Individual Balance Sheet


At December 31, 2010 and 2009

(In Millions of Reais)

The accompanying notes are an integral part of these financial statements.


Assets Note 12/31/2010 12/31/2009 Opening balance
01/01/2009
Financial Assets 1,028 1,839 1,730
Cash and Deposits on Demand 3 - 136 -
Financial Assets Held for Trading 489 845 769
Available-for-Sale Financial Assets 29 - 9
Dividends/Interest on Capital Receivable 510 858 952
Tax Assets 519 291 329
Income Tax and Social Contribution – Credit 136 72 96
Income Tax and Social Contribution – Deferred 383 219 233
Investments 14 25,768 21,662 18,605
Fixed Assets, Net 7 7 7
Intangible Assets 17 832 22 -
Other Non-Financial Assets 64 121 37
Pledged as Collateral 50 36 33
Other Sundry Receivables 14 85 4
Total Assets 28,218 23,943 20,708
The accompanying notes are an integral part of these consolidated financial statements.

Liabilities and Stockholders' Equity Note 12/31/2010 12/31/2009 Opening balance
01/01/2009
Funding From Institutional Market – Debentures 20 1.064
Tax Liabilities – Income Tax and Social Contribution 104 47 31
Provisions 14 36 10
Dividends/Interest on Capital Payable 712 667 1.303
Other Non-Financial Liabilities 22 4 4
Total Liabilities 1.916 754 1.348
Stockholders' Equity 22 26.302 23.189 19.359
Capital 13.266 13.000 10.000
Treasury Shares (15) (46)
Additional Paid-In Capital 12 12
Reserves 13.129 11.836 12.510
Accumulated Deficit (1.601) (3.061)
Cumulative Comprehensive Income (105) (43) (44)
Total Liabilities and Stockholders' Equity 28.219 23.943 20.708


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