Banco Santander (Brasil) S.A. Fixed Income Investor Presentation March, 2012

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1 Banco Santander (Brasil) S.A. Fixed Income Investor Presentation March, 2012

2 Important Information 2 This presentation may contain certain forward-looking statements and information relating to Banco Santander (Brasil) S.A. ( Santander Brazil") and its subsidiaries that reflect the current views and/or expectations of Santander Brazil and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results,performance or achievements, and may contain words like "believe", "anticipate", "expect", "estimate", "could", "envisage", "potential", "will likely result", or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In no event shall Santander Brazil, or any of its subsidiaries, affiliates, shareholders, directors, officers, agents or employees be liable to any third party (including investors) for any investment or business decision made or action taken in reliance on the information and statements contained in this presentation or for any consequential, special or similar damages. In addition to factors identified elsewhere in this presentation, the following factors, among others, could cause actual results to differ materially from the forward-looking statements or historical performance: changes in the preferences and financial condition of our consumers, and competitive conditions in the markets we serve; changes in economic, political and business conditions in Brazil; governmental interventions resulting in changes in the Brazilian economy, taxes, tariffs or regulatory environment; our ability to compete successfully; changes in our business; our ability to successfully implement marketing strategies; our identification of business opportunities; our ability to develop and introduce new products and services; changes in the cost of products and our operating costs; our level of indebtedness and other financial obligations; our ability to attract new customers; inflation in Brazil, devaluation of the Real against the U.S. Dollar and interest rate fluctuations; present or future changes in laws and regulations; and our ability to maintain existing business relationships, and to create new relationships.

3 Index 3 Brazilian Economy and Financial System Santander Brasil Santander Group Annexes

4 Macroeconomic Scenario 4 GDP (Y-o-Y growth %) Interest Rate - Selic(%) End of period Inflation (IPCA %) Exchange Rate (R$/US$) End of period Sources: Brazilian Central Bank, IBGE and Santander Research Estimates

5 Strong domestic fundamentals High International Reserves 5 International Reserves and External Debt US$ billion External debt Reserves Net Public Sector Debt / GDP % 61% 55% 51% 48% 47% 45% 38% 43% 40% 37% Sources: Brazilian Central Bank

6 Millions of People Social dynamics show a favorable scenario for Brazil 6 Favorable Demographic Dynamics 1 Social Mobility Trends 2 abc = 46 abc = 19 Demographic Bonus % % E D C A/B Educational Bonus (years of study)³ Unemployment Rate and Real Income³ Unemployment Rate (%) Payroll (YoY%) Sources: 1. IBGE and Santander Research 2. Ministry of Finance; * estimated 3. IBGE

7 Sound Financial System Banks are well prepared for Basel III 7 As of Sep/11 Solid, Profitable Well-capitalized financial system BIS Ratio: 15,5% Coverage index: 108% High Profitability ROE: 17% Sizeable market: The four largest listed Brazilian banks are ranked within the 40 largest banks of the world in market capitalization Conservative regulation and strict prudential rules: 11% minimum BIS ratio required High Reserve requirements Highly regulated and sizeable financial system Banks are well prepared for Basel III In December, the Brazilian Central Bank opened public consultations on adherence to Basel III rules. Consultations will remain open through May. Current capital requirement in Brazil is higher than the international standard. Source: Brazilian Central Bank

8 Plain Vanilla Balance Sheet 8 4 Major listed banks in Brazil¹ Dec/11 - (US$ Bi) 1,284 1,284 Loans + Corporate Bonds² 49% 51% Deposits No hidden risks Reserve Requirements Bonds Deposits in guarantee Deferred Tax Assets Intangible Assets 1% Others 15% 21% 2% 4% 4% 15% 8% 4% 10% 8% 7% Assets Liabilities Letras Financeiras Issuance Credit Lines & Onlending Provisions Capital Others Originated to hold model No credit derivatives 1. Itaú, Santander, Bradesco and Banco do Brasil 2. Debentures, Commercial Papers and CRI

9 Significant domestic pool of liquidity 9 Low reliance on external funding Only ~10% of the total funding in Brazil comes from external sources. Outward mobility of domestic pool of fund is relatively limited Buffer Quality Low interconnectivity: Interbank deposit market is quite small Banks liquidity deployed basically in government bonds and in the government bond repo market Significant domestic pool of liquidity......with a challenge Sizable asset management industry controlled basically by the big retail banks: USD 1,031 billion (the 4 largest banks concentrate 63%) Deposits of USD 754 billion (the 4 largest banks concentrate 69%) Creation of new instruments that allow for a better liquidity risk management.

10 Dec-05 Apr-06 Aug-06 Dec-06 Apr-07 Aug-07 Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Dec-09 Apr-10 Aug-10 Dec-10 Apr-11 Aug-11 Dec-11 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Financial System Evolution 10 US$ billion (Constant FX rate) Total Loans US$ billion (Constant FX rate) Total Deposits 16.9% 1,781 1,866 1,937 2,015 2, ,026 Dec11 vs. Dec % ,019 1, % Dec.10 Mar.11 Jun.11 Sep.11 Dec.11 %12M Private Banks %12M Public Banks %12M Total Funding from Clients AUM Tenor Delinquency Ratios Data in days % 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% 7.3% 5.5% 3.9% Corporate Individuals Total Corporate Individuals Total Source: Brazilian Central Bank / CETIP Funding from Clients Deposits, Letras Financeiras and Others Deposits Demand deposits, Savings Accounts and Time deposits Others Debentures repurchase agreement, Real Estate Credit Notes (LCI) and Agribusiness Credit Notes (LCA) Letras Financeiras Bonds issued by Financial Institution on the domestic market

11 Index 11 Brazilian Economy and Financial System Santander Brasil - Strategy - Business - Results - Liquidity and Funding Santander Group Annexes

12 Universal bank focused on retail 12 Revenues* by Segment 4Q11 Commercial Commercial Bank Bank Customer Base million of Customers¹ Commercial Network *Considers managerial data Global Banking and Markets Asset Manag. and Insurance 2,355 branches (+154 branches in 12 months and +61 in the quarter) 1,420 PABs (mini branches) 18,419 ATMs 54.6 thousand employees Sound Credit Rating² Standard & Poor s Moody s Fitch BBB (stable) Baa2 (under review) BBB+ (stable) 1. Total current account: active and inactive account during a 30-day period, according to the Brazilian Central Bank 2. Foreign Currency Rating

13 Strategy 13 We are focused on our goals Maior volume de negócios Maior volume de negócios Quality in customer services + 100/120 branches per year during To be the 1º in customer satisfaction until 2013 Intensify customer relationships To be the bank of choice of our customers by 2013 Improve our value proposition for each customer segment Commercial punch in key segments and products SMEs Credit Card, Mortgage, Santander Acquiring and Auto Finance Prudent Risk Management Cross - Sell Identify and take advantages of cross-sell opportunities (products and segments of Retail and GB&M) Brand Attractiveness To increase Brand Attractiveness

14 Index 14 Brazilian Economy and Financial System Santander Brasil - Strategy - Business - Results - Liquidity and Funding Santander Group Annexes

15 Managerial Loan Portfolio¹ 15 US$ billion 21.3% US$ million Dec.11 Dec.10 Y-o-Y Variation Q-o-Q Variation Individuals 33,806 27, % 5.4% Consumer Finance 16,238 14, % 6.1% SMEs 25,557 20, % 8.5% Corporate 27,920 23, % 1.4% Total IFRS 103,521 85, % 5.1% Other Transactions² 7,825 6, % 0.9% Expanded Credit portfolio² 111,346 91, % 4.8% 1. Loans for the year 2010 have been reclassified for comparison purposes with the current period, due to re-segmentation of customers occurred in 1Q11 2. Includes others Credit Risk Transactions with customers (Debenture, FIDC, CRI, Floating Rate Notes and Promissory Notes) and portfolios acquired from other banks. Total amount of R$ 2.9 billion in Dec/11 and R$ 4.2 billion in Dec/10

16 Santander Loan Portfolio 16 Total Loan Portfolio Credit Portfolio Concentration¹ Risk (%) (%) Dec/11 Total Credit Total: US$ 104,0 billion Dec/ largest 26.3% Corporate 27% SMEs 25% Individuals 32% Consumer finance 16% 50 largest 20 largest 10 largest 20.3% 13.3% 9.7% Largest debtor 3.8% Loan Portfolio Breakdown by Segment Dec/11 Corporate + SMEs Total US$ 53.5 billion Working capital / Others 62.1% Leasing / Auto Loans 3.0% Construction Loans 6.3% Trade Finance 17.7% On-lending 9.0% Large Vehicles 5% Consumer Finance³ Total US$16.2 billion Consumer Credit 7% Vehicles & Motorcycles 88% Individuals Total US$ 35.3 billion Personal Loans/Others 35.1% Mortgages 15.8% Leasing/Auto Loans¹ 3.6% Credit Card 22.3% Payroll Loans² 19.3% Agricultural Loans 1.9% Agricultural Loans 3.9% 1. Includes: Credit Portfolio and Credit Guarantees, Securities and Derivatives Financial Instruments 2. Includes acquired portfolio 3. Vehicles (Cars, Motorcycles), Large vehicles and Others: Clubcard, CVC.

17 Quality of Loan Portfolio - BR GAAP 17 NPLs Over 90¹ (%) NPLs Over 60² (%) Coverage Ratio Over 90³ 1. Nonperforming loans over 90 days / total loans BR GAAP 2. Nonperforming loans over 60 days / total loans BR GAAP 3. Allowance for Loan Losses / (nonperforming loans for over 90 days + performing loans with high delinquency risk)

18 Deposits and Assets Under Management (AUM) 18 US$ billion 8.2% US$ million Dec.11 Dec.10 Y-o-Y Variation Q-o-Q Variation Demand 7,229 8, % -1.0% Savings 12,418 16, % -23.1% Time 44,750 36, % 11.1% Others¹ 21,211 20, % -2.6% Letras Financeiras² Funding from customers 10,622 3, % 10.2% 96,230 85, % 1.2% AUM 60,253 59, % -1.9% Total Funding 156, , % 0.0% 1. Debentures repurchase agreement, Real Estate Credit Notes (LCI) and Agribusiness Credit Notes (LCA) 2. Bonds issued by Financial Institution on the domestic market

19 Index 19 Brazilian Economy and Financial System Santander Brasil - Strategy - Business - Results - Liquidity and Funding Santander Group Annexes

20 Income Statement 20 US$ million Y-o-Y 4Q11/3Q11 Net Interest Income¹ 14,875 13, % 10.2% Net Fee² 3,912 3, % 1.0% Other Operating Income % -87.4% Total Income 19,416 17, % 3.0% General expenses³ (6,596) (5,987) 10.2% 8.9% Impairment losses on Financial Assets (net) (5,002) (4,682) 6.8% -14.2% Net Provisions/Others 4 (2,191) (1,649) 32.9% 15.8% Net profit before tax 5,628 5, % 9.2% Income tax (1,493) (1,248) 19.6% 34.8% Net profit 4,134 3, % -0.2% 1. Excludes amortization of goodwill. Includes the Cayman tax reclassification, interest on emissions and recoveries of written-off credits 2. Considers Income from Services Rendered and Income from Banking Fees 3. Considers Personnel Expenses, Other Administrative Expenses, and Profit Sharing 4. Considers Other Operating Income (expenses) and Non operating(expenses) income

21 1. General Expenses excluding amortization / Total Revenue excluding Cayman hedge and considers Leasing s accounting standardization proceeding occurred during the system integration of Banco Real and Banco Santander 2. Net Fee/General Expenses excluding amortization 3. Net Profit / Average Assets 4. Excludes goodwill on acquired companies (Banco Real and Real Seguros Vida e Previdência) as international rules in Tier I Performance Ratios 21 Efficiency Ratio¹ (%) Recurrence² (%) -0.2 p.p p.p. ROAA³(%) ROAE (adjusted) 4 (%) -0.2 p.p p.p.

22 BIS and Leverage Ratios 22 BIS Ratio (%) Dec/2011 Leverage Ratio (%) Santander¹ Santander ² C C C Tier 1 Tier 2 Total Assets / Tier 1 Source: Brazilian Central Bank 1. In accordance with the Brazilian Central Bank 2. Excludes goodwill C1, C2 and C3 are the main competitors of Santander Brasil

23 Index 23 Brazilian Economy and Financial System Santander Brasil - Strategy - Business - Results - Liquidity and Funding Santander Group Annexes

24 3 Pillars Model 24 Strong local presence / economies of scale ( vertical strategy ) Subsidiary model with financial autonomy Grupo Santander UK US Portugal Mexico Brazil Chile Operational Integration

25 25 Decentralized Model: Financial and capital independent subsidiaries based model According to Financial Stability Board (FSB) and BIS III. The aim is to limit the contagion risk between units of the group and establish a plan (LIVING WILL) to face severe crisis scenarios in terms of liquidity and capital. 3 Pillars model: 1) Self funded 2) Financial autonomy 3) Focus on Brazilian assets Low level of funding from the parent company - USD 580 MM in dec/11, corresponding to 0.3% of total assets. No exposure to peripheral Europe sovereign risk. 13,5% of total funding in foreign currency.

26 Liquidity Firewall 26 The Brazilian Law It is forbidden to lend money to Parent Company (Lei 4.595/64; Lei 7.492/86; MNI ). In Brazil it's a white-collar crime. Dividend Policy Limited Regulation: max. 95% of Profits (BR GAAP). Santander: approx. 90% (BR GAAP) and 50% (IFRS). Supervision The Central Bank of Brazil has a close and rigorous supervision. Corporate Governance Level 2 There is a Policy for Transactions with Related Parties Bylaws are designed to protect shareholders. Decentralized Model Independent subsidiaries in terms of capital and liquidity.

27 Financing Strategy: we manage our balance sheet in a very prudent and conservative way 27 Santander s basic liquidity management principles Decentralized, but coordinated action Diversification: market, maturity, currency, instrument Limited short term funding Limited intra-group funding (principle of autonomy in the context of the «Living Wills»)

28 Financing Strategy: good liquidity position 28 Reduced Short Term Funding Short Term Funding 1 / Total Funding 2 Funding Offshore Maturity³ Volume Outstanding: USD 5.5 Billion Liquidity Ratios at comfortable levels Dec/2011 Loans / Deposits: 107% Loans / (Deposits + M/L Term Funding) : 87% 1.Funding up to 3 months 2. Institutional Funding 3.Includes Senior Unsecured Bond, Syndicated Loan, DPR and EuroCD

29 Financing Strategy 29 Santander Brasil Capital Markets funding is carried out through a diversified approach by markets, tenor and instruments Short Term EuroCD: US$1 billion Programme (Reg. S Notes only) Medium and Long Term Eurobond market: Senior transactions in all major currencies through a US$ 10 billion EMTN Programme (Reg S and 144-A). Structured and Private Placements are also issued under the Programme. Diversified Payment Rights (future flows securitization) MT103 and MT202 through established programme. Rated A2 Moody s/a S&P/ A+ Fitch.

30 Index 30 Brazilian Economy and Financial System Santander Brasil Santander Group Annexes

31 Santander Group 31 Main financial figures 2011 Million Euros Total assets 1,251,525 Net customer loans 750,100 Shareholders equity 1 80,629 Total managed funds 2 1,382,980 Attributable profit 5,351 Sound credit ratings Long term Standard & Poor s A+ Moody s Aa3 Fitch A DBRS AA Attributable Profit by geographical area USA 6% Continental Europe 31% Other LatAm 23% Brazil 28% United Kingdom 12% 1. In 2011, estimated data of May 2012 scrip dividend 2. Includes Total Assets, Mutual and Pension Funds and Managed Portfolios

32 Santander Group High diversification by geographies 32 (1) Over operating areas attributable profit (2) Expected GDP growth age for Source: International Monetary Fund, World Economic Outlook Database, January 2012

33 Santander Group Balance Sheet Strengthening: Capital ratio %¹ 1. Core capital under Basel II criteria (*) Including Valores Santander (compulsorily convertible bonds)

34 Santander Group Balance Sheet Strengthening: Liquidity 34 Note: Liquidity balance sheet in terms of management (trading derivatives, interbank balances and fixed assets are netted) (*) Including retail commercial paper (**) Including FHLB lines in the US to Sovereign

35 Santander Group 35 Main elements of our business model 1. 1 Diversification is key: good balance between emerging and mature economies with dominant local positions in large and attractive countries 2. 2 We are increasingly playing the international connectivity and the business derived from it 3. 3 Our banking model has two strong pillars non-negotiable: low risk profile and cost austerity 4. Subsidiary based model-financial de-centralisation with strong operational 4 centralisation 5...AND A STRONG BALANCE SHEET MANAGEMENT

36 Index 36 Brazilian Economy and Financial System Santander Brasil Santander Group Annexes

37 Balance Sheet - Total Assets IFRS 37 US$ million Assets Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 CASH AND BALANCES WITH THE BRAZILIAN CENTRAL BANK 30,280 30,623 33,404 34,810 35,152 FINANCIAL ASSETS HELD FOR TRADING 13,232 12,550 16,740 15,877 15,940 OTHER FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 9,563 9,652 9, Loans and amounts due from credit institutions Loans and advances to customers Debt instruments Equity instruments 9,288 9,427 9, AVAILABLE-FOR-SALE FINANCIAL ASSETS 25,166 27,813 29,683 23,583 23,781 LOANS AND RECEIVABLES 92,817 95,297 97, , ,091 - Loans and amounts due from credit institutions 12,080 12,749 11,555 10,819 10,497 - Loans and advances to customers 85,595 87,748 91,363 98, ,521 - Allowances for credit losses -4,900-5,241-5,595-5,848-5,960 - Debt instruments HEDGING DERIVATIVES NON-CURRENT ASSETS HELD FOR SALE , INVESTMENTS IN ASSOCIATES TANGIBLE ASSETS 2,409 2,439 2,441 2,505 2,670 INTANGIBLE ASSETS 17,039 17,032 17,102 16,587 16,759 - Goodwill 15,093 15,093 15,093 14,510 14,510 - Other intangible assets 1,946 1,939 2,009 2,076 2,249 TAX ASSETS 7,912 7,646 8,238 9,055 8,663 OTHER ASSETS 1,020 1,341 1,826 1,444 1,432 Total Assets 199, , , , ,181

38 Balance Sheet - Total Liabilities IFRS 38 US$ million Liabilities Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 FINANCIAL LIABILITIES HELD FOR TRADING 2,551 2,611 2,845 3,538 2,691 FINANCIAL LIABILITIES AT AMORTISED COST 135, , , , ,374 - Deposits from Central Bank and deposits from credit institutions 22,599 19,722 24,363 22,583 27,469 - Customer deposits¹ 89,535 92,986 94,256 95,233 93,013 - Marketable debt securities 10,708 14,344 17,374 20,318 20,573 - Subordinated liabilities 5,168 5,317 5,478 5,653 5,815 - Other financial liabilities 7,047 6,777 7,964 7,178 8,504 HEDGING DERIVATIVES LIABILITIES DIRECTLY ASSOCIATED WITH NON-CURRENT ASSETS HELD FOR SALE ,914 0 LIABILITIES FOR INSURANCE CONTRACTS 10,472 10,758 10, PROVISIONS² 5,009 4,803 4,996 4,857 5,073 TAX LIABILITIES 5,614 5,646 6,467 6,431 6,331 OTHER LIABILITIES 1,922 1,911 2,091 2,467 2,095 Total Liabilities 160, , , , ,582 Total Equity³ 39,111 39,832 40,132 41,045 41,599 Total Liabilities and Equity 199, , , , , Includes repo 2. Includes provisions for pensions and contingent liabilities 3. Includes minority interest and adjustment to market value

39 Quarterly Managerial¹ Income Statement 39 US$ million Income Statements 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 - Interest and Similar Income 4,946 5,245 5,653 5,965 6,292 6,761 7,078 7,450 - Interest Expense and Similar (1,773) (2,043) (2,354) (2,500) (2,752) (3,158) (3,400) (3,396) Interest Income 3,173 3,202 3,298 3,465 3,539 3,604 3,678 4,054 Income from Equity Instruments Income from Companies Accounted for by the Equity Method Net Fee Fee and Commission Income 981 1,028 1,082 1,084 1,114 1,155 1,190 1,216 - Fee and Commission Expense (117) (117) (135) (164) (164) (160) (211) (227) Gains/Losses on Financial Assets and Liabilities and Exchange Rate Diferences Other Operating Income (Expenses) (24) (32) (56) (74) (15) (78) (25) (84) Total Income 4,345 4,251 4,448 4,458 4,633 4,776 4,930 5,077 General Expenses (1,415) (1,479) (1,519) (1,574) (1,577) (1,582) (1,645) (1,791) - Administrative Expenses (693) (723) (732) (679) (716) (739) (768) (831) - Personnel espenses (722) (755) (787) (895) (861) (843) (877) (961) Depreciation and Amortization (152) (156) (165) (186) (180) (190) (191) (218) Provisions (net)² (335) (155) (359) (203) (336) (333) (344) (393) Impairment Losses on Financial Assets (net) (1,347) (1,256) (1,049) (1,042) (1,102) (1,229) (1,446) (1,245) - Allowance for Loan Losses³ (1,344) (1,276) (1,045) (1,017) (1,098) (1,227) (1,441) (1,237) - Impairment Losses on Other Assets (net) (2) 20 (4) (26) (5) (3) (5) (9) Net Gains on Disposal of Assets (32) 15 (12) 8 3 Net Profit before taxes 1,158 1,231 1,374 1,421 1,452 1,430 1,312 1,433 Income Taxes (218) (289) (343) (398) (348) (320) (351) (474) Net Profit Includes the Cayman tax reclassification, the unification of the accounting classification of leasing transactions and non-recurring events. 2. Includes provisions for civil, labor and others litigations. 3. Includes recovery of credits written off as losses

40 Managerial Loan Portfolio - BR GAAP¹ 40 R$ billion 20.9% R$ million Dec.11 Dec.10 Y-o-Y Variation Q-o-Q Variation Individuals 65,568 55, % 4.1% Consumer Finance 35,629 29, % 8.7% SMEs 47,940 38, % 8.5% Corporate 47,925 42, % -1.1% Total BR GAAP 197, , % 4.6% Other Credit Risk Transactions ² Expanded Credit portfolio² BR GAAP 11,784 7, % 3.7% 208, , % 4.5% 1. a) The credit portfolio in BR GAAP is higher than in IFRS because it includes loan portfolio acquired from other banks and consolidates the credit portfolio of our consumer finance joint ventures (Santander Financiamentos) b) Loans for the year 2010 have been reclassified for comparison purposes with the current period, due to re-segmentation of customers occurred in 1Q11 2. Includes other Credit Risk Transactions with customers (Debenture, FIDC, CRI, Floating Rate Notes and Promissory Notes) and anticipated acquiring receivables

41 Asset Quality Ratios - IFRS 41 Delinquency ratio¹ (%) Coverage ratio² (%) 1. (Nonperforming loans over 90 days + performing loans with high delinquency risk) / managerial loan portfolio 2. Allowance for Loan Losses / (nonperforming loans over 90 days + performing loans with high delinquency risk)

42 Total Revenues 42 US$ Million 13.9% US$ Million Y-o-Y Variation Q-o-Q Variation Net Interest Income¹ 14,875 13, % 10.2% Net Fees 3,912 3, % 1.0% Subtotal 18,787 16, % 8.3% Others² % -87.4% Total Revenues 19,416 17, % 3.0% 1. Considers Leasing s accounting standardization proceeding occurred during the system integration of Banco Real and Banco Santander. 2. Results from Financial Operations excluding the fiscal effect of Cayman hedge + Other Operational Revenues (expenses) + Others

43 General Expenses and Amortization 43 US$ Million 14.1% US$ Million Y-o-Y Variation Q-o-Q Variation Other General Expenses Personnel Expenses General Expenses Depreciation and Amortization 3,054 2, % 8.1% 3,542 3, % 9.5% 6,596 5, % 8.9% % 13.6% Total 7,375 6, % 9.4%

44 Dividend policy according to the Parent Company 44 Dividend policy Limited Regulation: max. 95% of Profits (BR GAAP). Santander: approx. 90% (BR GAAP) and 50% (IFRS). Dividend policy: 50% of IFRS results, which has been practice of the Parent Company for a long time On the basis of the amortization of the goodwill, which is only in BR GAAP, the 50% IFRS dividend distribution policy represents a higher percentage in BR GAAP, with levels close to the regulatory cap (95%)

45 Level 2 of Corporate Governance 45 Board of Directors with 3 independent members, Audit and Remuneration Committees being totally separated from the group. In order to protect the minority shareholders, additional procedures have been established. Highlight Related Parties: Any transactions to be entered into with the Controlling Shareholders, which contemplate a disbursement by the Bank in an amount equal to or higher than 1% or R$ 660 million (in one or a series of transactions during a certain period) of Santander Brasil capital, must be submitted to the Audit Committee and approved by the Board of Executive Officers. Corporate Governance Level 2 There is a Policy for Transactions with Related Parties Bylaws are designed to protect shareholders. Corporate Governance New Market Level 2 Level 1 Classification Banks Share Tag Along Banco do Brasil Santander Bradesco and Itaú Source: Bovespa Stock Exchange and Financial Institutions Corporate Governance Segments Segmentos de Governança Corporativa Requirements Allows only ON 25% free float Allows ON / PN 25% free float Allows ON / PN 25% free float 100 % ON Shares 100 % ON /PN Shares 80 % ON Shares Board of Directors 5 Members (20% independent) Term of Office: 2 years 5 Members (20% independent) Term of Office: 2 years 3 Members

46 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Household Debt Ratio and Delinquency 46 45% 40% 35% 42.5% 19.0% 17.0% 15.0% 30% 25% 20% 15% 21.9% 7.3% 13.0% 11.0% 9.0% 7.0% 5.0% 10% 3.0% Household Debt Ratio* Household Debt Service Ratio* Deliquency Ratio Individuals (RHS) Source: The Brazilian Central Bank * New methodology released on September/11

47 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Spreads Corporate x Individuals 47 (p.p.) 60% 50% 40% 30% 20% 33.7% 26.9% 17.9% 10% 0% Corporate Individuals Total Source: The Brazilian Central Bank

48 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 46% 47% 48% 48% 50% 51% 52% 52% 54% 54% 57% 57% 59% 59% 60% 61% 61% 61% 60% 60% 60% 60% 62% 63% 64% 65% 66% 67% 67% 67% 67% 69% 67% 68% 68% 68% 68% 68% 68% 68% 68% 68% 68% 68% 54% 53% 52% 52% 50% 49% 48% 48% 46% 46% 43% 43% 41% 41% 40% 39% 39% 39% 40% 40% 40% 40% 38% 37% 36% 35% 34% 33% 33% 33% 33% 31% 33% 32% 32% 32% 32% 32% 32% 32% 32% 32% 32% 32% Loans to Individuals Secured* x Unsecured Loans 48 Secured Lending* Unsecured Lending *Payroll Loan + Mortgage + Auto Loans divided by total loans to individuals. Interest Rate Reference Credit Operations. Source: The Brazilian Central Bank

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