</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,657,393</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,657,393</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Foreign governments securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>849,114</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>849,114</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Brazilian sovereign bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>659,603</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>659,603</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financial assets at fair value through profit or loss</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>212,598,115</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,373,880</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>418,561</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>231,390,556</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivative financial instruments (assets)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>34,752</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,699,247</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>36,595</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,770,594</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivative financial instruments (liabilities)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(32,434)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(16,095,752)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(23,901)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(16,152,087)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivatives</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,318</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,396,505)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,694</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,381,493)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Brazilian government securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>150,778,773</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,982</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>150,818,755</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Corporate debt securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,761,191</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,759,544</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>454,459</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,975,194</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bank debt securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,715,372</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>205,704</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,921,076</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Brazilian sovereign bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,564,667</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,564,667</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mutual funds</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,841,361</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,841,361</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Marketable equity securities and other stocks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,266,028</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,649,350</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,014,105</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,929,483</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financial assets at fair value through other comprehensive income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>169,927,392</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,614,598</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,508,546</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>178,050,536</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>382,527,825</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>21,591,973</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,939,801</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>408,059,599</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>7<FONT style="FONT-SIZE: 9pt" face=Arial>5</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="40%">

   <P style="MARGIN: 0in 0in 0pt"><A name="_Toc279663408"></A>&nbsp;&nbsp; <B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="60%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="60%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>On December 31, 2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Level 3</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fair Value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Brazilian government securities</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>198,273,452</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,975,816</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>202,249,272</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Corporate debt and marketable equity securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,716,053</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,271,295</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>352,442</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,339,790</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bank debt securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,952,015</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,396,254</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,348,269</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mutual funds</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,377,508</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,377,508</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Foreign governments securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>528,010</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>528,010</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Brazilian sovereign bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>307</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>307</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Trading securities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>208,847,345</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,643,365</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>352,446</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>227,843,156</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivative financial instruments (assets)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>46,601</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,814,312</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,972</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,866,885</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivative financial instruments (liabilities)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(14,264,124)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(10,875)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(14,274,999)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivatives</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>46,601</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(449,812)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,903)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(408,114)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Brazilian government securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>103,237,635</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>44,123</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>103,281,758</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Corporate debt securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,786,078</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>31,740,856</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,451,696</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,978,630</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bank debt securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,086,454</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>97,399</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,183,853</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Brazilian sovereign bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>728,127</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>728,127</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Foreign governments securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,202,547</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,202,547</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Marketable equity securities and other stocks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,380,606</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,261,732</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,395,469</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,037,807</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Available-for-sale securities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>117,421,447</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>35,099,987</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,891,288</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>159,412,722</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Brazilian government securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>53,841,066</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>53,841,066</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Corporate debt securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>825,287</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>825,287</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bank debt securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,904,070</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,904,070</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Brazilian sovereign bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>713,555</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>713,555</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financial assets pledged as collateral</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>60,283,978</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>60,283,978</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>386,599,371</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>53,293,540</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,238,831</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>447,131,742</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Derivative Assets and Liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization&#8217;s derivative positions are determined using quantitative models that require the use of multiple inputs including interest rates, prices and indices to generate continuous yield or pricing curves and volatility factors. The majority of market inputs are observable and can be obtained, from B3 (principal source) and the secondary market. Exchange traded derivatives valued using quoted prices are classified within Level 1 of the valuation hierarchy. However, few classes of derivative contracts are listed on an exchange; those are classified as Level 2 or Level 3.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The yield curves are used to determine the fair value by the method of discounted cash flow, for currency swaps and swaps based on other risk factors. The fair value of futures and forward contracts is also determined based on quoted markets prices on the exchanges for exchanges-traded derivatives or using similar methodologies to those described for swaps. The fair value of options is determined using external quoted prices or mathematical models, such as Black-Scholes, using yield curves, implied volatilities and the fair value of the underlying asset. Current market prices are used to determine the implied volatilities. The majority of these models do not contain a high level of subjectivity as the methodologies used in the models do not require significant judgment and inputs to the model are readily observable from active quoted markets. Such instruments are generally classified within Level 2 of the valuation hierarchy. The fair values of derivative assets and liabilities also include adjustments for market liquidity, counterparty credit quality and other specific factors, where appropriate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Derivatives that are valued based on mainly unobservable market parameters and that are not actively traded are classified within Level 3 of the valuation hierarchy. Level 3 derivatives include credit default swaps which have corporate debt securities as underlyings.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt">&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>7<FONT style="FONT-SIZE: 9pt" face=Arial>6</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>

<HR align=center SIZE=2 width="100%" noShade>

</FONT></U>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years 2018 and 2017:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=3 width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="60%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets at fair value through profit or loss</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets at fair value through other comprehensive income</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Derivatives</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt"></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance on December 31,&nbsp; 2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>287,224</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,013,353</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8,617)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,291,960</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Included in the statement of income and other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,868</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(735,002)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(719,134)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Acquisitions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>74,908</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,019,844</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,714</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,098,466</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Write-offs</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(25,554)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,406,907)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,432,461)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance on December 31,&nbsp; 2017</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>352,446</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,891,288</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,903)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,238,831</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Included in the statement of income and other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>24,142</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(374,664)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(350,522)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Acquisitions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>150,950</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>91,668</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,597</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>260,215</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Write-offs</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(22,262)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(939)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(23,201)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transfer with categories (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,419,149)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,419,149)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transfer levels</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(86,715)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>320,342</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>233,627</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance on December 31,&nbsp; 2018</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>418,561</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,508,546</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,694</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,939,801</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;(1) </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>With the adoption of IFRS 9, a significant portion of the debentures that were in the category of available for sale are now measured at amortized cost</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The tables below show the gains/(losses) due to changes in fair value, including the realized and unrealized gains and losses, recorded in the consolidated statement of income for Level 3 assets and liabilities during the years 2018, 2017 and 2016:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=4 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Year ended December 31, 2018</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets at fair value through profit or loss</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets at fair value through other comprehensive income</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt"></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Interest and similar income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,415</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>79,579</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>87,994</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net trading gains/(losses) realized and unrealized</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,727</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(454,243)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(438,516)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>24,142</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(374,664)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(350,522)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=4 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Year ended December 31, 2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets held for trading</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets available for sale</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt"></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Interest and similar income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,967</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>182,269</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>208,236</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net trading gains/(losses) realized and unrealized</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(10,099)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(917,271)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(927,370)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,868</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(735,002)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(719,134)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=4 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Year ended December 31, 2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets held for trading</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets available for sale</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt"></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Interest and similar income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,518</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>207,164</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>223,682</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net trading gains/(losses) realized and unrealized</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,363)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,381,389)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,384,752)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,155</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,174,225)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,161,070)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>77</FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

<DIV></DIV><U><FONT face=Arial></FONT></U>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc279663409"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Sensitivity analysis for financial assets classified as Level 3</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=4 width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="66%" colSpan=6>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="66%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31, 2018</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="33%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impact on income (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="33%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impact on shareholders&#8217; equity (1)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Interest rate in Reais</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,491)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,669)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(102)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(20,473)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(36,901)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Price indexes</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(16)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,750)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,296)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Equities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,748)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(43,705)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(87,410)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(15,987)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(399,669)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(799,338)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31, 2017</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impact on income (1)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impact on shareholders&#8217; equity (1)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Interest rate in Reais</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,931)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,482)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(63)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(14,873)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(26,345)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Price indexes</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(10)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,269)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,394)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Equities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,351)&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(33,783)&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(67,567)&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(17,825)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(445,615)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(891,231)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;</FONT><FONT lang=PT-BR style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) Values net of taxes.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>78</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial></FONT></FONT></B></FONT></FONT></B></P><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The sensitivity analyses were carried out based on the scenarios prepared for the dates shown, always taking into consideration market inputs available at the time and scenarios that would adversely impact our positions, in accordance with the scenarios below:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -56.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Scenario 1: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Based on market information (B3, Anbima, etc.), stresses were applied for 1 basis point on the interest rate and 1.0% variation on prices. For example: for a Real/US dollar exchange rate of R$3.87 a scenario of R$3.91 was used, while for a 1-year fixed interest rate of 6.55%, a 6.56% scenario was applied;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -56.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Scenario 2: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>25.0% stresses were determined based on market information. For example: for a Real/US dollar exchange rate of R$3.87 a scenario of R$4.84 was used, while for a 1-</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>year fixed interest rate of 6.55%, a 8.18% scenario was applied. The scenarios for other risk factors also had 25.0% stresses in the respective curves or prices; and</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -56.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Scenario 3: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>50.0% stresses were determined based on market information. For example: for a Real/US dollar quote of R$3.87 a scenario of R$5.81 was used, while for a 1-year fixed interest rate of 6.55%, a 9.82% scenario was applied. The scenarios for other risk factors also had 50.0% stresses in the respective curves or prices.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 99.25pt; TEXT-INDENT: -56.7pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>79</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Financial instruments not measured at fair value</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The table below summarizes the carrying amounts and the fair values of the financial assets and liabilities that were not presented in the consolidated statements of financial position at their fair value, classified using the hierarchical levels:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31, 2018</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair Value</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Book value</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Level 3</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets (1)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loans and receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&#183;&nbsp; Banks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>105,248,950</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>105,248,950</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>105,248,950</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&#183;&nbsp; Customers</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>381,797,390</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>381,797,390</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>380,387,076</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Securities at amortized cost</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>90,337,827</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,758,010</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,827,822</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>146,923,659</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>140,604,738</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deposits from banks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>248,216,967</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>248,216,967</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>247,313,979</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deposits from customers</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>340,512,921</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>340,512,921</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>340,748,196</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Funds from issuance of securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>147,572,438</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>147,572,438</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>148,029,018</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Subordinated debt</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>54,081,544</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>54,081,544</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>53,643,444</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; LINE-HEIGHT: 8pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" rowSpan=4 width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="60%" colSpan=5>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="60%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31, 2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="48%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair Value</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Book value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Level 3</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financial assets</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financial assets pledged as collateral</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; securities purchased under agreements to resell</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>123,691,195</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>123,691,195</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>123,691,195</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Held to maturity</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>29,182,489</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,963,782</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>41,146,271</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,006,118</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Loans and receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Banks (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>32,247,724</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>32,247,724</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>32,247,724</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Customers (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>346,633,592</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>346,633,592</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>346,758,099</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financial liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deposits from banks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>285,716,505</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>285,716,505</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>285,957,468</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deposits from customers</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>261,760,442</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>261,760,442</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>262,008,445</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Funds from issuance of securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>134,890,631</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>134,890,631</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>135,174,090</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Subordinated debt</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>51,012,436</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>51,012,436</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50,179,401</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>&nbsp;(1) &nbsp;Amounts of loans and receivables are presented net of the provision for impairment losses. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Below we list the methodologies used to determine the fair values presented above:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Loans and receivables</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Fair values were estimated for groups of similar loans based upon type of loan, credit quality and maturity. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Fair value for fixed-rate transactions was determined by discounted cash flow estimates using interest rates approximately equivalent to our rates for new transactions based on similar contracts.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> Where credit deterioration has occurred, estimated cash flows for fixed and floating-rate loans have been reduced to reflect estimated losses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The fair values for performing loans are calculated by discounting scheduled principal and interest cash flows through maturity using market discount rates and yield curves that reflect the credit and interest rate risk inherent to the loan type at each reporting date. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The fair values for impaired loans are based on discounting cash flows or the value of underlying <FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>collateral.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt">&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>80</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The non-performing loans were allocated into each loan category for purposes of calculating the fair-value disclosure. Assumptions regarding cash flows and discount rates are based on available market information and specific borrower information.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Bonds and securities at amortized cost</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial assets are carried at amortized cost. Fair values are estimated according to the assumptions described in Note 2(d). See Note 28 and 29 for further details regarding the amortized cost and fair values of held-to-maturity securities.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Deposits from banks and customers</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The fair value of fixed-rate deposits with stated maturities was calculated using the contractual cash flows discounted with current market rates for instruments with similar maturities and terms. For floating-rate deposits, the carrying amount was considered to approximate fair value.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Funds from securities issued</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The carrying values of funds from securities issued approximate the fair values of these instruments.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Subordinated debt</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Fair values for subordinated debts were estimated using a discounted cash flow calculation that applies interest rates available in the market for similar maturities and terms.</FONT></P>

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<H3 style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -21.25pt"><A name="_Toc1554805"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>3.5.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-STYLE: normal; LINE-HEIGHT: 115%" color=windowtext face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Independent Model Validation</FONT></B></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The main purpose of the Independent Model Validation Area &#8211; AVIM is to verify if the models operate according to the objectives envisaged, as well as if its results are suitable for the uses for which they are intended. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Independent Model Validation adopts a methodology that includes quantitative and qualitative dimensions, assessing the adequacy of processes of governance, construction of models and their assumptions, and use and monitoring of the models, which are:</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="univers 45 light"> </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.15pt; TEXT-INDENT: 35.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Qualitatives</FONT></B></P>

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   <TD width="91%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Scope of the Model: scope or coverage of the model, which encompasses the purpose for which it is intended, the type of risk involved, the companies exposed to this risk, the portfolios, products, segments, channels, etc.;<BR>&nbsp;</FONT></TD></TR>

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   <TD width="91%"><FONT size=2 face=Arial>Application of the Model: aspects relating to the use of the model, which includes the definition of the model, the reasonableness in the use of the factors of the model, and the flow and timeliness of information for decision making; and<BR>&nbsp;</FONT></TD></TR>

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   <TD width="91%"><FONT size=2 face=Arial>Technological Environment and Consistency of Data: structure of systems and controls involved in the calculations performed by the model and the process in which the model is inserted. It also encompasses the consistency of data, considering the features of version control and access, backup, traceability, changes of parameters, quality of data, contingency of systems and automated controls.</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: 21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Quantitatives</FONT></B></P>

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   <TD vAlign=top width="91%"><FONT size=2 face=Arial>Measuring System: challenge to the procedures for measurement of risk, both basis and stress, encompassing the definition, implementation and validation of the method, consisting of the methodology, assumptions, parameters, calculation routine, input data and results; and<BR>&nbsp;</FONT></TD></TR>

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   <TD vAlign=top width="91%"><FONT size=2 face=Arial>Backtesting: </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>statistical procedure used to assess the adherence of the model by comparing the values estimated by the model and the values observed over a period of time, <FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>previously defined. It includes methodological aspects of formalization and use for the improvement of the model</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>.</FONT></FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>81</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>For the implementation of its activities, the AVIM may use structures already deployed and ingrained in the Organization with the aim of avoiding the overlap of functions. Its results are reported to the managers and to the Integrated Risk Management and Capital Allocation Committee.</FONT></P>

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<H3 style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -24.55pt"><A name="_Toc1554806"></A><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" color=black face=arial,sans-serif>3.6.</FONT></B><B><FONT style="FONT-SIZE: 7pt; FONT-STYLE: normal" color=black face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" color=black face=arial,sans-serif>Capital management</FONT></B></H3>

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<P style="MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Capital Management Corporate Process </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Capital Management provides the conditions required to meet the Organization's strategic goals to support the risks inherent to its activities. It includes the preparation of the capital plan, identifying the contingency actions to be considered in stress scenarios.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In line with the strategic guidelines, the Organization manages capital, involving the control and business areas, in accordance with the guidelines of the Board of Executive Officers and Board of Directors. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The governance structure for the capital management and the Internal Capital Adequacy Assessment Process (ICAAP) is composed by Committees and its highest level body is the Board of Directors. The most important is the Planning, Budget and Control Department &#8211; DPOC, whose mission is to provide the efficient and effective management of the business through strategic management and planning. The DPOC supports the Senior Management by providing analyses and projections of capital requirements and availability, identifying threats and opportunities that help plan the sufficiency and optimization of capital levels. The Department is responsible for complying with the provisions of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Central Bank</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> of Brazil regarding capital management activities.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Capital Adequacy </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The RC adequacy is verified daily to ensure that the Organization maintains a solid capital base in normal situations or in extreme market conditions and complying with regulatory requirements. &nbsp;&nbsp;&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The determination of the Central Bank of Brazil is that the financial institutions permanently maintain capital and additional Common Equity Tier I (Conservation, Countercyclical and Systemic) compatible with the risks from their activities. The risks are represented by Risk-Weighted Asset (RWA), which is calculated based on, at least, the sum of Credit, market and operational risk components.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Additionally, the Organization must maintain enough capital to meet the interest rate risk from operations not included in the trading portfolio (Banking </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Portfolio</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&#8217;s interest rate risk), calculated using the EVE </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>(Economic Value Equity)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> method.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><A name="_Toc279663433"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Analysis of Reference Equity (PR)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Following is the detailed information on the Organization's Capital, in compliance with the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Prudential</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> Conglomerate:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><A name="_Toc279663434"></A><A name="_Toc474923308"></A><A name="_Toc474919359"></A><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Calculation basis - Basel Ratio</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Basel III</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Prudential</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tier I capital</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>90,322,147</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>80,084,744</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Common equity</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>81,090,060</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>75,079,777</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Shareholders&#8217; equity</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>121,120,869</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>110,457,476</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Minority / Other</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>169,606</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>68,072</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Prudential adjustments (1)</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(40,200,415)</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(35,445,771)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Additional Capital (3)</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,232,087</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,004,967</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tier II capital</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,618,026</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24,588,090</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Subordinated debts (Resolution No. 4.192/13)</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,416,933</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,947,024</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Subordinated debts (prior to Resolution No. 4.192/13)</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,201,093</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,641,066</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Reference Equity (a)</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,940,173</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>104,672,834</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">&nbsp;</TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Credit risk</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>598,057,619</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>554,928,771</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Market risk</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,407,258</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,908,205</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Operational risk</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>53,150,786</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>47,605,162</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk-weighted assets &#8211; RWA (b)</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>661,615,663</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>611,442,138</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Banking Book's Interest Rate Risk</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,180,343</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,527,467</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Margin (Capital Buffer) (2)</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,911,835</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,226,583</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Basel ratio (a/b)</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17.8%</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17.1%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tier I capital</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13.7%</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13.1%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Principal capital</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12.3%</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12.3%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Additional capital</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.4%</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>0.8%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tier II capital</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.2%</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.0%</FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) As from January 2018, the factor applied to prudential adjustments went from 80% to 100%, according to the timeline for application of deductions of prudential adjustments, defined in Article 11 of Resolution No. 4,192/13. Includes the positive effects of Resolution No. 4,680/18, reducing the impact of deferred tax assets arising from tax losses;<BR>(2) Margin: Minimum (PR - PRE; PR Level I - RWA*6%; PR - RWA*4.5%) - Additional Common Equity; and<BR>(3) Authorization of subordinated debts to compose Tier I in the amount of R$4,719 thousand (R$1,737 thousand in December 2018 and R$2,442 thousand in January 2019).</FONT></DIV>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>82</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Breakdown of Risk-Weighted Assets (RWA)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Below is the detailed comparison of the risk-weighted assets (RWA) of the Prudential Conglomerate, regulatory approach:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.05pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" rowSpan=4 width="70%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>RWA</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Prudential</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Credit risk</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>598,057,619</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>554,928,771</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk Weight of 0%</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk Weight of 2%</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>83,052</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>314,012</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk Weight of 20%</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,229,634</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,224,147</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk Weight of 35%</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,393,716</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,208,602</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk Weight of 50%</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,072,200</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25,635,506</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk Weight of 75%</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>130,208,551</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>114,553,059</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk Weight of 85%</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>115,191,858</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>105,938,759</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk Weight of 100%</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>265,578,016</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>261,909,360</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk Weight of 250%</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30,408,772</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,139,531</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk Weight of 300%</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,634,117</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,920,531</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>FORMULA (1)</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,250,205</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk Weight up to 1,250%</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,498</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,085,264</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Market Risk (2)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,407,258</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,908,205</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fixed-rate in Reais</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,621,542</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,696,584</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign Currency Coupon</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,949,809</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>838,259</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Price Index Coupon</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,399,478</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,756,973</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equities</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,087,814</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>637,924</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Commodities</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>757,438</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>449,546</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exposure to Gold, Foreign Currencies and Exchange</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,424,487</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,657,957</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Operational Risk</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>53,150,786</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>47,605,162</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Corporate Finance</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,655,552</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,369,491</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Trading and Sales</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,443,551</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,667,449</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Retail</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,032,258</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,308,681</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;Commercial</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,508,471</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,518,843</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Payment and Settlement</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,834,660</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,132,749</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial Agent Services</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,055,903</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,628,257</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Asset Management</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,465,702</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,827,848</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Retail Brokerage</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>154,689</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>151,844</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total Risk Weighted Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>661,615,663</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>611,442,138</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total Capital Requirement</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(57,064,351)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(56,558,398)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Banking Book's Interest Rate Risk</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,180,343)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,527,467)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Additional Common equity (ACPS) (3)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,713,372</FONT></B></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,171,632</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>ACP Conservation</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,405,294</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,643,027</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>ACP Systemic</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,308,078</FONT></P></TD>

   <TD style="HEIGHT: 10.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,528,605</FONT></P></TD></TR></TABLE></DIV>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) For purposes of calculation of the market risk, Circular Letters No. 3,848 (DLO accounts 535,01 and 530,22) and No. 3,849 (DLO accounts 530,22) of Central Bank of Brazil were used;</FONT></DIV>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2) For purposes of calculation of the market risk, the capital requirement will be the maximum between the internal model and 80% of the standard model, pursuant to Circular Letters No. 3,646 and 3,674 of the Central Bank of Brazil; and</FONT></DIV>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3)&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>In 2018, the value of the conservation ACP represents 1.875% of the amount of RWA. The systemic ACP represents 0.50% of the amount of RWA Systemic Relevance Factor determined according to Circular Letter No. 3,768 of the Central Bank of Brazil - Total Exposure and GDP of the year before last in relation to the base date: R$1.1 trillion and R$6.3 trillion, respectively. The contracyclical ACP remained at 0% of the amount of RWA, pursuant to Communication No. 32,139 of Central Bank of Brazil, where the RWA of the loan risk to the non-banking private sector (RWACPrNB) is R$528.3 billion in Brazil.</FONT></DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>83</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Capital Sufficiency </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The capital management process is aligned with the strategic planning and is forward looking, anticipating any changes in the economic and commercial environment conditions in which we operate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Organization&#8217;s capital management aims to ensure, in a permanently, solid capital composition to support the development in its activities and ensure appropriate coverage of all risks involved. The Organization maintains a managerial capital margin (buffer), which is added to the minimum regulatory requirements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The management buffer is defined according to the leading practices and regulatory requirements, observing aspects such as additional impacts generated by stress scenarios, qualitative risks and risks not captured by the regulatory model. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Organization considers it comfortable to maintain a Tier I Capital margin of at least 25% in relation to the minimum capital requirements in the medium and long term, pursuant to the schedule established by the Central Bank </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>of Brazil </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>for the full adoption of Basel III guidelines.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Organization&#8217;s regulatory capital sufficiency can be seen by calculating the capital adequacy ratio which in this period was 17.8%, of which 13.7% and 12.3% was Tier I Capital and Common Equity respectively. In terms of margin, the amount totaled R$34,911,835 thousand, which would allow for an increase of up to R$557,737,318 thousand in loan operations (considering the current composition of the portfolio).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>It is important to highlight that since January 2015, according to the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>CMN</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> Resolution No. 4,192/13 which deals with the methodology for calculating the ratios of Common Equity, Tier 1 and Reference Equity, the regulatory scope became the Prudential Conglomerate. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Capital Forecast </FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The capital management area is responsible for making simulations and projections of the Organization&#8217;s capital, in accordance with the strategic guidelines, the impacts arising from variations and trends of the economic and business environment as well as regulatory changes. The results from the projections are submitted to the Senior Management, pursuant to the governance established. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The projections for the next three years present adequate levels of Capital indices, considering the <FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>incorporation of net profits and increase of regulatory requirements according to the timeline defined by </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>CMN</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> Resolution 4,193 for subsequent periods, also contemplating the additional common equity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>84</FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial></FONT></FONT></B></FONT></FONT></B></P><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<H3 style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -24.55pt"><A name="_Toc1554807"></A><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" color=black face=arial,sans-serif>3.7.</FONT></B><B><FONT style="FONT-SIZE: 7pt; FONT-STYLE: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" color=black face=arial,sans-serif>Insurance risk/subscription risk</FONT></B></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Insurance risk is the risk&nbsp; related to a possible loss event that may occur in the future and for which there is uncertainty over the amount of damages that result from it. A component of insurance risk is underwriting risk, which arises from an adverse economic situation not matching the Organization's expectations at the time of drafting its underwriting policy and calculating insurance premiums. In short, it refers to the risk of the frequency or severity of loss events or benefits exceeding the Organization's estimates.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Underwriting risk is managed by the Technical Department. Underwriting and risk acceptance policies are periodically evaluated by working groups. In addition, one of the main tasks of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>the Board of Risk Management, Internal Controls and Compliance, an integral part of the structure of risk management,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> is the calculation of regulatory capital for these businesses and certifies studies on the pricing of new products.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The management process seeks to diversify insurance operations, aiming to excel at balancing the portfolio, and is based on the grouping of risks with similar characteristics in order to reduce the impact of individual risks.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Uncertainties over estimated future claim payments</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Claims are due as they occur. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization must indemnify all covered events that occurred during the policy period, even if a loss is discovered after coverage ends. As a result, claims are reported over a period and a significant portion are accounted for in the Provisions for Claims Incurred but Not Reported (IBNR). The estimated cost of claims includes direct expenses to be incurred when settling them.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Giving the uncertainties inherent to the process for estimating claims provisions, the final settlement may be different than the original provision. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Asset and liability management (ALM)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization periodically analyzes future cash flows on assets and liabilities held in portfolio (ALM - Asset Liability Management). The method used for ALM analysis is to observe the sufficiency or insufficiency of the present value of the stream of assets in relation to the present value of the stream of liabilities, and the duration of assets in relation to that of liabilities. The aim is to verify that the situation of the portfolio of assets and liabilities is balanced in order to honor the Organization's future commitments to its participants and insured persons.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The actuarial assumptions used to generate the flow of liabilities are in line with actuarial practices and also with the characteristics of the Organization's product portfolio.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>8</FONT><FONT style="FONT-SIZE: 9pt" face=Arial>5</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Risk management by product</FONT></B> </P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Monitoring the insurance contract portfolio enables us to track and adjust premiums practiced, as well as assess the need for alterations. Other monitoring tools in use include: (i) sensitivity analysis, and (ii) algorithmic checks and corporate system notifications (underwriting, issuance and claims).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The main risks associated with property insurance</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.75pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Oscillations in the incidence, frequency and severity of the claims and the indemnifications of claims in relation to the expectations;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.75pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Unpredictable claims arising from an isolated risk;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.75pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Inaccurate pricing or inadequate underwriting of risks;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.75pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Inadequate reinsurance policies or risk transfer techniques; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.75pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Insufficient or excessive technical provisions.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Generally the property insurance underwritten is of short duration.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The underwriting strategies and goals are adjusted by management and informed through internal guidelines and practice and procedure manuals.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The risks inherent to the main property insurance business lines are summarized as follows:</FONT></P>

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   <TD width="93%"><FONT size=2 face=Arial>Auto insurance includes, among other things, physical damage to the vehicle, loss of the insured vehicle, third-party liability insurance for vehicles and personal accident for passengers; and</FONT></TD></TR>

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   <TD width="93%"><FONT size=2 face=Arial>Business, home and miscellaneous insurance includes, among other things, fire risks (e.g. fire, explosion and business interruption), natural disasters (earthquakes, storms and floods), engineering lines (explosion of boilers, breakdown of machinery and construction) and marine (cargo and hull) as well as liability insurance.</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Property insurance risk management</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization monitors and evaluates risk exposure and undertakes the development, implementation and revision of guidelines related to underwriting, treatment of claims, reinsurance and constitution of technical provisions. The implementation of these guidelines and the management of these risks are supported by the technical departments of each risk area.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Technical Department has developed mechanisms, e.g. risk grouping by CPF, CNPJ (Individual and Corporate Taxpayer&#8217;s ID) and risky addresses, that identify, quantify and manage accumulated exposures in order to keep them within the limits defined in the internal guidelines. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The main risks associated with life insurance and private pension plans</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Life insurance and private pension plans are long-term in nature and, accordingly, various actuarial assumptions are used to manage and estimate the risks involved, such as: assumptions about returns on investments, longevity, mortality and persistence rates in relation to each business unit. Estimates are based on historical experience and on actuarial expectations.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The risks associated with life insurance and private pension plans include:</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Biometric risks, which includes mortality experience, adverse morbidity, longevity and disability. The mortality risk may refer to policyholders living longer than expected (longevity) or passing away before expected. This is because some products pay a lump sum if the person dies, and others pay regular amounts while the policyholder is alive;</FONT></P></TD></TR>

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   <TD vAlign=top width="93%"><FONT size=1>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Policyholder&#8217;s behavior risks, which includes persistence rate experience. Low persistence rates for certain products may result in less policies/private pension plan agreements remaining contracted to help cover fixed expenses and may reduce future positive cash flows of the underwritten business. A low persistence rate may affect liquidity of products which carry a <FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>redemption benefit;</FONT></FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.75pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>8<FONT style="FONT-SIZE: 9pt" face=Arial>6</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>Group life-insurance risk results from exposure to mortality and morbidity rates and to operational experience worse than expected on factors such as persistence levels and administrative expenses; and</FONT></TD></TR>

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   <P align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Some Life and Pension Plan products have pre-defined yield guarantees, and thereby face risk from changes in financial markets, returns on investments and interest rates that are managed as a part of market risk.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Life insurance and private pension plan risk management</FONT></B></P>

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   <TD vAlign=top width="93%" align=left><FONT size=1>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>The Organization monitors and assesses risk exposure and is responsible for developing, implementing and reviewing policies relating to underwriting, processing claims, and technical reserves for insurance purposes. Implementation of these policies and management of these risks are supported by the Technical Department;</FONT></TD></TR>

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   <TD vAlign=top width="4%" align=left></TD>

   <TD vAlign=top width="3%" align=left><FONT size=2 face=Symbol>&#183;</FONT></TD>

   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>The Technical Department has developed mechanisms, such as </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>statistical reports and performance by type </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>that identify, quantify and manage accumulated exposures to keep them within limits defined by internal policies;</FONT></TD></TR>

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   <TD vAlign=top width="3%" align=left><FONT size=2 face=Symbol>&#183;</FONT></TD>

   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>Longevity risks are carefully monitored in relation to the most recent data and to the trends in the environments in which the Organization operates. Management monitors exposure to this risk and the capital implications of it in order to manage the possible impacts, as well as to ensure that business has the capital that it may require. The Management adopts improvement assumptions in its calculation of technical provisions in order&nbsp; to predict and thus be covered for possible impacts generated by the improvement in life expectancy of the insured/assisted population;</FONT></TD></TR>

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   <TD vAlign=top width="3%" align=left><FONT size=2 face=Symbol>&#183;</FONT></TD>

   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>Mortality and morbidity risks are partially mitigated through reinsurance contracts for catastrophes;</FONT></TD></TR>

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   <TD vAlign=top width="3%" align=left><FONT size=2 face=Symbol>&#183;</FONT></TD>

   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>Persistency risk is managed through frequent monitoring of the Organization&#8217;s experience. Management has also defined rules on the management and monitoring of persistence and the implementation of specific initiatives to improve the renewal of policies that expire; and</FONT></TD></TR>

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   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>The risk of a high level of expenses is primarily monitored through the evaluation of the profitability of the business units and the frequent monitoring of expense levels.</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.75pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The main risks associated with health insurance</FONT></B></P>

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   <P style="MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Variations in cause, frequency and severity of indemnities of claims compared to expectations;</FONT></P></TD></TR>

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   <TD vAlign=top width="3%" align=left><FONT size=2 face=Symbol>&#183;</FONT></TD>

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   <P style="MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Unforeseen claims resulting from isolated risk;</FONT></P></TD></TR>

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   <TD vAlign=top width="3%" align=left><FONT size=2 face=Symbol>&#183;</FONT></TD>

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   <P style="MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Incorrect pricing or inadequate subscription of risks; and</FONT></P></TD></TR>

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   <TD vAlign=top width="3%" align=left><FONT size=2 face=Symbol>&#183;</FONT></TD>

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   <P style="MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Insufficient or overvalued technical provisions.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>For individual health insurance, for which certain provisions are calculated based on expected future cash flows (difference between expected future claims and expected future premiums), there are a number of risks, in addition to those cited above, such as biometric risk, including mortality and longevity experience and the insured's behavioral risk, which covers persistency experience, as well as interest-rate risk that is managed as a part of market risk.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Management of health insurance risk</FONT></B></P>

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   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>The Organization monitors and evaluates risk exposure and is responsible for the development, implementation and review of policies that cover subscription, treatment of claims and technical insurance provisions. The implementation of these policies and management of risks are supported by the Superintendent of Actuary and Statistics;</FONT></TD></TR>

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   <TD vAlign=top width="3%" align=left><FONT size=2 face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face="times new roman">&nbsp;</FONT></TD>

   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>The Superintendent of Actuary and Statistics has developed mechanisms, such as </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>statistical reports and performance by type</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif> that identify, quantify and manage accumulated exposure in order to keep it within the limits defined by internal policies;</FONT></TD></TR>

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   <TD vAlign=top width="4%" align=left></TD>

   <TD vAlign=top width="3%" align=left><FONT size=2 face=Symbol>&#183;</FONT></TD>

   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>Longevity risk is carefully monitored using the most recent data and tendencies of the environment in which the Organization operates. Management monitors exposure to this risk and its capital implications in order to manage possible impacts, as well as the funding that the future business needs;</FONT></TD></TR>

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   <TD vAlign=top width="4%" align=left></TD>

   <TD vAlign=top width="3%" align=left><FONT size=2 face=Symbol>&#183;</FONT></TD>

   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>Persistency risk is managed through the frequent management of the Organization&#8217;s&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>experience. Management has also established guidelines for the management of persistency in order to monitor and implement specific initiatives, when necessary, to improve retention of policies; and</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>87</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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   <P style="MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>The risk of elevated expenses is primarily monitored through the evaluation of the profitability of business units and the frequent monitoring of expense levels.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Results of sensitivity analysis - Property, Life and Health Insurance and Life with Survival and Welfare Coverage and Individual Life Insurance</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Some test results are shown below. For each sensibility scenario the impact is shown in the income and shareholders' equity after taxes and contributions, in a reasonable and possible change in just a single factor. We emphasize that the insurance operations are not exposed to significant currency risk.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Sensitivity factor</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Description of sensitivity factor applied</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest rate</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Effect of lowering the risk free forward yield curve rate</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loss events</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impact on the business of increased loss events and claims</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Longevity (improvement)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impact of an improved survival estimates on annuity contracts</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Conversion to income</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impact on annuity contracts of a higher rate of conversion to income</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The sensitivity test for Life Insurance with </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Survival, Welfare Coverage</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Individual Life Insurance</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> was made considering the same bases and groupings of the TAP test with variation in the assumptions listed below:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31, 2018</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Interest rate</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Longevity</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Conversion to income</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Percentage adjustment to each assumption:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Variation of -5%</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>0.2%</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>+ 5 b.p.</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt"></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Traditional plans (contributing period)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,306)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(263)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,882)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>PGBL and VGBL (contributing period)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,502)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,166)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(27,316)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>All plans(retirement benefit period)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(125,864)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(46,742)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(135,672)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(48,171)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(32,198)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>For property, life and health insurance, except individual life, the table below shows increase in the events/claims were to rise 1 percentage point over the 12 months from the calculation base date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=4 width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="60%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gross of reinsurance</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net of reinsurance</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Auto</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(21,721)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(22,347)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(21,721)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(22,347)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>RE (Elementary branch)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8,366)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(9,940)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7,980)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8,893)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Life</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(29,633)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(28,146)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(29,541)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(28,050)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Dental</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,941)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,495)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,941)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,495)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Health</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(104,574)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(97,923)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(104,574)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%" align=right>

   <P style="MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(97,923)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Limitations of sensitivity analysis</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Sensitivity analyses show the effect of a change in an important premise while other premises remain unchanged. In real situations, premises and other factors may be correlated. It should also be noted that these sensitivities are not linear and therefore greater or lesser impacts should not be interpolated or extrapolated from these results.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt">&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>88</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial></FONT></FONT></B></FONT></FONT></B></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Sensitivity analyses do not take account of the fact that assets and liabilities are managed and controlled. Additionally, the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Organization&#8217;s</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> financial position may vary with any movement occurring in the market. For example, the risk management strategy aims to manage exposure to fluctuations in the market. As investment markets move through various levels, management initiatives may include sales of investments, altered portfolio allocations, and other protective measures.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other limitations of the sensitivity analyses include the use of hypothetical market movements to show the potential risk, which only represents Management&#8217;s view of possible market changes in the near future, which cannot be foreseen with certainty, and they also assume that all interest rates move in the same manner.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Risk concentration</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Potential exposures are monitored, analyzing certain concentrations in some type of insurance. The table below shows risk concentration by type of insurance (except health and dental), based on net premiums, net of reinsurance:</FONT></P>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="70%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Premium issued by branch, net of cancellation</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Auto</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,987,645</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,086,705</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>RE (Elementary branch)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,485,537</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,525,848</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Traditional plans</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,892,855</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,788,420</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Life insurance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,041,906</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,904,576</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>VGBL</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>23,492,119</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>28,650,153</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>PGBL</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,461,808</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,301,623</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Credit risk of insurance</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Credit risk consists of the possible incurrence of losses associated with non-performance, by the borrower or counterparty, of its financial obligations according to agreed terms, as well as the fall in value of any credit agreement as a result of deterioration in the risk classification of the borrower, and other losses related to any non-performance of financial obligations by the counterparty.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Reinsurance policy</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>No matter how conservative and selective insurers are in the choice of their partners, the purchase of reinsurance presents, naturally embedded in its operation, a credit risk. However, in Brazil this risk has relatively decreased due to current legal laws and regulations, once insurers should operate with reinsurers registered with SUSEP, that are classified as local, admitted or occasional. Reinsurers classified as admitted and occasional, headquartered abroad, must meet specific minimum requirements set forth in current legislation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Bradesco Organization&#8217;s policy for purchasing reinsurance and approval of reinsurers are the responsibility of the Board of Executive Officers, observing to the minimum legal requirements and regulations, some of them aimed at minimizing the credit risk intrinsic to the operation, and considering the shareholders' equity consistent with amounts transferred. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Another important aspect of managing reinsurance operations is the fact that the Organization aims to work within its contractual capacity, thereby avoiding the frequent purchases of coverages in optional agreements and higher exposures to the credit risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Practically, all property damage portfolios, except automotive, are hedged by reinsurance which, in most cases, is a combination of proportional and non-proportional plans by risk and/or by event.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Currently, part of the reinsurance contracts (proportional and non-proportional) are transferred to IRB Brasil Resseguros S.A. Some admitted reinsurers participate with lower individual percentages, but all have minimum capital and rating higher than the minimum established by the Brazilian legislation, which, in Management's judgment, reduces the credit risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>89</FONT></B></FONT></FONT></B></FONT></U></FONT></U>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Credit risk management</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Credit risk management in the Organization is a continuous and evolving process including the mapping, development, evaluation and diagnosis of existing models, instruments and procedures that requires a high level of discipline and control in the analysis of operations to preserve the integrity and independence of processes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>As noted above, credit risk is managed at the corporate level using structured, independent internal procedures based on proprietary documentation and reports, duly assessed by the risk management structures of Organization, and based on the gradual deployment of internal models for the determination, measurement and calculation of capital.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Exposure to insurance credit risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Management believes that maximum exposure to credit risk arising from premiums to be paid by insured parties is low, since, in some cases, coverage of claims may be canceled (under Brazilian regulations), if premiums are not paid by the due date. Exposure to credit risk for premium receivables differs between risks yet to be incurred and risks incurred, since there is higher exposure on incurred-risk lines for which coverage is provided in advance of payment of the insurance premium.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization is exposed to concentrations of risk with individual reinsurance companies, due to the nature of the reinsurance market and strict layer of reinsurance companies with acceptable loan ratings. The Organization manages the exposures of its reinsurance counterparties, limiting the reinsurance companies that may be used, and regularly assessing the default impact of the reinsurance companies.</FONT></P>

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<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554808"></A><A name="_Toc318995520"></A><A name="_Toc284885082"></A><A name="_Toc176337463"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>4)&nbsp;&nbsp;&nbsp; Estimates and judgments</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization makes estimates and judgments that can affect the reported amount of assets and liabilities within the next financial year. All estimates and judgments required in conformity with IFRS are best estimates undertaken in accordance with the applicable standard. Such estimates and judgments are continually evaluated and based in our historical experience and a number of other factors including future event expectations, regarded as reasonable, under the current circumstances. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The estimates and judgments that have a significant risk and might have a relevant impact on the amounts of assets and liabilities within the next financial year are disclosed below. The actual results may be different from those established by these estimates and premises.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Fair value of financial instruments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial instruments recognized at fair value in our consolidated financial statements consist primarily of financial assets measured at fair value through profit or loss, including derivatives and financial assets classified as measured at fair value through other comprehensive income. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participant at the management date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>These financial instruments are categorized within a hierarchy based on the lowest level of input that is significant to the fair value measurement. For instruments classified as level 3, we have to apply a significant amount of our own judgment in arriving at the fair value measurement. We base our judgment decisions on our knowledge and observations of the markets relevant to the individual assets and liabilities, and those judgments may vary based on market conditions. In applying our judgment, we look at a range of third-party prices and transaction volumes to understand and assess the extent of market benchmarks available and the judgments or modeling required in third-party processes. Based on these factors, we determine whether the fair values are observable in active markets or whether the markets are inactive.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt">&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>90</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial></FONT></FONT></B></FONT></FONT></B></P><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt">

<FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Imprecision in estimating unobservable market inputs can impact the amount of revenue or loss </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>recorded for a particular position. Furthermore, while we believe our valuation methods are appropriate and consistent with those of other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value on the reporting date. For a detailed discussion of the determination of fair value of financial instruments, see Note 3.4.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Expected credit loss</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The measurement of the provision for losses on loans expected for financial assets measured at amortized cost and VJORA requires the use of complex models and significant assumptions about future economic conditions and loan behavior.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif><FONT style="FONT-SIZE: 12px; COLOR: red; DISPLAY: none" face=times></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The explanation of assumptions and estimation techniques used in the measurement of expected loan loss is further detailed in Note 3.1.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Several significant judgments are also required to apply the accounting requirements for the measurement of the credit loss expected, such as:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=symbol></FONT>&nbsp;</P>

<DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="3%"><FONT size=2 face=Symbol>&#183;</FONT></TD>

   <TD vAlign=top width="93%" align=left>

   <P style="MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Determine the criteria for the significant increase of credit risk;</FONT></P></TD></TR>

<TR>

   <TD width="4%"></TD>

   <TD width="3%"><FONT size=2 face=Symbol>&#183;</FONT></TD>

   <TD vAlign=top width="93%" align=left>

   <P style="MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Choice of models and assumptions suitable for the measurement of expected credit loss;</FONT></P></TD></TR>

<TR>

   <TD width="4%"></TD>

   <TD width="3%"><FONT size=2 face=Symbol>&#183;</FONT></TD>

   <TD vAlign=top width="93%" align=left>

   <P style="MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Establish the number and weighting factors on the prospective scenarios, for each type of product and market, related to the credit loss expected; and</FONT></P></TD></TR>

<TR>

   <TD width="4%"></TD>

   <TD width="3%"><FONT size=2 face=Symbol>&#183;</FONT></TD>

   <TD vAlign=top width="93%" align=left>

   <P style="MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Establish a group of similar financial assets for purposes of measuring the expected credit loss.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The process to determine the level of provision for expected credit loss requires estimates and the use of judgment; it is possible that actual losses presented in subsequent periods will differ from those calculated according to current estimates and assumptions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Impairment of goodwill</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization analyzes, at least annually, whether the current carrying value of goodwill is impaired. The first step of the process requires the identification of independent Cash-Generating Units and the allocation of goodwill to these units. The carrying amount of the CGU, including the allocated goodwill, is compared to its recoverable amount to determine whether any impairment exists. If the value in use of a cash-generating unit is less than its carrying value, goodwill will be impaired. Detailed calculations may need to be carried out taking into consideration changes in the market in which a business operates (e.g. competitive activity, regulatory change). The value in use is based upon discounting expected pre-tax cash flows at a risk-adjusted interest rate appropriate to the operating unit, the determination of both requires one to exercise one&#8217;s judgment. While forecasts are compared with actual performance and external economic data, expected cash flows naturally reflect the Organization&#8217;s view of future performance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Income tax</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The determination of the amount of our income tax liability is complex, and our assessment is related to our analysis of our deferred tax assets and liabilities and income tax payable. In general, our evaluation requires that we estimate future amounts of current and deferred taxes. Our assessment of the possibility that deferred tax assets are realized is subjective and involves assessments and assumptions that are inherently uncertain in nature. The realization of deferred tax assets is subject to changes in future tax rates and developments in our strategies. The underlying support for our assessments and assumptions could change over time as a result of unforeseen events or circumstances, affecting our determination of the amount of our tax liability.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Significant judgment is required in determining whether it is more likely than not that an income tax position will be sustained upon examination, even after the outcome of any related administrative or judicial proceedings based on technical merits. Further judgment is then required to determine the amount of benefit eligible for recognition in our consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In addition, we have monitored the interpretation of tax laws by, and decisions of, the tax authorities and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Courts so that we can adjust any prior judgment of accrued income taxes. These adjustments may also result from our own income tax planning or resolution of income tax controversies, and may be material to our operating results for any given period. For additional information about income tax, see Note 18.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>91</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Technical insurance provisions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Insurance technical provisions (reserves) are liabilities representing estimates of the amounts that will become due at a future date, to or on behalf of our policyholders &#8211; see Note 2(l). Expectations of loss ratio, mortality, longevity, length of stay and interest rate are used. These assumptions are based on our experience and are periodically reviewed against industry standards to ensure actuarial credibility. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 46.75pt 0pt 21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Contingent liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Provisions are regularly reviewed and constituted, where the loss is deemed probable, based on the opinion of the legal counsel, the nature of the lawsuit, similarity to previous lawsuits, complexity and the courts standing. Contingencies classified as Probable Loss are recorded in the Consolidated Statements of Financial Position under "Other Provisions".</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554809"></A><A name="_Toc318995521"></A><A name="_Toc284885083"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>5)&nbsp;&nbsp;&nbsp; Operating segments</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization operates mainly in the banking and insurance segments. Our banking operations include operations in the retail, middle-market and corporate sectors, lease, international bank operations, investment bank operations and as a private bank. The Organization also conducts banking segment operations through its branches located throughout the country, in branches abroad and through subsidiaries as well as by means of shareholding interests in other companies. Additionally we are engaged in insurance, supplemental pension plans and capitalization bonds through our subsidiary, Bradesco Seguros S.A. and its subsidiaries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The following segment information was prepared based on reports made available to Management to evaluate performance and make decisions regarding the allocation of resources for investments and other purposes. Our Management uses a variety of accounting information, which includes the proportional consolidation of associates and joint ventures. Accordingly, the information of the segments shown in the following tables was prepared in accordance with the specific procedures and other provisions of the Financial Institutions Accounting Plan and the total amounts, which correspond to the consolidated information, were prepared in accordance with IFRS, issued by the IASB .</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The main assumptions for the segmentation of income and expenses include (i) surplus cash invested by the entities operating in insurance, supplemental pension and capitalization bonds are included in this segment, resulting in an increase in net interest income; (ii) salaries and benefits and administrative costs included in the insurance, supplemental pension and capitalization bonds segment consist only of cost directly related to these operations, and (iii) costs incurred in the banking operations segment related to the infrastructure of the branch network and other general indirect expenses have not been allocated between segments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 21.3pt"><A name="_Toc284885145"></A><A name="_Toc284327648"></A><A name="_Toc285697941"></A><A name="_Toc289424823"></A><A name="_Toc289782972"></A><A name="_Toc284327649"></A><A name="_Toc285697942"></A><A name="_Toc289424824"></A><A name="_Toc289782973"></A><A name="_Toc284327650"></A><A name="_Toc285697943"></A><A name="_Toc289424825"></A><A name="_Toc289782974"></A><A name="_Toc284327651"></A><A name="_Toc285697944"></A><A name="_Toc289424826"></A><A name="_Toc289782975"></A><A name="_Toc284327652"></A><A name="_Toc285697945"></A><A name="_Toc289424827"></A><A name="_Toc289782976"></A><A name="_Toc284327653"></A><A name="_Toc285697946"></A><A name="_Toc289424828"></A><A name="_Toc289782977"></A><A name="_Toc284327654"></A><A name="_Toc285697947"></A><A name="_Toc289424829"></A><A name="_Toc289782978"></A><A name="_Toc284327655"></A><A name="_Toc285697948"></A><A name="_Toc289424830"></A><A name="_Toc289782979"></A><A name="_Toc284327656"></A><A name="_Toc285697949"></A><A name="_Toc289424831"></A><A name="_Toc289782980"></A><A name="_Toc284327657"></A><A name="_Toc285697950"></A><A name="_Toc289424832"></A><A name="_Toc289782981"></A><A name="_Toc284327658"></A><A name="_Toc285697951"></A><A name="_Toc289424833"></A><A name="_Toc289782982"></A><A name="_Toc284327659"></A><A name="_Toc285697952"></A><A name="_Toc289424834"></A><A name="_Toc289782983"></A><A name="_Toc284327660"></A><A name="_Toc285697953"></A><A name="_Toc289424835"></A><A name="_Toc289782984"></A><A name="_Toc284327661"></A><A name="_Toc285697954"></A><A name="_Toc289424836"></A><A name="_Toc289782985"></A><A name="_Toc284327662"></A><A name="_Toc285697955"></A><A name="_Toc289424837"></A><A name="_Toc289782986"></A><A name="_Toc284327663"></A><A name="_Toc285697956"></A><A name="_Toc289424838"></A><A name="_Toc289782987"></A><A name="_Toc284327664"></A><A name="_Toc285697957"></A><A name="_Toc289424839"></A><A name="_Toc289782988"></A><A name="_Toc284327665"></A><A name="_Toc285697958"></A><A name="_Toc289424840"></A><A name="_Toc289782989"></A><A name="_Toc284327666"></A><A name="_Toc285697959"></A><A name="_Toc289424841"></A><A name="_Toc289782990"></A><A name="_Toc284327667"></A><A name="_Toc285697960"></A><A name="_Toc289424842"></A><A name="_Toc289782991"></A><A name="_Toc284327668"></A><A name="_Toc285697961"></A><A name="_Toc289424843"></A><A name="_Toc289782992"></A><A name="_Toc284327669"></A><A name="_Toc285697962"></A><A name="_Toc289424844"></A><A name="_Toc289782993"></A><A name="_Toc284327670"></A><A name="_Toc285697963"></A><A name="_Toc289424845"></A><A name="_Toc289782994"></A><A name="_Toc284327671"></A><A name="_Toc285697964"></A><A name="_Toc289424846"></A><A name="_Toc289782995"></A><A name="_Toc284327672"></A><A name="_Toc285697965"></A><A name="_Toc289424847"></A><A name="_Toc289782996"></A><A name="_Toc284327673"></A><A name="_Toc285697966"></A><A name="_Toc289424848"></A><A name="_Toc289782997"></A><A name="_Toc284327674"></A><A name="_Toc285697967"></A><A name="_Toc289424849"></A><A name="_Toc289782998"></A><A name="_Toc284327675"></A><A name="_Toc285697968"></A><A name="_Toc289424850"></A><A name="_Toc289782999"></A><A name="_Toc284327676"></A><A name="_Toc285697969"></A><A name="_Toc289424851"></A><A name="_Toc289783000"></A><A name="_Toc284327677"></A><A name="_Toc285697970"></A><A name="_Toc289424852"></A><A name="_Toc289783001"></A><A name="_Toc284327678"></A><A name="_Toc285697971"></A><A name="_Toc289424853"></A><A name="_Toc289783002"></A><A name="_Toc284327679"></A><A name="_Toc285697972"></A><A name="_Toc289424854"></A><A name="_Toc289783003"></A><A name="_Toc284327680"></A><A name="_Toc285697973"></A><A name="_Toc289424855"></A><A name="_Toc289783004"></A><A name="_Toc284327681"></A><A name="_Toc285697974"></A><A name="_Toc289424856"></A><A name="_Toc289783005"></A><A name="_Toc284327682"></A><A name="_Toc285697975"></A><A name="_Toc289424857"></A><A name="_Toc289783006"></A><A name="_Toc284327683"></A><A name="_Toc285697976"></A><A name="_Toc289424858"></A><A name="_Toc289783007"></A><A name="_Toc284327684"></A><A name="_Toc285697977"></A><A name="_Toc289424859"></A><A name="_Toc289783008"></A><A name="_Toc284327685"></A><A name="_Toc285697978"></A><A name="_Toc289424860"></A><A name="_Toc289783009"></A><A name="_Toc284327686"></A><A name="_Toc285697979"></A><A name="_Toc289424861"></A><A name="_Toc289783010"></A><A name="_Toc284327687"></A><A name="_Toc285697980"></A><A name="_Toc289424862"></A><A name="_Toc289783011"></A><A name="_Toc284327688"></A><A name="_Toc285697981"></A><A name="_Toc289424863"></A><A name="_Toc289783012"></A><A name="_Toc284327689"></A><A name="_Toc285697982"></A><A name="_Toc289424864"></A><A name="_Toc289783013"></A><A name="_Toc284327690"></A><A name="_Toc285697983"></A><A name="_Toc289424865"></A><A name="_Toc289783014"></A><A name="_Toc284327691"></A><A name="_Toc285697984"></A><A name="_Toc289424866"></A><A name="_Toc289783015"></A><A name="_Toc284327692"></A><A name="_Toc285697985"></A><A name="_Toc289424867"></A><A name="_Toc289783016"></A><A name="_Toc284327693"></A><A name="_Toc285697986"></A><A name="_Toc289424868"></A><A name="_Toc289783017"></A><A name="_Toc284327694"></A><A name="_Toc285697987"></A><A name="_Toc289424869"></A><A name="_Toc289783018"></A><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Information by operating segment, reviewed by the Organization and corresponding to the years 2018, 2017 and 2016, is shown below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>&nbsp;</DIV>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>92</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.5pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.5pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Year ended December 31, 2018</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Banking</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Insurance, pension and capitalization bonds</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Other operations (1), adjustments and eliminations</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net interest income</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>53,582,872</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,291,357</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>934,241</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>66,808,470</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net fee and commission income</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25,496,171</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>600,510</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,265,091)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,831,590</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net gains/(losses) on financial assets and liabilities at fair value through profit or loss</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,676,573)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,676,573)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net gains/(losses) on financial instruments classified as held for trading</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,217,370)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,459,203)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,676,573</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR></TABLE>

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<TABLE style="WIDTH: 100%; LINE-HEIGHT: 8pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 9.05pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 10.5pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net gains/(losses) on financial assets at fair value through other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,073,563</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,073,563</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net gains/(losses) on financial instruments classified as available for sale</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>625,159</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>738,063</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,363,222)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net gains/(losses) on foreign currency transactions</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,096,826</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,096,826</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net income from insurance and pension plans</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,656,872</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,656,872</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Other operating income/(loss)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,495,385)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,935,732</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(289,659)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,849,312)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Expected loss on loans and advances</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,078,383)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,013,592)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(15,091,975)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Expected loss on other financial assets</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,172,860)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,172,860)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Personnel expenses</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(17,369,813)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,643,734)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>142,085</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,871,462)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Other administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,290,073)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,609,750)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,025,861</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,873,962)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,495,057)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(411,875)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,098,677</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,808,255)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Other operating income/(expenses)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,674,110)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,442,157)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,094,327)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(14,210,594)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Other operating expense</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(63,080,296)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,107,516)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,841,296)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(71,029,108)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Income before income taxes and share of profit of associates and joint ventures</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,114,478</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,565,497</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,918,335)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,761,640</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Share of profit of associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,410,004</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>206,272</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>64,099</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,680,375</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Income before income taxes</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,524,482</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,771,769</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,854,236)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,442,015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(206,385)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,382,847)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,895,656</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,693,576)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net income for the year</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,318,097</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,388,922</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,958,580)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,748,439</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Attributable to controlling shareholders</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,317,763</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,224,398</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,958,246)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,583,915</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Attributable to non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>334</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164,524</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(334)</FONT></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164,524</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,057,484,986</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>305,112,189</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(57,053,461)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,305,543,714</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Investments in associates and joint ventures</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,235,329</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,837,899</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>52,571</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,125,799</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>934,863,960</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>271,320,375</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(25,316,741)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.5pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,180,867,594</FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>93</FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

<DIV></DIV><U><FONT face=Arial></FONT></U>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="48%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="48%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Year ended December 31, 2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="52%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Banking</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Insurance, pension and capitalization bonds</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Other operations (1), adjustments and eliminations</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt"></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net interest income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>46,997,327</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,857,926</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,787,660</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50,642,913</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net fee and commission income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>24,143,561</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>787,014</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,181,747)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22,748,828</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net gains/(losses) on financial instruments classified as held for trading</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,011,351</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,641,626</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(29,869)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,623,108</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net gains/(losses) on financial instruments classified as available for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(685,560)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>713,425</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>542,493</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>570,358</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net gain / (loss) on held-to-maturity investments</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(54,520)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(54,520)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net gains/(losses) on foreign currency transactions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,422,957</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,422,957</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net income from insurance and pension plans</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,239,990</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,239,990</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other operating income/(loss)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,694,228</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,595,041</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>512,624</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,801,893</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Impairment of loans and advances</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(17,895,929)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,035,094</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(16,860,835)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Personnel expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(19,261,590)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,589,077)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>127,402</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(20,723,265)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(17,175,352)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,391,439)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,684,330</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(16,882,461)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,555,033)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(393,618)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,380,083</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,568,568)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other operating income/(expenses)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(9,282,411)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(889,065)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>38,119</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(10,133,357)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other operating expense</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(69,170,315)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,263,199)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,265,028</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(69,168,486)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Income before income taxes and share of profit of associates and joint ventures</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,664,801</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,976,782</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,383,565</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22,025,148</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Share of profit of associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,497,268</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>217,035</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,108</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,718,411</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Income before income taxes</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,162,069</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,193,817</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,387,673</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>23,743,559</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(887,289)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,156,153)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,385,514)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,428,956)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net income for the year</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,274,780</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,037,664</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,002,159</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,314,603</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Attributable to controlling shareholders</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,272,962</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,812,425</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,003,977</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,089,364</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Attributable to non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,818</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>225,239</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,818)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>225,239</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>988,063,541</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>295,699,951</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(59,410,052)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,224,353,440</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Investments in associates and joint ventures</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,364,246</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,847,099</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>46,039</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,257,384</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>875,887,257</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>257,329,282</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(26,556,803)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,106,659,736</FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=left>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>94</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

<DIV align=left>

<HR align=center SIZE=2 width="100%" noShade>

</DIV>

<DIV>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV></DIV>

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<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; LINE-HEIGHT: 8pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="48%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="48%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Year ended December 31, 2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid" rowSpan=2 width="52%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Banking</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Insurance, pension and capitalization bonds</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Other operations (1), adjustments and eliminations</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt"></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net interest income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>49,156,109</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,374,229</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,132,651</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>56,662,989</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net fee and commission income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,696,785</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>651,482</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,007,216)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,341,051</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net gains/(losses) on financial instruments classified as held for trading</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,918,934</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,250,639</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>233,197</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,402,770</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net gains/(losses) on financial instruments classified as available for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,417,647)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>805,051</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(728,804)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,341,400)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net gains/(losses) on foreign currency transactions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>150,757</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>150,757</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net income from insurance and pension plans</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,155,763</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,155,763</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other operating income/(loss)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,652,044</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,211,453</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(495,607)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>19,367,890</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Impairment of loans and advances</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(18,829,460)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,479,182</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(15,350,278)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Personnel expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(15,733,611)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,387,935)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>117,763</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(17,003,783)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(14,979,689)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,331,349)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>161,475</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(16,149,563)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,786,599)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(365,656)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>493,842</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,658,413)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other operating income/(expenses)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(14,421,152)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>243,631</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>173,359</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(14,004,162)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other operating expense</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(67,750,511)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,841,309)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,425,621</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(66,166,199)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Income before income taxes and share of profit of associates and joint ventures</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,754,427</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,395,855</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,055,449</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30,205,731</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Share of profit of associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,538,058</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>168,691</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7,024)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,699,725</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Income before income taxes</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,292,485</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,564,546</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,048,425</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>31,905,456</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7,995,420)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,915,822)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,001,488)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(13,912,730)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net income for the year</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,297,065</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,648,724</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,046,937</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,992,726</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Attributable to controlling shareholders</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,293,766</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,550,662</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,049,821</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,894,249</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Attributable to non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,299</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>98,062</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,884)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>98,477</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>921,916,290</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>266,642,197</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,471,169</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,192,029,656</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Investments in associates and joint ventures</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,512,372</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,416,617</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>73,789</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,002,778</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="52%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>821,182,152</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>266,143,979</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(775,682)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,086,550,449</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;(1) Other operation represents less than 1% of total assets/liabilities and the net income for the year. The main adjustments from the information disclosed in segments columns are related to the difference between the IFRS and the Segment Report Information as impairment for loans and advance, effective interest rate and proportional consolidation.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 46.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Our operations are substantially conducted in Brazil. Additionally, as of December 31, 2018, we have one branch in New York, one branch in Grand Cayman, and one branch in London, mainly to complement our banking services and assist in import and export operations for Brazilian customers. Moreover we also have subsidiaries abroad, namely: Banco Bradesco Argentina S.A.U. (Buenos Aires), Banco Bradesco Europe S.A. (Luxembourg), Bradesco North America LLC (New York), Bradesco Securities, Inc. (New York), Bradesco Securities UK Limited (London), Cidade Capital Markets Ltd. (Grand Cayman), Bradesco Securities Hong Kong Limited (Hong Kong), Bradesco Trade Services Limited (Hong Kong) and Bradescard Mexico, Sociedad de Responsabilidad Limitada (Mexico).</FONT></P>

<P style="MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>No income from transactions with a single customer or counterparty abroad represented 10% of the Organization&#8217;s income in the period of 2018, 2017 and 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>All transactions between operating segments are conducted on an arm's length basis, with intra-segment revenue and costs being eliminated in "Other operations, adjustments and eliminations". Income and expenses directly associated with each segment are included in determining business-segment performance. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>9<FONT style="FONT-SIZE: 9pt" face=Arial>5</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc284885084"></A></H1>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="_Toc1554810"></A>6)&nbsp;&nbsp;&nbsp; Net interest income</FONT></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Interest and similar income</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Loans and advances to banks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,874,946</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,073,435</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,689,348</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Loans and advances to customers:</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>- Loans</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,949,949</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>64,767,081</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>69,530,396</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>- Leases </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>250,791</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>254,009</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>343,626</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Financial assets:</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>- At fair value through profit or loss</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,150,146</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>- Fair value through other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,666,298</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>- At amortized cost</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,180,881</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>- For trading</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,684,574</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,576,526</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>- Available for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,351,320</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,572,618</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>- Held to maturity</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,883,103</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,514,933</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Pledged as collateral</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,268,934</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,739,202</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Compulsory deposits with the Central Bank</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,916,299</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,881,319</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,667,516</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Other financial interest income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>63,829</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>68,553</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>66,210</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>122,053,139</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>126,232,328</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>147,700,375</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Interest and similar expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Deposits from banks:</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>- Interbank deposits</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(137,154)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(152,550)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(127,617)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>- Funding in the open market</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(15,094,786)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(22,564,515)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(26,767,039)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>- Borrowings and onlending</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,176,469)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,068,552)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,865,411)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Deposits from customers:</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>- Savings accounts</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,646,528)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,730,457)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,712,509)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>- Time deposits</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,252,440)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,536,161)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,746,203)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Funds from issuance of securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,054,699)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(13,262,613)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(17,124,502)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Subordinated debt</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,517,067)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,100,017)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,298,555)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Insurance technical provisions and pension plans</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(13,365,526)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,174,550)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(21,395,550)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(55,244,669)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(75,589,415)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(91,037,386)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net interest income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>66,808,470</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,642,913</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>56,662,989</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>9</FONT><FONT style="FONT-SIZE: 9pt" face=Arial>6</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV></DIV>

&nbsp; <A name="page_101"></A>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="_Toc1554811"></A>7)&nbsp;&nbsp;&nbsp; Net fee and commission income</FONT></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><A name="_Toc284885085"></A>&nbsp; <FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Fee and commission income</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Credit cards</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,951,609</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,848,855</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,251,963</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Current accounts</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,165,667</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,652,711</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,030,640</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Collections</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,982,037</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,965,601</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,777,515</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Guarantees</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,463,423</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,570,522</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,438,409</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Asset management</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,525,280</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,463,469</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,079,653</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Consortium management</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,683,942</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,526,660</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,278,753</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Custody and brokerage services</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>916,083</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>754,966</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>618,750</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Underwriting/ Financial Advisory Services</FONT></I></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>815,242</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>801,219</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>733,530</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Payments</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>448,416</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>409,267</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>373,639</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>879,891</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>755,558</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>758,199</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,831,590</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,748,828</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,341,051</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Fee and commission expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Financial system services</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(36)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(36)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net fee and commission income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,831,590</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,748,828</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,341,051</FONT></B></P></TD></TR></TABLE></DIV>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</H1>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="_Toc1554812"></A>8)&nbsp;&nbsp;&nbsp; Net gains/(losses) on financial assets and liabilities at fair value through profit or loss </FONT></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12.85pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" rowSpan=3 width="85%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.85pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Year ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid" width="85%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fixed income securities</FONT></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 12.85pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,360,349)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="85%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(10,543,169)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="85%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Equity securities</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>226,945</FONT></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="85%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 12.85pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(11,676,573)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554813"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>9)&nbsp;&nbsp;&nbsp; Net gains/(losses) on financial instruments classified as held for trading</FONT></B></H1>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</H1>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fixed income securities</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,862,617</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,654,959</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,426,160)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,887,800</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Equity securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,186,651</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>860,011</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,623,108</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,402,770</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0in 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc284885086"></A><A name="_Toc1554814"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>10)&nbsp;&nbsp; Net gains/(losses) on financial assets at fair value through other comprehensive income </FONT></B></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12.85pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 12.85pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" rowSpan=3 width="85%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;&nbsp; <B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.85pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Year ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt; BORDER-RIGHT: #000000 1px solid" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fixed income securities</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>345,987</FONT></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equity securities</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>677,312</FONT></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dividends received</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,264</FONT></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 12.85pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,073,563</FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>97</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

<DIV></DIV><U><FONT face=Arial></FONT></U>

<HR align=center SIZE=2 width="100%" noShade>



<P></P></DIV>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_102"></A>

<a name="_bclHeader102"></a><DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="_Toc1554815"></A>11)&nbsp;&nbsp; Net gains/(losses) on financial instruments classified as available for sale</FONT></H1>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</H1>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fixed income securities (1)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>49,963</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,918,595)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Equity securities (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>437,054</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>459,223</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Dividends received</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>83,341</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>117,972</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>570,358</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,341,400)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;(1) In 2017, includes impairment losses of R$1,729,039 thousand and, in 2016, R$2,106,107 thousand.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 39.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc284885087"></A><A name="_Toc1554816"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>12)&nbsp;&nbsp; Net gains/(losses) on foreign currency transactions</FONT></B></H1>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Net gains and losses on foreign currency transactions primarily consists of gains or losses from currency trading and translation of monetary items from a foreign currency into the functional currency. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554817"></A><A name="_Toc284885089"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>13)&nbsp;&nbsp; Net income from insurance and pension plans</FONT></B></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Written premiums</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,736,288</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>65,864,591</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,470,571</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Supplemental pension plan contributions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,441,813</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,090,043</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,679,922</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Granted coinsurance premiums</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(47,232)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(49,715)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(70,862)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Refunded premiums</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(769,311)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(667,196)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(746,244)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net written premiums earned</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>66,361,558</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,237,723</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>65,333,387</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Reinsurance premiums paid</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(91,463)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(191,088)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(306,265)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Premiums retained from insurance and pension plans</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>66,270,095</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,046,635</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>65,027,122</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Changes in the provision for insurance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(25,837,488)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(30,435,868)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(29,729,884)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Changes in the provision for private pension plans</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,571,734)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,369,903)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,052,034)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Changes in the insurance technical provisions and pension plans</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(29,409,222)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(34,805,771)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(32,781,918)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Reported indemnities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(26,463,800)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(25,924,687)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(24,877,804)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Claims expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(67,298)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(36,068)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(119,201)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Recovery of ceded coinsurance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,703</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,332</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>65,285</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Recovery of reinsurance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,786</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>116,913</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>141,711</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Salvage recoveries</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>491,559</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>488,057</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>451,930</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Changes in the IBNR provision</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(121,320)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(274,509)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(204,354)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Retained claims</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(26,024,370)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(25,594,962)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(24,542,433)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Commissions on premiums</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,655,101)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,700,131)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,696,002)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Recovery of commissions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,411</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,334</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,927</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Fees</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(353,139)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(403,835)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(489,279)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Brokerage expenses - private pension plans</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(125,770)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(153,552)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(167,654)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Changes in deferred commissions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(58,032)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(167,728)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(224,000)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Selling expenses for insurance and pension plans</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,179,631)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,405,912)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,547,008)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net income from insurance and pension plans</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,656,872</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,239,990</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,155,763</FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=left>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>98</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV></DIV>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554818"></A><A name="_Toc284885091"></A><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>14)&nbsp;&nbsp; Personnel expenses</FONT></B></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Salaries</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,350,461)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,170,556)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,236,617)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Benefits</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,383,644)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,385,133)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,625,796)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Social security charges</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,997,889)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,505,290)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,862,067)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Employee profit sharing</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,682,868)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,572,472)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,451,310)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Provision for labor claims</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,289,664)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(927,136)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(663,124)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Training</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(166,936)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(162,678)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(164,869)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,871,462)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,723,265)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(17,003,783)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>&nbsp;(1) In 2017, includes the effects of the Special Voluntary Termination Plan.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554819"></A><A name="_Toc284885092"></A><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>15)&nbsp;&nbsp; Other administrative expenses</FONT></B></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><A name="_Toc284885093"></A>&nbsp;&nbsp;&nbsp; <FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Outsourced services</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,598,748)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,748,308)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,871,194)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Communication</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,541,742)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,684,153)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,653,055)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Data processing</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,398,676)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,117,085)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,612,454)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Advertising and marketing</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,136,062)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(942,851)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,124,659)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Asset maintenance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,112,508)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,158,840)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,060,856)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial system</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,009,209)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,033,017)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,047,618)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Rental</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,142,408)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,142,166)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,027,561)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Security and surveillance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(748,577)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(818,221)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(736,547)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transport</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(749,685)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(782,444)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(719,842)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Water, electricity and gas</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(412,789)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(405,515)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(384,069)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Advances to FGC (Deposit Guarantee Association)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(408,335)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(418,670)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(355,540)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Supplies</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(216,768)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(263,527)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(321,509)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Travel</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(286,731)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(261,911)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(174,772)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,111,724)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,105,753)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,059,887)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,873,962)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,882,461)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,149,563)</FONT></B></P></TD></TR></TABLE></DIV>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</H1>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="_Toc1554820"></A>16)&nbsp;&nbsp; Depreciation and amortization</FONT></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amortization expenses</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,348,242)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,331,240)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,516,777)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Depreciation expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,460,013)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,237,328)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,141,636)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,808,255)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,568,568)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,658,413)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554821"></A><A name="_Toc284885094"></A><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>17)&nbsp;&nbsp; Other operating income/(expenses)</FONT></B></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 9.05pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.05pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.05pt; BORDER-RIGHT: #000000 1px solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Tax expenses</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,096,899)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,960,618)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,331,651)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Legal provision</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,836,429)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,238,057)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,927,734)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Variation in monetary liabilities</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(147,642)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>31,710</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(699,719)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Income from sales of non-current assets, investments, and property and equipment, net</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(614,895)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(412,957)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(467,042)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other (1)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,514,729)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,553,435)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,578,016)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(14,210,594)</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(10,133,357)</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(14,004,162)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;(1) Includes: (i) the effect of the (additions)/reversal of provision for tax contingency in 2018 &#8211; R$(21,188) thousand (2017 &#8211; R$(487,269) thousand; 2016 - R$(484,227) thousand); (ii) impairment losses in the amount of 2018 &#8211; R$571,321 thousand (2017 &#8211; R$185,188 thousand; 2016 &#8211; R$31,256 thousand); and (iii) operating expense related of insurance operation in 2018 &#8211; R$1,976,347 <FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>thousand (2017 &#8211; R$1,354,719 thousand and 2016 - R$1,388,645 thousand).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>99</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="_Toc474923337"></A>18)&nbsp;&nbsp; Income tax and social contribution</FONT></H1>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -14.15pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face=arial,sans-serif>a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=arial,sans-serif>Calculation of income tax and social contribution charges</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income before income tax and social contribution</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,442,015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,743,559</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>31,905,456</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total burden of income tax and social contribution at the current rates (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,748,907)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(10,684,602)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(14,357,455)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Effect of additions and exclusions in the tax calculation:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Earnings (losses) of associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>756,169</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>773,285</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>764,876</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest on shareholders&#8217; equity (paid and payable)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,284,368</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,241,955</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,139,102</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other amounts (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,014,794</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>240,406</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,459,253)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income tax and social contribution for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,693,576)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,428,956)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(13,912,730)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Effective rate</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13.9%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27.1%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>43.6%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) Current rates: (i) 25% for income tax; (ii) 20% for the social contribution to financial and equated companies, and the insurance industry, and 9% for the other companies (Note 2t); and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2) Primarily, includes: (i) the exchange rate variation of assets and liabilities, derived from investments abroad; (ii) the equalization of the effective rate in relation to the rate of 45%, shown; and (iii) the deduction incentives.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -14.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Composition of income tax and social contribution in the consolidated statement of income</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Current taxes:</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income tax and social contribution payable</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,657,841)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,788,060)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,852,947)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deferred taxes:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net Addition/(realization) of temporary differences</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,288,642</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,950,961</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,106,008)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Use of opening balances of:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Social contribution loss</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(313,223)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(430,584)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(647,282)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income tax loss</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(343,791)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(331,512)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(879,276)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Addition on:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Social contribution loss</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>870,717</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>150,371</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>234,730</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income tax loss</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,461,920</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,868</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>338,053</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total deferred tax expense</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,964,265</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,359,104</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,059,783)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income tax and social contribution</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,693,576)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,428,956)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(13,912,730)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -14.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Deferred income tax and social contribution presented in the consolidated statement of financial position</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=2 width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="60%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Balance on December 31, 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Amount recorded</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Realized / Decrease</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Balance on December 31, 2018</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Provisions of impairment of loans and advances</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,503,863</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,554,370</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,415,433)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>31,642,800</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Provision for contingencies</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,226,483</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,835,387</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,527,145)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,534,725</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Adjustment to market value of securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,943,875</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>960,026</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,599,972)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,303,929</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,809,566</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,881,845</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,571,427)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,119,984</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total tax assets on temporary differences (2)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>43,483,787</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,231,628</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(14,113,977)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>46,601,438</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Income tax and social contribution losses in Brazil and abroad (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,003,872</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,332,637</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(657,014)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,679,495</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total deferred tax assets (1)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>48,487,659</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>19,564,265</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(14,770,991)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>53,280,933</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deferred tax liabilities (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,007,595</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,231,551</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,440,193)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,798,953</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net deferred taxes (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>42,480,064</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,332,714</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(12,330,798)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>47,481,980</FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left>

<P></P>

<P></P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>00</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

<DIV align=left>

<HR align=center SIZE=2 width="100%" noShade>



<P></P></DIV>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=2 width="40%">

   <P style="MARGIN: 0in 0in 0pt"><A name="_Toc474919388"></A>&nbsp;&nbsp;&nbsp; <B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="60%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Balance on December 31, 2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Amount recorded</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Realized / Decrease (3)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Balance on December 31, 2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Provisions of impairment of loans and advances</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>23,011,653</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,264,028</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8,771,818)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,503,863</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Provision for contingencies</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,351,234</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,782,500</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,907,251)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,226,483</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Adjustment to market value of securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,488,482</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,724,016</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,268,623)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,943,875</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,681,457</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,773,082</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,644,973)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,809,566</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total tax assets on temporary differences (2)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>40,532,826</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,543,626</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(17,592,665)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>43,483,787</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Income tax and social contribution losses in Brazil and abroad (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,595,729</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>170,239</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(762,096)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,003,872</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Adjustment to market value of available for sale (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>493,168</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>576,732</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,069,900)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total deferred tax assets (1)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>46,621,723</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>21,290,597</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(19,424,661)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>48,487,659</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deferred tax liabilities (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,267,808</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,557,618</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(817,831)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,007,595</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net deferred taxes (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>43,353,915</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,732,979</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(18,606,830)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>42,480,064</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) Deferred income and social contribution tax assets and liabilities are offset in the balance sheet by taxable entity, and were R$4,598,364 thousand in 2018 and R$4,755,748 thousand in 2017;</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2) Deferred tax assets of financial and insurance companies were established considering the increase of the social contribution rate, determined by Law No. 11,727/08(Note 2t); and</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3) Includes a write-off of tax credits, in 2017, in the amount of R$150,040 thousand.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -14.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Expected realization of deferred tax assets on temporary differences, tax loss and negative basis of social contribution</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=4 width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="60%" colSpan=5>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="24%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Temporary differences</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="24%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Income tax and social contribution losses</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=3 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Income tax</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Social contribution</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Income tax</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Social contribution</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt"></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2019</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,608,743</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,151,718</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>173,339</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>116,422</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,050,222</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2020</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,446,071</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,453,270</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>209,055</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>125,180</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,233,576</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2021</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,271,093</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,750,046</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>373,951</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>222,054</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,617,144</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2022</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,666,854</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,793,181</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>693,635</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>412,132</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,565,802</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2023</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,865,064</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,078,151</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,958,633</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,198,738</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,100,586</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>After 2023</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>323,314</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>193,933</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>327,524</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>868,832</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,713,603</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>29,181,139</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,420,299</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,736,137</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,943,358</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>53,280,933</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -14.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>e)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Deferred tax liabilities</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Timing differences of depreciation &#8211; finance leasing</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>242,571</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>283,231</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Adjustment to market value of securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,200,453</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,215,588</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Judicial deposit and others</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,355,929</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,508,776</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,798,953</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,007,595</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 56.7pt"><A name="_Toc1554823"></A><A name="_Toc474923342"></A><A name="_Toc474919393"></A><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The deferred tax liabilities of companies in the financial and insurance sectors were established considering the increased social contribution rate, established by Law No.&nbsp;11,727/08 (Note 2t).</FONT></P>

<P style="MARGIN: 0in 0in 0pt 56.7pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 56.7pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>01</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U></P><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>

<HR align=center SIZE=2 width="100%" noShade>

</FONT></U>

<P></P>

<DIV></DIV>

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<a name="_bclHeader107"></a><DIV>

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<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -14.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>f)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Income tax and social contribution on adjustments recognized directly in equity</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="72%" colSpan=9>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="24%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31, 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="24%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31, 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="24%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31, 2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Before tax</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Tax (expense)/ benefit</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net of tax</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Before tax</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Tax (expense)/ benefit</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net of tax</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Before tax</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Tax (expense)/ benefit</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net of tax</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="28%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financial assets at fair value through other comprehensive income</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(512,397)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>215,482</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(296,915)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="28%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financial assets recorded as available for sale</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,418,567</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,231,202)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,187,365</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,298,103</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,587,076)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,711,027</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="28%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Exchange differences on translations of foreign operations</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>113,198</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>113,198</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>23,010</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,992</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>29,002</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(194,566)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>87,555</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(107,011)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="28%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(154,607)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>61,843</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(92,764)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="28%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(553,806)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>277,325</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(276,481)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,441,577</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,225,210)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,216,367</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,103,537</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,499,521)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,604,016</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -14.2pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>g)</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Taxes to be offset</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Refers basically to amount of income tax and social contribution to be offset.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>02</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="_Toc1554824"></A>19)&nbsp;&nbsp; Earnings per share</FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -14.15pt"><A name="_Toc474923344"></A><A name="_Toc474919395"></A><A name="_Toc415565912"></A><A name="_Toc415499891"></A><A name="_Toc415498726"></A><A name="_Toc415498602"></A><A name="_Toc415498373"></A><A name="_Toc413337901"></A><A name="_Toc412626233"></A><A name="_Toc381783414"></A><A name="_Toc379874134"></A><A name="_Toc355707664"></A><A name="_Toc351014049"></A><A name="_Toc320264385"></A><A name="_Toc318995740"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Basic earnings per share</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The basic earnings per share was calculated based on the weighted average number of common and preferred shares outstanding, as shown in the calculations below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=2 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017 (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2016 (1)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net earnings attributable to the Organization&#8217;s common shareholders (R$ thousand)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,916,635</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,157,920</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,542,147</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net earnings attributable to the Organization&#8217;s&nbsp; preferred shareholders (R$ thousand)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,667,280</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,931,444</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,352,102</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Weighted average number of common shares outstanding (thousands)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,354,990</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,354,990</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,354,990</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Weighted average number of preferred shares outstanding (thousands)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,339,188</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,339,188</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,339,188</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Basic earnings per share attributable to common shareholders of the Organization (in Reais)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.36</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.43</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.55</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Basic earnings per share attributable to preferred shareholders of the Organization (in Reais)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.60</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.67</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.80</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(1) All share amounts presented for prior periods have been adjusted to reflect the stock split approved at the Special Shareholders&#8217; Meeting held on March 12, 2018, in the proportion of one new share for every 10 shares held.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -14.15pt"><A name="_Toc474923345"></A><A name="_Toc474919396"></A><A name="_Toc415565913"></A><A name="_Toc415499892"></A><A name="_Toc415498727"></A><A name="_Toc415498603"></A><A name="_Toc415498374"></A><A name="_Toc413337902"></A><A name="_Toc412626234"></A><A name="_Toc381783415"></A><A name="_Toc379874135"></A><A name="_Toc355707665"></A><A name="_Toc351014050"></A><A name="_Toc320264386"></A><A name="_Toc318995741"></A><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>b)</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Diluted earnings per share</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Diluted earnings per share are the same as basic earnings per share since there are no potentially dilutive instruments.</FONT></P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</H1>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554825"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>20)&nbsp;&nbsp; Cash and cash equivalents</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -14.15pt"><A name="_Toc474923347"></A><A name="_Toc474919398"></A><A name="_Toc415565915"></A><A name="_Toc415499894"></A><A name="_Toc415498729"></A><A name="_Toc415498605"></A><A name="_Toc415498376"></A><A name="_Toc413337904"></A><A name="_Toc412626236"></A><A name="_Toc381783417"></A><A name="_Toc379874137"></A><A name="_Toc355707667"></A><A name="_Toc351014052"></A><A name="_Toc285698392"></A><A name="_Toc285642873"></A><A name="_Toc285538739"></A><A name="_Toc284885104"></A><A name="_Toc284697610"></A><A name="_Toc320264388"></A><A name="_Toc318995743"></A><A name="_Toc316896328"></A><A name="_Toc312767294"></A><A name="_Toc289782477"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>a)&nbsp; Cash and balances with banks</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cash and due from banks in domestic currency</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,734,228</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,939,852</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cash and due from banks in foreign currency</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,877,776</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,088,498</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Compulsory deposits with the Central Bank (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>87,596,916</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>66,714,226</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Investments in gold</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>823</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>375</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>107,209,743</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>81,742,951</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(1) Compulsory deposits with the Central Bank of Brazil refer to a minimum balance that financial institutions must maintain at the Central Bank of Brazil based on a percentage of deposits received from third parties.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -14.15pt"><A name="_Toc176337481"></A><A name="_Toc474923348"></A><A name="_Toc474919399"></A><A name="_Toc415565916"></A><A name="_Toc415499895"></A><A name="_Toc415498730"></A><A name="_Toc415498606"></A><A name="_Toc415498377"></A><A name="_Toc413337905"></A><A name="_Toc412626237"></A><A name="_Toc381783418"></A><A name="_Toc379874138"></A><A name="_Toc355707668"></A><A name="_Toc351014053"></A><A name="_Toc320264389"></A><A name="_Toc318995744"></A><A name="_Toc316896329"></A><A name="_Toc312767295"></A><A name="_Toc289782478"></A><A name="_Toc285698393"></A><A name="_Toc285642874"></A><A name="_Toc285538740"></A><A name="_Toc284885105"></A><A name="_Toc284697611"></A></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -14.15pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>03</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U> </P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -14.15pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>b)&nbsp; Cash and cash equivalents</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cash and due from banks in domestic currency</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,734,228</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,939,852</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cash and due from banks in foreign currency</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,877,776</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,088,498</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Interbank investments (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>90,612,803</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>141,025,717</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Investments in gold</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>823</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>375</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>110,225,630</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>156,054,442</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.3pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(1) Refers to operations with maturity date on the effective date of investment equal to or less than 90 days and insignificant risk of change in the fair value. Of this amount, R$60,443,537 thousand (2017 &#8211; R$123,691,195 thousand) refers to Financial assets pledged as collateral.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0.3pt 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc284885108"></A><A name="_Toc176337478"></A><A name="_Toc1554826"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>21)&nbsp;&nbsp; Financial assets and liabilities at fair value through profit or loss</FONT></B></H1>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</H1>

<P style="MARGIN: 0in 0in 0in 39.3pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Financial assets at fair value through profit or loss</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12.7pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 12.7pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" rowSpan=3 width="85%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.7pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 12.7pt">

   <TD style="HEIGHT: 12.7pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.7pt">

   <TD style="HEIGHT: 12.7pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.7pt">

   <TD style="HEIGHT: 12.7pt; BORDER-RIGHT: #000000 1px solid" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.7pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.7pt">

   <TD style="HEIGHT: 12.7pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Brazilian government securities</FONT></P></TD>

   <TD style="HEIGHT: 12.7pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>206,756,050</FONT></P></TD></TR>

<TR style="HEIGHT: 12.7pt">

   <TD style="HEIGHT: 12.7pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Bank debt securities</FONT></P></TD>

   <TD style="HEIGHT: 12.7pt; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,164,454</FONT></P></TD></TR>

<TR style="HEIGHT: 12.7pt">

   <TD style="HEIGHT: 12.7pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Corporate debt and marketable equity securities</FONT></P></TD>

   <TD style="HEIGHT: 12.7pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,303,942</FONT></P></TD></TR>

<TR style="HEIGHT: 12.7pt">

   <TD style="HEIGHT: 12.7pt; BORDER-RIGHT: windowtext 1pt solid" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Mutual funds</FONT></P></TD>

   <TD style="HEIGHT: 12.7pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,657,393</FONT></P></TD></TR>

<TR style="HEIGHT: 12.7pt">

   <TD style="HEIGHT: 12.7pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Brazilian sovereign bonds</FONT></P></TD>

   <TD style="HEIGHT: 12.7pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>659,603</FONT></P></TD></TR>

<TR style="HEIGHT: 12.7pt">

   <TD style="HEIGHT: 12.7pt; BORDER-RIGHT: windowtext 1pt solid" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign governments securities</FONT></P></TD>

   <TD style="HEIGHT: 12.7pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>849,114</FONT></P></TD></TR>

<TR style="HEIGHT: 12.7pt">

   <TD style="HEIGHT: 12.7pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 12.7pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,770,594</FONT></P></TD></TR>

<TR style="HEIGHT: 12.7pt">

   <TD style="HEIGHT: 12.7pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 12.7pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>246,161,150</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;(1) In 2018, no reclassifications were made of Financial Assets at fair value through profit or loss for other categories of financial assets.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 39.3pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Maturity </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 39.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face="Univers 45 Light"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12.65pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 12.65pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" rowSpan=3 width="85%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.65pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="HEIGHT: 12.65pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="HEIGHT: 12.65pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="HEIGHT: 12.65pt; BORDER-RIGHT: #000000 1px solid" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Maturity of up to one year</FONT></P></TD>

   <TD style="HEIGHT: 12.65pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,471,625</FONT></P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="HEIGHT: 12.65pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Maturity of one to five years</FONT></P></TD>

   <TD style="HEIGHT: 12.65pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164,553,949</FONT></P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="HEIGHT: 12.65pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Maturity of five to 10 years</FONT></P></TD>

   <TD style="HEIGHT: 12.65pt; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>56,868,688</FONT></P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="HEIGHT: 12.65pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Maturity of over 10 years</FONT></P></TD>

   <TD style="HEIGHT: 12.65pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,121,915</FONT></P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="HEIGHT: 12.65pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Maturity not stated</FONT></P></TD>

   <TD style="HEIGHT: 12.65pt; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,144,973</FONT></P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.65pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.65pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>246,161,150</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The financial instruments pledged as collateral classified as &#8220;Financial assets at fair value through profit or loss&#8221;, totalled R$6,481,098 thousand as at December 31, 2018,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>being composed primarily of Brazilian government bonds.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization maintained a total of R$6,220,609 thousand pledged as collateral for liabilities in 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Unrealized net gains/ (losses) included in securities and trading securities totaled R$(1,066,594) thousand as at December 31, 2018. Net variation in unrealized gains/ (losses) from securities and trading securities totaled R$3,679,294 in 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>04</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 39.3pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Liabilities at fair value through profit or loss</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 39.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="85%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,152,087</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,152,087</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554827"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>22)&nbsp;&nbsp; Financial assets and liabilities held for trading</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 39.3pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial assets held for trading</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="85%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Financial assets</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Brazilian government securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>202,249,272</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Bank debt securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,348,269</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Corporate debt and marketable equity securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,339,790</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Mutual funds</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,377,508</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Brazilian sovereign bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>307</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Foreign governments securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>528,010</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,866,885</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>241,710,041</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 39.1pt; TEXT-INDENT: -17.85pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>b)</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Maturity</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="85%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Maturity of up to one year</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>31,617,538</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Maturity of one to five years</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>146,527,365</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Maturity of five to 10 years</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>53,763,561</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Maturity of over 10 years</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,409,723</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Maturity not stated</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,391,854</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>241,710,041</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial instruments provided as collateral classified as "Financial assets held for trading&#8221;, totaled R$801,182&nbsp; thousand in 2017, as disclosed in Note 30 "Financial assets pledged as collateral&#8221;. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The total assets held for trading pledged as collateral for liabilities was R$5,874,620 thousand in 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Unrealized gains/(losses) on securities and trading securities totaled R$(4,745,888) thousand in 2017 (2016 &#8211; R$(9,404,052) thousand). Net variation in unrealized gains/(losses) from securities and trading securities totaled R$(4,658,164) thousand in 2017 (2016 &#8211; R$(1,978,490) thousand). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 39.1pt; TEXT-INDENT: -17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial liabilities held for trading</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

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<TR style="HEIGHT: 11.6pt">

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   <P style="MARGIN: 0in 0in 0pt"><A name="_Toc176337480"></A>&nbsp;&nbsp; <B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>14,274,999</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>14,274,999</FONT></B></P></TD></TR></TABLE></DIV>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>05</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>

<HR align=center SIZE=2 width="100%" noShade>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV></DIV>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</H1>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="_Toc1554828"></A>23)&nbsp;&nbsp; Derivative financial instruments</FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization enters into transactions involving derivative financial instruments with a number of customers for the purpose of mitigating their overall risk exposure as well as managing risk exposure. The derivative financial instruments most often used are highly-liquid instruments traded on the futures market (B3).</FONT></P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -7.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(i)&nbsp;&nbsp;&nbsp; Swap contracts</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -7.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Foreign currency and interest rate swaps are agreements to exchange one set of cash flows for another and result in an economic exchange of foreign currencies or interest rates (for example fixed or variable) or in combinations (i.e. foreign currency and interest rate swaps). There is no exchange of the principal except in certain foreign currency swaps. The Organization&#8217;s foreign currency risk reflects the potential cost of replacing swap contracts and whether the counterparties fail to comply with their obligations. This risk is continually monitored in relation to the current fair value, the proportion of the notional value of the contracts and the market liquidity. The Organization, to control the level of credit risk assumed, evaluates the counterparties of the contracts using the same techniques used in its loan operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -7.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(ii)&nbsp;&nbsp; Foreign exchange options</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Foreign exchange options are contracts according to which the seller (option issuer) gives to the buyer (option holder) the right, but not the obligation, to buy (call option) or sell (put option) on a certain date or during a certain period, a specific value in foreign currency. The seller receives from the buyer a premium for assuming the exchange or interest-rate risk. The options can be arranged between the Organization and a customer. The Organization is exposed to credit risk only on purchased options and only for the carrying amount, which is the fair market value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(iii)&nbsp; Foreign currency and interest rate futures</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Foreign currency and interest rate futures are contractual obligations for the payment or receipt of a net amount based on changes in foreign exchange and interest rates or the purchase or sale of a financial instrument on a future date at a specific price, established by an organized financial market. The credit risk is minimal, since the future contracts are guaranteed in cash or securities and changes in the value of the contracts are settled on a daily basis. Contracts with a forward rate are interest-rate futures operations traded individually which require settlement of the difference between the contracted rate and the current market rate over the value of the principal to be paid in cash at a future date.</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>06</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(iv)&nbsp; Forward transactions</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>A forward operation is a contract of purchase or sale, at a fixed price, for settlement on a certain date. Because it is a futures market, in which the purchase of the share will only be made on the date of maturity, a margin deposit is necessary to guarantee the contract. This margin can be in cash or in securities. The value of the margin varies during the contract according to the variation of the share involved in the operation, to the changes of volatility and liquidity, besides the possible additional margins that the broker could request.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The breakdown of the notional and/or contractual values and the fair value of derivatives held for trading by the Organization is as follows:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp; </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Notional amounts</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Asset/(liability)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Futures contracts</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate futures</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Purchases</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>183,952,954</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>96,081,180</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,902</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>3,586</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Sales</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>129,207,143</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>132,837,699</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(19,133)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(154,188)</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp; In foreign currency</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Purchases</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>53,491,092</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>48,376,597</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>3,174</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,243</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Sales</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>65,531,388</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>67,238,635</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(1,911)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(1,003)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp; Other</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Purchases</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>300,160</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>163,224</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>257</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>162</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Sales</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>288,801</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>113,772</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(239)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(114)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Options</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp; Interest rates</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Purchases</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>37,543,735</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>10,663,668</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>560,812</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>101,214</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Sales</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>37,032,836</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>9,616,129</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,031,343)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(535,748)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp; In foreign currency</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Purchases</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,102,480</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>7,335,027</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>898,751</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>605,028</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Sales</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,637,761</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>10,274,094</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(571,867)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(409,587)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp; Other</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Purchases</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>830,352</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>443,443</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>51,704</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>34,013</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Sales</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>723,729</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>228,141</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(42,140)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(20,188)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Forward operations</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp; Interest rates</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Purchases</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>213,196</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>15,577</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp; In foreign currency</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Purchases</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,488,149</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>10,372,477</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>135,002</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>218,019</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Sales</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,609,950</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>14,947,271</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(188,372)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(358,995)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp; Other</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Purchases</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>896,288</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>114,020</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>580,566</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>497,987</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Sales</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>603,890</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>635,522</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,990</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(147,138)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Swap contracts</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp; Asset position</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Interest rate swaps</FONT></I></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>57,751,559</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>56,636,856</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,413,068</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,065,095</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Currency swaps</FONT></I></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,551,428</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>6,161,641</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,758,178</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,340,538</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp; Liability position</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Interest rate swaps</FONT></I></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,737,145</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>31,454,647</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(10,250,643)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(11,030,003)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Currency swaps</FONT></I></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,368,049</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>14,288,568</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,725,826)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(1,618,035)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>07</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Swaps are contracts of interest rates, foreign currency and cross currency and interest rates in which payments of interest or the principal or in one or two different currencies are exchanged for a contractual period. The risks of swap contracts refer to the potential inability or unwillingness of the counterparties to comply with the contractual terms and the risk associated with changes in market conditions due to changes in the interest rates and the currency exchange rates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The interest rate and currency futures and the forward contracts of interest rates call for subsequent delivery of an instrument at a specific price or specific profitability. The reference values constitute a nominal value of the respective instrument whose variations in price are settled daily. The credit risk associated with futures contracts is minimized due to these daily settlements. Futures contracts are also subject to risk of changes in interest rates or in the value of the respective instruments.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Credit Default Swap &#8211; CDS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In general, these represent a bilateral contract in which one of the counterparties buys protection against a credit risk of a particular financial instrument (its risk is transferred). The counterparty that sells the protection receives a remuneration that is usually paid linearly over the life of the operation. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In the event of a default, the counterparty who purchased the protection will receive a payment, the purpose of which is to compensate for the loss of value in the financial instrument. In this case, the counterparty that sells the protection normally will receive the</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>underlying asset in exchange for said payment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31 - R$ thousand</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk received in credit Swaps:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,330,639</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>584,987</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Debt securities issued by companies</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>749,735</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>468,214</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Bonds of the Brazilian public debt</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,574,317</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>116,773</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Bonds of foreign public debt</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,587</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk transferred in credit Swaps:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(271,236)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Brazilian public debt derivatives</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(96,870)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Foreign public debt derivatives</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(174,366)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total net credit risk value</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,059,403</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>584,987</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Effect on Shareholders' Equity</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,551</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>49,162</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Remuneration on the counterparty receiving the risk</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,372)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>195</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The contracts related to credit derivatives transactions described above are due in 2025. There were no credit events, as defined in the agreements, during the period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization has the following economic hedging transactions:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Fair-value hedge of interest rate risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization uses interest rate swaps to protect its exposure to changes in the fair value of its fixed income issuances and certain loans and advances. The interest rate swaps are matched with specific issuances or fixed income loans.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Cash Flow Hedge</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The financial instruments classified in this category, aims to reduce exposure to future changes in interest rates, which impact the operating results of the Organization. The effective portion of the valuations or devaluations of these instruments is recognized in a separate account of shareholders' equity, net of tax effects and is only transferred to income in two situations: (i) in case of ineffectiveness of the hedge; or (ii) the realization of the hedge object. The ineffective portion of the respective hedge is recognized directly in the income statement. </FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>08</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; LINE-HEIGHT: 8pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Strategy</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31 - R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hedge instrument nominal value</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hedge object accounting value</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair Value Accumulated Adjustments in shareholders' equity (gross of tax effects)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair Value Accumulated Adjustments in shareholders' equity (net of tax effects)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Hedge of interest receipts from investments in securities (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,784,183</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,048,943</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Hedge of interest payments on funding (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,285,152</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,054,345</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(140,745)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(84,447)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total in 2018</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,069,335</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,103,288</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(140,745)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(84,447)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#c0c0c0 face=arial,sans-serif>*</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Hedge of interest receipts from investments in securities (1)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,030,487</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,708,544</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>40,060</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24,036</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Hedge of interest payments on funding (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,769,979</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,671,048</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(84,044)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(50,426)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total in 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,800,466</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,379,592</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(43,984)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(26,390)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) Referring to the DI interest rate risk, using DI Futures contracts in B3, with the maturity in 2019, making the cash flow fixed; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2) Referring to the DI interest rate risk, using DI Futures contracts in B3, with maturity dates in 2020, making the cash flow fixed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>The effectiveness of the hedge portfolio is in accordance with accounting standards.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>For the next 12 months, the gains/(losses) related to the cash flow hedge, which we expect to recognize in the income statement, amount to R$(33,690) thousand.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The gains/(losses) related to the cash flow hedge recorded in the income statements in the year ended on December 31, 2018 were R$22,970 thousand (2017 &#8211; R$13,944 thousand).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Market risk hedge </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The gains and losses, realized or not, of the financial instruments classified in this category, are recorded in the Statement of Income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Hedge of investments abroad</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The financial instruments classified in this category, have the objective of reducing the exposure to foreign exchange variation of investments abroad, whose functional currency is different from the national currency, which impacts the result of the Organization. The effective portion of the valuations or devaluations of these instruments is recognized in a separate account of shareholders' equity, net of tax effects and is only transferred to income in two situations: (i) hedge ineffectiveness; or (ii) in the disposal or partial sale of the foreign operation. The ineffective portion of the respective hedge is recognized directly in the income statement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Strategy</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="60%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31 - R$ thousand</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hedge instrument nominal value</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hedge object accounting value</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair Value Accumulated Adjustments in shareholders' equity (gross of tax effects)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair Value Accumulated Adjustments in shareholders' equity (net of tax effects)</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Hedge of exchange variation on future cash flows (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,375,232</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>755,611</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(269,039)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(161,423)</FONT></P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total in 2018</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,375,232</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>755,611</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(269,039)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(161,423)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=arial,sans-serif>*</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">&nbsp;</TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hedge of exchange variation on future cash flows (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,110,888</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>582,567</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(59,739)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(35,843)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total in 2017</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,110,888</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>582,567</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(59,739)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(35,843)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) Whose functional currency is different from the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>, using Forward contracts, with the object of hedging the foreign investment referenced to MXN (Mexican Peso).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>The effectiveness of the hedge portfolio is in accordance with accounting standards .</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>For the next 12 months, the gains/(losses) related to the hedge of investments abroad, which we expect to recognize in the result, amount to R$4,775 thousand.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>09</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>

<HR align=center SIZE=2 width="100%" noShade>

</FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Gains/(losses) related to the hedge of investments abroad recorded in income accounts in the year ended on December 31, 2018 were R$(7,943) thousand (2017 &#8211; R$(359) thousand).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Other derivatives designated as hedges</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization uses this category of instruments to manage its exposure to currency, interest rate, equity market and credit risks. Instruments used include interest-rate swaps, interest-rate swaps in foreign currency, forward contracts, futures, options, credit swaps and stock swaps. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Unobservable gains on initial recognition</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>When the valuation depends on unobservable data any initial gain or loss on financial instruments is deferred over the life of the contract or until the instrument is redeemed, transferred, sold or the fair value becomes observable. All derivatives which are part of the hedge relationships are valued on the basis of observable market data.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The nominal values do not reflect the actual risk assumed by the Organization, since the net position of these financial instruments arises from compensation and/or combination thereof. The net position is used by the Organization especially to protect interest rates, the price of the underlying assets or exchange risk. The result of these financial instruments are recognized in &#8220;Net gains and losses of financial assets held for trading&#8221;, in the consolidated statement of income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Offsetting of financial assets and liabilities </FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>In accordance with IFRS 7, Bradesco must present the amounts related to financial instruments subject to master clearing agreements or similar agreements. In accordance with IAS 32, a financial asset and a financial liability are offset and their net value presented in the Consolidated Balance Sheet when, and only when, there is a legally enforceable right to offset the amounts recognized and the Bank intends to settle them in a liquid basis, or to realize the asset and settle the liability simultaneously.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>The table below presents financial assets and liabilities subject to compensation:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 11.6pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31, 2018</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Amount of financial assets, gross</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Related amount offset in the Balance Sheet</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net amount</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Interbank investments</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>60,443,537</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>60,443,537</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,770,594</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,770,594</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31, 2018</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Amount of financial liabilities, gross</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Related amount offset in the Balance Sheet</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net amount</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Securities sold under agreements to repurchase</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>190,911,877</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>190,911,877</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,152,087</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,152,087</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>On December 31, 2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amount of financial assets, gross</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Related amount offset in the Balance Sheet</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net amount</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Interbank investments</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>123,691,195</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>123,691,195</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,866,885</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,866,885</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>10</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31, 2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Amount of financial liabilities, gross</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Related amount offset in the Balance Sheet</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net amount</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Securities sold under agreements to repurchase</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>233,467,544</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>233,467,544</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,274,999</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,274,999</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On December 31, 2018 and 2017, Bradesco does not have financial instruments in its balance sheet as a result of failing to meet the IAS 32 compensation criteria, or because it has no intention to liquidate them on a net basis, or to realize the assets and settle the liabilities simultaneously.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc284885109"></A><A name="_Toc1554829"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>24)&nbsp;&nbsp; Financial assets at fair value through other comprehensive income</FONT></B></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face="Univers 45 Light"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 39.1pt; TEXT-INDENT: -17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Financial assets at fair value through other comprehensive income</FONT></B></P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</H1>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Amortized cost</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gross unrealized gains</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gross unrealized losses</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Brazilian government securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>146,656,888</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,251,206</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(89,339)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>15</FONT>0<FONT style="FONT-SIZE: 8pt" face=Arial>,</FONT>818,755</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Corporate debt securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,932,857</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>187,874</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(145,537)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,975,194</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Bank debt securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,371,576</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,435</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(567,935)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,921,076</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Brazilian sovereign bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,573,965</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,832</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(38,130)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,564,667</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Mutual funds</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,856,590</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,742</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,971)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,841,361</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Marketable equity securities and other stocks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,685,525</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>682,783</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,438,825)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,929,483</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balance on December 31, 2018 (1)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>175,077,401</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,269,872</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,296,737)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>178,050,536</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-GB style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) In June 2018, the Management decided to reclassify the Securities measured at fair value through other comprehensive income to be measured at amortized cost, in the amount of R$17,022,922 thousand. This reclassification was the result of the alignment of risk and capital management. Without considering this reclassification of the securities it would have been recognized in other comprehensive income fair value changes, in the amount of R$581,991 thousand. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 39.1pt; TEXT-INDENT: -17.85pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>b)</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Maturity</FONT></B></P>

<P style="MARGIN: 0in 0in 0in 50.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12.85pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 12.85pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" rowSpan=3 width="70%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.85pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31, 2018</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Amortized cost</FONT></B></P></TD>

   <TD style="HEIGHT: 12.85pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt; BORDER-RIGHT: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Due within one year</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>75,814,113</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>75,763,826</FONT></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>From 1 to 5 years</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>65,896,910</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>67,290,177</FONT></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>From 5 to 10 years</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,189,446</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,441,750</FONT></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Over 10 years</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,491,407</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,625,300</FONT></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>No stated maturity</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,685,525</FONT></P></TD>

   <TD style="HEIGHT: 12.85pt; BACKGROUND: white" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,929,483</FONT></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>175,077,401</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.85pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>178,050,536</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The financial instruments pledged as collateral, classified as Financial assets at fair value through other comprehensive income, totalled R$88,969,378 thousand in 2018, being composed mostly of Brazilian government bonds.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization maintained a total of R$2,099,991 thousand in financial assets at fair value through other comprehensive income pledged as collateral for liabilities in 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 39.1pt; TEXT-INDENT: -17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Investments in equity instruments designated at fair value through other comprehensive income</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cost</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Adjustments to Fair Value </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expected loss</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair Value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Marketable equity securities and other stocks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,685,525</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(756,042)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,929,483</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,685,525</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(756,042)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,929,483</FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>11</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U>

<HR align=center SIZE=2 width="100%" noShade>

</P></DIV>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Organization adopted the option of designating equity instruments at fair value through other comprehensive income due to the particularities of a given market.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Reconciliation of expected losses of financial assets at</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>FVOCI</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="47%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stage 1</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stage 2</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stage 3</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total (1)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expected loss of financial assets at VJORA on January 1, 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,370</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>44,482</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>55,714</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>121,566</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transferred to Stage 3</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(748)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(748)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Out of Stage 1</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>748</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>748</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Assets constituted/reversed</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,910)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,579</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>104,271</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>215,940</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expected loss of financial assets at VJORA as of December 31, 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,712</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>162,061</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>160,733</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>337,506</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1)</FONT><FONT lang=EN-GB style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; The expected loss balance is recorded as "Expected Loss on Other Financial Assets" in the Consolidated Statement of Income.</FONT></P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></H1>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="_Toc1554830"></A>25) Financial assets available for sale</FONT></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 39.1pt; TEXT-INDENT: -17.85pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>a)</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Available for sale</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=2 width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="60%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Amortized cost</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Gross unrealized gains</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Gross unrealized losses</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Fair value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Brazilian government securities</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>101,822,760</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,881,077</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(422,079)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>103,281,758</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Corporate debt securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>40,875,928</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>836,715</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,734,013)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,978,630</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bank debt securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,251,066</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>169,142</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(236,355)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,183,853</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Brazilian sovereign bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>719,494</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>27,326</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(18,693)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>728,127</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Foreign governments securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,210,554</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>175</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8,182)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,202,547</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Marketable equity securities and other stocks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,302,834</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>620,896</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(885,923)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,037,807</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance on December 31, 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>159,182,636</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,535,331</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,305,245)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>159,412,722</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 39.1pt; TEXT-INDENT: -17.85pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>b)</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Maturity</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid" rowSpan=3 width="70%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31, 2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Amortized cost</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Fair value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Due within one year</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>31,635,369</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>31,167,067</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>From 1 to 5 years</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>83,579,399</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>83,816,085</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>From 5 to 10 years</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,004,079</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,363,350</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Over 10 years</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,660,955</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,028,413</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>No stated maturity</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,302,834</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,037,807</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>159,182,636</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>159,412,722</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial instruments pledged as collateral and classified as available for sale, totaled R$59,482,796 thousand in 2017, as disclosed in Note 30 "Financial Assets Pledged as Collateral".</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In 2017, the Organization maintained a total of R$4,391,259 thousand financial assets available for sale pledged as collateral for liabilities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In 2017 there was impairment in financial assets available for sale in the amount of R$1,729,039 thousand.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc466555203"></A></H1>

<a name="_bclFooter117"></a><DIV>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial><U></U></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>12</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="_Toc1554831"></A>26)&nbsp;&nbsp; Loans and advances to financial institutions</FONT></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="70%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Repurchase agreements (1)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>96,304,582</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>21,045,591</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Loans to financial institutions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,946,346</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,207,614</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Impairment of loans and advances</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,978)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,481)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>105,248,950</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>32,247,724</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;(1) </FONT><FONT lang=EN-GB style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>In 2018, it included investments in repo operations given in guarantee</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554832"></A><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>27)&nbsp;&nbsp; Loans and advances to customers</FONT></B></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Working capital</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>55,922,505</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>52,700,584</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Personal credit (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>68,142,457</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>60,570,146</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Housing loans</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>60,594,386</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>59,963,375</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financing and export</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>47,718,443</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>38,272,982</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Onlending BNDES/Finame</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,170,115</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30,655,666</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Credit card</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,553,374</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>37,568,984</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Vehicle loans</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>31,075,027</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>24,741,298</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Rural loans</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,353,943</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,642,478</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Import</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,886,356</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,318,042</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Overdraft for corporates</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,058,014</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,587,239</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Receivable insurance premiums</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,427,560</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,301,472</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Overdraft for individuals</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,764,293</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,582,020</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Leases</FONT></I></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,089,862</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,249,859</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>44,736,320</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>33,659,520</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total portfolio</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>411,492,655</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>373,813,665</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Impairment of loans and advances</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(31,105,579)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(27,055,566)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total of net loans and advances to customers</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>380,387,076</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>346,758,099</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-GB style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>(1) It included, in 2018, R$51,284,334 thousand related to consigned credit (2017 &#8211; R$43,968,511 thousand). </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial Leases Receivables</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Loans and advances to customers include the following financial lease receivables.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Gross investments in financial leases receivable:</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Up to one year</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>929,858</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,118,286</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>From one to five years</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,128,477</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,082,149</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Over five years</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>31,527</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>49,424</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Impairment loss on finance leases</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(128,564)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(146,812)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net investment</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,961,298</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,103,047</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net investments in finance leases:</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Up to one year</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>884,853</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,034,188</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>From one to five years</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,045,773</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,021,089</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Over five years</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30,672</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>47,770</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,961,298</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,103,047</FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>13</FONT></FONT></B></FONT></FONT></B></FONT></U></FONT></U>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV></DIV>

<DIV align=left>

<P></P>

<P style="MARGIN: 0cm 0cm 0pt 21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Loans and advances to customers with expected loss </FONT></B></P>

<P></P>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The total balance of &#8220;Loans and advances to customers with expected loss&#8221; includes renegotiated loans and advances to customers. Such loans contemplate extension of loan payment terms, grace periods, reductions in interest rates, and/or, in some cases, the forgiveness (write-off) of part of the loan principal amount. </FONT></P>

<P></P>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Renegotiations may occur after debts are past due or when the Company has information about a significant deterioration in the client&#8217;s creditworthiness. The purpose of such renegotiations is to adapt the loan to reflect the client&#8217;s actual payment capacity.</FONT></P>

<P></P>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The following table shows changes made and our analysis of our portfolio of renegotiated loans and advances to customers:</FONT></P>

<P></P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Opening balance</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,183,869</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,501,423</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Additional renegotiated amounts, including interest</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,193,567</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,185,863</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Payments received</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,472,888)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(10,108,040)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Write-offs</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,761,336)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,395,377)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Closing balance</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,143,212</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,183,869</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expected loss on loans and advances</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,015,820)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impairment of loans and advances</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(10,853,777)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total renegotiated loans and advances to customers, net of impairment at the end of the year</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,127,392</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,330,092</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impairment on renegotiated loans and advances as a percentage of the renegotiated portfolio</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>40.9%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>63.2%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total renegotiated loans and advances as a percentage of the total loan portfolio</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.2%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.6%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total renegotiated loans and advances as a percentage of the total loan portfolio, net of impairment</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.7%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.8%</FONT></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></DIV>

<P></P>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>At the time a loan is modified, Management considers the new loan's conditions and renegotiated maturity and it is no longer considered past due. From the date of modification, renegotiated interest begins to accrue, using the effective interest rate method, taking into consideration the customer&#8217;s capacity to pay the loan based on the analysis made by Management. If the customer fails to maintain the new negotiated terms, management considers ceasing accrual from that point.</FONT></P>

<P></P>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Additionally, any balances related to renegotiated loans and advances to customers that have already been written off and recorded in off-balance sheet accounts, as well as any gains from renegotiations, are recognized only when received.</FONT></P>

<P></P>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Reconciliation of the gross book value of loans and advances to clients</FONT></B></P>

<P></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="47%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="53%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stage 1</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stage 2</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stage 3</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loans and advances to customers on January 1, 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>301,561,502</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>42,535,223</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,716,940</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>373,813,665</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transferred to Stage 1</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,099,627)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(153,138)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,252,765)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transferred to Stage 2</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,547,801)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(169,851)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,717,652)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transferred to Stage 3</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,206,794)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,078,158)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(10,284,952)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Out of Stage 1</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,547,801</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,206,794</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,754,595</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Out of Stage 2</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,099,627</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,078,158</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,177,785</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Out of Stage 3</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>153,138</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>169,851</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>322,989</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Assets originated/Assets settled or amortized</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>47,475,424</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,969,841)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,921,048</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>56,426,631</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Write-offs</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,747,641)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,747,641)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="47%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loans and advances to customers in December 31, 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>339,535,096</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>37,105,249</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,852,310</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>411,492,655</FONT></B></P></TD></TR></TABLE></DIV>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=arial,sans-serif></FONT></B>&nbsp;</P>

<P></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=arial,sans-serif></FONT></B>&nbsp;</P>

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<DIV align=left><U><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>114</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></FONT></U></DIV></DIV>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Reconciliation of expected losses from loans and advances to clients</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="39%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="61%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stage 1</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stage 2</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stage 3</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total (1)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expected loss on January 1, 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,221,935</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,898,383</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,764,723</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30,885,041</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transferred to Stage 1</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(462,869)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(119,825)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(582,694)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transferred to Stage 2</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(275,265)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(100,420)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(375,685)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transferred to Stage 3</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(301,168)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,211,992)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,513,160)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Out of Stage 1</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>275,265</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>301,168</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>576,433</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Out of Stage 2</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>462,869</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,211,993</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,674,862</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Out of Stage 3</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>119,825</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100,420</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>220,245</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Constitution/(Reversion)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,799,929</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,219,485)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,658,626</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,239,070</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Write-offs</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,747,641)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,747,641)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expected loss on December 31, 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,028,125</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,379,722</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,968,624</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,376,471</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-GB style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>(1) Consider expected losses on loans, commitments to be released and financial guarantees provided.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #bfbfbf" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Balance on December 31,&nbsp; 2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24,780,839</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Impairment of loans and advances</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #bfbfbf" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,860,835</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: windowtext 1pt solid" width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Recovery of credits charged-off as losses</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,034,857</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Write-offs</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(21,620,965)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Balance on December 31,&nbsp; 2017 (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,055,566</FONT></B></P></TD></TR></TABLE></DIV>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-GB style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" color=black face=Arial,sans-serif>(1)</FONT><B><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif> </FONT></B><FONT lang=EN-GB style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" color=black face=Arial,sans-serif>Does not include the effects of the initial adoption of IFRS 9, in the amount of R$3,829,475 thousand.</FONT></H1>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>ALL expense with expected net loss of recoveries</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="63%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Years ended December 31 - R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Amount recorded</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,239,070 </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,895,692 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Amount recovered</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,147,095)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,034,857)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Allowance for Loan Losses expense net of amounts recovered</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,091,975 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,860,835 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=3>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<P><A name="_Toc1554833"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>28)&nbsp;&nbsp; Bonds and securities at amortized cost</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face="Univers 45 Light"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Amortized cost</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gross unrealized gains</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gross unrealized losses</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Securities:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Brazilian government securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>82,661,682</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,677,826</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,681)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>90,337,827</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Corporate debt securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>57,943,056</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>598,676</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,955,900)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>56,585,832</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balance on December 31, 2018 (1)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>140,604,738</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,276,502</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,957,581)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>146,923,659</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) In 2018, no reclassifications were made of Financial Assets at amortized cost &#8211; Bonds and securities for other categories of financial assets; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2) The balance in question is not accounted.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Maturity</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 9.05pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.05pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="70%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31, 2018</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Amortized cost</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Due within one year</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,257,886</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,213,891</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>From 1 to 5 years</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>91,922,854</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>94,608,001</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>From 5 to 10 years</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,437,110</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,307,290</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Over 10 years</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,986,888</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>31,794,477</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>140,604,738</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>146,923,659</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>15</FONT></FONT></B></FONT></FONT></B></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The financial instruments pledged as collateral, classified as financial assets at amortized cost, totalled R$22,475,483 thousand in 2018, being composed mostly of Brazilian government bonds.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization maintained a total of R$2,134 thousand in financial assets at amortized cost pledged as collateral for liabilities in 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Reconciliation of expected losses of financial assets at amortized cost</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 9.05pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.05pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stage 1</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stage 2</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Stage 3</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total (1)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expected loss of financial assets at amortized cost on January 1, 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>91,223</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>505,955</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,467,942</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,065,120</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transferred to Stage 1</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,372)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(49,146)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(50,518)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transferred to Stage 2</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(39,578)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(114,523)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(154,101)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transferred to Stage 3</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(30,374)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(30,374)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Out of Stage 1</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>39,578</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>39,578</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Out of Stage 2</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,372</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30,374</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>31,746</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Out of Stage 3</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>49,146</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>114,523</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>163,669</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Assets constitued/reversed</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>76,044</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>160,711</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>720,164</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>956,919</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expected loss of financial assets at amortized cost on December 31, 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>178,207</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>789,021</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,054,811</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,022,039</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1)&nbsp; The expected loss balance is recorded as "Expected Loss on Other Financial Assets" in the Consolidated Statement of Income.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc284885112"></A><A name="_Toc1554834"></A><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>29)&nbsp;&nbsp; Investments held to maturity</FONT></B></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; LINE-HEIGHT: 8pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 9.05pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" rowSpan=2 width="47%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="53%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Amortized cost</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Gross unrealized gains</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Gross unrealized losses</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Fair value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt" width="47%">

   <P style="MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Securities:</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt" width="14%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf" width="47%">

   <P style="MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Brazilian government securities</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-LEFT: windowtext 1pt solid" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,738,940</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,442,844</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-LEFT: windowtext 1pt solid" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,489)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>29,175,295</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt" width="47%">

   <P style="MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Corporate debt securities</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,259,564</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>126,092</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(421,874)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,963,782</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf" width="47%">

   <P style="MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Brazilian sovereign bonds</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-LEFT: windowtext 1pt solid" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,614</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-LEFT: windowtext 1pt solid" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(420)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,194</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid" width="47%">

   <P style="MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance on December 31, 2017</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,006,118</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,568,936</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(428,783)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>41,146,271</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Maturity</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 9.05pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.05pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31, 2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Amortized cost</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Fair value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.05pt; BORDER-RIGHT: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Due within one year</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>29,412</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>28,998</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>From 1 to 5 years</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,284,940</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,070,179</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>From 5 to 10 years</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,933,866</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,840,428</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Over 10 years</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,757,900</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>28,206,666</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,006,118</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>41,146,271</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization maintained a total of R$2,005 thousand in assets held to maturity pledged as collateral for liabilities in 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In 2017 there was impairment in investments held to maturity to the amount of R$54,520 thousand.</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif> </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554835"></A><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>30)&nbsp;&nbsp; Financial assets granted as collateral</FONT></B></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 9.05pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.05pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="85%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.05pt; BORDER-RIGHT: #000000 1px solid" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Held for trading</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.05pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>801,182</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Brazilian government securities</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>801,182</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Available for sale (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>59,482,796</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Brazilian government securities</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>53,039,884</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Corporate debt securities</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>825,287</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Bank debt securities</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,904,070</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Brazilian sovereign bonds</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>713,555</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Loans and advances to banks</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>123,691,195</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Interbank investments (2)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>123,691,195</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>183,975,173</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) In 2017, it included unrealized gains in the amount of R$3,246,351 thousand and unrealized losses in the amount of R$557,974 thousand; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2) Refers to the repo operations in which the ballast was subsequently given in another repo operation.</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P>

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<P></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>16</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Collateral are conditional commitments to ensure that the contractual clauses of a funding in the open market are complied with. In these collateral, the amount of R$178,964,158 thousand may be repledged and R$5,011,015 thousand sold or repledged.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face="Univers 45 Light"></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554836"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>31)&nbsp;&nbsp; Non-current assets held for sale</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><A name="_Toc176337484"></A>&nbsp;&nbsp; <B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Assets not for own use</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,120,434</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,250,380</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Vehicles and similar</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>231,105</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>262,774</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Machinery and equipment</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>585</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,037</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,206</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,782</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,353,330</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,520,973</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The properties or other non-current assets received in total or partial settlement of the payment obligations of debtors are considered as non-operating assets held for sale in auctions, which normally occur in up to one year. Therefore, non-current assets held for sale include the book value of the items the Organization intends to sell, which in their current condition is highly probable and expected to occur within a year.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc284885113"></A></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>17</FONT></FONT></B></FONT></FONT></B></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="_Toc1554837"></A>32)&nbsp;&nbsp; Investments in associates and joint ventures</FONT></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -14.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>a)&nbsp; Breakdown of investments in associates and joint ventures</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Companies</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%" colSpan=10>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equity interest</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Shareholding interest with voting rights</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investment book value</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equity in net income (loss)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Associates and joint ventures current assets</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Associates and joint ventures non - current assets</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Associates and joint ventures current liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Associates and joint ventures non - current liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Revenue (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Associates and joint ventures net income (loss) for the year</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cielo S.A. (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>30.06%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>30.06%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>4,679,589</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,011,125</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>65,967,300</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>16,595,791</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>56,802,838</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,890,157</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,883,033</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,341,909</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>IRB - Brasil Resseguros S.A. (3) (4)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>15.23%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>15.23%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>606,161</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>174,277</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>10,265,219</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>5,417,377</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>10,845,420</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>873,938</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,036,160</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,139,542</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fleury S.A. (3) (5)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16.28%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16.28%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>699,927</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>38,805</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,510,304</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2,482,580</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>640,899</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,570,942</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,642,751</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>238,558</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Aquarius Participa&#231;&#245;es S.A. (6)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>49.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>49.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>43,030</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>130,769</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>19,096</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>86,626</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>17,907</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>266,876</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Haitong Banco de Investimento do Brasil S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>20.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>20.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>100,597</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>602</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2,587,712</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,503,374</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2,210,690</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,880,396</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,362,896</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,010</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cia. Brasileira de Gest&#227;o e Servi&#231;os S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>41.85%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>41.85%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>127,677</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>8,895</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>230,503</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>100,052</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>22,207</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,258</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>174,816</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>21,254</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>NCR Brasil Ind&#250;stria de Equipamentos para Automa&#231;&#227;o S.A. (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>49.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>49.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>52,571</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>6,689</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>305,278</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>30,249</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>207,894</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,601</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,651</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tecnologia Banc&#225;ria S.A. (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>24.32%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>24.32%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>115,433</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(8,492)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>471,119</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,488,542</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>511,883</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,035,574</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,225,362</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(34,918)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Swiss Re Corporate Solutions Brasil (3) (8)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>40.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>40.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>345,036</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(10,998)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2,110,050</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,479,827</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2,509,280</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>246,060</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>973,422</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(27,494)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gestora de Intelig&#234;ncia de Cr&#233;dito S.A. (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>20.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>20.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>59,098</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(6,466)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>165,299</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>173,083</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>42,894</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,726</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(32,330)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>35,083</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>33,788</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total investments in associates</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,864,202</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,378,994</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>83,631,880</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,357,501</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>73,811,912</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,500,325</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>21,321,767</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,930,058</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Elo Participa&#231;&#245;es S.A. (9)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>50.01%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>50.01%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,191,343</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>288,938</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>718,623</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,981,596</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>170,683</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,220</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>28,938</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>573,968</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Crediare S.A. &#8211; Cr&#233;dito, Financiamento e Investimento</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>50.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>50.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>70,254</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>12,473</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>330,042</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>66,980</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>161,458</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>136,193</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>24,946</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>MPO - Processadora de Pagamentos M&#243;veis S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>50.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>50.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(30)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2,284</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,696</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>4,112</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>154</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(60)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total investments in joint ventures</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,261,597</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>301,381</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,050,949</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2,050,272</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>336,253</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>8,220</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>165,285</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>598,854</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total on December 31, 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,125,799</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,680,375</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>84,682,829</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>31,407,773</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>74,148,165</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,508,545</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,487,052</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,528,912</FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=left>

<DIV align=right><U><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT></FONT></U>&nbsp;</DIV>

<DIV align=right><U><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT></FONT></U>&nbsp;</DIV>

<DIV align=right>

<P></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>18</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><A name="_Toc176337485"></A><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Companies</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%" colSpan=10>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equity interest</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Shareholding interest with voting rights</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investment book value</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equity in net income (loss)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Associates and joint ventures current assets</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Associates and joint ventures non - current assets</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Associates and joint ventures current liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Associates and joint ventures non - current liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Revenue (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Associates and joint ventures net income (loss) for the year</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt"></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cielo S.A. (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>30.06%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>30.06%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>4,832,660</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,219,202</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>76,403,596</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>13,151,540</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>71,020,292</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,833,491</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,561,394</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,056,077</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>IRB - Brasil Resseguros S.A. (3) (4)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>15.23%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>15.23%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>543,025</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>182,432</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>8,512,491</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>6,124,173</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>10,138,711</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>947,514</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,550,438</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,197,846</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fleury S.A. (3) (5)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16.28%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16.28%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>692,380</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>46,791</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,389,026</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2,224,500</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>615,510</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,263,331</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,609,717</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>287,414</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Aquarius Participa&#231;&#245;es S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>49.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>49.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>263,630</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>116,070</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>242,617</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>532,707</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>237,305</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>38</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>236,878</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Haitong Banco de Investimento do Brasil S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>20.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>20.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>105,649</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(22,637)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>3,588,848</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,283,453</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>3,565,394</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>726,468</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,432,770</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(113,185)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cia. Brasileira de Gest&#227;o e Servi&#231;os S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>41.85%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>41.85%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>118,781</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>16,530</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>285,871</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>118,394</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>33,305</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,320</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>61,185</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,498</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>NCR Brasil Ind&#250;stria de Equipamentos para Automa&#231;&#227;o S.A. (3) (8)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>49.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>49.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>46,039</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>4,108</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>221,809</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>28,788</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>141,520</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,270</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,384</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tecnologia Banc&#225;ria S.A. (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>24.32%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>24.32%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>108,752</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>10,209</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>242,480</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>75,702</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>590,872</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>496,090</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,534,235</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>41,973</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Swiss Re Corporate Solutions Brasil (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>40.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>40.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>463,400</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(26,437)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2,178,209</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,511,924</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2,411,600</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>437,278</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>490,079</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(66,093)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gestora de Intelig&#234;ncia de Cr&#233;dito S.A. (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>20.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>20.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>29,513</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(4,642)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>118,961</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>43,253</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>18,594</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(23,210)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>7,129</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2,361</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total investments in associates</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,210,958</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,543,987</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>93,183,908</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25,094,434</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>88,773,103</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,712,492</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,241,126</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,665,582</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Elo Participa&#231;&#245;es S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>50.01%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>50.01%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>978,195</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>162,070</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>420,804</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,776,837</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>96,763</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,967</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,708</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>324,075</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Crediare S.A. &#8211; Cr&#233;dito, Financiamento e Investimento</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>50.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>50.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>68,231</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>12,393</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>339,236</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>119,406</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>324,764</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>161,107</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>24,786</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>MPO - Processadora de Pagamentos M&#243;veis S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>50.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>50.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(39)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2,198</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,612</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,881</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>227</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(78)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total investments in joint ventures</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,046,426</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>174,424</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>762,238</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,897,855</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>421,529</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>7,848</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>180,042</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>348,783</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total on December 31, 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,257,384</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,718,411</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>93,946,146</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>26,992,289</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>89,194,631</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,720,340</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,421,168</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,014,365</FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>19</FONT></FONT></B></FONT></FONT></B></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Companies</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%" colSpan=10>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equity interest</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Shareholding interest with voting rights</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investment book value</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equity in net income (loss)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Associates and joint ventures current assets</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Associates and joint ventures non - current assets</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Associates and joint ventures current liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Associates and joint ventures non - current liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Revenue (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Associates and joint ventures net income (loss) for the year</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt"></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cielo S.A. (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>30.06%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>30.06%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>4,108,743</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,204,520</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>13,699,378</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>10,654,621</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>15,004,712</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>392,167</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,007,233</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>IRB - Brasil Resseguros S.A. (3) (4)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>20.51%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>20.51%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>662,460</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>132,668</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>8,484,793</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>5,828,133</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>10,238,221</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>844,876</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,185</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>646,823</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fleury S.A. (3) (5)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16.39%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16.39%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>651,906</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>17,506</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,343,162</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2,021,981</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>429,411</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,166,607</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,045,898</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>106,829</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Aquarius Participa&#231;&#245;es S.A. (6)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>49.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>49.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>263,632</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>73,640</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>150,233</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>538,267</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>150,474</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>150,286</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Haitong Banco de Investimento do Brasil S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>20.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>20.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>127,922</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,596</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>8,187,596</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>493,325</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>8,041,309</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,243,442</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,980</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Cia. Brasileira de Gest&#227;o e Servi&#231;os S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>41.85%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>41.85%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>102,251</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>18,517</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>247,475</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>109,390</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>44,890</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22,642</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>44,246</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tecnologia Banc&#225;ria S.A. (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>24.32%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>24.32%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>98,543</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>71,232</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>193,546</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,117,398</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>499,341</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>406,459</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>686,800</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>292,862</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>NCR Brasil Ind&#250;stria de Equipamentos para Automa&#231;&#227;o S.A. (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>49.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>49.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>73,789</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(7,024)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>171,823</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>27,780</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>111,755</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>330,985</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(14,335)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Empresa Brasileira de Solda El&#233;trica S.A. (3) (8)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>3,168</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total investments in associates</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>6,089,246</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,515,823</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>32,478,006</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>20,790,895</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>34,520,113</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2,417,942</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>7,725,119</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>5,241,924</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Elo Participa&#231;&#245;es S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>50.01%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>50.01%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>849,355</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>198,457</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>352,179</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,596,527</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>107,627</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,879</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>396,835</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Crediare S.A. &#8211; Cr&#233;dito, Financiamento e Investimento</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>50.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>50.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>64,174</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>8,721</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>443,978</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>3,883</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>317,298</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>164,026</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,442</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>MPO - Processadora de Pagamentos M&#243;veis S.A.</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>50.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>50.00%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(49)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>3,538</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>3,532</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>256</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(98)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Leader S.A. Adm. de Cart&#245;es de Cr&#233;dito (3) (7)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(23,227)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total investments in joint ventures</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>913,532</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>183,902</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>799,695</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,600,410</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>428,457</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>183,161</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>414,179</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total on December 31, 2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,002,778</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,699,725</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>33,277,701</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,391,305</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,948,570</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,417,942</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,908,280</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,656,103</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 3pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(1) Revenues from financial intermediation or services; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(2) Brazilian company, services provider related to credit and debit cards and other means of payment. In 2018, the Organization received R$1,204,069 thousand of dividends and interest on capital of this investment. In its financial statements, Cielo S.A. presented R$6,948 thousand of other comprehensive income;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(3) Companies for which the equity accounting adjustments are calculated using statements of financial position and statements of income with lag in relation to the reporting date of these consolidated financial statements;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(4) Bradesco has a board member at IRB-Brasil with voting rights, which results in significant influence;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(5) Participation in Fleury S.A. (i) company considered using equity method as Bradesco has significant influence due its participation on the Board of the Directors and other Committees;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(6) In 2018, occurred the partial spin-off and consolidation of Fidelity Processadora S.A., controlled by Aquarius Participa&#231;&#245;es S.A.;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(7) In April 2016, it was consolidated after acquisition of 50% of the company;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(8) In 2018, impairment losses were recorded in "associates and jointly controlled entities" in the amount of R$107,000 thousand. In 2017, it was recorded, in the amount of R$31,868 thousand, on the investment in NCR Brasil S.A. (In 2016, R$37,122 thousand on the investment in EBSE &#8211; Empresa Brasileira de Solda El&#233;trica S.A.); and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(9) Brazilian company, holding company that consolidates joint business related to electronic means of payment. In 2018, the Organization received R$38,278 thousand of dividends from this investment. In its financial statements, Elo Participa&#231;&#245;es S.A. presented R$44 thousand of other comprehensive income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>20</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<DIV style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In 2018, with the exception of Cielo S.A., IRB &#8211; Brasil Resseguros S.A. (IRB) and Fleury S.A., the other investments mentioned in the table above were not traded regularly on any stock exchange. The market value of these investments totaled R$12,240,547 thousand (2017 &#8211; R$22,340,660 thousand). The Organization does not have any contingent liability for investments in Associates, in which it is responsible for, in part or in full.</FONT></P>

<P style="MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -14.15pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>b)&nbsp; Changes in associates</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=2 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><A name="_Toc284885114"></A>&nbsp; <FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Initial balances</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,257,384</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,002,778</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Acquisitions (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>54,019</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>524,155</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Spin-off of associates (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,175)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(170,006)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transfer (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(338,315)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,953</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Equity in net income of associates</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,680,375</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,718,411</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Dividends/Interest on capital</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,385,537)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(802,662)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Impairment </FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(107,000)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(31,868)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(33,952)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,623</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>At the end of the year</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,125,799</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,257,384</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(1) In 2017, it includes the acquisition of interest in (i) Swiss Re Corporate Solutions Brasil; and in (ii) GIC - Gestora de Intelig&#234;ncia de Cr&#233;dito;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(2) In 2017, there was partial sale of the IRB (Note 43-6); </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(3) In 2018, the partial spin-off and consolidation of Fidelity Processadora S.A., controlled by Aquarius Participa&#231;&#245;es S.A.; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(4) In 2018, there were losses on impairment in associates, in the amount of R$107,000 thousand (2017 &#8211; R$31,868 thousand).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554838"></A><A name="_Toc284885115"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>33)&nbsp;&nbsp; Property and equipment</FONT></B></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>a)&nbsp; Composition of property and equipment by class</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Annual depreciation rate</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Cost</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Accumulated depreciation</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Net</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Buildings</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4%</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,611,299</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(480,093)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,131,206</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Land</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>976,869</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>976,869</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Installations, properties and equipment for use</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,324,483</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,161,651)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,162,832</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Security and communication systems</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>379,099</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(236,293)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>142,806</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Data processing systems</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,231,789</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,677,882)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,553,907</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Transportation systems</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>92,403</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(60,760)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>31,643</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Financial leases of data processing systems</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,474,958</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,647,385)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>827,573</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Balance on December 31, 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,090,900</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,264,064)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,826,836</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Buildings</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,153,407</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(483,266)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,670,141</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Land</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>982,720</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>982,720</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Installations, properties and equipment for use</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,450,939</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,667,455)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,783,484</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Security and communication systems</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>349,228</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(213,879)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>135,349</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Data processing systems</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,950,625</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,329,028)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,621,597</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Transportation systems</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>86,705</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(48,246)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>38,459</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Financial leases of data processing systems</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,431,868</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,231,143)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,200,725</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Balance on December 31, 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,405,492</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,973,017)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,432,475</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Depreciation charges in 2018 amounted to R$1,460,013 thousand (2017 &#8211; R$1,237,328 thousand).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>We enter into finance lease agreements as a lessee for data processing equipment, which are recorded as leased equipment in property and equipment. According to this accounting method, both the asset and the obligation are recognized in the consolidated financial statements and the depreciation of the asset is calculated based on the same depreciation policy as for similar assets. See Note 43 for disclosure of the obligation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>21</FONT></FONT></B></FONT></FONT></B><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif> </FONT></U></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>b)&nbsp;&nbsp;&nbsp; Change in property and equipment by class</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" vAlign=bottom rowSpan=2 width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%" colSpan=7>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Buildings</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Land</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Installations, properties and equipment for use</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Security and communications systems</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Data processing systems (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Transportation systems</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid" width="30%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance on December 31, 2017</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,670,141</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>982,720</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,783,484</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>135,349</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,822,322</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>38,459</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,432,475</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="30%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>766,074</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>143,103</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,045,155</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,005</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>390,398</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,698</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,389,433</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="30%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Write-offs</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(12,168)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(278,602)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(160,587)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,141)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,924)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(459,422)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="30%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Impairment</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(60,371)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(653)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(30,670)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(91,694)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="30%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Depreciation</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(111,274)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(512,825)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(24,754)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(798,646)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(12,514)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,460,013)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="30%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transfer</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(121,196)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>129,648</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,452</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="30%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance from an acquired institution</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,605</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,605</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance on December 31, 2018</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,131,206</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>976,869</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,162,832</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>142,806</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,381,480</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>31,643</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,826,836</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="30%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance on December 31, 2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,698,925</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,027,535</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,872,445</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>132,861</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,618,745</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>46,605</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,397,116</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="30%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>117,888</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>41,777</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>754,606</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>31,134</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>947,314</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,926</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,897,645</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="30%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Write-offs</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(53,151)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(86,592)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(323,217)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,540)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(86,469)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(100)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(552,069)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="30%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Impairment</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(73,568)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(502)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,836)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,288)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(79,194)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="30%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Depreciation</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(28,840)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(521,663)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(24,270)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(649,583)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(12,972)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,237,328)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="30%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transfer</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,887</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,815</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,397)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,305</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance on December 31, 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,670,141</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>982,720</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,783,484</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>135,349</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,822,322</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>38,459</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,432,475</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>&nbsp;(1) Includes financial lease of data processing systems.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17.85pt; TEXT-INDENT: -17.85pt"><A name="_Toc284885116"></A></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17.85pt; TEXT-INDENT: -17.85pt">&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>22</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<DIV style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif><STRONG><BR></STRONG><A name="_Toc1554839"></A><STRONG>34)&nbsp; Intangible assets and goodwill</STRONG></FONT></DIV></DIV>

<P style="MARGIN: 0in 0in 0pt 32.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 3pt 0in 0pt 0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>a)&nbsp;&nbsp; Change in intangible assets and goodwill by class</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="66%" colSpan=6>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Goodwill</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="55%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Intangible Assets</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Acquisition of financial service rights (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Software (1)</FONT></I></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Customer portfolio (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance on December 31, 2017</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,945,313</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,051,898</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,790,418</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,358,689</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>32,989</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,179,307</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Additions/(reductions)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>630,755</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,859,905</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,198,396</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,146)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,683,910</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Impairment (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(162)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(386,265)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(386,427)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amortization</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,116,505)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,361,269)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(864,686)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,782)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,348,242)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance on December 31, 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,576,068</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,795,136</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,241,280</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,494,003</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22,061</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,128,548</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance on December 31, 2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,945,313</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,503,457</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,945,244</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,358,923</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>44,589</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,797,526</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Additions/(reductions)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,549,335</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,203,313</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8,944)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,743,704</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Impairment (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(30,683)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(30,683)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amortization</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,000,894)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,327,456)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,000,234)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,656)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,331,240)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance on December 31, 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,945,313</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,051,898</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,790,418</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,358,689</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>32,989</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,179,307</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(1) Rate of amortization: acquisition of banking rights &#8211; in accordance with contract agreement; software &#8211; 20%; Customer portfolio &#8211; up to 20%; and others &#8211; 20%; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(2) Impairment losses were recognized in the consolidated statement of income, within &#8220;Other operating income/(expenses)&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 63.8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -14.15pt"><A name="_Toc284885117"></A><A name="_Toc474923360"></A><A name="_Toc474919411"></A><A name="_Toc415565927"></A><A name="_Toc415499906"></A><A name="_Toc415498741"></A><A name="_Toc415498617"></A><A name="_Toc415498388"></A><A name="_Toc413337916"></A><A name="_Toc381783429"></A><A name="_Toc379874149"></A><A name="_Toc355707679"></A><A name="_Toc351014067"></A><A name="_Toc320264403"></A><A name="_Toc318995758"></A><A name="_Toc316896343"></A><A name="_Toc312767310"></A><A name="_Toc289782494"></A><A name="_Toc285698406"></A></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -14.15pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>23</FONT></FONT></B></FONT></FONT></B> </P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -14.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>b)&nbsp; Composition of goodwill by segment</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Banking</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,083,686</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,651,347</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Insurance , pension and capitalization bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>492,382</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>293,966</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,576,068</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,945,313</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Cash Generation Units allocated to the banking segment and the insurance, pension and capitalization bonds segment are tested annually for impairment of goodwill. We did not incur any goodwill impairment losses in 2018, 2017 and 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The recoverable amount from the Banking Segment has been determined based on a value-in-use calculation. The calculation uses cash-flow predictions based on financial budgets approved by Management, with a terminal growth rate of 6.9% p.a. (7.1% p.a. in 2017). The forecast cash flows have been discounted at a rate of 12.0% p.a. (13.6% p.a. in 2017).&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The key assumptions described above may change as economic and market conditions change. The Organization estimates that reasonably possible changes in these assumptions within the current economic environment are not expected to cause the recoverable amount of either unit to decline below the carrying amount.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554840"></A><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>35)&nbsp;&nbsp; Other assets</FONT></B></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Financial assets (4) (5)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>43,893,309</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>41,719,483</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Foreign exchange transactions (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,179,828</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,279,327</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Debtors for guarantee deposits (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,729,321</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,840,698</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Securities trading</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,582,663</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,741,524</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Trade and credit receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>664,274</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,016,225</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,737,223</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,841,709</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,372,866</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,134,504</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deferred acquisition cost (insurance) &#8211; Note 40f</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>925,884</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,070,108</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other debtors</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,728,746</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,736,743</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Prepaid expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>741,087</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,244,602</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interbank and interdepartmental accounts</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,427,359</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,480,291</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Other (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,549,790</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,602,760</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>51,266,175</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,853,987</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(1) Mainly refers to purchases in foreign currency made by the institution on behalf of customers and rights in the institution&#8217;s domestic currency, resulting from exchange sale operations; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(2) Refers to deposits resulting from legal or contractual requirements, including guarantees provided in cash, such as those made for the filing of appeals in departments or courts and those made to guarantee services of any nature;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(3) Includes basically trade and credit receivables, material supplies, other advances and payments to be reimbursed;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(4) Financial assets are recorded at amortized cost; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(5) In 2018, there were no losses for impairment of other financial assets.</FONT></P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17.85pt; TEXT-INDENT: -17.85pt"><A name="_Toc284885118"></A><A name="_Toc289782496"></A></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17.85pt; TEXT-INDENT: -17.85pt">&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>24</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

<DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_131"></A>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<DIV style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;<BR></FONT></B>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif><A name="_Toc1554841"></A><STRONG>36) Deposits from banks</STRONG></FONT></P>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><A name="_Toc176337489"></A><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face=arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial liabilities called &#8220;Deposits from banks&#8221; are initially measured at fair value and, subsequently, at amortized cost, using the effective interest rate method.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Composition by nature</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><A name="_Toc284885119"></A>&nbsp; <B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Demand deposits</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,139,729</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,030,292</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Interbank deposits</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>410,975</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,168,625</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Securities sold under agreements to repurchase</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>190,911,877</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>233,467,544</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>29,681,340</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,521,713</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Onlending</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,170,058</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30,769,294</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>247,313,979</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>285,957,468</FONT></B></P></TD></TR></TABLE></DIV>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</H1>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="_Toc1554842"></A>37)&nbsp;&nbsp; Deposits from customers</FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial liabilities called &#8220;Deposits from customers&#8221; are initially measured at fair value and subsequently at amortized cost, using the effective interest rate method.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Composition by nature </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Demand deposits</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>34,178,563</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>33,058,324</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Savings deposits</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>111,170,912</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>103,332,697</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Time deposits</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>195,398,721</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>125,617,424</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>340,748,196</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>262,008,445</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554843"></A><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>38)&nbsp;&nbsp; Funds from securities issued</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 39.1pt; TEXT-INDENT: -17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Composition by type of security issued and location</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Instruments Issued &#8211; Brazil:</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Real estate credit notes</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25,381,719</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,020,911</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Agribusiness notes</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,108,595</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,973,682</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Financial bills</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>104,005,236</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>93,570,141</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Letters of credit property guaranteed (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>476,332</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Subtotal</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>142,971,882</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>131,564,734</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Securities &#8211; Overseas:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Euronotes (2)</FONT></I></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,270,409</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>634,549</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Securities issued through securitization &#8211; (item (b))</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,130,111</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,606,322</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Subtotal</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,400,520</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,240,871</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Structured Operations Certificates</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>656,616</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>368,485</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>148,029,018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>135,174,090</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) Funding is secured by the Real Estate Credit Portfolio,</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=calibri,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>for the amount of R$549,665 thousand, which meets all Central Bank (BACEN) Resolution No. 4,598/17 requirements: 115.38% sufficiency (including fiduciary agent remuneration), liquidity; the asset portfolio's weighted average tenor being 309 months, issuing LIGs (secured real estate notes or 'covered bonds') with tenor 35 months, none due within 180 days, receivables corresponding to 0.05% of total assets and 61.46% of the properties' guarantee amount. The credit portfolio&#8217;s guarantor assets are mostly rated AA and A (66% and 23% respectively). In addition, the LIG Issue and the asset portfolio management policy, as required by Article 11 of BACEN Resolution No. 4,598/17, are located at the following address </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none" color=black face=arial,sans-serif>https://banco.bradesco/html/prime/produtos-servicos/investimentos/letra-imobiliaria-garantida.shtm</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>; and</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2) Issuance of securities in the foreign market to fund customers&#8217; foreign exchange operations, export pre-financing, import financing and working capital financing, substantially in the medium and long terms. </FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>25</FONT></FONT></B></FONT></FONT></B> </P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 39.1pt; TEXT-INDENT: -17.85pt"><A name="_Toc176337491"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Securities issued through securitization</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Since 2003, the Organization uses certain arrangements to optimize its activities of funding and liquidity management by means of an Specific Purpose Entity (SPE). This SPE, which is called International Diversified Payment Rights Company, is financed with long-term bonds which are settled with the future cash flow of the corresponding assets, basically comprising current and future flow of payment orders sent by individuals and legal entities abroad to beneficiaries in Brazil for whom Bradesco acts as payer.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The long-term instruments issued by the SPE and sold to investors will be settled with funds from the payment orders flows. The Organization is required to redeem the instruments in specific cases of default or upon closing of the operations of the SPE.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The funds deriving from the sale of current and future payment orders flows, received by the SPE, must be maintained in a specific bank account until they reach a given minimum level.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>We show below the amounts of the securities issued by the SPE, which appear in the &#8220;Funding from issuance of securities&#8221; line item:</FONT></P>

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<TR style="HEIGHT: 11.6pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="60%" colSpan=5>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Date of Issue</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Nominal amount</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Maturity</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="24%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" rowSpan=9 width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Securitization of the future flow of payment orders received from abroad</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>19.12.2008</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,168,500</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20.02.2019</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>84</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>348,524</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17<FONT style="FONT-SIZE: 8pt" face=Arial>.</FONT>12<FONT style="FONT-SIZE: 8pt" face=Arial>.</FONT>2009</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>89,115</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20.02.2020</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>29,635</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>49,594</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16<FONT style="FONT-SIZE: 8pt" face=Arial>.</FONT>11<FONT style="FONT-SIZE: 8pt" face=Arial>.</FONT>2011</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>88,860</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20.11.2018</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,068</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16<FONT style="FONT-SIZE: 8pt" face=Arial>.</FONT>11,2011</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>133,290</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22.11.2021</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>124,949</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>139,678</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>23.12.2015</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>390,480</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>21.11.2022</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>318,115</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>330,311</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>23.12.2015</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>390,480</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20.11.2020</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>246,995</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>318,934</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>02.02.2016</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>889,725</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22.02.2021</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>713,740</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>871,260</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30.03.2016</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>533,835</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22.02.2021</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>423,304</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>521,953</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12.05.2018</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,121,100</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22.02.2021</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,273,289</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,805,385</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="12%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,130,111</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,606,322</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 39.1pt; TEXT-INDENT: -17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Net financial activity in the issuance of securities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="70%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Opening balance on December 31</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>135,174,090</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>151,101,938</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Issuance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>85,963,195</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,237,380</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,054,699</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,262,613</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Settlement and interest payments</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(82,973,990)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(91,324,496)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange variation and others</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>811,024</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(103,345)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Closing balance on December 31</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>148,029,018</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>135,174,090</FONT></B></P></TD></TR></TABLE></DIV>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc284885121"></A></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>26</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

<DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_133"></A>

<a name="_bclHeader133"></a><DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="_Toc1554844"></A><STRONG>39)&nbsp;&nbsp; Subordinated debt</STRONG></FONT></P></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 25.1pt; TEXT-INDENT: -0.25in"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 25.1pt; TEXT-INDENT: -0.25in"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>a)&nbsp;&nbsp; Composition of subordinated debt</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; LINE-HEIGHT: 8pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><A name="_Toc289782503"></A><A name="_Toc285698414"></A><A name="_Toc285642893"></A><A name="_Toc285538759"></A><A name="_Toc284885124"></A><A name="_Toc284697630"></A><A name="_Toc311210604"></A><A name="_Toc311128505"></A><A name="_Toc312767387"></A><A name="_Toc311210603"></A><A name="_Toc311128504"></A><A name="_Toc320264480"></A><A name="_Toc318995835"></A><A name="_Toc316896420"></A><A name="_Toc351014073"></A><A name="_Toc474923366"></A><A name="_Toc474919417"></A><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Maturity</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" colSpan=4>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31 - R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Original term in years</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Nominal amount</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>In Brazil:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">&nbsp;</TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Subordinated CDB:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2019</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,000</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>69,851</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,303</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financial bills:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2018 (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,130,108</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2019</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>21,858</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,261</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>36,139</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2018 (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>316,757</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2019</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,172,835</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,490,180</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,436,734</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2020</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,700</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,038</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,801</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2022</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,305,011</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,010,103</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,597,559</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2023</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,359,452</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,829,083</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,699,872</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2024</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>67,450</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>80,479</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>73,861</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2025 (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,425,906</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,578,707</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2018 (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>119,417</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2019</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,735</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>31,742</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,184</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2020</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>28,556</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>59,398</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>54,383</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2021</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,236</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,192</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,027</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2023</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,706,846</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,464,978</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,265,488</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2024</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>136,695</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>172,590</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>159,205</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2025</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,193,653</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,427,806</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,624,611</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2026 (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>870,300</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>894,417</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2021</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,000</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,064</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,125</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2024</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,924</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,444</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,611</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2025</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>400,944</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>491,031</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>457,679</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2027 (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>144,900</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>149,211</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2021</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>19,200</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>44,962</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>40,429</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2022</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>54,143</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>108,467</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>99,338</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2023</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>688,064</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,146,189</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,070,085</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2025</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>284,137</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>451,136</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>392,376</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2026</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>361,196</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>480,443</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>438,776</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2027</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>258,743</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>295,946</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>273,498</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2028 (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>248,300</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>257,524</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2026</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,400</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,622</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,271</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2027</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>47,046</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>58,346</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>53,996</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2028</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>74,764</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>84,304</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>77,079</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Perpetual (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,201,200</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,254,743</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,004,967</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Subtotal in Brazil</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>40,002,257</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>38,541,679</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Overseas:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2019</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,333,575</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,953,103</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,520,963</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2021</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,766,650</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,355,614</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,697,115</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2022</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,886,720</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,332,470</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,419,644</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Subtotal overseas</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,641,187</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,637,722</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total </FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>53,643,444</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50,179,401</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) Subordinated debt transactions that matured in 2018; and</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2) Issuance of subordinated financial letters, under the heading &#8220;Subordinated debt&#8221;.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 2.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>12<FONT style="FONT-SIZE: 9pt" face=Arial>7</FONT></FONT></B></FONT></FONT></B></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 24.95pt; TEXT-INDENT: -17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>b)&nbsp;&nbsp; Net movement of subordinated debt</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=2 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #bfbfbf; BORDER-LEFT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2016</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Initial balances</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>52,611,064 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50,282,936 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance originating from an acquired institution</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #bfbfbf; BORDER-LEFT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,401,348 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Issuances</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,594,610 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-LEFT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,787,207 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Interest</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,100,017 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #bfbfbf; BORDER-LEFT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,298,555 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Payments and other</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(14,126,290)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-LEFT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(9,158,982)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>At the end of the year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50,179,401 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>52,611,064 </FONT></B></P></TD></TR></TABLE></DIV>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc415498397"></A><A name="_Toc284885127"></A><A name="_Toc316896426"></A><A name="_Toc289782506"></A></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>28</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<DIV style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="_Toc1554845"></A><STRONG>40)&nbsp;&nbsp; Insurance technical provisions and pension plans</STRONG></FONT></P></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 42.55pt; TEXT-INDENT: -21.25pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=windowtext face=arial,sans-serif>a)&nbsp;&nbsp;&nbsp;&nbsp; Technical provisions by account</FONT></B></P>

<P style="MARGIN: 0in 0in 0in 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=4 width="34%">

   <P style="MARGIN: 0in 0in 0pt"><A name="_Toc320264487"></A><A name="_Toc318995842"></A><A name="_Toc316896428"></A><A name="_Toc312767392"></A><A name="_Toc289782508"></A><A name="_Toc285698418"></A><A name="_Toc285642897"></A><A name="_Toc285538763"></A><A name="_Toc284885128"></A><A name="_Toc284697634"></A>&nbsp; <B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="66%" colSpan=6>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Insurance (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Life and Pension (2)(3)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Current and long-term liabilities</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Mathematical reserve for unvested benefits</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,218,860</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,051,507</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>217,884,791</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>207,818,859</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>219,103,651</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>208,870,366</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Mathematical reserve for vested benefits</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>343,852</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>265,727</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,489,312</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,367,712</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,833,164</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,633,439</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Reserve for claims incurred but not reported (IBNR)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,401,781</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,159,967</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>931,154</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,030,107</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,332,935</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,190,074</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Unearned premium reserve</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,283,281</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,068,716</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>647,709</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>567,369</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,930,990</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,636,085</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Reserve for unsettled claims</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,472,929</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,291,432</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,345,596</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,588,489</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,818,525</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,879,921</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Reserve for financial surplus</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>549,135</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>514,199</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>549,135</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>514,199</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other technical provisions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,186,799</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,996,206</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,823,088</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,369,300</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,009,887</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,365,506</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total reserves</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,907,502</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,833,555</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>235,670,785</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>224,256,035</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>251,578,287</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>239,089,590</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) &#8220;Other technical provisions&#8221; - Insurance includes the Provision for Insufficient Premiums (PIP) of R$ 2,133,130 thousand and the Reserve for Related Expenses of R$ 37,577 thousand;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2) The "Other technical provisions" line of Life and Pension Plan includes "Provision for redemptions and other amounts to be settled" in the amount of R$2,248,238 thousand, "Provision for related expenses" in the amount of R$520,613 thousand, &#8220;Complementary Reserve for Coverage (PCC)&#8221; in the amount of R$1,010,035 thousand and" Other technical provisions", which includes the transfer of R$2,007,136 thousand of the mathematical provisions of benefits to be granted and benefits granted, subject to authorization by SUSEP; and</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3) Includes the unearned Premium Reserve of risks covered not yet issued (PPNG-RVNE) in the amount of R$ 158,535 thousand. </FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>29</FONT></FONT></B></FONT></FONT></B></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0in 42.55pt; TEXT-INDENT: -21.25pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=windowtext face=arial,sans-serif>b)&nbsp;&nbsp;&nbsp; Technical provisions by product</FONT></B></P>

<P style="MARGIN: 0in 0in 0in 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Insurance</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="22%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Life and pension plans (1)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="22%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="22%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Health</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,391,680</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,754,024</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,391,680</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,754,024</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Auto / Liability Insurance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,209,143</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,156,847</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,209,143</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,156,847</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>DPVAT (Personal Injury Caused by Automotive Vehicles)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>601,114</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>506,161</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,756</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,100</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>603,870</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>509,261</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Life</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>310,829 </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,964,900</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,018,884</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,275,729</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,018,884</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>RE (Elementary branch)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,394,736</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,416,523</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,394,736</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,416,523</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Free Benefits Generating Plan - PGBL</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>36,188,888</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>35,087,618</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>36,188,888</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>35,087,618</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Free Benefits Generating Life - VGBL</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>166,104,340</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>158,746,205</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>166,104,340</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>158,746,205</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Traditional plans</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22,409,901</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,400,228</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22,409,901</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,400,228</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="34%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total technical provisions</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,907,502</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,833,555</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>235,670,785</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>224,256,035</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>251,578,287</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>239,089,590</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;(1) Includes personal and pension insurance operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 42.55pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=windowtext face=arial,sans-serif>c)&nbsp;&nbsp;&nbsp;&nbsp; Technical provisions by aggregated products</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="70%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Insurance &#8211; Vehicle, Elementary Lines, Life and Health</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,875,158</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>24,855,539</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Insurance and Pensions - Life with Survival Coverage (VGBL)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>166,104,340</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>158,746,205</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Pensions &#8211; PGBL and Traditional Plans</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>49,527,947</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>47,623,322</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Pensions &#8211; Risk Traditional Plans</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,070,842</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,864,524</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>251,578,287</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>239,089,590</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></U>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>30</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0in 28.35pt; TEXT-INDENT: -14.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=windowtext face=arial,sans-serif>d)&nbsp; Changes in the insurance and pension technical provisions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 53.4pt; TEXT-INDENT: -3.75pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Insurance &#8211; Vehicle, General, Life, Health and Pension </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 53.4pt; TEXT-INDENT: -3.75pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>At the beginning of the year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,720,063</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>31,611,733</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(-) DPVAT insurance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(508,098)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(473,579)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Subtotal at beginning of the year</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,211,965</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>31,138,154</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Additions, net of reversals</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,425,077</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>28,542,623</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Payment of claims, benefits and redemptions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(27,922,007)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(27,156,197)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Adjustment for inflation and interest</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.628.123</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>648,898</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Partial spin-off of large risk portfolio</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(961,513)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Subtotal at end of the period</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,343,158</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>32,211,965</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(+) DPVAT insurance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>602,842</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>508,098</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>At the end of the year</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,946,000</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>32,720,063</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 53.4pt; TEXT-INDENT: -3.75pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Insurance &#8211; Life with Survival Coverage (VGBL)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.75in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>At the beginning of the year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>158,746,205</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>138,670,739</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Receipt of premiums net of fees</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,715,609</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>28,577,437</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Payment of benefits</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(30,563)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(28,758)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Payment of redemptions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(21,008,985)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(18,985,242)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Adjustment for inflation and interest</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,017,088</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>13,468,401</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,335,014)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(2,956,372)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>At the end of the year</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>166,104,340</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>158,746,205</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 53.4pt; TEXT-INDENT: -3.75pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>(iii)</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Pensions &#8211; PGBL and Traditional Plans</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 6pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>At the beginning of the year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>47,623,322</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>45,557,528</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Receipt of premiums net of fees</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,683,007</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>3,446,148</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Payment of benefits</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(858,454)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(759,949)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Payment of redemptions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,615,186)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(2,962,505)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Adjustment for inflation and interest</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,232,938</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>3,656,452</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(537,680)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(1,314,352)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>At the end of the year</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>49,527,947</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>47,623,322</FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=left><U><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>31</FONT></FONT></B></FONT></FONT></B></P></FONT></FONT></U></DIV>

<DIV align=left>

<HR align=center SIZE=2 width="100%" noShade>

</DIV>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0in 42.55pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=windowtext face=arial,sans-serif>e)&nbsp;&nbsp;&nbsp;&nbsp; Guarantees for the technical provisions</FONT></B></P>

<P style="MARGIN: 0in 0in 0in 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=4 width="34%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><A name="_Toc289782511"></A>&nbsp; <B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="66%" colSpan=6>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Insurance</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Life and pension plans</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total technical provisions</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,907,502</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,833,555</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>235,670,785</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>224,256,035</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>251,578,287</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>239,089,590</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(-) Commercialization surcharge &#8211; extended warranty</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(54,183)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(138,780)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(54,183)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(138,780)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(-) Portion corresponding to contracted reinsurance</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(125,032)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(153,137)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(9,859)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(14,123)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>( 134,532 891)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(167,260)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(-) Receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,043,400)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(925,999)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,043,400)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(925,999)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(-) Unearned premium reserve &#8211; Health and dental insurance (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(1,381,574)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(1,268,243)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(1,381,574)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(1,268,243)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(-) Reserves from DPVAT agreements</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(597,398)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(502,491)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(597,398)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(502,491)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>To be insured</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,705,915</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,844,905</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>235,660,926</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>224,241,912</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>248,366,841</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>236,086,817</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Investment fund quotas (VGBL and PGBL) (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>198,748,039</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>190,639,798</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>198,748,039</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>190,639,798</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Investment fund quotas (excluding VGBL and PGBL)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>5,155,446</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>5,076,006</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>23,230,004</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>21,639,087</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,385,450</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>26,715,093</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Government securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,164,283</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,011,657</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,534,894</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,608,194</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,699,177</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,619,851</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Private securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,378</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,203</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>151,681</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164,338</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>167,059</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>182,541</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Shares</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,935</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,227</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,238,716</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,716,401</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,241,651</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,719,628</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total technical provision guarantees</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>15,338,042</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>14,109,093</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>242,903,334</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>232,767,818</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>258,241,376</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>246,876,911</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) Deduction provided for in Article 4 of ANS Normative Resolution No. 392/15; and</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2) The investment funds "VGBL" and "PGBL" were consolidated in the financial statements.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><U><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></U>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>32</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

<DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0in 28.35pt; TEXT-INDENT: -14.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=windowtext face=arial,sans-serif>f)&nbsp;&nbsp; Changes in deferred acquisition cost (insurance assets)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>At the beginning of the year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,070,108</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,750,244</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,324,815</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,586,888</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Reversals</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,469,039)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,250,844)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Sale of large risk portfolio</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(16,180)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="70%">

   <P style="MARGIN: 0in 2pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>At the end of the year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>925,884</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,070,108</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 28.35pt; TEXT-INDENT: -14.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=windowtext face=arial,sans-serif>g)&nbsp; Changes in reinsurance assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>At the beginning of the year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>219,214</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,186,194</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>245,957</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>186,867</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Reversals</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(239,049)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(139,641)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Recovered insurance losses</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(37,369)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(259,433)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Reversal/Monetary update</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(4,892)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(411)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Other (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(7,537)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(754,362)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>At the end of the year</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>176,324</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>219,214</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0in 17.85pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>In 2017, includes the transfer of part of the operation sale&nbsp;of the large risk portfolio.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 28.35pt; TEXT-INDENT: -14.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=windowtext face=arial,sans-serif>h)&nbsp; Claim information</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The purpose of the table below is to show the inherent insurance risk, comparing the insurance claims paid with their provisions. Starting from the year in which the claim was reported, the upper part of the table shows the changes in the provision over the years. The provision varies as more precise information concerning the frequency and severity of the claims is obtained. The lower part of the table shows the reconciliation of the amounts with the amounts presented in the financial statements.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>33</FONT></FONT></B></FONT></FONT></B></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="MARGIN: 0in 0in 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Insurance, Vehicle/RCF and Elementary Lines &#8211; Claims, gross reinsurance<SUP>(1) </SUP></FONT></B></P>

<P style="MARGIN: 0in 0in 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="72%" colSpan=12>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%" colSpan=12>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Year claims were notified</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Up to 2008</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2009</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2010</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2012</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2013</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2014</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amount estimated for the claims:</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; In the year after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,288,259</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,219,991</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,592,573</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,859,480</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,348,274</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,224,788</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,937,126</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,428,926</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,109,825</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,749,457</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,448,593</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; One year after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,247,008</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,193,645</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,562,789</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,824,610</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,240,688</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,041,662</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,663,951</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,277,245</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,912,436</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,740,543</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Two years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,230,236</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,179,949</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,561,264</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,809,879</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,233,150</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,009,371</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,671,822</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,232,474</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,923,389</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Three years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,238,534</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,179,419</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,577,663</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,812,812</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,256,062</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,044,232</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,655,382</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,260,118</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Four years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,247,341</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,210,909</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,595,369</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,811,587</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,292,376</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,034,096</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,669,868</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Five years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,248,036</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,209,826</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,607,212</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,840,368</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,113,580</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,049,171</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Six years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,274,168</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,222,800</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,611,105</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,837,693</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,128,386</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Seven years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,290,615</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,240,171</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,599,521</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,850,912</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Eight years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,307,505</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,228,954</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,608,176</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Nine years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,299,124</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,234,024</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Ten years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,296,266</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Estimate of claims on the reporting date (2018)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,296,266</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,234,024</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,608,176</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,850,912</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,128,386</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,049,171</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,669,868</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,260,118</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,923,389</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,740,543</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,448,593</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>34,209,446</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Payments of claims</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,180,848)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,216,199)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,580,422)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,812,101)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,076,245)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,992,353)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,593,585)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,155,367)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,806,909)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,599,748)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,718,950)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(32,732,727)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Outstanding Claims</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>115,418</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,825</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>27,754</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>38,811</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>52,141</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>56,818</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>76,283</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>104,751</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>116,480</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>140,795</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>729,643</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,476,719</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 21.3pt"><SUP><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B></SUP>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><SUP><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B></SUP>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>34</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Insurance, Vehicle/RCF and Elementary Lines &#8211; Claims, net reinsurance<SUP>(1) </SUP></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="72%" colSpan=12>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%" colSpan=12>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Year claims were notified</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Up to 2008</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2009</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2010</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2012</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2013</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2014</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Amount estimated for net claims for reinsurance:</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&#183;&nbsp; In the year after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>994,132</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,954,928</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,439,011</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,653,641</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,022,457</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,021,084</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,761,029</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,074,519</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,960,519</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,710,845</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,410,760</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&#183;&nbsp; One year after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>986,525</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,933,104</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,404,646</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,617,957</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,908,173</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,849,909</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,527,585</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,954,939</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,796,535</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,702,199</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&#183;&nbsp; Two years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>979,044</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,931,327</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,406,805</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,609,034</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,915,173</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,832,016</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,539,989</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,900,981</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,803,980</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&#183;&nbsp; Three years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>990,037</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,936,905</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,426,310</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,629,288</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,927,529</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,874,862</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,526,769</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,921,156</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&#183;&nbsp; Four years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>996,755</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,960,500</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,445,507</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,639,629</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,957,403</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,868,888</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,539,721</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&#183;&nbsp; Five years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,004,225</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,966,313</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,460,692</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,670,472</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,963,901</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,884,539</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&#183;&nbsp; Six years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,017,179</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,980,991</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,472,476</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,673,132</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,978,029</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&#183;&nbsp; Seven years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,025,547</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,994,592</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,471,407</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,686,379</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&#183;&nbsp; Eight years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,035,528</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,990,902</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,479,351</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&#183;&nbsp; Nine years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,038,489</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,994,494</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&#183;&nbsp; Ten years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,090,755</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Estimate of claims on the reporting date (2018)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,090,755</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,994,494</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,479,351</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,686,379</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,978,029</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,884,539</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,539,721</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,921,156</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,803,980</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,702,199</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,410,760</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,491,363</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Payments of claims</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,037,194)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,978,504)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,454,468)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,647,785)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,926,963)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,828,093)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,465,828)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,820,923)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,691,990)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,562,902)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,698,387)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(31,113,037)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Liquid outstanding claims for reinsurance</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>53,561</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,990</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24,883</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>38,594</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>51,066</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>56,446</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>73,893</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100,233</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>111,990</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>139,297</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>712,373</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,378,326</FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>35</FONT></FONT></B></FONT></FONT></B></P></DIV>

<DIV align=left><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>

<HR align=center SIZE=2 width="100%" noShade>



<P></P></FONT></U></FONT></DIV>

<DIV></DIV>

&nbsp; <A name="page_142"></A>

<a name="_bclHeader142"></a><DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Life &#8211; Insurance claims, net reinsurance<SUP>(1) </SUP></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" rowSpan=3 width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><A name="_Toc381783445"></A><A name="_Toc379874165"></A><A name="_Toc355707700"></A><A name="_Toc474923374"></A><A name="_Toc474919425"></A><A name="_Toc415565941"></A><A name="_Toc415499920"></A><A name="_Toc415498755"></A><A name="_Toc415498631"></A><A name="_Toc415498402"></A><A name="_Toc413337931"></A><A name="_Toc412626263"></A><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="72%" colSpan=12>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="72%" colSpan=12>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Year claims were notified</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Up to 2008</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2009</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2010</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2012</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2013</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2014</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amount estimated for net claims for reinsurance:</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; In the year after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>852,110</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>901,321</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,007,851</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,191,045</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,235,104</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,305,822</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,330,460</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,415,524</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,493,336</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,537,474</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,438,028</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; One year after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>861,992</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>926,499</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,015,094</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,188,264</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,226,271</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,298,610</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,373,160</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,425,789</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,491,439</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,487,961</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Two years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>878,363</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>943,781</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,021,283</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,188,774</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,236,289</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,326,512</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,368,575</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,403,515</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,468,731</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Three years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>874,269</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>937,472</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,011,228</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,197,624</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,236,075</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,309,876</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,277,276</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,323,435</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Four years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>872,339</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>944,170</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,022,136</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,195,079</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,234,363</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,296,147</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,242,937</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Five years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>870,461</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>954,487</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,019,647</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,201,083</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,233,898</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,304,644</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Six years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>871,248</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>951,993</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,017,766</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,200,703</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,239,976</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Seven years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>872,001</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>944,581</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,009,936</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,209,690</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Eight years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>875,280</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>944,664</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,017,016</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Nine years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>870,736</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>950,290</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&#183;&nbsp; Ten years after notification</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>940,357</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Estimate of claims on the reporting date (2018)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>940,357</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>950,290</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,017,016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,209,690</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,239,976</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,304,644</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,242,937</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,323,435</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,468,731</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,487,961</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,438,028</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,623,065</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Payments of claims</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(874,391)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(933,233)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(983,539)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,159,655)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,194,341)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,237,017)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,124,959)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,143,581)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,296,273)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,285,409)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,047,827)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(12,280,225)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Liquid outstanding claims for reinsurance</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>65,966</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,057</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>33,477</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50,035</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>45,635</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>67,627</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>117,978</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>179,854</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>172,458</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>202,552</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>390,201</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: #000000 1px solid" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,342,840</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) The &#8220;DPVAT&#8221; insurances were not considered in the claims development in the amount of R$71,212 thousand, "Retrocession" R$19,089 thousand, "Health and Dental" R$2,922,689 thousand, estimate of salvages and redresses in the amount of R$(155,016) thousand and incurred but not enough reported (IBNER) claims in the amount of R$136,529 thousand.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc284885132"></A></H1>

<a name="_bclFooter142"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>36</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

<DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<DIV style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="_Toc1554846"></A><STRONG>41)&nbsp;&nbsp; Supplemental pension plans</STRONG></FONT></P></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 4pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Bradesco and its subsidiaries sponsor a private defined contribution pension for employees and directors, that allows financial resources to be accumulated by participants throughout their careers by means of employee and employer contributions and invested in an Exclusive Investment Fund (FIE). The Plan is managed by Bradesco Vida e Previd&#234;ncia S.A. and BRAM &#8211; Bradesco Asset Management S.A. DTVM is responsible for the financial management of the FIEs funds.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Supplementary Pension Plan counts on contributions from employees and Management of Bradesco and its subsidiaries equivalent to at least 4% of their salary and, from the company, 5% of the salary, plus the percentage allocated to covers of risk benefits (invalidity and death). Actuarial obligations of the defined contribution plan are fully covered by the plan assets of the corresponding FIE. In addition to the plan, in 2001, participants who chose to migrate from the defined benefit plan are guaranteed a proportional deferred benefit, corresponding to their accumulated rights in that plan. For the active participants, retirees and pensioners of the defined benefit plan, now closed to new members, in run-off, the present value of the actuarial obligations of the plan is completely covered by collateral assets.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Banco Alvorada S.A. (successor from the spin-off of Banco Baneb S.A.) maintains defined contribution and variable benefit retirement plans, to the former employees of Baneb, through Funda&#231;&#227;o Baneb de Seguridade Social &#8211; Bases.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Bradesco sponsors both defined benefit and variable contribution retirement plans, through Caixa de Assist&#234;ncia e Aposentadoria dos Funcion&#225;rios do Banco do Estado do Maranh&#227;o (Capof), to employees originating from Banco BEM S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Bradesco sponsors a defined benefit plan through Caixa de Previd&#234;ncia Privada Bec &#8211; Cabec, for former employees of Banco do Estado do Cear&#225; S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Kirton Bank Brasil S.A., Kirton Capitaliza&#231;&#227;o S.A., Kirton Corretora de Seguros S.A., Bradesco-Kirton Corretora de C&#226;mbio S.A. and Kirton Seguros S.A. sponsor a defined benefit plan called APABA to employees originating from Banco Bamerindus do Brasil S.A., and Kirton Administra&#231;&#227;o de Servi&#231;os para Fundos de Pens&#227;o Ltda. sponsors to its employees a defined contribution plan, known as the Kirton Prev Benefits Plan (</FONT><I><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Plano de Benef&#237;cios Kirton Prev)</FONT></I><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>, both managed by MultiBRA &#8211; Pension Fund.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Banco Losango S.A., Kirton Bank Brasil S.A. and Credival &#8211; Participa&#231;&#245;es, Administra&#231;&#227;o e Assessoria Ltda. sponsor three pension plans for its employees, which are Losango I Benefits Plan &#8211; Basic Part, in the defined benefit mode, Losango I &#8211; Supplementary Part and PREVMAIS Losango Plan, the last two in the form of contribution variable, all managed by MultiBRA &#8211; Settlor &#8211; Multiple Fund.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Bradesco took on the obligations of Kirton Bank S.A. &#8211; Banco M&#250;ltiplo with regard to Life Insurance, Health Insurance Plans, and Retirement Compensation for employees coming from Banco Bamerindus do Brasil S.A. </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Risk factors</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Nominal discount rate</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;8.8% - 9.31% a.a. </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;8.5% - 10% p.a. </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Nominal rate of minimum expected return on assets</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;9.6% - 25.01% a.a. </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;7.01% - 25.16% a.a. </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Nominal rate of future salary increases</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;4.0% a.a. </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;4.3% p.a. </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Nominal growth rate of social security benefits and plans</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;4.0% a.a. </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;4.3% p.a. </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Initial rate of growth of medical costs</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;8.16% - 9.72% a.a. </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;10.51% a.a. </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Inflation rate</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;4.0% a.a. </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;4.3% p.a. </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Biometric table of overall mortality</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;AT 2000 and BR-SEM </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;AT 2000 and BR-SEM </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Biometric table of entering disability</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;Per plan </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;Per plan </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expected turnover rate</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Probability of entering retirement</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;100% in the 1<SUP>st</SUP> eligibility to a benefit by the plan </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;100% in the 1<SUP>st</SUP> eligibility to a benefit by the plan </FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>37</FONT></FONT></B></FONT></FONT></B> </P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Considering the above assumptions, in accordance with IAS 19, the present value of the actuarial obligations of the benefit plans and of its assets to cover these obligations, is represented below:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><A name="_Toc284885133"></A>&nbsp; <B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Years ended December 31 - R$ thousand</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Retirement Benefits</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other post-employment benefits</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2017</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(i) Projected benefit obligations:</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At the beginning of the year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,323,338</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,141,393</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>563,079</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>498,591</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cost of current service</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>151</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>186</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>215</FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest cost</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>219,239</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>227,980</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>54,654</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>54,230</FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Participant&#8217;s contribution</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>881</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,197</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial gain/(loss)</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>179,851</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>144,624</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>87,962</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>39,303</FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Benefit paid</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(192,870)</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(192,042)</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(36,602)</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(29,260)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At the end of the year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,530,590</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,323,338</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>669,093</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>563,079</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">&nbsp;</TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(ii) Plan assets at fair value:</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At the beginning of the year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,375,529</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,127,872</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expected earnings</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>225,060</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>227,360</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial gain/(loss)</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(61,063)</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>196,186</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Contributions received:</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Employer</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,472</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,957</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Employees</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>881</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,197</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Benefit paid</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(192,870)</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(192,043)</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At the end of the year</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,363,009</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,375,529</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%">&nbsp;</TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(iii) Changes in the unrecoverable surplus</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At the beginning of the year</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>206,752</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>123,416</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest on the irrecoverable surplus</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,327</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,730</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Change in the unrecoverable surplus</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(173,054)</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>69,606</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At the end of the year</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.9pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>54,025</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>206,752</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- </FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="43%">&nbsp;</TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(iv) Financed position:</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Plans in deficit</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>221,606</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>154,561</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>669,093</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>563,079</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="43%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net balance</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>221,606</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>154,561</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>669,093</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>563,079</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The net cost/(benefit) of the pension plans recognized in the consolidated statement of income includes the following components:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 9.9pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="55%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Projected benefit obligations:</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.9pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cost of service</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>151</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>401</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(906)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cost of interest on actuarial obligations</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>273,893</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>282,210</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>204,712</FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Expected earnings from the assets of the plan</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(225,060)</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(227,360)</FONT></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(174,937)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net cost/(benefit) of the pension plans</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>48,984</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>55,251</FONT></B></P></TD>

   <TD style="HEIGHT: 9.9pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>28,869</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Maturity profile of the present value of the obligations of the benefit plans defined for the next yea</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>rs:</FONT></P>

<P style="MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="64%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31, 2018 - R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Retirement Benefits</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other post-employment benefits</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Weighted average duration (years)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9.86</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15.00</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2019</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>202,553</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,171</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2020</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>208,484</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,379</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2021</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>214,845</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>38,409</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2022</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>220,785</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>41,560</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2023</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>226,353</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>45,091</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>After 2023</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,209,851</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>278,367</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 14.15pt" align=right><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 14.15pt" align=right><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 14.15pt" align=right>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>38</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In 2019, contributions to defined-benefit plans are expected to total R$18,282 thousand.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The long-term rate of return on plan assets is based on the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>- Medium- to long-term expectations of the asset managers; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>- Public and private securities, with short to long-term maturities which represent a significant portion of the investment portfolios of our subsidiaries, the return on which is higher than inflation plus interest.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The assets of pension plans are invested in compliance with the applicable legislation (government securities and private securities, listed company shares and real estate properties) and the weighted-average allocation of the pension plan's assets by category is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%" colSpan=8>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>On December 31</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Assets of the Alvorada Plan</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Assets of the Bradesco Plan</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Assets of the Kirton Plan</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Assets of the Losango Plan</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Asset categories</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7.9%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.7%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17.7%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17.3%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fixed income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>93.3%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>92.7%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>87.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>90.6%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100.0%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100.0%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>82.3%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>82.7%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5.4%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5.7%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.6%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.3%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.6%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.1%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.1%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100.0%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100.0%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100.0%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100.0%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100.0%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100.0%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100.0%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>100.0%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Below is the sensitivity analysis of the benefits plan obligations, showing the impact on the actuarial exposure (8.5% - 10.0% p.a.) assuming a 1 b.p. change in the discount rate:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Rate</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Discount rate/Medical inflation rate</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sensitivity Analysis</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Effect on actuarial liabilities</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Effect on the present value of the obligations</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Discount rate</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9.80% - 10.31%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase of 1 b.p. </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>reduction </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(185,803)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Discount rate</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7.80% - 8.31%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Decrease of 1 b.p. </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>increase </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>491,193</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Medical Inflation</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9.16% - 10.72%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase of 1 b.p. </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>increase </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>74,081</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Medical Inflation</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7.16% - 8.72%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Decrease of 1 b.p. </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>reduction </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(62,077)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Total expenses related to contributions made during the year ended on December 31, 2018 totalled R$942,427 thousand (2017 &#8211; R$988,905 thousand).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face="Univers 45 Light"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In addition to this benefit, Bradesco and its subsidiaries offer other benefits to their employees and Management, including health insurance, dental care, life and personal accident insurance, and professional training. These expenses, including the aforementioned contributions, totaled, in December 31, 2018, R$4,550,580 thousand (2017 &#8211; R$5,594,368 thousand).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554847"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>42)&nbsp;&nbsp; Provisions, Contingents Assets and Liabilities and Legal Obligations &#8211; Tax and Social Security</FONT></B></H1>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 39.1pt; TEXT-INDENT: -17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Contingent assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Contingent assets are not recognized in the financial statements. However, there are ongoing proceedings where the chance of success is considered probable, such as: a) Social Integration Program (PIS), Bradesco has made a claim to offset PIS against Gross Operating Income, paid under Decree-Laws No. 2,445/88 and No.&nbsp;2,449/88, regarding the payment that exceeded the amount due under Supplementary Law No.&nbsp;07/70 (PIS Repique); and b) other taxes, the legality and/or constitutionality of which is being challenged, where the decision may lead to reimbursement of amounts paid.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>39</FONT></FONT></B></FONT></FONT></B></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 39.1pt; TEXT-INDENT: -17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Provisions classified as probable losses and legal obligations &#8211; tax and social security</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 39.1pt; TEXT-INDENT: -17.85pt"><STRONG><FONT size=2 face=Arial></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization is a party to a number of labor, civil and tax lawsuits, arising from the normal course of business.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Management recorded provisions based on their opinion and that of their legal counsel, the nature of the lawsuit, similarity to previous lawsuits, complexity and the courts standing, where the loss is deemed probable.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Management considers that the provision is sufficient to cover losses generated by the respective lawsuits.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Liability related to litigation is held until the conclusion to the lawsuit, represented by judicial decisions, with no further appeals or due to the statute of limitation.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 42.55pt; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>I -</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Labor claims</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>These are claims brought by former employees and outsourced employees seeking indemnifications, most significantly for unpaid &#8220;overtime&#8221;, pursuant to Article 224 of the Consolidation of Labor Laws (CLT). In proceedings in which a judicial deposit is used to guarantee the execution of the judgment, the labor provision is made considering the estimated loss of these deposits. For proceedings with similar characteristics and for which there has been no official court decision, the provision is recorded based on the average calculated value of payments made for labor complaints settled in the past 12 months and for proceedings originating from acquired banks, with unique characteristics, the calculation and assessment of the required balance is conducted periodically, based on the updated recent loss history.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Overtime is monitored by using electronic time cards and paid regularly during the employment contract and, accordingly, the claims filed by former employees do not represent significant amounts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 42.55pt; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>II -</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Civil proceedings</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>These are claims for pain and suffering and property damages, mainly relating to protests, returned checks, the inclusion of information about debtors in the credit restriction registry and the replacement of inflation adjustments excluded as a result of government economic plans. These lawsuits are individually controlled using a computer-based system and provisioned whenever the loss is deemed as probable, considering the opinion of Management and their legal counsel, the nature of the lawsuits, similarity with previous lawsuits, complexity and positioning of the courts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Most of these lawsuits are brought to the Special Civil Court (JEC), in which the claims are limited to 40 times the minimum wage and do not have a significant impact on the Organization&#8217;s financial position.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In relation to the legal claims pleading alleged differences in adjustment for inflation on savings account balances due to the implementation of economic plans that were part of the federal government&#8217;s economic policy to reduce inflation in the &#8216;80s and &#8216;90s, although Bradesco complied with the law and regulation in force at the time, has provisioned these lawsuits, taking into consideration the claims where Bradesco is the defendant and the perspective of loss of each demand, in view of the decisions and subjects still under analysis in the Superior Court of Justice (STJ), such as, for example, the application of default interest in executions arising from Public Civil Actions, interest payments and succession.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In December 2017, with the mediation of the Attorney&#8217;s General Office (AGU), the entities representing the bank and the savings accounts, entered into an agreement related to litigation of economic plans, with the purpose of closing these claims, in which conditions and schedule were established for savings accounts holders may to accede the agreement. This agreement was approved by the Federal Supreme Court (STF) on March 1, 2018, the period of adhesion was approved by the Federal Supreme Court (STF) on March 1, 2018, the period of adhesion for interested parties is for two (02) years from this date. As this is a voluntary agreement, </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Bradesco is unable to predict how many savings account holders will choose to accept the settlement offer. It is important to note that Bradesco understands that the provisioning was made to cover the eligible proceedings to the related agreement. The proceedings that are not in the context of the agreement, including those related to incorporated banks are evaluated individually based on the procedural stage they are in.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Times></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>40</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Note that, regarding disputes relating to economic plans, the Federal Supreme Court (STF) suspended the prosecution of all lawsuits on cognizance stage, until the Court issues a final decision on the right under litigation.</FONT></P>

<P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-LEFT: 56.7pt; MARGIN-TOP: 0in; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>III -</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Provision for tax risks</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Organization is disputing the legality and constitutionality of certain taxes and contributions in court, for which provisions have been recorded in full, although there is good chance of a favorable outcome, based on the opinion of the legal counsel. The processing of these legal obligations and the provisions for cases for which the risk of loss is deemed as probable is regularly monitored. During or after the conclusion of each case, a favorable outcome may arise for the Organization, resulting in the reversal of the related provisions. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The main cases are:</FONT></P>

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   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>PIS and COFINS &#8211; R$2,562,453&nbsp;thousand (2017 &#8211; R$2,489,247 thousand): a request for authorization to calculate and pay PIS and COFINS based on effective billing, as set forth in Article 2 of Supplementary Law&nbsp;No. 70/91, removing from the calculation base the unconstitutional inclusion of other revenues other than those billed;<BR>&nbsp;</FONT></TD></TR>

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   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>Pension Contributions &#8211; R$1,729,211 thousand (2017 &#8211; R$1,466,469 thousand): official notifications related to the pension contributions on financial contributions in private pension plans, considered by the authorities to be compensatory sums subject to the incidence of pension contributions and to an isolated fine for not withholding IRRF on the financial contributions;<BR>&nbsp;</FONT></TD></TR>

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   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>IRPJ/CSLL on losses of credits &#8211; R$1,461,621 thousand (2017 &#8211; R$1,614,663 thousand): we are requesting to deduct from income tax and social contributions payable (IRPJ and CSLL, respectively) amounts of actual and definite loan losses related to unconditional discounts granted during collections, regardless of compliance with the terms and conditions provided for in Articles 9 to 14 of Law No.&nbsp;9,430/96 that only apply to temporary losses;<BR>&nbsp;</FONT></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>IRPJ/CSLL on MTM &#8211; R$607,258 thousand: IRPJ and CSLL deficiency note related to the exclusions of revenues from marking Securities at fair value in 2007;<BR>&nbsp;</FONT></P></TD></TR>

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   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>INSS of Autonomous &#8211; R$470,237&nbsp;thousand (2017 &#8211; R$643,655 thousand): the Bradesco Organization is questioning the charging of social security contribution on remunerations paid to third-party service providers, established by Supplementary Law No.&nbsp;84/96 and subsequent regulations/amendments, at 20.0% with an additional of 2.5%, on the grounds that services are not provided to insurance companies but to policyholders, thus being outside the scope of such a contribution as provided for in item I, Article 22 of Law No.&nbsp;8,212/91, as new wording in Law No.&nbsp;9,876/99; and<BR>&nbsp;</FONT></TD></TR>

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   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>INSS &#8211; Contribution to SAT &#8211; R$417,442 thousand (2017 &#8211; R$401,018 thousand): in an ordinary lawsuit filed by the Brazilian Federation of Banks &#8211; Febraban, since April 2007, on behalf of its members, is questioning the classification of banks at the highest level of risk, with respect to Work Accident Risk &#8211; RAT, which eventually raised the rate of the respective contribution from 1% to 3%, in accordance with Decree No. 6,042/07.</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In general, the provisions relating to lawsuits are classified as long-term, due to the unpredictability of the duration of the proceedings in the Brazilian justice system. For this reason, the estimate has not been disclosed with relation to the specific year in which these lawsuits will be closed.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>41</FONT></FONT></B></FONT></FONT></B></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt; TEXT-INDENT: -63.8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>IV -</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Changes in other provision</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Labor</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Civil</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Tax (1)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balance on December 31, 2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>5,554,796</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,346,563</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,589,368</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Adjustment for inflation</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>677,970</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>508,399</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>386,671</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Provisions, net of reversals and write-offs</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,289,664</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>912,287</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>531,052</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Payments</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,538,827)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,152,887)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(302,885)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balance on December 31, 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,983,603</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,614,362</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,204,206</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balance on December 31, 2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>5,101,732</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,003,440</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,187,237</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Adjustment for inflation</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>637,263</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>484,447</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>500,719</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Provisions, net of reversals and write-offs</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>1,002,559</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>830,642</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(984,342)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Payments</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(1,186,758)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(971,966)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(114,246)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balance on December 31, 2017</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>5,554,796</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,346,563</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,589,368</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(1) In 2017, there were reversals of provisions related to: (i) the PIS process, related to the remuneration of amounts unduly paid, in the amount of R$268,729 thousand; (ii) IRPJ/CSLL on credit losses, in the amount of R$408,730 thousand; and (iii) favorable decision in the process of social security contribution on the remuneration paid to accredited dentists (INSS of Autonomous), in the amount of R$348,820 thousand. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 39.1pt; TEXT-INDENT: -17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Contingent liabilities classified as possible losses</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Organization maintains a system to monitor all administrative and judicial proceedings in which the institution is plaintiff or defendant and, based on the opinion of legal counsel, classifies the lawsuits according to the expectation of loss. Case law trends are periodically analyzed and, if necessary, the related risk is reclassified. In this respect, contingent lawsuits deemed to have a possible risk of loss are not recorded as a liability in the financial statements. </FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The main proceedings in this category are the following: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new (w1)"></FONT>&nbsp;</P>

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<TR>

   <TD vAlign=top width="4%" align=left></TD>

   <TD vAlign=top width="3%" align=left><FONT size=2>-</FONT></TD>

   <TD vAlign=top width="93%" align=left>

   <P style="MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>IRPJ and CSLL &#8211; 2006 to 2013 &#8211; R$6,863,623 thousand (2017 &#8211; R$6,264,741 thousand), relating to goodwill amortization being disallowed on the acquisition of investments;<BR>&nbsp;</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" align=left></TD>

   <TD vAlign=top width="3%" align=left><FONT size=2>-</FONT></TD>

   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>COFINS &#8211; R$5,070,337 thousand (2017 &#8211; R$4,902,151 thousand): fines and disallowances of Cofins loan compensations, released after a favorable decision in a judicial proceeding, where the unconstitutionality of the expansion of the intended calculation base was discussed for revenues other than those from billing (Law No. 9,718/98);<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="4%" align=left></TD>

   <TD vAlign=top width="3%" align=left><FONT size=2>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face="times new roman">&nbsp;</FONT></TD>

   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>Leasing companies&#8217; Tax on Services of any Nature (ISSQN) &#8211; R$2,478,296 thousand (2017 &#8211; R$2,394,087 thousand) which relates to the municipal tax demands from municipalities other than those in which the company is located and where, under law, tax is collected;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="4%" align=left></TD>

   <TD vAlign=top width="3%" align=left><FONT size=2>-</FONT></TD>

   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>IRPJ and CSLL deficiency note &#8211; 2004 to 2012 &#8211; R$1,759,431 thousand (2017 &#8211; R$2,431,844 thousand): relating to disallowance of exclusions and expenses, differences in depreciation expenses, insufficient depreciation expenses, expenses with depreciation of leased assets, operating expenses and income and disallowance of tax loss compensation;<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="4%" align=left></TD>

   <TD vAlign=top width="3%" align=left><FONT size=2>-</FONT></TD>

   <TD vAlign=top width="93%" align=left>

   <P style="MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>IRPJ and CSLL deficiency note &#8211; 2012 and 2013 &#8211; R$1,689,160 thousand: due to the disallowance of operating expenses (CDI), related to resources that were capitalized between the companies of the Organization;<BR>&nbsp;</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="4%" align=left></TD>

   <TD vAlign=top width="3%" align=left><FONT size=2>-</FONT></TD>

   <TD vAlign=top width="93%" align=left><FONT size=2 face=Arial>PIS and COFINS notifications and disallowances of compensations &#8211; R$1,445,126 thousand (2017 &#8211; R$1,399,506 thousand): related to the unconstitutional extension of the basis of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>calculation intended for other income other than the billing (Law No. 9,718/98), from acquired companies; </FONT></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 14.15pt" align=right>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>42</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="times new (w1)"></FONT>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>IRPJ and CSLL deficiency note &#8211; R$859,049 thousand (2017 &#8211; R$969,713 thousand): relating to disallowance of exclusions with losses in collections; and<BR>&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>IRPJ and CSLL deficiency note &#8211; 2008 and 2009 &#8211; R$508,180 thousand (2017 &#8211; R$489,687 thousand): relating to profit of subsidiaries based overseas.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554848"></A><A name="_Toc284885135"></A><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>43)&nbsp;&nbsp; Other liabilities</FONT></B></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="70%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Financial liabilities</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,598,235</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,439,512</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Credit card transactions (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,887,885</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>26,163,066</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Foreign exchange transactions (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,801,468</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,085,029</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Loan assignment obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,058,619</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,454,076</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Capitalization bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,186,955</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,562,974</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Securities trading</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,321,219</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,317,155</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Liabilities for acquisition of assets &#8211; financial leases (Note 43a)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>342,089</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>857,212</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Other liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,157,435</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,377,312</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Third party funds in transit (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,135,635</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,211,038</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Provision for payments</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,266,532</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,743,428</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Sundry creditors</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,137,923</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,205,800</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Social and statutory</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,966,975</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,524,457</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Other taxes payable</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,757,283</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,466,306</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Liabilities for acquisition of assets and rights</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,206,376</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,480,777</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,686,711</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,745,506</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>96,755,670</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>97,816,824</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(1) Refers to amounts payable to merchants;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(2) Mainly refers to the institution&#8217;s sales in foreign currency to customers and its right&#8217;s in domestic currency, resulting from exchange sale operations; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(3) Mainly refers to payment orders issued domestically and the amount of payment orders in foreign currency coming from overseas.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 39.1pt; TEXT-INDENT: -17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Composition by maturity of financial leases and details of operating leases</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="70%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Due within one year</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>296,691</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>564,337</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>From 1 to 2 years</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>45,398</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>256,327</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>From 2 to 3 years</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>36,548</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>342,089</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>857,212</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Total non-cancellable minimum future payments due on operating leases in 2018 is R$11,340,768 thousand, of which R$853,882 thousand are due within 1 year, R$3,250,392 thousand between 1-5 years and R$7,236,494 thousand with more than 5 years. </FONT></P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc284885136"></A><A name="_Toc289782517"></A></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<a name="_bclFooter149"></a><DIV>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt">&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>43</FONT></FONT></B></FONT></FONT></B></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="_Toc1554849"></A>44)&nbsp;&nbsp; Equity</FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 76.55pt; TEXT-INDENT: -76.55pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -14.15pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>a)</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Capital and shareholders&#8217; rights</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 76.55pt; TEXT-INDENT: -76.55pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>i.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Composition of share capital in number of shares</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -42.55pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: normal" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The share capital, which is fully subscribed and paid, is divided into registered shares with no par value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="70%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>2017 (1)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Common</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,359,929,223</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,359,929,223</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Preferred</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,359,928,872</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,359,928,872</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Subtotal</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,719,858,095</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,719,858,095</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Treasury (common shares)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,535,803)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,535,803)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Treasury (preferred shares)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,741,320)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,741,320)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total outstanding shares</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,693,580,972</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,693,580,972</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>ii.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Changes in capital stock, in number of shares</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 49.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Common</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Preferred</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Number of shares outstanding on December 31, 2016 (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>3,354,393,420</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>3,339,187,552</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>6,693,580,972</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Number of shares outstanding on December 31, 2017 (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>3,354,393,420</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,339,187,552</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,693,580,972</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Number of shares outstanding on December 31, 2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,354,393,420</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,339,187,552</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,693,580,972</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(1) All share amounts presented for prior periods have been adjusted to reflect the stock split approved at the Special Shareholders&#8217; Meeting held on March 12, 2018 in proportion of one new share for every 10 shares held.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 49.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In the Special Shareholders&#8217; Meeting held on March 10, 2017, the approval was proposed by the Board of Directors to increase the capital stock by R$8,000,000 thousand, increasing it from R$51,100,000 thousand to R$59,100,000 thousand, with a bonus in shares, through the capitalization of part of the balance of the account &#8220;Profit Reserves - Statutory Reserve&#8221;, in compliance with the provisions in Article 169 of Law No. 6,404/76, by issuing 555,360,173 new nominative-book entry shares, with no nominal value, whereby 277,680,101 are common shares and 277,680,072 are preferred shares, attributed free-of-charge to the shareholders as bonus, to the ratio of 1 new share for every 10 shares of the same type that they own on the base date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In the Special Shareholders&#8217; Meeting held on March 12, 2018, the approval was proposed by the Board of Directors to increase the capital stock by R$8,000,000 thousand, increasing it from R$59,100,000 thousand to R$67,100,000 thousand, with a bonus in shares, through the capitalization of part of the balance of the account &#8220;Profit Reserves - Statutory Reserve&#8221;, in compliance with the provisions in Article 169 of Law No. 6,404/76, by issuing 610,896,190 new nominative-book entry shares, with no nominal value, whereby 305,448,111 are common shares and 305,448,079 are preferred shares, attributed free-of-charge to the shareholders as bonus, to the ratio of 1 new share for every 10 shares of the same type that they own on the base date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>All of the shareholders are entitled to receive, in total, a mandatory dividend of at least 30% of Bradesco&#8217;s annual net income, as shown in the statutory accounting records, adjusted by transfers to reserves. The Organization has no obligation that is exchangeable for or convertible into shares of capital. As a result, its diluted earnings per share is the same as the basic earnings per share.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>In occurring any operation that changes the number of shares, simultaneously with the transaction in the Brazilian Market, and with the same timeframes, an identical procedure is adopted in the International Market, for the ADRs/GDRs traded in New York, USA, and Madrid, Spain.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Treasury shares are recorded at cost, which is approximately equivalent to the market prices on the date they are acquired. Cancellation of treasury shares is recorded as a reduction of unappropriated retained earnings. Treasury shares are acquired for subsequent sale or cancellation.</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>44</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -14.15pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -14.15pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>b)</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Reserves</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Capital reserves</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>The capital reserve consists mainly of premiums paid by the shareholders upon subscription of shares. The capital reserve is used for (i) absorption of any losses in excess of accumulated losses and revenue reserves, (ii) redemption, reimbursement of purchase of shares, (iii) redemption of founders&#8217; shares, (iv) transfer to share capital, and (v) payment of dividends to preferred shares, when this privilege is granted to them.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Revenue reserves</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>In accordance with Corporate Legislation, Bradesco and its Brazilian subsidiaries must allocate 5% of their annual statutory net income, after absorption of accumulated losses, to a legal reserve, the distribution of which is subject to certain limitations. The reserve can be used to increase capital or to absorb losses, but cannot be distributed in the form of dividends.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>The Statutory Reserve aims to maintain an operating margin that is compatible with the development of the Organization&#8217;s active operations and may be formed by up to 100% of net income remaining after statutory allocations if proposed by the Board of Executive Officers, approved by the Board of Directors and ratified at the Shareholders&#8217; Meeting, with the accumulated value limited to 95% of the Organization&#8217;s paid-in capital share amount.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -14.15pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>c)</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Interest on own equity / Dividends </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Interest on own equity are calculated on the net income as determined in the financial statements prepared in accordance with Brazilian generally accepted accounting principles (BR GAAP) applicable to financial institutions authorized to operate by the Central Bank of Brazil. The dividends are paid in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Reais</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif> and can be converted into US dollars and remitted to shareholders abroad, provided that the equity participation of the non-resident shareholder is registered with the Central Bank of Brazil. Brazilian companies may pay interest on equity to shareholders based on the shareholders&#8217; equity and treat these payments as deductible expenses in the Brazilian income tax and social contribution calculations. The interest cost is treated for accounting purposes as a deduction from shareholders&#8217; equity in a manner similar to dividends. Withholding income tax is levied and paid at the time that the interest on own equity is paid to the shareholders.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>In 2018, the Organization distributed interest on own equity of R$7,298,596 thousand, being attributed to the shareholders, the gross amount per share of R$1.04 for common shares and R$1.14 for preferred shares (2017 &#8211; R$7,204,344 thousand, R$1.03 for common shares and R$1.13 for preferred shares).</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>45</FONT></FONT></B></FONT></FONT></B> </P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif><A name="_Toc1554850"></A>45)&nbsp;&nbsp; Transactions with related parties</FONT></H1>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Related-party transactions (direct and indirect) are carried out according to IAS 24, the Organization has a Transaction Policy with related parties disclosed on the Investor Relations website. The transactions are carried out under conditions and at rates consistent with those entered into with third parties at that time. The transactions are as follows:</FONT></P>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=4 width="36%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="64%" colSpan=8>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Controllers (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Associates and Jointly controlled companies (2)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Key Management Personnel (3)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loans and advances to banks</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>585,191</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>724,369</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>585,191</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>724,369</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Securities and derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,015</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,267</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,282</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other assets</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>326,762</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,572</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>49,244</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>376,015</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,572</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Customer and financial institution resources</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,899,619</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>903,590</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,098,865</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>347,816</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>120,586</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>97,309</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,119,070</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,348,715</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Securities and subordinated debt securities</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,569,271</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,632,932</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>797,182</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,395,107</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,366,453</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,028,039</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other liabilities (4)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,541,011</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,302,970</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,101,886</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,827,877</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,484</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,648,381</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,130,847</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; LINE-HEIGHT: 8pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=4 width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="72%" colSpan=12>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Controllers (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Associates and Jointly controlled companies (2)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Key Management Personnel (3)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="72%" colSpan=12>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Revenues and expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net interest income</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(778,829)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(887,059)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,129,931)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,814)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>40,671</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(41,814)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(55,045)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(84,818)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(108,333)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(845,688)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(931,206)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,280,078)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other revenues</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>334</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>315,832</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>441,381</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>360,286</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>247</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>316,413</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>441,381</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>360,286</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(50,745)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,652)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,391)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,635,494)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(289,100)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(224,444)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>323,130</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,363,109)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(291,752)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(226,835)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(1) Cidade de Deus Cia. Coml. de Participa&#231;&#245;es, Funda&#231;&#227;o Bradesco, NCF Participa&#231;&#245;es S.A., BBD Participa&#231;&#245;es S.A. and Nova Cidade de Deus Participa&#231;&#245;es S.A.;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(2) Companies listed in Note 32; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(3) Members of the Board of Directors and the Board of Executive Officers; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>(4) Includes interest on shareholders' equity and dividends payable.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 14.15pt" align=right>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>46</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt; TEXT-INDENT: -21.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>a)&nbsp;&nbsp;&nbsp;&nbsp; Remuneration of key management personnel</FONT></B></P>

<P style="MARGIN: 0in 0in 0in 53.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The following is established each year at the Annual Shareholders&#8217; Meeting:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt">&nbsp;</P>

<DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="4%"></TD>

   <TD vAlign=top width="3%"><FONT size=2 face=Symbol>&#183;</FONT></TD>

   <TD vAlign=top width="93%"><FONT size=2 face=Arial>The annual grand total amount of management compensation, set forth at the Board of Directors&#8217; Meeting, to be paid to Board members and members of the Board of Executive Officers, as determined by the Company&#8217;s Bylaws; and<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD vAlign=top width="4%"></TD>

   <TD vAlign=top width="3%"><FONT size=2 face=Symbol>&#183;</FONT></TD>

   <TD vAlign=top width="93%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>The amount allocated to finance Management pension plans, within the Employee and Management pension plan of the Bradesco Organization.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>For 2018, the maximum amount of R$530</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>,689</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif> thousand was set for Management compensation and R$534,780 thousand to finance defined contribution pension plans. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The current policy on Management compensation sets forth that 50% of net variable compensation, if any, must be allocated to the acquisition of PNB shares issued by BBD Participa&#231;&#245;es S.A. and/or PN shares issued by Banco Bradesco S.A., which vest in three equal, annual and successive installments, the first of which is in the year following the payment date. This procedure complies with CMN Resolution No. 3,921/10, which sets forth a Management compensation policy for financial institutions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Short-term benefits for Management</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="55%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Salaries</FONT></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>485,949</FONT></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>456,262</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>441,592</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>485,949</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>456,262</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>441,592</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Post-employment benefits</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="55%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Years ended December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Defined contribution supplementary pension plans</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>474,378</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>473,663</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>251,250</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>474,378</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>473,663</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>251,250</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0in 53.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization has no long-term benefits or for the termination of employment contracts or for remuneration based on shares for its key Management personnel.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 49.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Other information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 39.1pt; TEXT-INDENT: -17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Under current law, financial institutions are not allowed to grant loans or advances to:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 78pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Officers and members of the advisory, administrative, fiscal or similar councils, as well as to their respective spouses and family members up to the<SUP> </SUP>second degree;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 78pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Individuals or corporations that own more than 10% of their capital; and</FONT></P>

<P style="MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 78pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Corporations in which the financial institution itself, any officers or Management of the institution, as well as their spouses and respective family members up to the second degree own more than 10% of equity.</FONT></P>

<P style="MARGIN: 0in 0in 0in 53.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Therefore, no loans or advances are granted by the financial institutions to any subsidiary, members of the Board of Directors or the Board of Executive Officers and their relatives.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>47</FONT></FONT></B></FONT></FONT></B></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -14.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>b)&nbsp; Equity participation </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Together directly, members of the Board of Directors and the Board of the Executive Officers had the following shareholding in Bradesco:</FONT></P>

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<TR style="HEIGHT: 11.6pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="40%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Common shares</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>0.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>0.5%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Preferred shares</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.1%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.0%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total shares (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>0.8%</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>0.8%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) On December 31, 2018, direct and indirect shareholding of the members of the Board of Directors and the Board of Executive Officers in Bradesco totaled 2.6% of common shares, 1.1% of preferred shares and 1.9% of all shares (2017 &#8211; 2.3% of common shares, 1.1% of preferred shares and 1.7% of all shares).</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554851"></A><A name="_Toc284885138"></A><A name="_Toc279663415"></A><A name="_Toc316896440"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>46)&nbsp;&nbsp; Off-balance sheet commitments</FONT></B></H1>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The table below summarizes the total risk represented by off-balance sheet commitments:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="70%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ thousand</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>On December 31</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Commitments to extend credit (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>228,113,067</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>203,927,816</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financial guarantees (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>72,870,964</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>78,867,348</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>Letters of credit for imports</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>361,593</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>294,229</FONT></P></TD></TR>

<TR style="HEIGHT: 11.6pt">

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>301,345,624</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>283,089,393</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) Includes available lines of credit, limits for credit cards, personal loans, housing loans and overdrafts; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2) Refers to guarantees mostly provided for Corporate customers.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Financial guarantees are conditional commitments for loans issued to ensure the performance of a customer in an obligation to a third party. There is usually the right of recourse against the customer to recover any amount paid under these guarantees. Moreover, we can retain cash or other highly-liquid funds to counter-guarantee these commitments.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The contracts are subject to the same credit evaluations as other loans and advances . Standby letters of credit are issued mainly to endorse public and private debt issue agreements including commercial paper, securities financing and similar transactions. The standby letters of credit are subject to customer credit evaluation by the Management.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>We issue letters of credit in connection with foreign trade transactions to guarantee the performance of a customer with a third party. These instruments are short-term commitments to pay the third-party beneficiary under certain contractual terms for the shipment of products. The contracts are subject to the same credit evaluation as other loans and advances.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 14.15pt" align=right>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>48</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Standards, amendments and interpretations of existing standards for the year ended December 31, 2018</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.45pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Transition to IFRS 9</FONT></B></P>

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   <TD vAlign=top width="94%"><FONT size=2 face=Arial>IFRS 9 replaced the guidance in IAS 39 - Financial Instruments: Recognition and Measurement. IFRS 9 is applied for financial instruments and was adopted on the effective date of the standard on January 1, 2018. IFRS 9 includes: (i) new models for the classification and measurement of financial instruments; (ii) measurement of expected credit losses for financial assets; and (iii) new requirements on hedge accounting. The new standard maintains the principal existing guidance on the recognition and derecognition of financial instruments in IAS 39.</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.9pt; TEXT-INDENT: 35.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(i)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Classification and Measurement &#8211; Financial assets</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 57.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>IFRS 9 contains a new approach for classification and measurement of financial assets, where the Organization is based on the business model for the management of financial assets, in order to generate cash flow, as well as the SPPI Test, which will assess the characteristic of the cash flow and guide the classification of financial assets.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 57.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Financial assets are classified into three categories, as shown below:</FONT></P>

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   <TD vAlign=top width="3%" align=center><FONT size=2 face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face="times new roman">&nbsp;</FONT></TD>

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   <P align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Amortized cost: Financial assets that are held for collection of contractual cash flows, which represent only the payment of the principal and interest. These assets are adjusted by any expectation of credit loss.</FONT></P></TD></TR>

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   <TD vAlign=top width="3%" align=center><FONT size=2 face=Symbol>&#183;</FONT></TD>

   <TD vAlign=top width="91%" align=left><FONT size=2 face=Arial>VJORA: </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Financial assets that are held for collection of contractual cash flows, which represent only the payment of the principal and interest, and also for sale. Changes in the fair value of these assets are recorded in other comprehensive income, except for the recognition of impairment, interest income, dividends and exchange rate variations that are recognized directly in the income statement for the fiscal year.</FONT></TD></TR>

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   <P align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>VJR: Financial assets that do not meet the criteria to be measured at amortize cost or at VJORA. </FONT></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 49.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 57.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On December 31, 2017, the Organization had equity investments classified as available for sale with fair value of R$11,038 million which are held for long-term strategic purposes. Pursuant to IFRS 9, the Organization, on current best estimates, designated these instruments as VJORA. Thus, all fair value gains and losses should be recorded in other comprehensive income, with no impairment losses recognized in the income (loss) and no gain or loss is recycled to the income (loss) upon realization.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.9pt; TEXT-INDENT: 35.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(ii)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Impairment &#8211; Financial Assets</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 57.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>IFRS 9 replaced the model of &#8220;incurred losses&#8221; of IAS 39 with a prospective model of &#8220;expected losses&#8221;. This requires relevant judgment as to how changes in economic factors affect expected credit losses, which will be determined based on weighted probabilities. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 57.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The new model of expected losses applies to the financial instruments measured at amortized cost or VJORA (except for investments in equity instruments). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 49.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Expected loan losses were calculated based on experience of actual loan losses in the past years. The Organization calculated the rates of expected loan losses based on the features of each portfolio, that is, it used quantitative models for loans assessed in a group and a combination of quantitative and qualitative models for large companies.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>49</FONT></FONT></B></FONT></FONT></B></P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The experience of actual loan losses was adjusted to reflect the differences between economic conditions during the period in which the historical data were collected, current conditions and the Organization&#8217;s view of future economic conditions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In the prospective model of expected losses, financial assets are divided into three stages:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Stage 1: Financial instruments that do not present significant deterioration in credit quality;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Stage 2: Financial instruments that present significant deterioration in credit quality; and</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=windowtext face=arial,sans-serif>Stage 3: Financial instruments that indicate that the obligation will not be fully honored.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The new model of calculation of credit losses expected based on the prospective parameter for loans and advances, commitments to loans, financial guarantees given and Private Debt Securities resulted in an increase in the provision for credit losses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.9pt; TEXT-INDENT: 35.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(iii) Classification &#8211; Financial liabilities</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>IFRS 9 maintains most part of the requirements of IAS 39 regarding the classification of financial liabilities.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>But, pursuant to IAS 39, the fair value variations of liabilities designated as VJR are recognized in the income (loss), whereas pursuant to IFRS 9, these changes of fair value should be presented as follows:</FONT></P>

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   <TD vAlign=top width="3%" align=center><FONT size=2 face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face="times new roman">&nbsp;</FONT></TD>

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   <P style="MARGIN: 0in 0in 0in 0pt; TEXT-INDENT: 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>the fair value variation that is attributable to changes in the loan risk of financial liabilities should be presented in Other Comprehensive Income (OCI); and</FONT></P></TD></TR>

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   <TD vAlign=top width="91%" align=left><FONT size=2 face=Arial>the remaining value of the fair value variation should be presented in the income (loss).</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: 35.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(iv) Hedge Accounting</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Upon the first adoption, the Organization opted to continue to apply the requirements of IAS 39 for hedge accounting, as permitted by IFRS 9 until the conclusion by the IASB of the macro-hedge project and the finalization of the hedge accounting section.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>IFRS 9 requires that the Organization ensures that the hedge accounting relations are aligned with its risk management purposes and strategies and that the Organization adopt a more qualitative and prospective approach to assess hedge effectiveness. IFRS 9 also introduces new requirements for re-balance of hedge relations and prohibits the voluntary discontinuance of the hedge accounting if inconsistent with the risk management strategies of the entity.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: 35.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>(v) Transition</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Changes in accounting policies resulting from the adoption of IFRS 9 were applied retrospectively on the date of initial application.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&#8722; The Organization opted for the exemption under the Standard of not restating comparative information from prior periods derived from changes in the classification and measurement of financial instruments (including expected loan). The differences in the accounting balances of financial assets and liabilities resulting from the adoption of IFRS 9 were recognized in Retained Earnings on January 1, 2018.</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>50</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Reconciliation of the shareholders&#8217; equity in the transition from IAS 39 to IFRS 9:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;R$ mil </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Shareholders' equity in accordance with IAS 39 as of December 31, 2017</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117,693,704 </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>IFRS 9 adjustments</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expected credit loss for credit operations (1)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,829,475)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expected credit loss for other financial assets</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (743,048)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Remesuration of assets by virtue of the new classification of IFRS 9 (2)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644,398 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other (3)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366,102 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deferred income tax</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,424,809 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Shareholders' equity in accordance with IFRS 9 as of January 1, 2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115,556,490 </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1)<SUP> </SUP>Includes financial guarantees given and loan commitments;</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2) Change of the measurement of financial assets in accordance with the new classification of IFRS 9; and</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3) Accounting adequacy as required by IFRS 9 in the reclassification of securities measured at fair value through other comprehensive income.</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The table below presents the new reclassifications and measurements according to the IFRS 9.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>R$ mil</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>IAS 39</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Reclassifications (1)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Remeasurement</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>IFRS 9</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Category</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>31/12/2017</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Category</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>01/01/2018</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Ativo</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>81,742,951</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81,742,951 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets at fair value through profit or loss</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242,511,223 </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At fair value through profit or loss</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 242,511,223 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets held for trading</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Held for trading</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>241,710,041</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (241,710,041)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets at fair value through other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182,799,142 </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value through other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 218,860,066 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets available for sale</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Available for sale</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>159,412,722</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (159,412,722)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets at amortized cost</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;- Loans and advances to banks, net of impairment</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loans and receivables</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,247,724</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123,473,446</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At amortized cost</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>155,721,170 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;- Loans and advances to customers, net of impairment</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loans and receivables</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>346,758,099</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,173,870)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At amortized cost</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 345,584,229 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;- Securities net of provision for losses</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75,320,243 </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267,452 </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At amortized cost</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,526,771 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;- Other financial assets</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,877,774 </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At amortized cost</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,877,774 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investments held to maturity</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Held to maturity</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>39,006,118</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39,006,118)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial assets pledged as collateral</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other (2)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>183,975,173</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (183,975,173)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-current assets held for sale</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,520,973</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,520,973 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investments in associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,257,384</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,257,384 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Premises and equipment</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,432,475</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,432,475 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Intangible assets and goodwill</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,179,307</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,179,307 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Taxes to be offset</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,524,575</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,524,575 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deferred taxes</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>43,731,911</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,424,809 </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45,156,720 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other assets</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,853,987</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39,877,774)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,976,213 </FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>51</FONT></FONT></B></FONT></FONT></B> </P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%">

   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" color=black face="Univers 45 Light"></FONT>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0.25pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 9.05pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.05pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.05pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.05pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,224,353,440</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.05pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.05pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>518,391</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.05pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 9.05pt; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp; 1,224,871,831 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Liabilities at amortized cost</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;- Deposits from banks</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>285,957,468</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 285,957,468 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;- Deposits from customers</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>262,008,445</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 262,008,445 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;- Funds from issuance of securities</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>135,174,090</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 135,174,090 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;- Subordinated debts</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,179,401</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50,179,401 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;- Other financial liabilities</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62,439,512 </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62,439,512 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial liabilities at fair value through profit or loss</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,274,999 </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,274,999 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial liabilities held for trading</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,274,999</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,274,999)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Provision for Expected Loss</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Loan Commitments</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,840,205</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,840,205&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Financial guarantees</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>-&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>815,400&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>815,400&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Insurance technical provisions and pension plans</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>239,089,590</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 239,089,590 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other reserves</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,490,727</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,490,727 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Current taxes</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,416,345</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,416,345 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deferred taxes</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,251,847</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,251,847 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>97,816,824</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62,439,512)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35,377,312 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,106,659,736</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,655,605&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,109,315,341</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Shareholders&#8217; equity</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capital</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>59,100,000</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>59,100,000</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Treasury shares</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (440,514)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (440,514)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capital reserves</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,973</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,973</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Profit reserves</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>49,481,227</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>49,481,227</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Additional paid-in capital</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,496</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,496</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,817,659</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59,240 </FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,876,899</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Retained earnings</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,338,990</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,196,454)</FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,142,536</FONT></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Equity attributable to controlling shareholders</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,403,831</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,137,214)</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>115,266,617</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-controlling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>289,873</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>289,873</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total equity</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,693,704</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>(2,137,214)</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>115,556,490</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,224,353,440</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518,391</FONT></B></P></TD>

   <TD style="HEIGHT: 9.05pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,224,871,831</FONT></B></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1) The main reclassifications are due to debentures, in the amount of R$35,600,087 thousand and promissory notes, in the amount of R$486,289 thousand that in accordance with IAS 39 were classified as available for sale and in accordance with IFRS 9 are measured at amortized cost; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2) The balances under the heading "Financial assets pledged as collateral" began to be submitted in accordance with the categories of IFRS 9, which are: R$123,691,195 thousand for "Loans and advances to financial institutions, net of provision for losses"; R$801,182 thousand for "Financial assets at fair value through profit or loss" and R$59,482,796 thousand for "Financial assets at fair value through other comprehensive income".</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>52</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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   <P><FONT size=2 face=Arial>IFRS 15 &#8211; <FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Revenue from Contracts with Customers &#8211; requires that revenue is recognized so as to reflect the transfer of goods or services to the client for an amount that represents the company&#8217;s expectation of having rights to these goods or services by way of consideration. IFRS 15 replaced IAS 18, IAS 11, and related interpretations (IFRICs 13, 15 and 18), and was be applicable from January 2018. A study on the recognition of revenue from customer contracts was conducted and the conclusion was that there was no significant impact on the Organization.</FONT></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Standards, amendments and interpretations of standards applicable to future periods</FONT></B></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>IFRS 16 &#8211; <FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Leases. IFRS 16, issued in January 2016 in replacement to the standards IAS 17 Leasing Operations, IFRIC 4, SIC 15 and SIC 27 Complementary Aspects of Leasing Operations, establishes that the lessees account for all the leases according to a single model, similar to the accounting entry for finance leases according to IAS 17. IFRS 16 is mandatory for the fiscal years as per January 1, 2019.</FONT></FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>At the beginning of a lease, the lessee should recognize a liability to make payments (a lease liability) and an asset representing the right to use object asset during the term of the lease (a right of use asset). The expenses with interest on the lease liability and expenses of depreciation of the right of use asset should be recognized separately.</FONT></P>

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   <P><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The potential impact that the initial application of the new standard will have on the Consolidated Financial Statements of the Organization was evaluated, as described below. The actual impacts regarding the adoption may change due to certain assumptions still subject to refinement, which are:</FONT></P></FONT></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=arial,sans-serif>Use of the real or nominal discount rate; and</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=#000000 face=symbol></FONT></P></FONT>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" color=black face=arial,sans-serif>&nbsp;<FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Exclusion of certain taxes of the payment flows of the lease contracts.</FONT></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>1. Leases in which Banco Bradesco is a lessee</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The Organization will recognize new assets and liabilities for its operating leases, mainly related to real estate and infrastructures in general. The nature of the expenditure related to such leases will change because the Organization will recognize a cost of depreciation of right of use assets and expense of interest on lease obligations, which were previously recognized as a linear expense of operating lease during the term of the lease.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Based on the information currently available, the Organization estimates that the impacts on the balance sheet opening on January 1, 2019 would lead to the recognition of right of use assets and lease liabilities between R$3,984,117 and R$4,518,042.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>2. Leases in which Banco Bradesco is a lessor</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>There is no substantial change in the accounting for lessors based on IFRS 16 in relation to the current accounting in accordance with IAS 17. Thus, no significant impact is expected for leases in which the Organization is a lessor.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>3. Transition</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Banco Bradesco will adopt IFRS 16 on January 1, 2019, using the simplified and modified retrospective approach, which does not require the disclosure of comparative information. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>The new standard will be adopted for contracts that were previously identified as leases that use IAS 17 and IFRIC 4 &#8211; Complementary Aspects of Leasing Operations. Therefore, the Organization does not apply the standard to contracts that have not previously been identified as contracts containing a lease under the terms of IAS 17 and IFRIC 4.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>Bradesco&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>53</FONT></FONT></B></FONT></FONT></B> </P>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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   <P><FONT size=2 face=Arial>IFRS 17 - <FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Insurance Contracts. Establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the Standard. The purpose of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. The general model of IFRS 17 requires insurers and reinsurers to measure their insurance contracts at the initial time by the estimated total cash flow, adjusted for the time value of money and the explicit risk related to non-financial risk, in addition to of the contractual margin of the service. This estimated value is then remeasured at each base date. The unrealized profit (corresponding to "the contractual margin of the service) is recognized over the term of the contracted coverage. Apart from this general model, IFRS 17 provides, as a way of simplifying the process, the award allocation approach. This simplified model is applicable to certain insurance contracts, including those with coverage of up to one year. "This information provides a basis for accounting firm users to evaluate the effect that insurance contracts have on the financial position, financial performance and the Company's cash flows. IFRS 17 is effective for annual periods beginning on or after January 1, 2022. The Company is in the process of evaluating the new standard in the diagnostic phase</FONT></FONT><FONT size=2 face=Arial>.</FONT></P></TD></TR>

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   <P><FONT size=2 face=Arial>IFRIC 23 - <FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=arial,sans-serif>Applies to any situation where there is uncertainty as to whether an income tax treatment is acceptable under tax law. The scope of the Interpretation includes all taxes covered by IAS 12, that is, both current and deferred tax. However, it does not apply to uncertainty regarding taxes covered by other standards. IFRIC 23 becomes operative for financial periods beginning on or after January 1, 2019. A study was carried out on the effects of this standard and it was concluded that there were no impacts on the Organization</FONT></FONT><FONT size=2 face=Arial>.</FONT></P></TD></TR></TABLE></DIV>

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<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><A name="_Toc1554853"></A><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>48)&nbsp;&nbsp; Other information</FONT></B></H1>

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<LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On October 2, 2018, Bradesco formalized a strategic partnership with RCB Investimentos S.A. (&#8220;RCB&#8221;), one of the main credit management and recovery companies in Brazil, after the acquisition of 65% of its shares. Bradesco expects to add more efficiency to its credit recovery process, as well as actively participate in the credit acquisition market for recovery.</FONT> </LI></OL>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Unconsolidated structured entities are unconsolidated entities that the Organization does not control, but which have a contractual and non-contractual involvement, and provide variability of returns arising from the performance. The Organization has an involvement with structured entities through management of investment funds and portfolios making management fees and consortium management.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The main unconsolidated structured entities are: (i) the investment funds managed by Organization, whose nature and involvement, generating management fees and investment in units for funds, the assets of managed funds and non-consolidated in 2018 were R$369,063,713 thousand (2017 &#8211; R$338,846,142 thousand) and revenues earned in 2018 were R$1,525,280 thousand (2017 &#8211; R$1,463,469 thousand) and (ii) the consortium which nature and involvement is related to generation management fees of consortium quotas, represented by groups of quotaholders formed to acquire specific goods, whose assets in 2018 were R$76,893,786 thousand (2017 &#8211; R$74,323,031 thousand) and the revenues were in 2018 R$1,683,942 thousand (2017 &#8211; R$1,526,660&nbsp;thousand).</FONT></P>

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<P style="MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT face=arial,sans-serif><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="DISPLAY: none"><U><FONT lang=PT-BR style="FONT-SIZE: 6pt" color=black face=arial,sans-serif></FONT></U></FONT></FONT><B><FONT><FONT style="BACKGROUND: darkgray" color=white face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt; BACKGROUND: darkgray" color=white face=arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>54</FONT></FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; IFRS &#8211; International Financial Reporting Standards &#8211; 2018</FONT></U></FONT></P></DIV>

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   <P><FONT size=1 face=Arial>Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS)</FONT></P></TD></TR></TABLE>

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<DIV style="BORDER-TOP: windowtext 2.25pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 13pt" color=black face=arial,sans-serif>Notes to the Consolidated Financial Statements</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On May 31, 2016, a lawsuit was filed against &nbsp;three members of its Bradesco&#8217;s Executive Board of Directors by the Federal Police, in the scope of the so-called "Operation Zealots", which investigates the alleged improper performance of members of the CARF &#8211; Federal Administrative Tax Court. On July 28, 2016, the Federal Public Prosecution filed an accusation against all three members of the Board of Executive Officers and a former member of its Board of Directors, which was received by the Judge of the 10th Federal Court of Judicial Section of the Federal District. At present, two of the three members of our Organization remain defendants in the proceeding.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face="Univers 45 Light"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The executives of Bradesco have already submitted their respective </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#222222 face=arial,sans-serif>answers to the prosecution,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> pointing out the facts and evidence demonstrating their innocence.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Company&#8217;s Management conducted a thorough internal evaluation of the records and documents related to the indictment and found no evidence of any unlawful conduct committed by its representatives. Bradesco provided all the information requested to the competent regulatory bodies, in Brazil and abroad. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The process has already had its investigation phase closed, now await the final allegations and sentence of the first degree trial. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Following news reports of the "Operation Zealots", a class action was filed against Bradesco and three members of its Board of Executive Officers in the District Court of New York, on June 3, 2016, asserting claims under Sections 10(b) and 20(a) of the U.S. Securities Exchange Act of 1934. The lawsuit alleges that investors who purchased preferred American Depositary Shares (&#8220;ADS&#8221;) of Bradesco between April 30, 2012 and July 27, 2016 suffered losses due to a supposed violation regarding the American law of capital markets. On September 29, 2017, the Court limited the proposed class to investors who purchased ADS preferred shares of Bradesco between August 8, 2014 and July 27, 2016, </FONT><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>as well as excluding one of the executives. The Class Action is currently, in the phase of pre-trial Discovery and class certification. On September 14, 2018, the plaintiff presented a formal request to include another class representative that has already been objected by Bradesco, which is currently being analyzed by the judge.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Considering the stage that the demand is at, it is not possible to set the exposure of Bradesco&#8217;s business and there are insufficient elements to carry out a risk assessment</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Bradesco also was summoned by the General&#8217;s Office of the Ministry of Finance on the filing of an Administrative Proceeding ("PAR"). This process may entail the possibility of application of a fine and/or mention on public lists, which may eventually lead to restrictions on business with public agencies.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>4.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>On July 20, 2018, Odontoprev, a subsidiary of Bradesco Sa&#250;de S.A., informed the Market about the proposed acquisition of 100% of the share capital of Odonto System Planos Odontol&#243;gicos Ltda., a company with head offices in Fortaleza/ Cear&#225;, for the amount of R$201,637 thousand, in addition to this amount, the acquisition foresees a variable price for the future, related the achievement of the future targets of growth of the EBITDA for Odonto System of 2018 and 2019. This transaction was approved, with no restrictions, by the Ag&#234;ncia Nacional de Sa&#250;de Suplementar &#8211; ANS (National Supplementary Health Agency), the Central Bank of Brazil &#8211; BACEN and the Administrative Council for Economic Defense &#8211; CADE. The transaction was approved by the shareholders of the Company, in the Shareholders&#8217; Meeting held on August 6, 2018.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>5.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>On December 31, 2018, Bradesco and the Fidelity Group concluded the termination of its joint venture in Fidelity Processadora S.A. ("</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>Processing Company</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>"), whereby Bradesco will be the sole shareholder of the Processing Company, whose shareholders&#8217; equity is composed exclusively of the assets and liabilities relating to the provision of credit card processing services to the Bradesco Organization. The operation (a) aims to reduce the costs of processing and the increase in the efficiency of the credit card business; (b) will not have any impact on the activities and clients of Bradesco; and (c) did not involve any financial values. The parties, Bradesco and Fidelity Group, will <FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=arial,sans-serif>also maintain their association in Fidelity Servi&#231;os S.A., a company that provides call center services, collection, fraud prevention, support and other related services.</FONT></FONT>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 173.45pt 0pt 174.7pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 13.5pt; LINE-HEIGHT: 200%" color=black face=arial,sans-serif>O</FONT><FONT lang=PT-BR style="FONT-SIZE: 13.5pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 200%" color=black face=arial,sans-serif>s</FONT><FONT lang=PT-BR style="FONT-SIZE: 13.5pt; LINE-HEIGHT: 200%" color=black face=arial,sans-serif>as</FONT><FONT lang=PT-BR style="FONT-SIZE: 13.5pt; LETTER-SPACING: -0.1pt; LINE-HEIGHT: 200%" color=black face=arial,sans-serif>c</FONT><FONT lang=PT-BR style="FONT-SIZE: 13.5pt; LINE-HEIGHT: 200%" color=black face=arial,sans-serif>o &#8211; </FONT><FONT lang=PT-BR style="FONT-SIZE: 13.5pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 200%" color=black face=arial,sans-serif>SP</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 139.6pt 0pt 140.85pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 13.5pt; LETTER-SPACING: -0.1pt" color=black face="Univers 45 Light">banco.b</FONT><FONT lang=PT-BR style="FONT-SIZE: 13.5pt; LETTER-SPACING: -0.2pt" color=black face="Univers 45 Light">ra</FONT><FONT lang=PT-BR style="FONT-SIZE: 13.5pt; LETTER-SPACING: -0.1pt" color=black face="Univers 45 Light">d</FONT><FONT lang=PT-BR style="FONT-SIZE: 13.5pt; LETTER-SPACING: -0.2pt" color=black face="Univers 45 Light">esc</FONT><FONT lang=PT-BR style="FONT-SIZE: 13.5pt; LETTER-SPACING: -0.1pt" color=black face="Univers 45 Light">o</FONT><FONT lang=PT-BR style="FONT-SIZE: 13.5pt; LETTER-SPACING: -0.3pt" color=black face="Univers 45 Light">/r</FONT><FONT lang=PT-BR style="FONT-SIZE: 13.5pt; LETTER-SPACING: -0.15pt" color=black face="Univers 45 Light">i</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;&nbsp;
<IMG border=0 src="ip155.jpg"></P>

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<DIV>&nbsp;</DIV>SIGNATURES</B></FONT></DIV>

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<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></DIV>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;March 7, 2019</FONT></DIV>

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   <DIV style="MARGIN-LEFT: 36%; TEXT-INDENT: -2%"><FONT color=#000000 size=3 face="Times New Roman">BANCO BRADESCO S.A. </FONT></DIV></TD></TR>

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   <TD height=16 width="43%" colSpan=3></TD></TR>

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   <TD vAlign=top width="3%">

   <DIV style="MARGIN-LEFT: 2%; TEXT-INDENT: -2%"><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

   <TD vAlign=bottom width="3%"><FONT size=1 face="Times New Roman">&nbsp;</FONT></TD>

   <TD vAlign=bottom width="37%" align=center>

   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/S/Leandro de Miranda Araujo</FONT></DIV>

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   <TD vAlign=bottom width="37%" align=center><FONT color=#000000 size=2 face="Times New Roman"><B>Leandro de Miranda Araujo</B><FONT lang=PT-BR face="Times New Roman,serif"><BR></FONT><STRONG><FONT lang=PT-BR face="Times New Roman,serif">Executive Deputy Officer and<BR></FONT>Investor Relations Officer.</STRONG></FONT></TD></TR></TABLE></DIV>

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<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P></P>

<P align=justify><FONT size=2 face="'Times New Roman, Times, Serif'">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
