1/18

Results

2Q12

Aug. 07, 2012

IDVL4: R$6.53 per share

Closing: August 07, 2012

Outstanding shares: 62,371,178

Market Cap: R$407.3 million

Price/Book Value: 0.70

Conference Call / Webcasts

August 08, 2012

In English

10:00 (US EST) / 11:00 (Brasília)

Connections

Brazil: +55 11 4688-6361

USA: +1 786 924-6977

Code: BI&P

In Portuguese

9:00 (US EST) / 10:00 (Brasília)

Number: +55 11 4688-6361

Code: BI&P

Website: www.bip.b.br/ir

2011 Annual Report available at: http://www.bip.b.br/eng/ri/downlo

ads/ra/Indusval_ra_2011.pdf

Better credit quality raises share of AA and B rated loans to 79%, from 65% in 2Q11.

Corporate segment now accounts for 47% of the Expanded Credit Portfolio.

Highlights of the Period

• Due to the more conservative approach on account of the macroeconomic

scenario, the Expanded Loan Portfolio grew just 1.7% in 2Q12 and 33.1%

in 12 months, totaling R$2.8 billion.

• In line with our strategy, the Corporate segment continues to expand,

accounting for 47% of the Expanded Loan Portfolio (45% of the Classic Loan

Portfolio) at the end of June.

• Continuous improvement in the quality of the expanded loan portfolio: the

share of credits rated between AA and B increased to 79%, from 65% in

2Q11. Of the new loans granted in the quarter, 99% are rated between AA

and B (97% in 1Q12).

• Reduction in operations overdue more than 90 days to 2.6%, from 6.3% in

June 2011, with coverage by provisions of 175.7% (156.4% in March 2012

and 155.8% in June 2011).

• Funding costs continue to decrease, especially due to the higher share of

Agribusiness Letters of Credit (LCA) in total funding in Real. Total funding

stood at R$2.8 billion, in line with the loan portfolio trends.

• Our Basel Ratio of 17.0% (Tier 1) and our liquidity enable business

expansion in the second half of 2012.

• Despite the 59% growth in Income from Financial Intermediation before

allowance for loan losses, compared with 2Q11 (from R$37.4 million in

2Q11 to R$59.6 million in the quarter), provisioning of loans granted

before 2010 continue to affect Net Profit.

• Our Ratings were reaffirmed by:

- Standard & Poors (Aug.06,2012) BB/B (global) e brA+/brA-1 (local)

- FitchRatings (July 11, 2012) BBB/F3 (local).

2/18

Summary

Message from the Management ................................................................................................................ 3

Macroeconomic Environment .................................................................................................................... 4

Key Indicators .............................................................................................................................................. 5

Operating Performance .............................................................................................................................. 6

Credit Portfolio ............................................................................................................................................ 9

Funding ..................................................................................................................................................... 12

Liquidity ..................................................................................................................................................... 13

Capital Adequacy ...................................................................................................................................... 13

Risk Ratings ............................................................................................................................................... 14

Capital Market .......................................................................................................................................... 14

Balance Sheet ............................................................................................................................................ 16

Income Statement .................................................................................................................................... 18

3/18

Message from the Management

The macroeconomic scenario, with the Brazilian economy growing below its potential and the European crisis worsening,

called for greater caution, especially in the second quarter. As a result, we reduced the growth pace of our loan portfolio.

This scenario also had an adverse impact on our results, reflecting the loans granted before 2010.

However, though we have temporarily slowed down our growth pace, we are maintaining our strategy of growing with

quality, while seeking to develop our differentials in the market through expertise in products and services, as well as

more efficient processes that allow us to expand our client base with agility and higher profitability.

Our loan portfolio, which includes agro bonds (Rural Product Certificates (CPR), Agribusiness Credit Rights Certificate

(CDCA) and Agribusiness Deposit Certificates and Warrants (CDA/WA)), private credit bonds (debentures and promissory

notes) and guarantees issued (sureties, guarantees, letters of credit), grew 1.7% in the quarter and 33% in 12 months,

totaling R$2.8 billion. The Corporate segment (companies with annual revenue of between R$400 million and R$2.0 billion)

led the upturn in lending, increasing its share of our expanded loan portfolio to 47%, including the transference of

customers previously managed by the Middle Market team. In addition to reflecting the new business model, this growth

results primarily from the increase in BNDES onlending (up 13% in 2Q12 and 83% in 12 months), guarantees issued (up 7%

and 157%, respectively), agribusiness bonds (CPR, CDCA and CDA/WA) (up 16% and 622%, respectively) and clients’

debentures (up 20% in 2Q12).

In view of this scenario, we opted to maintain the quality of our loan portfolio, which resulted in an increase in the loan

operations rated in the best risk categories (AA – C) to 93% of the expanded loan portfolio, with loans rated between AA

and B representing 79% of the total, versus 65% in June 2011. Of the loans granted in the second quarter, 99% is rated

between AA and B.

Loan operations overdue more than 90 days, which stood at 2.6%, fell by approximately four percentage points from June

2011, reflecting both the better quality of the portfolio generated in the past 12 months and the write-offs of R$17 million

in the quarter.

Funding stood at approximately R$2.8 million, in line with the loan portfolio, growing by 24% in relation to June 2011.

Deposits in real, which account for 74% of total funding, maintained the cost reduction trend with the continuous increase

in Agribusiness Letters of Credit (LCA), which represented 16% of total deposits, decreasing the share of funding sources

with higher costs, such as CDBs and DPGEs. Another source that accounts for 10% of total funding – onlending operations -

reflects the growth in such operations using funds from the BNDES. Foreign borrowings, equivalent to 16% of total funding,

increased by 8.4% compared to June 2011 and are mainly related to Trade Finance lines granted by correspondent banks.

It is worth noting the development of products. In the quarter, the team to develop derivatives with customers was

reinforced by hiring additional resources and we continued to train our commercial team in order to guarantee excellence

in the supply and delivery of products and services. These initiatives help expand our business pipeline and strengthen our

brand.

Our human resources remain the focus of our attention because we believe that hiring and grooming seasoned

professionals, who are engaged in our strategy and aligned with our vision and values, is fundamental for the success of

our business. In the quarter, we continued to invest in training our professionals in both the business and operations

support areas, and in revising and optimizing processes to achieve business excellence.

4/18

Macroeconomic Environment

Economic growth remains below potential. Brazil, though, has shown a slight improvement since the third quarter of 2011.

Nevertheless, GDP estimates fell significantly in the quarter, indicating annual growth of less than 2% until the end of the

year. Industry remains the hardest hit sector, being affected by the European crisis in an environment of increasing costs

and strong competition from imported products. The government continues to adopt measures to stimulate economic

activity and a few sectors have already started reacting, as was the case of vehicle sales after the IPI tax cut. Another factor

that has affected consumption growth in recent months is the increase in the portion of household incomes committed to

the payment of interest and principal on the loans contracted in recent years. However, consumption is expected to pick

up in the second half of the year. The fundamental requirement for this is a stabilization of the international financial crisis,

given that heavy tax and fiscal incentives were granted in the past two quarters.

In the foreign exchange scenario, the quarter was marked by a sharp appreciation of the dollar, due primarily to two

factors: the worsening of the European crisis and the Brazilian government measures to weaken the real, in particular the

interventions by the Brazilian Central Bank, which bought dollars in both the spot and derivatives markets.

In relation to interest rates, the Central Bank’s Monetary Policy Committee continued its cycle, lowering the benchmark

Selic rate to 8.50% - the lowest since the creation of the Real Plan – resulting in the need for changes to the rules on

remuneration for savings accounts.

Credit in the national financial system grew 4.5% in the quarter, according to Central Bank data, and 18% in 12 months,

while remaining flat from the first quarter. The credit/GDP ratio exceeded 50% for the first time. Household defaults

continued to grow, reaching 7.8% and forcing banks to tighten consumer credit. However, data related to June point to a

slight drop in this figure. Corporate loan defaults remained flat at around 4%.

Macroeconomic Data 2Q12 1Q11 2Q11 2012e 2013e

Real GBP Growth (Q/Previous Q) 0.70% 0.21% 0.47%

1.9% 4.5%

Inflation (IPCA - IBGE) – quarterly change 1.20% 1.44% 1.94%

5.1% 5.8%

Inflation (IPCA - IBGE) – annual change 4.92% 5.24% 6.71%

5.1% 5.8%

FX (US$/R$) – quarterly change 10.93% -2.86% -4.15%

8.6% 5.5%

Interest Rate (Selic) 8.50% 9.75% 12.25%

7.5% 9.5%

5/18

Key Indicators

The financial and operating information presented in this report are based on consolidated financials prepared in millions of Real (local

currency), according to Brazilian GAAP (BRGAAP), except were otherwise stated.

Results 2Q12 1Q12 2Q12/1Q12 2Q11 2Q12/2Q11 1H12 1H11 1H12/1H11

Result from Financial Int. before ALL 59.6 50.8 17.2% 37.4 59.3% 110.4 76.2 44.8%

ALL Expenses 1 (22.6) (14.4) 56.9% (1.5) 1377.9% (37.0) (103.2) -64.1%

Result from Financial Intermediation 37.0 36.4 1.5% 35.9 3.1% 73.4 (27.0) 372.2%

Net Operating Expenses (30.7) (27.2) 12.9% (25.9) 18.4% (57.8) (50.6) 14.2%

Recurring Operating Result 6.3 9.3 -32.0% 10.0 -36.7% 15.6 (77.6) 120.1%

Non-Recurring Operating Expenses (0.3) 0.0 n.m. (1.2) -76.9% (0.3) (3.9) -93.0%

Operating Result 6.0 9.3 -34.9% 8.8 -31.2% 15.3 (81.5) 118.8%

Net Profit (Loss) 2.4 5.0 -52.1% 5.1 -52.1% 7.5 (49.4) 115.1%

Assets & Liabilities 2Q12 1Q12 2Q12/1Q12 2Q11 2Q12/2Q11

Loan Portfolio 2,395.6 2,385.6 0.4% 2,003.2 19.6%

Expanded Loan Portfolio 2 2,807.1 2,759.1 1.7% 2,108.7 33.1%

Cash & Short Term Investments 632.6 642.3 -1.5% 566.4 11.7%

Securities and Derivatives 1,536.0 1,309.8 17.3% 1,764.3 -12.9%

Securities excl. Agro Sec. & Private

Credit Bonds3

1,300.3 1,100.1 18.2% 1,727.3 -24.7%

Total Assets 4,966.5 4,583.0 8.4% 4,432.8 12.0%

Total Deposits 2,038.0 2,087.8 -2.4% 1,661.2 22.7%

Open Market 1,219.6 1,058.4 15.2% 1,361.3 -10.4%

Foreign Borrowings 449.2 407.8 10.2% 414.4 8.4%

Domestic On-lending 267.8 240.2 11.5% 154.0 73.9%

Shareholders’ Equity 582.4 590.5 -1.4% 566.5 2.8%

Performance 2Q12 1Q12 2Q12/1Q12 2Q11 2Q12/2Q11 1H12 1H11 1H12/1H11

Free Cash 873.7 853.3 2.4% 923.3 -5.4%

NPL 60 days / Loan Portfolio 2.8% 3.2% -0.3 p.p. 6.8% -4.0 p.p.

NPL 90 days / Loan Portfolio 2.6% 2.7% -0.2 p.p. 6.3% -3.7 p.p.

Basel Index 4 17.0% 17.5% -0.5 p.p. 21.3% -4.3 p.p.

ROAE 1.7% 3.5% -1.8 p.p. 3.6% -2.0 p.p. 2.6% -18.9% 21.5 p.p.

Adjusted Net Interest Margin (NIMa) 7.7% 6.6% 1.0 p.p. 5.2% 2.5 p.p. 7.1% 5.5% 1.6 p.p.

Efficiency Ratio 62.3% 68.1% -5.7 p.p. 78.5% -16.2 p.p. 65.1% 78.6% -13.5 p.p.

Other Information 2Q12 1Q12 2Q12/1Q12 2Q11 2Q12/2Q11

Number of Corporate Clients 820 775 5.8% 683 20.1%

Number of Employees 438 426 2.8% 376 16.5%

Details in the respective sessions of this report:

1 Additional Allowance for Loan Losses (ALL) included.

2 Including Guarantees issued, Private Credit Bonds (PNs and Debentures) and agro securities (CDCAs, CDA/WAs and CPRs).

3 Excluding Agro Securities (CPRs and CDA/WA) and Private Credit Bonds (PNs and debentures).

4 R$201 million capital increase in March 2011.

BI&P - Banco Indusval & Partners is a commercial bank listed at Level 2 Corporate Governance of the BM&FBOVESPA, with

over 40 years of experience in the financial market, focusing on local and foreign currency corporate loan products. BI&P

relies on a network of 11 branches strategically located in economically relevant Brazilian regions, including an offshore

branch in Cayman Islands, its brokerage firm operating at the São Paulo Stock, Commodities and Futures Exchange -

BM&FBOVESPA and Serglobal Cereais, acquired in April 2011, which originates agricultural bonds.

6/18

Operating Performance

Financial Intermediation Result

before Allowance for Loan Losses

Net Profit

Expanded Credit Portfolio Funding

Profitability

Financial Intermediation 2Q12 1Q12 2Q12/1Q12 2Q11 2Q12/2Q11 1H12 1H11 1H12/1H11

Financial Intermediation Revenues 222.8 161.8 37.7% 126.5 76.1% 384.6 243.2 58.2%

Loan Operations 62.9 70.2 -10.5% 62.1 1.3% 133.1 126.4 5.3%

Loans & Discounts Receivable 46.4 62.9 -26.2% 57.5 -19.3% 109.3 117.8 -7.2%

Financing 7.6 6.4 19.1% 3.4 125.2% 13.9 7.0 99.9%

Other 8.9 0.9 836.8% 1.2 614.5% 9.8 1.7 493.2%

Securities 114.4 68.6 66.7% 64.6 77.1% 183.0 104.6 74.9%

Derivative Financial Instruments 5.5 (3.7) 248.1% (7.8) 171.0% 1.8 (3.2) 157.2%

FX Operations Result 40.0 26.7 49.8% 7.6 423.3% 66.8 15.3 336.0%

Financial Intermediation Expenses 163.3 111.0 47.2% 89.1 83.2% 274.2 167.0 64.2%

Money Market Funding 119.4 85.3 39.9% 85.0 40.5% 204.7 157.0 30.4%

Time Deposits 40.8 45.2 -9.8% 48.5 -15.9% 86.0 92.5 -6.9%

Repurchase Transactions 68.1 30.5 123.2% 30.4 123.9% 98.6 52.7 87.1%

Interbank Deposits 3.4 3.1 9.7% 3.1 11.7% 6.6 6.4 2.8%

Agro Notes (LCA) & Bank Notes (LF) 7.0 6.4 9.3% 3.0 136.0% 13.5 5.4 149.6%

Loans, Assignments & Onlending 43.9 25.6 71.2% 4.2 957.5% 69.6 10.0 594.3%

Foreign Borrowings 39.6 22.2 78.3% 2.2 1733.1% 61.7 5.8 966.5%

Domestic Borrowings & Onlending 4.3 3.5 25.5% 2.0 118.1% 7.8 4.2 84.8%

Gross Result Financial Interm.before ALL 59.6 50.8 17.2% 37.4 59.3% 110.4 76.2 44.8%

Allowance for Loan Losses (ALL) (22.6) (14.4) 56.9% (1.5) 1377.9% (37.0) (103.2) -64.1%

Gross Result from Financial Intermediation 37.0 36.4 1.5% 35.9 3.1% 73.4 (27.0) 372.2%

37.445.0 49.3 50.8

59.676.2

110.4

2Q11 3Q11 4Q11 1Q12 2Q12 1H11 1H12

R$

mill

ion 5.1

7.310.3

5.02.4

7.5

2Q11 3Q11 4Q11 1Q12 2Q12 1H11 1H12

R$

mill

ion

2.1 2.22.5

2.8 2.8

2Q11 3Q11 4Q11 1Q12 2Q12

R$

bill

ion

Loans & Financing in Reais

Trade Finance

Guarantees Issued

Agro Bonds (CPR, CDA/WA e CDCA)

Private Credit Bonds (PNs e Debentures)

2.2 2.4 2.5 2.7 2.8

2Q11 3Q11 4Q11 1Q12 2Q12

R$

bill

ion

Local Funding Foreign Funding

-52.1% 115.1%

-49.4

23.6% 0.7%

33.1% 1.7%

59.3%

44.8%

7/18

Result from Financial Intermediation before expenses with the allowance for loan losses reached R$59.6 million 2Q12, up

17.2% in the quarter and 59.3% in 12 months.

Revenue from Loan Operations in the quarter was impacted by the cut in the Selic rate and, especially, the effects of the

current economic scenario, with the slowdown in Brazilian economic growth affecting not only the generation of new

loans, but also the performance of the loans granted before 2010. As a result, the share of the Corporate portfolio in the

total Loan Portfolio increased to 45% (47% of the Expanded Loan Portfolio). The growth of our portfolio was driven by the

Expanded Loan Portfolio operations, i.e. Sureties and Guarantees, whose commissions are booked under Revenue from

Services in the Other Operating Income account; and under Agro Bonds (CPRs and CDA/WA) and Private Credit Bonds

(Debentures), whose revenues are booked under Income from Securities. Note that the increase in Revenue from

Financing was primarily driven by the growth in BNDES onlending operations, of 12.9% in the quarter and 82.6% in 12

months. Moreover, credit recovery amounted to a significant R$8.5 million in the quarter.

Income from Securities, which includes the results from the treasury’s directional portfolio and CPR, CDA/WA and

Debenture operations, is offset by funding expenses, and its increase in the quarter derives mainly from the purchase and

sale of government bonds.

The Result from Derivative Financial Instruments in 2Q12 was extraordinarily impacted by Management’s decision to

discontinue hedge accounting for booking hedges of cash flows indexed to the IPCA and IGPM, as well as foreign

borrowings, with exposure to interest rate and foreign exchange variations, as detailed in notes 3(d) and 5(c).

Management’s decision, in line with Central Bank’s Circular 3082/2002 and after hearing our auditors, derives from the

interpretation that hedge accounting treatment should be used in cases where the cash flow amount is fixed; in other

words, variable flows should be hedged at a prefixed rate. The mark-to-market of the hedge operations for these cash

flows is now booked in the income statement, instead of under Shareholders’ Equity.

Revenue from Foreign Exchange Operations was strongly impacted by the depreciation of the Real in the quarter, which

also impacted Expenses with Foreign Borrowings.

Open Market Funding Expenses in the quarter mainly reflect Repo Operations, which are offset by the income from

securities mentioned above. Time deposit expenses fell 9.8% in the quarter, despite a 2.2% growth in the average balance

of CDBs and DPGEs in the period. Expenses with interbank deposits, Agribusiness Letters of Credit and Treasury Bills,

though less significant, reflect the higher average funding balance in the period.

Result from Financial Intermediation, after the expenses with allowance for loan losses of R$22.6 million in the quarter,

amounted to R$37.0 million, up 1.5% over 1Q12 and down 3.1% in 12 months. The expenses with allowance for loan losses

also reflect the vulnerability resulting from the legacy of the 2008 financial crisis and the caution required in light of the

slowdown in the economy in the first half of the year, which led to an increase in the allowance for loans overdue more

than 90 days to 175.5% (from 156.4% in March 2012).

Net Interest Margin

Adjusted net interest margin rose 1.0 and 2.5 percentage points, respectively, in the quarter and in 12 months.

2Q12 1Q12 2Q12/1Q12 2Q11 2Q12/2Q11 1H12 1H11 1H12/1H11

A. Result from Financial Interm. before ALL 59.6 50.8 17.2% 37.4 59.3% 110.4 76.2 44.8%

B. Average Interest bearing Assets 4,193.6 4,234.5 -1.0% 4,124.1 1.7% 4,214.0 3,799.2 10.9%

Adjustment for non-remunerated avg. assets 1 (1,006.7) (1,096.9) -8.2% (1,199.2) -16.1% (1,051.8) (1,009.6) 4.2%

B.a Adj. Average Interest bearing Assets 3,186.9 3,137.6 1.6% 2,924.9 9.0% 3,162.2 2,789.7 13.4%

Net Interest Margin (NIM) (A/B) 5.8% 4.9% 0.9 p.p. 3.7% 2.1 p.p. 5.3% 4.1% 1.3 p.p.

Adj. Net Interest Margin (NIMa) (A/Ba) 7.7% 6.6% 1.0 p.p. 5.2% 2.5 p.p. 7.1% 5.5% 1.6 p.p.

1 Repos with equivalent volumes, tenors and rates both in assets and liabilities.

8/18

Efficiency Ratio Efficiency Ratio 2Q12 1Q12 2Q12/1Q12 2Q11 2Q12/2Q11 1H12 1H11 1H12/1H11

Personal Expenses 21.9 22.7 -3.5% 16.4 33.6% 44.7 32.6 37.2%

Contributions and Profit-sharing 2.3 2.1 5.2% 1.0 118.0% 4.4 3.1 39.6%

Administrative Expenses 13.6 13.1 3.8% 12.2 12.1% 26.7 23.5 13.6%

Taxes 2.3 3.7 -36.8% 2.9 -20.0% 6.0 6.5 -6.6%

Other Operating Expenses 2.8 0.9 209.8% 1.9 47.6% 3.6 2.8 31.8%

A- Total Operating Expenses 42.9 42.6 0.7% 34.4 24.7% 85.5 68.5 24.9%

Gross Income Financial Interm. (w/o ALL) 59.6 50.8 17.2% 37.4 59.3% 110.4 76.2 44.8%

Income from Services Rendered 5.4 6.6 -18.6% 4.1 30.5% 12.0 7.6 57.8%

Income from Banking Tariffs 0.2 0.2 -22.1% 0.2 -35.4% 0.4 0.5 -25.8%

Other Operating Income 3.7 5.0 -24.8% 2.1 82.4% 8.7 2.9 203.3%

B- Total Operating Income 68.8 62.6 10.0% 43.8 57.2% 131.4 87.1 50.8%

Efficiency Ratio (A/B) 62.3% 68.1% -5.7 p.p. 78.5% -16.2 p.p. 65.1% 78.6% -13.5 p.p.

The Efficiency Ratio maintained the trend that began in 3Q11, in line with our objective of improving efficiency and

profitability. In the upcoming quarters, this trend should become more evident with the higher contribution of revenue

from services generated by the products area.

Net Profit

The operating income of R$6.0 million in 2Q12, excluding (i) the non-operating income from the loss on the sale of

properties and idle assets, (ii) taxes and contributions, and (iii) profit sharing, resulted in a net profit of R$2.4 million, down

52.1%, mainly due to the increase in the allowance for loan losses (R$22.6 million). Net profit in the first six months of

2012 amounted to R$7.5 million, versus a loss of R$49.4 million in the same period last year.

9/18

Credit Portfolio

Expanded Credit Portfolio

The Expanded Credit Portfolio totaled R$2.8 billion on June 30, 2012, up 1.7% in the quarter and 33.1% in 12 months. This

portfolio includes loan and financing operations in Real and Trade Finance operations, detailed in note 6(a) to the financial

statements, as well as: (i) sureties, guarantees and letters of credit issued; (ii) agribusiness bonds generated from the

absorption of the operations of Serglobal Cereais (CPR and CDA/WA), which were booked under Securities as per the

Central Bank regulations; and (iii) Private Credit Bonds (promissory notes and debentures).

Expanded Credit Portfolio by Product 2Q12 1Q12 2Q12/1Q12 2Q11 2Q12/2Q11

Loans & Financing in Real 1,844.4 1,861.3 -0.9% 1,560.5 18.2%

Trade Finance (ACC/ACE/IMPFIN) 449.4 442.8 1.5% 425.4 5.7%

Guarantees Issued (LGs & L/Cs) 175.8 163.8 7.3% 68.5 156.6%

Agro Bonds (Securities: CPRs, CDA/WAs; Credit: CDCAs) 267.0 229.7 16.2% 37.0 622.4%

Private Credit Bonds (Securities: PNs & Debentures) 30.7 25.5 20.2% 0.0 n.m.

Other 39.8 35.9 10.9% 17.4 129.1%

TOTAL 2,807.1 2,759.1 1.7% 2,108.7 33.1%

Loans and financing operations in Real, which include loans, discounted bills, acquisition of client receivables and BNDES

onlendings, represented 67.1% of the Expanded Loan Portfolio. Notable were the increase of 12.9% in the quarter and

82.6% in 12 months in BNDES onlending operations, which totaled R$260.8 million in the end of June 2012.

Trade Finance operations, which accounted for 16.0% of the portfolio, include import financing (R$130.4 million) and

export financing (ACC/ACE in the amount of R$319.0 million).

The guarantees issued – sureties, guarantees and import letters of credit – represented 6.3% of the Expanded Loan

Portfolio, up 7.3% in the quarter and 156.6% in 12 months.

Though agribusiness bonds and private credit bonds represent credit exposure, they are classified under Marketable

Securities in the balance sheet, in accordance with Brazilian Central Bank regulations on account of their negotiability.

These bonds jointly represented 8.4% of the Expanded Loan Portfolio, up 12.4% in the quarter and 537.88% in 12 months.

Our Expanded Loan Portfolio breakdown is as follows:

By Economic Activity By Region By Customer Segment

Commerce

23%

Industry

45%

Financial

Institution

6%

Other

Services

22%

Individuals

4%Southeast

63%

South

18%Midwest

16%

Northeast

3%

Middle

Market

51%

Corporate

47%

Other

2%

10/18

By Economic Sector By Product

As shown in the table below, agribusiness bonds activities, which began in the first quarter of 2011, continue to expand

their share of the Expanded Loan Portfolio.

Agro Bonds Portfolio 2Q12 1Q12 2Q12/1Q12 2Q11 2Q12/2Q11

Booked under Securities 205.0 184.1 11.3% 37.0 454.8%

Warrants - CDA/WA 7.5 7.2 3.8% 0.0 n.m.

Agro Product Certificate - CPR 197.5 176.9 11.6% 37.0 434.4%

Booked under Credit Portfolio - Loans & Financing 62.0 45.6 36.0% 0.0 n.m.

Agro Credit Rights Certificate - CDCA 62.0 45.6 36.0% 0.0 n.m.

TOTAL AGRO BONDS 267.0 229.7 16.2% 37.0 622.4%

Credit Portfolio

The “classic” credit portfolio, which excludes off-balance sheet items (guarantees issued) and credits classified under

marketable securities, totaled R$2.4 billion, virtually stable in the quarter, of which operations in Real totaled R$1.9 billion

and Trade Finance operations, R$449.4 million.

The significant changes in the outstanding balances of the credit portfolio by segment in 2Q12 derive from the migration of

some customers that were previously managed by the Middle Market team to the Corporate platform, amounting to circa

R$200 million. For comparison purposes if the current customer classification was applied to the portfolio in the 1Q12, the

Corporate segment would increase by 4.6% and the Middle Market would decline by 2.6% in 2Q12.

Credit Portfolio by Client Segment 2Q12 1Q12 2Q12/1Q12 2Q11 2Q12/2Q11

Middle Market 1,266.7 1,500.8 -15.6% 1,604.4 -21.0%

Local Currency - Real 1,019.4 1,211.3 -15.8% 1,278.4 -20.3%

Loans and Discounted Receivables 854.0 1,051.7 -18.8% 1,144.0 -25.3%

Financing 0.0 0.0 n.m. 0.5 n.m.

BNDES / FINAME 165.4 159.6 3.7% 134.0 23.5%

Foreign Currency 247.3 289.6 -14.6% 326.0 -24.1%

Corporate 1,078.0 830.6 29.8% 322.2 234.5%

Local Currency - Real 875.8 677.3 29.3% 222.9 293.0%

Loans and Discounted Receivables 699.7 518.8 34.9% 129.9 438.7%

BNDES / FINAME 95.4 71.5 33.5% 8.9 977.2%

Acquired Receivables 80.7 87.1 -7.3% 84.1 -4.0%

Foreign Currency 202.1 153.3 31.9% 99.4 103.4%

Other 51.0 54.2 -6.0% 76.6 -33.5%

Consumer Credit – used vehicles 2.0 3.0 -34.7% 8.5 -76.9%

Acquired Loans and Financing 11.2 18.3 -39.1% 59.2 -81.2%

Non-Operating Asset Sales Financing 37.8 32.9 15.1% 8.8 328.0%

CREDIT PORTFOLIO 2,395.6 2,385.6 0.4% 2,003.2 19.6%

9.7%

1.3%

1.8%

2.3%

2.4%

2.5%

2.8%

3,7%

3.7%

4.2%

4.3%

4.6%

5.0%

5.2%

11.9%

15.5%

19.0%

Other Industries (%lower than 1%)

Electronics

Commerce - Retail & Wholesale

Financial Institutions

Power Generation & Distribution

Education

Textile, Apparel & Leather

Metal Industry

Oil & Biofuel

Automotive

Pulp & Paper

Financial Services

Chemical & Pharmaceutical

Transportation & Logistics

Construction

Food & Beverage

Agribusiness

Loans &

Discounts

54%

Acquired

Receivables

3%

BNDES

9%

Trade

Finance

16%

Guarantees

Issued

6% Agro Bonds

10%

Debentures

1%

Other

1%

11/18

By Collateral By Customer Concentration By Maturity

Quality of Credit Portfolio

Rating AA A B C D E F G H Comp. TOTAL

Prov /

Cred % Required Provision % 0% 0.5% 1% 3% 10% 30% 50% 70% 100%

2Q

12

O/S Loans 137.5 880.7 807.6 379.6 36.1 88.4 17.8 10.3 37.6 - 2,395.6 4.5%

Allowance for Loan Losses 0.0 4.4 8.1 11.4 3.6 26.5 8.9 7.2 37.6 0.0 107.7

1Q

12

O/S Loans 94.9 921.4 776.9 397.8 38.8 97.8 19.9 11.7 26.4 - 2,385.6 4.3%

Allowance for Loan Losses 0.0 4.6 7.8 11.9 3.9 29.4 10.0 8.2 26.4 0.0 102.0

2Q

11

O/S Loans 84.1 630.5 564.5 442.3 78.3 87.7 23.6 4.5 87.8 - 2,003.2 9.8%

Allowance for Loan Losses 0.0 3.2 5.6 13.3 7.8 26.3 11.8 3.2 87.8 37.7 196.6

Operations rated in the top risk bands (AA and C) increased to 92.1% of the total credit operations in the quarter (85.9% in

June 2011), of which 76.2% are rated between AA and B. As a result of the commercial strategy established in the

beginning of 2011, 99% of the loans granted in 2Q12 were rated between AA and B. The chart below shows the evolution

of the portfolio quality:

Operations rated between D and H, amounting to R$190.2 million (R$194.6 million in 1Q12), include R$122.9 million that

are not overdue, representing 64.6% of such operations. The remaining 35.4%, shown below, is made up of delinquent

operations:

Default by Segment 2Q12 1Q12 > 60 days > 90 days

2Q12 1Q12 2Q12 1Q12

Credit Portfolio NPL %T NPL %T NPL %T NPL %T

Middle Market 1,347.4 1,500.8 56.6 4.2% 72.2 4.8% 50.7 3.8% 64.1 4.3%

Corporate 997.2 830.6 9.7 1.0% 1.8 0.2% 9.7 1.0% - -

Other 51.0 54.2 1.0 2.0% 1.2 2.2% 1.0 1.9% 1.1 2.1%

TOTAL 2,395.6 2,385.6 67.3 2.8% 75.2 3.2% 61.3 2.6% 65.2 2.7%

Allowance Loan Losses (ALL) 107.7 102.0

ALL/ NPL - 160.1% 135.8% 175.7% 156.4%

ALL/ Loan Portfolio 4.5% 4.3% - - - -

Aval PN

42%

Receivables

32%

Pledge /

Lien

9%Property

8%

Monitored

Pledge

5%

Vehicles

3%

Securities

1% 10 largest

18%

11 - 60

32%

61 - 180

25%

Other

25%

Up to 90

days

37%

91 to 180

days

20%181 to 360

days

15%

Above 360

days

28%

4%

4%

6%

31%

39%

37%

28%

33%

34%

22%

17%

16%

14%

8%

8%

2Q11

1Q12

2Q12

AA A B C D - H

92.1%

91.8%

85.9%

12/18

The default rates on loans overdue by more than 60 days (NPL 60 days) and more than 90 days (NPL 90 days) fell by 0.4 and

0.1 p.p., respectively, from March 2012, to close the quarter at 2.8% and 2.6%. The improvement in these ratios is the

result of the strategy adopted last year of expanding the loan portfolio through better quality loans but also the write-offs

of fully loans provisioned in the amount of R$17.1 million in the quarter.

The allowance for loan losses, amounting to R$107.7 million, provides coverage to 160.1% of the loans overdue more than

60 days and 175.7% of the loans overdue more than 90 days.

Funding

Funding totaled R$2.8 billion, up 0.7% in the quarter and 23.6% in 12 months. Of this total, 74.0% came from deposits.

Funding from Agribusiness Letters of Credit represented 11.8% of total funding and 15.9% of funding in Real, up 12.2% in

the quarter and 150.8% in 12 months. Funding through Bank Notes grew to R$30.6 million, up 305.2% on the quarterly

closing balance, and 316.2% in 12 months, though it represented just 1.1% of total funding on June 30, 2012.

Funding in foreign currency is specially allocated to Trade Finance operations and its balance is impacted by foreign

exchange variations.

Total Funding 2Q12 1Q12 2Q12/1Q12 2Q11 2Q12/2Q11

Total Deposits 2,038.0 2,087.8 -2.4% 1,661.2 22.7%

Time Deposits 744.9 816.2 -8.7% 665.4 11.9%

Insured Time Deposits (DPGE) 771.9 799.7 -3.5% 717.1 7.6%

Agro Notes (LCA) 324.2 288.9 12.2% 129.3 150.8%

Bank Notes (LF) 30.6 7.6 305.2% 7.4 316.2%

Interbank Deposits 137.0 127.4 7.5% 77.6 76.6%

Demand Deposits and Other 29.5 48.0 -38.4% 64.5 -54.2%

Domestic Onlending 267.8 240.2 11.5% 154.0 73.9%

Foreign Borrowings 449.2 407.8 10.2% 414.4 8.4%

Trade Finance 398.6 362.3 10.0% 357.4 11.5%

Other Foreign Borrowings 50.5 45.4 11.1% 57.0 -11.4%

TOTAL 2,755.0 2,735.7 0.7% 2,229.6 23.6%

By Type By Investor By Maturity

Insured

Time Dep.

(DPGE)

28%

Time

Deposit

27%

Agro Bonds

12%Bank Notes

1%Onlendings

10%

Trade

Finance

14%

Foreign

Loans

2%

Interbank

5%

Demand

1%

Institutional

Investors

43%

National

Banks

9%

Individuals

9%

Corporates

7%

Brokers

3%Other

3%BNDES

10%

Foreign

Banks

16%Demand

1%

Up to 90

days

30%

90 to 180

17%

180 to 360

16%

+ 360 days

36%

13/18

The average term of deposits stood at 780 days from issuance (623 days in 1Q12) and 408 days from maturity (404 days in

1Q12).

Average Term in days

Type of Deposit from issuance to maturity 1

Time Deposits 532 298

Interbank 213 91

Time Deposits Special Guarantee (DPGE) 1.369 702

Agro Notes (LCA) 150 62

Bank Notes (LF) 731 545

Portfolio of Deposits 2 780 408

1 From June 30, 2012. 2 Volume weighted average.

Liquidity

On June 30, 2012, cash and short term interbank investments and

securities totaled R$2.1 billion, excluding money market funding of R$1.2

billion, resulted R$873.7 million, equivalent to 42.9% of total deposits

and 1.5 times Company’s shareholders’ Equity.

Capital Adequacy

The Basel Accord requires banks to maintain a minimum percentage of the capital weighted by the risk in their operations. In

this context, the Central Bank of Brazil has stipulated that banks operating in the country should maintain a minimum

percentage of 11%, calculated according to the Basel II Accord regulations, which provides greater security to Brazil’s financial

system against oscillations in economic conditions.

The following table shows BI&P’s position in relation to the Central Bank’s minimum capital requirements:

Basel Index 2Q12 1Q12 2Q12/1Q12 2Q11 2Q12/2Q11

Total Capital 580.0 588.1 -1.4% 566.5 2.4%

Tier I 581.1 576.6 0.8% 566.4 2.6%

Tier II 1.4 14.0 -90.2% 0.2 716.8%

Deductions (2.4) (2.4) 0.0% (2.39) 0.0%

Required Capital 374.5 369.1 1.5% 291.3 28.6%

Credit Risk Allocation 337.1 326.8 3.2% 261.3 29.0%

Market Risk Allocation 17.1 22.1 -22.5% 14.8 15.8%

Operating Risk Allocation* 20.2 20.2 0.0% 15.2 33.1%

Excess over Required Capital 205.6 219.0 -6.1% 272.9 -24.7%

Basel Index 17.0% 17.5% -0.5 p.p. 21.3% -4.3 p.p.

* An adjustment to the operating risk calculation was made retroactively to 1Q12, increasing operating risk allocation on 1Q12 from

R$8.2 million to R$20.2 million, reducing the Basel Index in that quarter from 18.1% to 17.5%.

923853 874

2Q11 1Q12 2Q12R

$ M

illi

on

14/18

Risk Ratings

Agency Classification Observation Last

Report

Financial

Data

Standard & Poor’s BB/ Stable /B

brA+/ Stable /brA-1

Global Scale

Local Scale - Brazil Aug. 6, 2012 Mar. 31, 2012

Moody's Ba3/ Stable /Not Prime

A2.br/ Stable /BR-2

Global Scale

Local Scale - Brazil Nov. 28, 2011 Sept. 30, 2011

FitchRatings BBB/ Stable /F3 Local Scale - Brazil Jul. 11, 2012 Mar. 31, 2012

RiskBank 10.43

Ranking: 41

Riskbank Index

Low Risk Short Term Jul. 17, 2012 Mar. 31, 2012

Capital Market

Total Shares and Free Float

Number of shares as of June 30, 2012

Type Corporate

Capital

Controlling

Group Management Treasury Free Float %

Common 36,945,649 20,743,333 277,307 - 15,925,009 43.1%

Preferred 26,160,044 609,226 60,125 734,515 24,756,178 94.6%

TOTAL 63,105,693 21,352,559 337,432 734,515 40,681,187 64.5%

Share Buyback Program

On October 19, 2011, the Board of Directors approved the 5th Share Buyback Program, effective until October 18, 2012, for

the acquisition of up to 1,720,734 preferred shares. Until June 30, 2012, no share had been repurchased under the

program, in which Indusval S.A. CTVM acts as the intermediary.

Stock Option Plan

The following Stock Options Plans, approved to be extended to the Company’s executive officers and managers, as well as

individuals who provide services to the Company or its subsidiaries, present, as of June 30, 2012 the following balances:

Quantity

Stock Option

Plan

Date of

Approval

Grace

Period

Term for

Exercise Granted Exercised Extinct Not Exercised

I 03.26.2008 Three years Five years 2,039,944 37,938 207,437 1,794,569

II 04.29.2011 Three years Five years 1,703,854 - 262,941 1,440,913

III 04.29.2011 Five years Seven years 1,850,786 - - 1,850,786

IV 04.24.2012 Five years Five years - - - -

5,594,584 37,938 470,378 5,086,268

The aforementioned Stock Options Plans are filed with the Brazilian Securities Commission (CVM) and are also available in

the Company’s IR website.

15/18

Remuneration to Shareholder

During the first semester of 2012, there was no provisioning or anticipated payment of interest on equity on account of the

minimum annual dividend for fiscal year 2012. The Board of Directors will, during the 2nd semester, analyze the

opportunity for such anticipated payments considering the company’s results in the current year and the tax efficiency of

such payment.

Share Performance

BI&P’s preferred shares (IDVL4), listed under Level 2 Corporate Governance at BM&FBOVESPA, closed 2Q12 at R$6.69, for

market cap of R$417.3 million, considering existing shares as of June 30, 2012 and excluding treasury stock. The price of

IDVL4 shares dropped 22.2% in 2Q12 and 26.7% (23.7% adjusted for earnings) in the 12-month period ended in June. The

Bovespa index (Ibovespa) declined by 15.7% in 2Q12 and 12.9% when compared to 2Q11. At the end of the quarter, the

price/book value (P/BV) was 0.72.

Share Price Evolution in the last 12 months

Liquidity and Trading Volume

BI&P’s preferred shares (IDVL4) were traded in 95.2% of the sessions in 2Q12 and in 94.0% of the 250 sessions from July

2011 until June 2012. In 2Q12, a total of 923.7 thousand IDVL4 shares were traded in 835 transactions on the spot market,

for total volume of R$7.0 million. In the 12 months ended June 2012, the financial volume traded on the spot market stood

at R$30.4 million, totaling around 4.1 million preferred shares in 3,247 trades.

Shareholder Base

Position as of June 30, 2012

Qtt TYPE OF SHAREHOLDER IDVL3 % IDVL4 % TOTAL %

5 Controlling Group 20,743,333 56.1% 609,226 2.3% 21,352,559 33.8%

6 Management 277,307 0.8% 60,125 0.2% 337,432 0.5%

- Treasury - 0.0% 734,515 2.8% 734,515 1.2%

48 National Investors 1,201,090 3.3% 8,116,379 31.0% 9,317,469 14.8%

15 Foreign Investors 4,891,304 13.2% 13,852,644 53.0% 18,743,948 29.7%

8 Corporate - 0.0% 21,110 0.1% 21,110 0.0%

349 Individuals 9,832,615 26.6% 2,766,045 10.6% 12,598,660 20.0%

431 TOTAL 36,945,649 100.0% 26,160,044 100.0% 63,105,693 100.0%

60

70

80

90

100

110

120

130

140

IBOVESPA IDVL4 IDVL4 ajusted for earnings

16/18

Balance Sheet

Consolidated R$ ThousandAssets 06/30/2011 03/31/2012 06/30/2012

Current 3,748,509 3,811,194 4,112,797

Cash 38,482 25,215 25,754

Short-term interbank investments 527,902 617,066 606,824 Open market investments 464,743 559,764 569,256 Interbank deposits 63,159 57,302 37,568

Securities and derivative financial instruments 1,756,439 1,281,882 1,483,027 Own portfolio 329,087 615,536 550,099 Subject to repurchase agreements 975,515 524,128 724,713 Linked to guarantees 205,552 129,701 170,547 Subject to the Central Bank 208,038 - - Derivative financial instruments 38,247 12,517 37,668

Interbank accounts 2,864 3,337 3,195

Loans 929,773 1,294,343 1,263,526 Loans - private sector 968,410 1,316,621 1,281,970 Loans - public sector - - - (-) Allowance for loan losses (38,637) (22,278) (18,444)

Other receivables 442,316 538,250 692,144 Foreign exchange portfolio 395,888 408,036 564,427 Income receivables 32 1,136 14 Negotiation and intermediation of securities 54,569 34,381 37,365 Sundry 5,001 100,282 94,854 (-) Allowance for loan losses (13,174) (5,585) (4,516)

Other assets 50,733 51,101 38,327 Other assets 52,637 52,183 39,960 (-) Provision for losses (3,011) (2,780) (2,745)Prepaid expenses 1,107 1,698 1,112

Long term 631,882 719,321 801,308

Marketable securities and derivative financial inst ruments 7,827 27,918 53,002 Own portfolio - 52 15,370 Subject to repurchase agreements - - - Linked to guarantees 62 - - Derivative financial instruments 7,765 27,866 37,632

Interbank Accounts 6,669 4,784 4,347

Loans 504,965 556,306 596,483 Loans - private sector 649,548 625,260 675,150 Loans - public sector - - - (-) Allowance for loan losses (144,583) (68,954) (78,667)

Other receivables 111,350 129,823 147,066 Trading and Intermediation of Securities 481 536 468 Sundry 111,053 134,501 152,674 (-) Allowance for loan losses (184) (5,214) (6,076)

Other rights 1,071 490 410

Permanent Assets 52,409 52,498 52,392

Investments 26,201 24,578 24,738 Subsidiaries and Affiliates 24,515 22,892 23,052 Other investments 1,842 1,842 1,842 (-) Loss Allowances (156) (156) (156)

Property and equipment 11,045 13,739 13,801 Property and equipment in use 2,192 1,210 1,210 Revaluation of property in use 3,538 2,634 2,634 Other property and equipment 13,452 18,440 18,811 (-) Accumulated depreciation (8,137) (8,545) (8,854)

Intangible 15,163 14,181 13,853 Goodwill 2,391 2,391 2,391 Other intangible assets 13,100 13,100 13,100 (-) Accumulated amortization (328) (1,310) (1,638)

TOTAL ASSETS 4,432,800 4,583,013 4,966,497

17/18

Consolidated R$ ThousandLiabilities 6/30/2011 3/31/2012 6/30/2012

Current 2,838,089 2,984,718 3,383,145

Deposits 658,502 982,842 893,007 Cash deposits 64,539 47,964 29,527 Interbank deposits 71,395 126,365 136,482 Time deposits 522,568 808,513 726,998 Other - - -

Funds obtained in the open market 1,361,341 1,058,390 1,219,647

Own portfolio 963,490 520,776 720,294 Third party portfolio 110,383 175,021 130,011 Unrestricted Portfolio 287,468 362,593 369,342

Funds from securities issued or accepted 129,271 296,488 331,483

Agribusiness Letters of Credit & Bank Notes 129,271 296,488 331,483

Interbank accounts 1,391 327 202

Receipts and payment pending settlement 1,391 327 202

Interdepartamental accounts 8,369 19,724 10,218

Third party funds in transit 8,369 19,724 10,218

Borrowings 368,123 362,521 449,157 Foreign borrowings 368,123 362,521 449,157

Onlendings 48,564 95,761 103,582

BNDES 19,123 58,487 62,750 FINAME 29,441 37,274 40,832

Other liabilities 262,528 168,665 375,849

Collection and payment of taxes and similar charges 643 835 449 Foreign exchange portfolio 50,488 72,021 212,693 Taxes and social security contributions 7,812 3,563 3,186 Social and statutory liabilities 7,528 1,750 4,000 Negotiation and intermediation securities 150,505 63,956 114,389 Derivative financial instruments 37,724 18,050 29,580 Sundry 7,828 8,490 11,552

Long Term 1,027,567 1,006,412 999,899

Deposits 866,043 808,429 790,227 Interbank Deposits 6,159 1,080 494 Time deposits 859,884 807,349 789,733

Funds from securities issued or accepted 7,362 - 23,323

Agribusiness Letters of Credit & Bank Notes 7,362 - 23,323

Loan obligations 46,306 45,230 - Foreign loans 46,306 45,230 -

Onlending operations - Governmental Bureaus 105,410 144,477 164,180

Federal Treasure 12,081 9,980 9,184

BNDES 35,662 61,639 68,282 FINAME 56,247 71,873 86,063 Other Institutions 1,420 985 651

Other liabilities 2,446 8,276 22,169

Taxes and social security contributions 1,207 6,297 18,872 Derivative financial instrument 58 213 1,049 Sundry 1,181 1,766 2,248

Future results 605 1,378 1,013

Shareholders' Equity 566,539 590,505 582,440

Capital 572,396 572,396 572,396 Capital Reserve 3,039 8,248 10,343 Revaluation reserve 1,894 1,377 1,364 Profit reserve 55,812 - 4,196 (-) Treasury stock (5,958) (5,859) (5,859)Asset valuation Adjustment (1,727) 12,578 - Accumulated Profit / (Loss) (58,917) 1,765 -

TOTAL LIABILITIES 4,432,800 4,583,013 4,966,497

18/18

Income Statement

Consolidated R$ Thousand2Q11 1Q12 2Q12 1H11 1H12

Income from Financial Intermediation 126,519 161,778 222,829 243,186 384,607 Loan operations 62,078 70,197 62,860 126,390 133,057

Income from securities 64,603 68,606 114,389 104,636 182,995

Income from derivative financial instruments (7,811) (3,746) 5,549 (3,150) 1,803

Income from foreign exchange transactions 7,649 26,721 40,031 15,310 66,752

Expenses from Financial Intermediaton 90,659 125,348 185,865 270,146 311,213 Money market funding 84,978 85,303 119,361 156,950 204,664

Loans, assignments and onlendings 4,152 25,647 43,907 10,018 69,554

Allowance for loan losses 1,529 14,398 22,597 103,178 36,995

Gross Profit from Financial Instruments 35,860 36,430 36,964 (26,960) 73,394

Other Operating Income (Expense) (27,080) (27,151) (30,926) (54,524) (58,077)Income from services rendered 4,109 6,590 5,364 7,575 11,954

Income from tariffs 240 199 155 477 354

Personnel expenses (16,419) (22,738) (21,939) (32,558) (44,677)

Other administrative expenses (12,151) (13,123) (13,622) (23,534) (26,745)

Taxes (2,927) (3,705) (2,342) (6,476) (6,047)

Result from affiliated companies (116) 1,544 473 (116) 2,017

Other operating income 2,050 4,971 3,739 2,872 8,710

Other operating expense (1,866) (889) (2,754) (2,764) (3,643)

Operating Profit 8,780 9,279 6,038 (81,484) 15,317

Non-Operating Profit (1,314) 2,884 (1,153) (1,797) 1,731

Earnings before taxes ad profit-sharing 7,466 12,163 4,885 (83,281) 17,048

Income tax and social contribution (1,381) (4,979) (217) 37,013 (5,196)Income tax 614 579 (6,687) 153 (6,108)

Social contribution 371 415 (4,027) 94 (3,612)

Deferred fiscal assets (2,366) (5,973) 10,497 36,766 4,524

Statutory Contributions & Profit Sharing (1,032) (2,139) (2,250) (3,143) (4,389)

Net Profit for the Period 5,053 5,045 2,418 (49,411) 7,463