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Banco do Brasil

Banco do Brasil

VII Credit Suisse Banks

VII Credit Suisse Banks

Field Trip

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This presentation contains references and statements, planned synergies,

increasing estimates, projections of results and future strategy for Banco do

Brasil, it’s Associated and Affiliated Companies and Subsidiaries. Although these

references and statements reflect the management’s belief, they also involve

imprecision and high difficult risks to be foreseen, consequently, they may

conduct to a different result than the one anticipated here. These expectations are

highly dependent on market conditions, on Brazil’s economic and banking system

performances, as well as on international market one. Banco do Brasil is not

responsible for bringing up to date any estimate in this presentation.

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The financial crisis impact in Brazil

The financial crisis impact in Brazil

Liquidity crunch

International funding dries up

Sectors that suffered the most

Banking, Foreign Trade, Agribusiness & Automobile

Government support

International reserves

Reduction on Reserve requirements

Tax exemption

The outlook for 2009

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Funding

Funding

Volume Cost Volume Cost Volume Cost

Deposits 172.2 54.8% 195.5 49.2% 230.1 61.0%

Core Deposits¹ 128.4 44.0% 140.9 42.7% 144.7 44.1%

Money Market Borrowing 74.8 91.9% 93.3 91.3% 85.6 92.0%

Total Funding 247.0 66.3% 288.8 63.3% 315.7 69.7%

3Q07 2Q08 3Q08

R$ billion

Funding Cost - % of Selic

CDB2 - Balance CDB - Inflow

(1) Demand, Saving, Judicial and Especial Deposits (2) Time Deposit

R$ billion 49.0 Aug/08 55.1 Sep/08 65.8 Oct/08 68.0 Nov/08 Dec/08 69.2 R$ billion 13.5 Aug/08 24.0 Sep/08 35.3 Oct/08 27.9 Nov/08 28.6 Dec/08

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Reserve Requirements

Reserve Requirements

(1) November’s amounts are estimates.

(2) Reserve requirement potential release as long as the requirements are fulfilled.

Month Regulation Amount

(R$ million) Description September/08 Circular 3.405, of 09/24/08 200 Circular 3.408, of 10/08/08 400 Circular 3.408, of 10/08/08 3,050 Circular 3.410, of 10/13/08 700 Circular 3.410, of 10/13/08 1,300 Circular 3.413, of 10/14/08 1,200 Circular 3.416, of 10/24/08 1,080 6,964 Total 14,894

Reserve Requirements Release - Impacts on BB

October/08

November/08¹

Circular 3.417 of 10/30/08²

Additional Reserve Requirement deductible amount decrease from R$ 100 million to R$ 300 million.

Time Deposits Reserve Requirement deductible amount increase from R$ 300 million to R$ 700 million.

Time and Demand Deposits Additional Reserve Requirement rate decrease from 8% to 5%.

Additional Reserve Requirement deductible amount increase from R$ 300 million to R$ 1 billion.

Time Deposits Additional Reserve Requirement deductible amount increase from R$ 700 million to R$ 2 billion.

Demand Deposits Reserve Requirement rate decrease from 45% to 42%

Deduction of Demand Deposits Reserve Requirement relating to the advance of FGC contributions - Circular 3.416 of 10.24.2008.

Deduction of Time Deposits Reserve Requirement to back Interbank loan portfolios purchase and interbank operations.

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Loan Portfolio Purchase

Loan Portfolio Purchase

44% 29% 27% Payroll Vehicle Middle Market

Since October, out of R$ 17.1 billion

credit operations analyzed by BB, 40%

were approved.

In October, R$ 5.9 billion of credit were

purchased, including payroll, vehicle

and middle market loan portfolios.

Loan Portfolio Purchase - Breakdown

Until November, R$ 8.2 billion in loan portfolios were purchased by BB,

including payroll, vehicle and middle market loan portfolios.

(October Transactions)

The transactions include loan portfolio purchase and interbank operations with

loan portfolio collateral.

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7 156.1 21.9 Jul/08 147.6 20.8 Aug/08 162.2 23.9 Sep/08 157.8 23.6 Oct/08 142.4 21.4 Nov/08 24.9 Dec/08 14.2 7.7 Jul/08 13.3 7.5 Aug/08 16.4 7.5 Sep/08 15.9 7.7 Oct/08 14.6 6.8 Nov/08 17.8 7.1 Dec/08 Businesses Individuals BFS* BB

Flow of New Operations

Flow of New Operations

11

(*) Brazilian Financial System (1) Referential Credit to Tax Rate

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Businesses - Working Capital

3,758 1,290 1,455 1,367 1,227 2,896

Jul/08 Aug/08 Sep/08 Oct08 Nov/08 Dec/08

Businesses - ACC 2,393 2,722 2,856 1,820 2,167 2,449

Individuals - Car Loans

357

276 244

178 127 112

Individuals - Payroll Loans

752 893 901 941 857 898

Jul/08 Aug/08 Sep/08 Oct08 Nov/08 Dec/08

Jul/08 Aug/08 Sep/08 Oct08 Nov/08 Dec/08 Jul/08 Aug/08 Sep/08 Oct08 Nov/08 Dec/08

BB

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Credit Risk

Credit Risk

Inadimplência Pessoa Jurídica

2.9 3.0 3.0 2.9 3.1 3.0 3.2 3.3 3.3 3.2 3.5 3.6 3.7 2.6 2.6 2.6 2.5 2.8 3.3 3.1 3.2 3.1 2.9 3.1 3.1 3.2 2.3 2.3 2.2 2.0 2.0 2.0 1.8 1.8 1.8 1.7 1.7 1.7 1.6 2.1 2.1 2.1 2.0 2.0 2.0 1.8 1.8 1.9 1.7 1.7 1.6 1.6

Sep/07 Oct/07 Nov/07 Dec/07 Jan/08 Feb/08Mar/08 Apr/08 May/08 Jun/08 Jul/08 Aug/08 Sep/08

Past Due 15 SFN Past Due 15 BB Past Due 90 SFN Past Due 90 BB

Businesses Delinquency¹

Inadimplência Pessoa Física

13.5 13.7 13.7 13.4 14.1 13.8 13.7 13.4 13.3 13.0 13.4 13.5 13.3 9.4 10.2 9.9 9.7 10.4 10.4 10.4 10.7 10.8 9.6 10.8 10.9 10.9 7.1 7.0 7.1 7.0 7.1 7.1 6.9 7.1 7.4 7.0 7.3 7.5 7.3 6.0 6.1 6.1 6.3 6.2 6.0 5.6 5.6 5.8 5.8 5.8 5.8 5.9

Sep/07 Oct/07 Nov/07Dec/07Jan/08 Feb/08Mar/08 Apr/08May/08 Jun/08 Jul/08Aug/08 Sep/08

Past Due15 SFN Past Due15 BB Past Due90 SFN Past Due90 BB

Individuals Delinquency¹ Agribusiness Delinquency

6.7 6.7 6.7 7.0 7.9 8.1 7.7 7.6 7.5 7.4 7.3 7.1 7.0 1.7 1.6 1.9 1.9 2.5 2.3 2.5 2.4 2.4 2.6 1.9 1.5 1.4 Sep/07Oct/07Nov/07Dec/07Jan/08Feb/08Mar/08Abr/08May/08Jun/08Jul/08Aug/08Sep/08

Past Due90 BB Required Provision/Loan Portfolio

(1) Loan as Reference for Interest Rate *SFN= Brazilian Banking System

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(1) Individual Loan Operations except overdraft account, credit cards and vehicle loans

Individual Delinquency - Vintage¹

Annual Vintage Analysis (since 2005) Client Risk: A,B,C,D and E

Delinquency: 90 days D e li n q u e n c y + 9 0 d a y s Months Vintage

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Credit Risk

Credit Risk

3Q07 4Q07 1Q08 2Q08 3Q08 3.4 3.3 2.8 2.8 2.6 5.5 5.9 6.2 6.4 6.4 5.2 5.4 5.6 5.4 5.4

Past Due Loans + 60 days/Loan Portfolio - %

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Expenses for Loan Losses - R$ million Expenses for Loan Losses/Loan Portfolio¹ - %

Credit Risk

Credit Risk

3Q07 4Q07 1Q08 2Q08 3Q08 3.3 3.6 3.6 3.7 3.7 1,216 1,497 1,534 1,687 1,339

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15 80 100 120 140 160 180 200 220 240 11/06/2002 11/06/2005 11/06/2008 Fonte: Bloomberg . ÍM a r/ 0 2 = 1 0 0 80 100 120 140 160 180 200 220 240 ÍM a r/ 0 2 = 1 0 0

CRB Index Soft Commodities in US$ Í CRB Index Soft Commodities in R$(*)

Soft Commodities Price R$ / US$

Agribusiness Loan Portfolio

Agribusiness Loan Portfolio

Agribusiness Loan Portfolio by Region Agribusiness Loan Portfolio by Financed Items

Product R$ million Share

Livestock 7,466 12.3% Soybeans 3,976 6.6% Sugar Cane 3,493 5.8% Corn 3,591 5.9% Coffee 1,892 3.1% Poultry 1,425 2.4% Orange 1,393 2.3%

Machinery and Equipment 1,306 2.2%

Others 35,982 59.5%

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Basel

Basel

¹

¹

Basel II Implementation

Capital Release

- Seven Levels of Risk Weighting – FPR

- 75% FPR to retail credit operations

- Risk mitigators taken into consideration in capital requirement

Capital Requirement

- Capital requirement for preapproved

credit lines

- From 50% to 100% FPR for ACC

(FX operations)

- Operational Risk capital allocation

Level II Level I

(1) Since 3Q08

* BIS Ratio estimated for dec/08 considering change in the impacts of tax credits and the acquisition of Nossa Caixa and Banco Votorantin.

10.5 5.2 3Q07 15.7 10.7 4.9 4Q07 15.6 10.6 4.7 1Q08 15.3 8.7 4.4 2Q08 13.1 9.0 4.5 3Q08 13.6 8.3 4.2 4Q08* 12.5

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Guidance

Guidance

Reported Guidance 9M08* 2008 Sustained Administrative Expenses 9.3% 7% - 10% ROE 26.7% 23% - 27%

Credit Cards 23.7 million 25 million

NIM 7.1%

Fee Income** 7.5% 5% - 8.0%

Loan Portfolio – Domestic 37.1% 30% - 35%

Individuals 45.4% 40% - 45% Businesses 42.9% 35% - 40% Agribusiness 24.9% Reviewed 20% Total Deposits 33.6% 25% - 30% Tax Rate 23.4% 23% - 25%

Allowance for Loan Losses 3.3% 3.5% - 3.8% Average Portfolio (**) If the 4Q08 result remains as the 3Q08, the growth will be of 6.3%

7% - 7.5%

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Acquisition of

Control of

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21 Businesses Agribusiness - Businesses Individuals Abroad

Loan Portfolio

Loan Portfolio

R$ billion Δ Δ Δ Δ % over 3Q07 2Q08 34.6 6.4 2.7 32.8 42.7 8.8 45.4 5.9 72.4 (3.0) Market Share¹ - %

(1) Domestic Loan Portfolio

Agribusiness - Individuals 12.0 (1.2) 4Q07 160.7 2Q08 3Q08 1Q08 3Q07 150.2 12.6 16.5 16.9 16.3 16.0 16.1 59.7 65.5 29.5 32.0 38.1 40.2 10.4 11.7 12.6 11.4 172.8 69.1 36.6 40.7 15.8 10.5 190.1 78.3 40.5 43.2 18.4 9.7 202.2 85.1 42.9 42.6 17.9 12.9 0.7

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Source: Brazilian Central Bank – figures as of June 2008.

The combination of BB and Nossa Caixa will create the

largest branch network in the State of São Paulo

Branches Consolidation

Consolidation

Branches Located in the State of São Paulo

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The synergies with Nossa Caixa credit growth can be

captured even with an average spread of 4%

1 Data from Banco do Brasil as of September 30, 2008. 2 Data from Nossa Caixa as of September 30, 2008.

3 Additional credit calculated based on the difference between the loan to deposits ratio of Banco do Brasil and Nossa Caixa. 4 Consolidated spread of Banco do Brasil as of September 30, 2008.

5 Average spread for individuals of Banco do Brasil as of September 30, 2008. 6 Conservative spread.

Under different scenarios, even considering conservative assumptions, suggests gains after taxes in excess of R$440 million per year, in a recurring basis

1 1 2 2 3 4 5 6 Loan Portfolio BB 202,201 202,201 202,201 Total Deposits BB 230,050 230,050 230,050 Loan / Deposits 87.9% 87.9% 87.9% Loan Portfolio NC 11,489 11,489 11,489 Total Deposits NC 33,960 33,960 33,960 Loan / Deposits 33.8% 33.8% 33.8% Additional Credit NC 18,360 18,360 18,360

Spread 7.1% Spread 11.0% Spread 4.0%

Gains before Taxes 1,303.5 2,019.6 734,4

IR + CSLL 40% 40% 40%

Gains after Taxes 782.1 1,211.7 440.6

Scenario 1 - Spread BB 9M08 Scenario 2 - Spread for Payroll Loans Scenario 3 - Conservative Spread

1

R$ million 4 5 6 Loan Portfolio BB Total Deposits BB Loan / Deposits Loan Portfolio NC Total Deposits NC Loan / Deposits Additional Credit NC

Gains before Taxes IR + CSLL

Gains after Taxes

Loan Portfolio BB Total Deposits BB Loan / Deposits Loan Portfolio NC Total Deposits NC Loan / Deposits Additional Credit NC

Gains before Taxes IR + CSLL

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Synergies with credit expansion are possible even

considering a reduction in growth expected for 2009

A v e ra g e b a la n c e o f a d d it io n a l c re d it R $ m il li o n BB – São Paulo 44,662 11,489

Loan Portfolio – R$ million

5.9 5.7 7,570 2,016 3.8 x # of Clients - million Loan / Clients – R$ Loan / Clients BB / Nossa Caixa

Figures relative to September 30, 2008.

1 Net gains calculated considering spread net of taxes (40% tax rate of IR + CSLL).

2 EPS of 2.65 forecasted for 2009 (Bloomberg consensus) was considered as the break-even point.

1 2 Spread – 4.1% 7.0% 11.0% 1,000 24.84 42.00 66.00 2,000 49.68 84.00 132.00 3,000 74.52 126.00 198.00 4,000 99.36 168.00 264.00 5,000 124.20 210.00 330.00 6,000 149.04 252.00 396.00 1,000 2.62 2.63 2.63 2,000 2.63 2.64 2.66 3,000 2.64 2.66 2.69 4,000 2.65 2.67 2.71 5,000 2.66 2.69 2.74 6,000 2.67 2.71 2.76

Net Gains - R$ million

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25 -0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 J a n -0 7 M a r-0 7 M a y -0 7 J u l-0 7 S e p -0 7 N o v -0 7 J a n -0 8 M a r-0 8 M a y -0 8 J u l-0 8 S e p -0 8 N o v -0 8

Why acquiring Nossa Caixa now?

1 Price to book value based on Banco do Brasil’s common shares (ON). Based on closing market prices and on the last available published shareholders’ equity. Source: Economática, Companies' reports and Brazilian Central Bank.

Timing Considerations Banco do Brasil’s Historical P / BV 1

Favorable regulation

– MP no443

Scenario of increasing consolidation within the

Brazilian banking sector

Complementary operations with focus in the State

of São Paulo and strong potential to capture synergies

Price paid reflects strategic value of Nossa Caixa to

BB and is in line with BB’s historical trading multiple and recent transactions in the sector

Precedent Transaction Multiples

Date Buyer Target P/BV

Nov-08 Itaú Unibanco 2.0x

Sep-07 BB BESC 1.7x

May-07 Santander Real 3.6x

Feb-07 Societe Generale Cacique 2.6x

Jan-07 Bradesco BMC 2.8x

May-06 Itaú Bank Boston 2.1x

Dec-05 Bradesco BEC 1.9x

Feb-04 Bradesco BEM 2.3x

Average 2.4x

Average = 2.7x

Average 2008 = 2.4x

1.2x

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27 Dividend Distribution to VF

Partnership Structuring

Shareholders’ Equity Book Value of Banco Votorantim (R$ bn) Stake in BV Stake in BV (%) (%) 100.0% 0.0% 55.0% 45.0% 50.0% 50.0% 45% stake acquisition on Banco Votorantim for R$ 3.0 billion

Capital increase of R$ 1.2 billion, reaching a 50% stake in Banco Votorantim’ total capital

1 1 2 2 3333 3333 3.00 3.003.00 3.00 55% 50% 45% (0.75) 1.20 50%

Initial status Dividend distribution of BV to VF Post Dividend distribution Post stake acquisition (secondary) Capital increase from BB at BV

Final status after capital increase

6.42

5.67 5.67

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Banco Votorantim Assets Evolution

Brazilian largest financial institutions (ranked by total assets – R$bn)

Source: Austin Asis

1 Data from sep/08: considering the merger of Itaú-Unibanco and the acquisition of Nossa Caixa by BB (pro-forma) 1994 1994 1. BANCO DO BRASIL 2 CAIXA 3. BANESPA 4. BRADESCO 5. BAMERINDUS) 6. NACIONAL 7. UNIBANCO 8. REAL 9. SAFRA 10. ECONOMICO 11. NOSSA CAIXA 12. BANRISUL 13. BNB 14. LLOYDS TSB BANK 15. SANTANDER NOROESTE 16. APLICAP (LIQ EXT) 17. ITAU HOLDING FIN 18. SANTANDER (BOZANO) 19. MULTIPLIC 20. BANERJ EX JUD) 21. CITIBANK, N.A. 22. BBM 23. BANORTE 24. SANTANDER BANESPA 25. ABN - AMRO BANK 26. BANKBOSTON, N.A. 27. IBM 28. ITAMARATI 29. UBS PACTUAL 30. BMB 34.VOTORANTIM 0.8 bn 1. BANCO DO BRASIL 2. CAIXA 3. BRADESCO 4. ITAÚ 5. UNIBANCO 6. BANESPA 7. REAL 8. SAFRA 9. HSBC BANK BRASIL 10. NOSSA CAIXA 11. SANTANDER BANESPA 12. SANTANDER BRASIL 13. ABN - AMRO BANK 14. SANTANDER NOROESTE 15. SANTANDER (BOZANO) 16. BNB

17.VOTORANTIM 4.8 bn

18. ITAU HOLDING FIN 19. BICBANCO 20. BANKBOSTON, N.A. 21. BARCLAYS 22. JP MORGAN (CHASE) 23. ALFA 24. BBM 25. LLOYDS TSB BANK 26. BESC 27. RURAL 28. UBS PACTUAL 29. BMB 30. ICATU 1. BANCO DO BRASIL 2. BRADESCO 3. CAIXA

4. ITAU HOLDING FIN 5. UNIBANCO

6. SANTANDER BRASIL 7. ABN - AMRO BANK 8. BANESPA 9. NOSSA CAIXA 10. CITIBANK 11. SAFRA 12. HSBC BANK BRASIL 13. VOTORANTIM 19bn 14. BANRISUL 15. BNB 16. SANTANDER (BOZANO) 17. JP MORGAN (CHASE) 18. BANKBOSTON, N.A. 19. LLOYDS TSB BANK 20. SANTOS (LIQ) 21. BNP PARIBAS 22. RURAL 23. ALFA 24. BASA 25. UBS PACTUAL 26. BMB 27. WESTLB 28. FIBRA 29. ABC BRASIL 30. VOLKSWAGEN 1. BANCO DO BRASIL 2. BRADESCO 3. ITAU HOLDING FIN 4. SANTANDER + ABN 5. CAIXA 6. UNIBANCO 7. HSBC BANK BRASIL 8.VOTORANTIM 64bn 9. SAFRA 10. NOSSA CAIXA 11. CITIBANK 12. UBS PACTUAL 13. BANRISUL 14. BBM 15. BNP PARIBAS 16. DEUTSCHE BANK 17. BNB 18. FIBRA 19. BICBANCO 20. JP MORGAN 21. BMB 22. BANESTES 23. PANAMERICANO 24. VOLKSWAGEN 25. BMG 26. DAYCOVAL 27. ING 28. BASA 29. GMAC 30. BANCO IBI 1. ITAÚ + UNIBANCO 2. BANCO DO BRASIL + NC 3. BRADESCO 4. SANTANDER + ABN 5. CAIXA 6. HSBC BANK BRASIL 7.VOTORANTIM 82 bn 8. SAFRA 9. CITIBANK 10. BANRISUL 11. BNP PARIBAS 12. UBS PACTUAL 13. FIBRA 14. BNB 15. ALFA 16. BBM 17. DEUTSCHE BANK 18. JP MORGAN 19. BICBANCO 20. VOLKSWAGEN 21. BANESTES 22. PANAMERICANO 23. SICREDI 24. BMB 25. DAYCOVAL 26. BMG 27. GMAC 28. BASA 29. ABC BRASIL 30. BESC 1998 1998 20022002 20072007 TodayToday11

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29 Instituição Crédito PF (R$ bi) % Crédito Total Veículos 1 (R$ bi) % Crédito PF 51.5 24.1% 5.6 10.9% 21.7 56.8% 16.8 77.6% 73.2 29.1% 22.4 30.6% 95.2 39.9% 47.1 50.9% 63.7 39.7% 31.2 49.0% 57.3 43.9% 23.7 41.4%

Strategic reasons behind the partnership

Consumer Finance Portfolio Breakdown of Major Banks

Source: Quarterly company information, Central Bank Banco do Brasil is the only retail bank that does not have a consumer finance arm

Rationale of BV Financeira to Banco do Brasil

Consumer

Finance Arm Controller Retail Funding

Funding Generation + Assets

The strategic partnership will foster BB’s vehicle financing growth off-branches, what today represents R$ 1.9 billion, 34% of vehicle loan portfolio

1 Considers CDC Auto and Leasing +

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4%

12%

1 2

Banco do Brasil and Banco Votorantim Combination

Source: Central Bank; Austin Asis; banks financial statements; press

Note: Considering the merger of Itaú + Unibanco (pro-forma), sep/08 data for vehicle financing, jun/08 data for payroll deductible loans and dec/07 data for Corporate/Large loans

Vehicle Financing Payroll Loans Corporate and Large Corporate Credit 4

4thth place in rankingplace in rankingplace in rankingplace in ranking

(16%) (16%)(16%) (16%) 11stst place in ranking place in ranking place in ranking place in ranking (22%) (22%)(22%) (22%) 22ndnd place in ranking place in ranking place in ranking place in ranking (21%) (21%) (21%) (21%)

Market Share (%) Market Share (%) Market Share (%)

14% 7% 1 2 19% 3% 1 2

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BB-BV Partnership Fit into

Nossa Caixa acquisition

Credit and Funding Fit

Diversified Individuals Product Portfolio Huge Client Base

(Individuals and Corporate) Low Cost Funding

National Presence

Diversified Individuals Product Portfolio Huge Client Base

(Individuals and Corporate) Low Cost Funding

National Presence

Low Cost Funding Low Leverage Resources Availability

State of SP Payroll

Low Cost Funding Low Leverage Resources Availability

State of SP Payroll

High Quality Asset Generation Diversified Corporate Product Portfolio

Outsourced Distribution Brokerage House

High Quality Asset Generation Diversified Corporate Product Portfolio

Outsourced Distribution Brokerage House

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32 0.0% 1.0% 2.0% 3.0% 4.0% 5.0%

Nov-06 May-07 Nov-07 May-08 Nov-08

Evolution of vehicle financing in the last 12 months

Final Balance (R$ bn)

Although there was a small spike in delinquency rates, recent evolution of vehicle financing demonstrates spread increases and average maturity reductions

Spread (p.p.)

Average Maturity (days) Delinquency (%)

1 1 1 5.0% 4.0% 3.0% 2.0% 1.0% 0.0%

Nov-06 May-07 Nov-07 May-08 Nov-08 Market

1

1 Estimated data for Spt/08, Oct/08 and Nov/08 1 Estimated data for Spt/08, Oct/08 and Nov/08

1 Estimated data for Spt/08, Oct/08 and Nov/08 1 Estimated data for Spt/08, Oct/08 and Nov/08

16.5 18.6 16.4 16.4 18.4 18.7 18.4 22.2 18.8 16.3 17.2 18.8 14 17 20 23 Dec-0 8 Jan-0 7 Feb-0 8 Mar-0 8 Apr/0 8 May/0 8 Jun-0 8 Jul-0 8 Aug/0 8 Sep/0 8 Oct/0 8 Nov-0 8 112 114 117 120 123 126 129 133 135 138 138 137 Dec-0 8 Jan-0 7 Feb-0 8 Mar-0 8 Apr/0 8 May/0 8 Jun-0 8 Jul-0 8 Aug/0 8 Sep/0 8 Oct/0 8 Nov-0 8 590 594 592 595 583 573 586 587 591 592 593 594 565 570 575 580 585 590 595 600 Dec-0 8 Jan-0 7 Feb-0 8 Mar-0 8 Apr/0 8 Mai/0 8 Jun-0 8 Jul-0 8 Agug 08 Sep/0 8 Oct/0 8 Nov-0 8

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Investor Relations Unit

SBS - Quadra 1 - Bloco C - Ed. Sede III – 5th floor

70073-901 - Brasília (DF)

Phone: 55 (61) 3310 3990

Fax: 55 (61) 3310 3735

bb.com.br

ri@bb.com.br

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Net Income – R$ million Return on Equity - %

Recurring Return on Equity - %

Net Income

Net Income

31.0 24.0 26.7 28.9 9M07 9M08 1Q08 2,347 1,559 2Q08 1,644 1,463 5,859 5,059 4,590 3,841 3Q08 2,037 1,867 4Q07 1,290 1,217 3Q07 1,642 1,364 43.5 27.9 30.5 27.6 24.6 33.6 26.3 22.2 23.6 32.3

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Net Interest Income

Net Interest Income

Agribusinesses

Individuals Businesses

Annualized Selic Rate - %

Annualized¹

NIM - %

Annualized NIM by Loan Portfolio - %

3Q07 4Q07 1Q08 2Q08 3Q08 6.6 5.8 5.0 4.9 5.2 7.2 6.9 6.9 6.5 6.6 27.7 26.6 24.1 23.4 22.0 3Q07 4Q07 1Q08 2Q08 3Q08 7.2 7.3 7.2 7.8 7.5 11.7 11.0 10.8 11.5 13.5

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A stronger and more competitive Banco do Brasil

+

Improve capacity of assets origination in the competitive consumer finance industry; Access to well developed alternative distribution channels - auto dealers, partners

and BV Financeira stores;

Successful sales promotion model with nationwide presence in the vehicle financing

industry;

Strength positioning of BB in capital markets;

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Net Income

Net Interest Income

Loan and Funding

• Loan Portfolio

Consumer Finance

Businesses

Foreign Trade

Derivatives

• Agribusiness

Contracts by Risk Levels

New Contracts and Payments of 2008

Risk Mitigators

Vintage

Fee Income

Administrative Expenses

• Ratios

Structure

Productivity

Other Informations

Other Informations

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Net Income

Net Income

R$ million (1) Net of Taxes

2Q08 Net Income

1,644

2Q08

3Q08 Net Income

1,867

202

348

Net Interest Income Growth

Allowance for Loan Losses Reduction

103

Administrative Expenses Growth

Other Effects

54

One-off Items¹

170

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Other Interest Revenues Loan Revenues

Interest Expenses Net Interest Income

Net Interest Income

Net Interest Income

R$ billion 5.9 5.7 5.5 5.5 5.2 17.2 15.4 9M07 9M08 20.6 23.5 14.4 37.8 14.6 18.7 11.3 30.0 3Q08 9.8 9.0 6.8 15.8 2Q08 5.2 7.2 3.8 11.0 1Q08 5.5 7.2 3.8 11.0 4Q07 4.6 6.6 3.5 10.1 3Q07 5.1 6.5 3.7 10.2

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Loan and Funding

Loan and Funding

Quarterly Flow

R$ million Sept/07 Jun/08 Sept/08 Sept/07 Jun/08

Total Funding 172,272 194,084 223,821 29.9 15.3

Total Deposits 172,180 195,475 230,050 33.6 17.7

Domestic Onlending - Official Institutions 16,528 19,255 19,640 18.8 2.0

Financial and Development Funds 1,847 2,251 2,277 23.3 1.1

FCO (Subordinated Debt) 9,829 10,774 11,232 14.3 4.2

Foreign Borrowings 5,530 5,750 6,515 17.8 13.3

Reserve Requirement (33,641) (39,421) (45,892) 36.4 16.4

Net Loan Portfolio 140,521 178,917 191,014 35.9 6.8

Loan Portfolio 150,184 190,082 202,201 34.6 6.4

Allowance for Loan Losses

Ratio - %

Net Loan Portfolio / Total Funding 81.6 92.2 85.3

Available Funding / Total Funding 18.4 7.8 14.7

Available Funding 31,751 15,167 32,807 3.3 116.3

Net Loan Portfolio / Total Deposits 81.6 91.5 83.0

9,663 11,165 11,187 15.8 0.2

Δ ΔΔ

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41

Consumer Finance

Consumer Finance

Other Payroll Loans Car Loan

Credit Card Overdraft Account

R$ billion 42.9 3Q08 40.5 2Q08 29.5 3Q07 32.0 4Q07 36.6 1Q08 Δ ΔΔ Δ % over 3Q07 2Q08 151.7 19.3 9.9 0.8 103.4 1.6 17.9 6.2 32.0 3.7 62.2 7.7

Consumer Finance Backed by Direct Deposits 45.4 5.9 11.0 11.9 12.8 14.0 14.5 8.2 8.3 8.6 9.1 9.7 3.2 3.8 5.9 6.5 6.6 2.5 2.3 2.7 2.7 2.7 2.2 3.0 3.5 4.7 5.6 2.3 2.7 3.1 3.5 3.7

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42

SME Middle and Large Companies

R$ billion

Loan Portfolio

Loan Portfolio

-

-

Businesses

Businesses

3Q07 4Q07 1Q08 2Q08 3Q08 Δ Δ Δ Δ % over 3Q07 2Q08 42.7 8.8 42.3 8.4 43.4 8.8 37.4 40.9 43.4 49.0 53.2 22.3 24.6 25.7 29.2 32.0 59.7 65.5 69.1 78.3 85.2

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43

Foreign Trade

Foreign Trade

ACC/ACE - Average Portfolio

US$ billion 3.8 3.9 4.1 4.6 4.6 1.2 Jun/08 1.4 Jul/08 1.2 Aug/08 1.4 Sep/08 1.4 Oct/08 1.8 1.8 1.8 2.1 1.4

Contracted Amount (US$ billion) Quantity of Contracts (million)

ACC/ACE - Contracts

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44

Derivatives

Derivatives

Currency Swap and Forward Contracts - Major Clients

(R$ million)

Client

Contract

BB Creditor

1

Swap

104.63

2

Forward

74.76

3

Forward

60.38

4

Forward

34.18

5

Forward

31.10

6

Forward

27.30

7

Forward

26.44

8

Forward

23.85

9

Forward

19.85

10

Forward

19.61

Others¹

-

399.54

Total

-

821.64

Client

Contract

BB Debtor

1

Swap

(43.42)

2

Swap

(38.94)

3

Forward

(9.06)

4

Forward

(5.37)

5

Forward

(4.40)

6

Swap

(2.73)

7

Swap

(1.97)

8

Swap

(1.75)

9

Forward

(1.60)

10

Swap

(1.59)

Others¹

-

(18.36)

Total

-

(129.19)

(1) Include 899 clients and an average exposure of R$ 6.9 million.

(1) Include 331 clients and an average exposure of R$ 5.8 million.

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45

R$ million

Amount

Risk¹

Provision Amount

Risk¹

Provision

TOTAL

5,808.1

55.67

6,632.2

47,98

Contract

Risk

July to September/2008

July to September/2007

Contracted Amount - R$ billion - Change %

5.8 6.6 14.2% 5.0 5.5 6.0 6.5 7.0 3Q07 3Q08

Credit Provisions Inflow - R$ million - Change %

55.67 47.98 -13.8% 40.0 45.0 50.0 55.0 60.0 3Q07 3Q08

Agribusiness – Contracts by Risk Levels

07/08 Harvest vs. 08/09 Harvest

Agribusiness Loan Portfolio

Agribusiness Loan Portfolio

1.0%

0,7%

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46

Agribusiness Loan Portfolio

Agribusiness Loan Portfolio

R$ 21.1 bi Amount Paid

6.1% Average Risk – Payments

R$ 25.3 bi Contracted Amount

1.6% Average Risk – Contracts

Agribusiness – New Contracts and Payments of 2008

Contracts and Payments – Average Risk

-1.0 2.0 3.0 4.0 5.0

Jan Feb Mar Apr May Jun Jul Aug Sept

0% 2% 4% 6% 8% 10%

New Contracts Payments AR New Contracts AR Payments

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47

Agribusiness Loan Portfolio

Agribusiness Loan Portfolio

New Contracts 08/09 Harvest – Risk Mitigators

Agricultural Costs Working Capital Investment

Agro Industrial Loan Marketing 08/09 Harvest 25,8% 74,2% 11,7% 7,5% 70,4% 9,2% 1,2% 07/08 Harvest 50,0% 50,0% 25.8% 74.2%

Agricultural Costs with Mitigation Agricultural Costs without Mitigation

11.7% 7.5% 70.4% 9.2% 1.2% 50.0%

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48 1Q08 3Q08 2Q08 4Q07 3Q07 2Q07 1Q07 D e li n q u e n c y + 9 0 d a y s Months

Individual Delinquency - Vintage¹

(1) Individual Loan Operations except overdraft account, credit cards and vehicle loans Quarterly Vintage Analysis (2007-2008)

Client Risk: A,B,C,D and E Delinquency: 90 days

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49

Fee Income

Fee Income

R$ million

3Q07

2Q08

3Q08

3Q07

2Q08

Fee Income

2,498

2,633

2,660

6.5

1.0

Account Fees 727 775 782 7.6 1.0 Loan Fees 240 229 192 -19.9 -16.0

Credit Card Fees 208 274 305 46.5 11.3

Investment Fund Management 443 521 516 16.7 -0.8

Billings 243 257 266 9.6 3.3

Interbank 180 133 120 -33.5 -10.1

Collection 106 103 112 5.7 9.0

Services Rendered to Affiliated 72 74 76 6.9 3.7

Official Services Fee 35 14 16 -52.5 15.5

Others 246 253 274 11.3 8.1

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50

Administrative Expenses

Administrative Expenses

¹

R$ million Δ ΔΔ Δ % over 3Q07 2Q08 10.2 2.8 11.8 1.8 8.4 4.1 3Q07 3,331 1,759 1,572 4Q07 3,665 1,936 1,729 1Q08 3,357 1,768 1,590 2Q08 3,569 1,933 1,636 3Q08 3,671 1,967 1,704

(1) Legal risk and one-off items are not included

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51

Structure

Structure

Accounts - thousand Others Branches

Points of Service - thousand

3Q07 15.2 11.2 4.0 4Q07 15.3 11.3 4.0 1Q08 15.3 11.3 4.0 2Q08 15.4 11.3 4.1 3Q08 15.9 11.4 4.1 0.2 0.2 3Q07 80.0 4Q07 81.9 1Q08 83.4 2Q08 84.3 3Q08 88.7 3.3 85.4 Employees - thousand 3Q07 26.6 4Q07 27.4 1Q08 27.9 2Q08 28.8 3Q08 30.1 0.7

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52

Productivity Ratio

Productivity Ratio

¹

3Q07 4Q07 1Q08 2Q08 3Q08 Efficiency Ratio - % Coverage Ratio - % 107.2 108.1 124.8 128.9 135.2 118.6 121.8 130.9 50.8 51.4 46.5 45.1 45.0 43.6 48.4 46.7 44.1 41.4

Efficiency Ratio discounted One-Off Items - % Coverage Ratio discounted One-Off Items - %

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53

Corporate Structure

Votorantim Finanças S.A. Votorantim Asset Management DTVM Ltda. BV Empreendimentos e Participações Ltda. Votorantim CTVM Ltda. BV Sistemas Ltda. Votorantim Bank Limited BV Leasing Arrendamento Mercantil S.A.

Banco do Brasil S.A.

100% 100% 100% 100% 100% 100% BV Trading S.A. Agência Banco Votorantim Nassau Banco Votorantim Securities Inc. 100% 100% BV Corretora de Seguros 100% CP Promotora de Vendas Ltda. BV Financeira S.A. 100% 100% 49.99% (ON) 50.01% (PN) 50% Total 50% Total 50.01% (ON) 49.99% (PN)

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54

+

The transaction complements

Banco do Brasil’s growth strategy

R$ billion Banco do Brasil1 Banco Votorantim BB + Votorantim (50%) Growth

Total Assets 512.4 81.9 553.3 8%

Loan Portfolio 213.7 38.2 232.8 9%

Individuals 51.5 21.7 62.6 21%

Corporations 88.1 16.5 96.4 9%

Total Deposits 264.0 23.4 275.7 4%

Net Income (nine months) 6.5 0.8 6.8 6%

BIS Ratio 2 13.5% 13.6% 12.5% 100 bps

Figures relative to September 30th, 2008.

1 Considers BB + Nossa Caixa + BESC + Bescri.

References

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