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Message from the President

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Dear friends and partners,

The first decade of the 21st century came to a close with Brazil rising to prominence as a dynamic country, capable of assuming responsibilities between nations, and with an economic vigour which impressed not only Brazilians, but also our partners throughout the world. This economic dynamism was reflected in the growth of businesses in Brazil, among Brazilians and companies across five continents. This was a special moment, when we at Banco do Brasil, were able to demonstrate all our strength in supporting the sustainable development of the Country.

2010 was another year of many achievements for Banco do Brasil. It was the year in which we reported the highest net profit in our history of more than 200 years, we established our leadership as the largest financial institution in Latin America in terms of total assets, and, most importantly, we expanded the credit available to our clients so spectacularly that we managed to guarantee a share of almost 20% of this market.

The public share offering carried out by Banco do Brasil in June 2010 was one of the largest operations in the Brazilian market, increasing our capital by R$8 billion, and bringing us 78,000 new investors.

It was also a year of great progress in terms of strategic partnerships. We increased our participation in the companies Cielo and CBSS; we continued with the process of restructuring our insurance companies; we initiated a new partnership with Banco Bradesco and Caixa Econômica Federal for the issue of a new national card brand name, ELO, as well as consolidating our partnership with Banco Votorantim, building very effective synergies.

We also concluded the integration process of Banco Nossa Caixa and expanded our operations in the state of São Paulo. BB is on the path to a new phase in its history. The word "bank" is no longer sufficient to describe all that we do, and what we can do, for our clients and partners. As a major conglomerate, we wish to be a benchmark reference as a supplier of high quality products and financial services. We wish to make the most of the scenario of economic growth in Brazil in order to continue with the diversification of our businesses.

This performance is also in the service of our historic vocation in the public sector. This is translated not only into our presence throughout the Country, including regions that are less favoured, but also offering credit in a responsible manner, in the support of communities, while investing in culture, education and the generation of jobs and incomes.

Banco do Brasil will continue to invest heavily as a partner in the sustainable development of Brazil, supporting the businesses expansion in the international scenario and consolidating its efficiency in the management of profitable businesses, in the quality of its operations, and in terms of satisfying the needs of its customers, both in Brazil and the rest of the world.

Our objective is to be the bank of Brazilians and Brazilian companies wherever they may be, and it was for this reason that we acquired control of Banco Patagonia, in Argentina. We also made some corporate moves in African countries, as well as the United States where we managed to achieve the status of Financial Holding Company, which permits us to act as a full commercial institution in that country.

We also attribute great importance to guaranteeing socio-environmental responsibility in our processes. This concern has led us to adhere to the Principles of Responsible Investment through BB-DTVM, with the object of incorporating social, environmental and corporate governance issues into our analysis practices, decision-making and investment management.

We also participate in a proposal of the United Nations Organization whereby companies that are signatories of the Global Compact start to approach questions with respect to water and the managing of water resources in their corporate strategies. In this context, we have signed a partnership for the development of the Brazil Water Program with the National Water Agency, WWF-Brasil and the Banco do Brasil Foundation.

The socio-environmental commitments of Banco do Brasil are expressed in our Agenda 21, which was updated at the end of 2010 with new sustainability targets for the period 2011 to 2013.

For 2011 we are facing new challenges and are striving to increase BB's market share in various business and service segments, always ensuring a continuing level of excellence in the Bank's administrative and financial management.

We must be profitable, hand-in-hand with sustainable development, investing in the training of our staff, holding the worth of our team in high esteem, while maintaining a commitment to a long-term view, and building long-lasting relationships. It is only in this way that Banco do Brasil will continue to be recognised as Brazil's main bank: the bank for companies and the public sector, and a benchmark reference in Brazil and abroad.

Aldemir Bendine