Bradesco maintained adequate financial performance during the complex economic environment of 2009. We are affirming our 'BBB/A-3' global scale and 'brAAA/brA-1' national scale ratings on Bradesco. At the same time we also affirmed the ratings on Bradesco's core subsidiaries. The outlook on all of these companies remains stable. We believe the bank will maintain its current business and financial profile. On Jan. 12, 2010, Standard and Poor's Ratings Services affirmed its 'BBB/A-3' global scale and 'brAAA/brA-1' national scale ratings on Banco Bradesco S.A. (Bradesco). At the same time we affirmed our brAAA national scale ratings on its core subsidiaries, Bradesco Seguros S.A and Bradesco Capitalização S.A., as well as the 'BBB/A-3' global scale and 'brAAA/brA-1' national scale ratings on Banco
