Moody\'s Investors Service has placed on review
for possible upgrade the long-term foreign-currency deposit ratings of
certain Brazilian banks.

The rating actions are the direct result of Moody\'s having placed on
review for possible upgrade Brazil\'s Ba1 country ceiling for
foreign-currency bonds and notes, as well as Brazil\'s Ba3 country ceiling
for foreign-currency bank deposits.

In a related move, Moody\'s has placed on review for possible upgrade the
Ba1 long-term foreign-currency senior bond ratings of Banco Votorantim
S.A. and Banco Votorantim S.A. (Nassau Branch). Moody\'s is also
considering a possible upgrade for the Ba1 long-term foreign-currency
subordinate perpetual bond ratings of Banco Bradesco S.A., Grand Cayman
Branch, Banco do Brasil S.A. (Cayman), Banco do Estado de Sדo Paulo S.A.
(CI), and Uniדo de Bancos Brasileiros S.A., Grand Cayman.

These bond ratings may be affected by the possible upgrade of Brazil\'s
country ceiling for foreign-currency bonds and for the foreign-currency
government bond ratings, as a result of Moody\'s methodology for allowing
certain asset classes of selected issuers to pierce the country ceiling.

The following ratings have been placed on review for possible upgrade:

Banco ABN AMRO Real S.A.: Ba3 long-term foreign-currency deposits

Banco BBM S.A.: Ba3 long-term foreign-currency deposits

Banco BMC S.A.: Ba3 long-term foreign-currency deposits

Banco BMG S.A.: Ba3 long-term foreign-currency deposits

Banco Bonsucesso S.A.: Ba3 long-term foreign-currency deposits

Banco Bradesco S.A.: Ba3 long-term foreign-currency deposits

Banco Bradesco S.A., Grand Cayman Branch: Ba1 long-term foreign-currency
junior subordinate debt

Banco Citibank S.A.: Ba3 long-term foreign-currency deposits

Banco Cruzeiro do Sul S.A.: Ba3 long-term foreign-currency deposits

Banco do Brasil S.A.: Ba3 long-term foreign-currency deposits

Banco do Brasil S.A. (Cayman): Ba1 long-term foreign-currency junior
subordinate debt

Banco Fibra S.A.: Ba3 long-term foreign-currency deposits

Banco GMAC S.A.: Ba3 long-term foreign-currency deposits

Banco Industrial e Comercial S.A - BICBANCO: Ba3 long-term
foreign-currency deposits

Banco Itau S.A.: Ba3 long-term foreign-currency deposits

Banco Itau S.A. (Cayman Islands): Ba3 long-term foreign-currency deposits

Banco Itau BBA S.A.: Ba3 long-term foreign-currency deposits

Banco Mercantil do Brasil S.A.: Ba3 long-term foreign-currency deposits

Banco Nacional de Desenvolvimento Econפmico e Social S.A - BNDES: Ba3
long-term foreign-currency deposits

Banco Nossa Caixa S.A.: Ba3 long-term foreign-currency deposits

Banco PanAmericano S.A.: Ba3 long-term foreign-currency deposits

Banco Pine S.A.: Ba3 long-term foreign-currency deposits

Banco Safra S.A.: Ba3 long-term foreign-currency deposits

Banco Santander Banespa S.A.: Ba3 long-term foreign-currency deposits

Banco do Estado de Sדo Paulo S.A. (CI): Ba1 long-term foreign-currency
junior subordinate debt

Banco Sumitomo Mitsui Brasileiro S.A.: Ba3 long-term foreign-currency
deposits

Banco Votorantim S.A.: Ba3 long-term foreign-currency deposits and Ba1
long-term foreign-currency debt

Banco Votorantim S.A. (Nassau Branch): Ba1 long-term foreign-currency debt

BES Investimento do Brasil S.A.: Ba3 long-term foreign-currency deposits

Caixa Econפmica Federal: Ba3 long-term foreign-currency deposits

HSBC Bank Brasil S.A. - Banco Mתltiplo: Ba3 long-term foreign-currency
deposits

ING Bank N.V. -- Sדo Paulo: Ba3 long-term foreign-currency deposits

Uniדo de Bancos Brasileiros S.A. - Unibanco: Ba3 long-term
foreign-currency deposits

Uniדo de Bancos Brasileiros S.A., Grand Cayman: Ba1 long-term
foreign-currency junior subordinate debt