Subscription Warrants

Issued in 1996, the subscription warrants are negotiable securities that detain the right to subscription of shares of a company’s capital stock, on the conditions shown in the relevant certificate.

Thus, the holder of the document is assured the right of subscribing to shares of the capital stock of the issuing company, on the conditions specified in the document (which may be of a book-entry class), particularly as regards defined price and term, irrespective of the market or equity value of the share at the time of subscription

BONUS-SUBSCRICAO

Monetary Restatement

The subscription warrant exercise price is monetarily corrected by the IGP-DI (General Price Index – Domestic Supply) of the Getúlio Vargas Foundation, up to the date of the effective exercise. If on the date of the subscription the IGP-DI for the month is not available, the relevant price will be restated pro rata, using as a base the last published index.

We show below the monthly restatement of the subscription warrants, noting that:

The restatement from June 17, 1996 to June 30, 1996 was effected pro rata;
The negative IGP-DI were also taken into account for the restatement.

2011

Date Subscription Price (R$)
January 28.882675
February 29.165166
March 29.444140
03/31/2011 29.7166550
04/01/2011 29.7257821
04/04/2011 29.7540941
04/052011 29.7635374
04/06/2011 29.7729837
04/07/2011 29.7824330
04/08/2011 29.6658567
04/11/2011 29.6839067
04/12/2011 29.6899258
04/13/2011 29.6959462
04/14/2011 29.7019677
04/15/2011 29.7079905
04/18/2011 29.7260662
04/19/2011 29.7320939
04/20/2011 29.7381227
04/25/2011 29.7682855
04/26/2011 29.7743218
04/27/2011 29.7803592
04/28/2011 29.7863979
04/29/2011 29.7924378
05/02/2011 29.8103699
05/03/2011 29.8162196
05/04/2011 29.8220705
05/05/2011 29.8279226
05/06/2011 29.8337758
05/09/2011 29.8513423
05/10/2011 29.8133569
05/11/2011 29.8181117
05/12/2011 29.8228674
05/13/2011 29.8276238
05/16/2011 29.8418975
05/17/2011 29.88466569
05/18/2011 29.8514171
05/19/2011 29.8561780
05/20/2011 29.8609397
05/23/2011 29.8752293
05/24/2011 29.8799941
05/25/2011 29.8847596
05/26/2011 29.8895258
05/27/2011 29.8942929
05/30/2011 29.9085985
05/31/2011 29.9133685
06/01/2011 29.9181393
06/02/2011 29.9230700
06/03/2011 29.9280015
06/06/2011 29.9428007
06/07/2011 29.9477354
06/08/2011 29.7730875
06/09/2011 29.7731548
06/10/2011 29.7732221
06/13/2011 29.7734241
06/14/2011 29.7734914
06/15/2011 29.7735587
06/16/2011 29.7736260
06/17/2011 29.7736933
06/20/2011 29.7738952
06/21/2011 29.7739625
06/22/2011 29.7740299
06/24/2011 29.7741645
06/27/2011 29.7743664
06/28/2011 29.7744337
06/29/2011 29.7745010
06/30/2011 29.7745684

2010

Date Subscription Price (R$)
December 28.773704
November 28.326095
October 28.037612
September 27.733757
August 27.431920
July 27.372452
06.23.2010 27.5925500
06.22.2010 27.5782340
06.21.2010 27.5639255
June 27.279309
May 26.857884
April 26.666257
March 26.498664
February 26.212005
January 25.950292

2009

Date Subscription Price (R$)
December 25.979602
November 25.966305
October 25.976696
September 25.911916
August 25.888616
July 26.055370
June 26.139015
May 26.092049
April 26.081616
March 26.302558
February 26.336796
January 26.334163

2008

Date Subscription Price (R$)
December 26.450545
November 26.432043
October 26.147040
September 26.053248
August 26.152628
July 25.862963
June 25.383220
May 24.914821
April 24.638866
March 24.467593
February 24.374968
January 24.136021

2007

Date Subscription Price(R$)
December 23.786361
11.30.2007 23.709837
11.29.2007 23.703933
11.28.2007 23.698030
11.27.2007 23.692128
11.26.2007 23.686228
11.25.2007 23.680329
11.24.2007 23.674432
11.23.2007 23.668536
11.22.2007 23.662642
11.21.2007 23.656749
11.20.2007 23.650857
11.19.2007 23.644968
11.18.2007 23.639079
11.17.2007 23.633192
11.16.2007 23.627307
11.15.2007 23.621423
11.14.2007 23.615540
11.13.2007 23.609659
11.12.2007 23.603779
11.11.2007 23.597901
11.10.2007 23.592024
11.09.2007 23.586149
11.08.2007 23.580275
11.07.2007 23.692382
11.06.2007 23.683198
11.05.2007 23.674017
11.04.2007 23.664839
11.03.2007 23.655665
11.02.2007 23.646495
11.01.2007 23.637328
October 23.363969
September 23.093773
August 22.777170
July 22.693205
June 22.634356
May 22.598199
April 22.566605
March 22.517068
February 22.465397
January 22.369210

2006

Warrants Price
December 22.311201
November 22.184748
October 22.006494
September 21.953805
August 21.864162
July 21.827056
06/30/2006 21.761428
06/29/2006 21.758677
06/28/2006 21.755926
06/27/2006 21.753176
06/26/2006 21.750426
06/23/2006 21.742178
06/22/2006 21.739429
06/21/2006 21.736681
06/20/2006 21.733933
06/19/2006 21.731185
06/16/2006 21.722945
06/14/2006 21.717453
06/13/2006 21.714707
06/12/2006 21.711962
06/09/2006 21.703729
06/08/2006 21.700985
06/07/2006 21.604894
06/06/2006 21.604750
06/05/2006 21.604606
06/02/2006 21.604174
06/01/2006 21.604029
05/31/2006 21.603890
05/30/2006 21.603751
05/29/2006 21.603611
05/26/2006 21.603193
05/25/2006 21.603054
05/24/2006 21.602915
05/23/2006 21.602775
05/22/2006 21.602636
05/19/2006 21.602218
05/18/2006 21.602078
05/17/2006 21.601939
05/16/2006 21.601800
05/15/2006 21.601660
05/12/2006 21.601242
05/11/2006 21.601103
05/10/2006 21.470080
05/09/2006 21.473204
05/08/2006 21.476328
05/05/2006 21.485704
05/04/2006 21.488830
05/03/2006 21.491957
05/02/2006 21.495084
04/28/2006 21.507909
04/27/2006 21.511143
04/26/2006 21.514377
04/25/2006 21.517612
04/24/2006 21.520847
04/20/2006 21.533793
04/19/2006 21.537030
04/18/2006 21.540268
04/17/2006 21.543507
04/13/2006 21.556466
04/12/2006 21.559707
04/11/2006 21.562949
04/10/2006 21.566191
04/07/2006 21.575920
04/06/2006 21.677825
04/05/2006 21.678258
04/04/2006 21.678692
04/03/2006 21.679126
03/31/2006 21.680413
February 21.706032
January 21.550866

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Anticipation

Warrants Series “C” – Anticipation

Pursuant to the Extraordinary Shareholders Meeting held on October 23, 2007, the Series “C” Subscription Warrants holders will be able to anticipate their right to subscribe them.

The subscription warrants exercise is optional and can be partially or entire exercised. The holders of subscription warrants in the custody of stock exchanges shall exercise through their brokers, from November 1st to 28th, 2007.

This anticipation does not extinguish the right of exercise in the due date, from 03.31.2011 to 06.30.2011, to the Subscription Warrants Series “C” remainders.

06.14.2010 – Information to the Subscription Warrants Holders

Information to the Subscription Warrants Holders
Banco do Brasil’s Public Offering
Anticipation of the Subscription Warrants Series ”C” exercise

Banco do Brasil informs to the owners of Series “C” Subscription Warrants, issued and distributed for free to shareholders on June 17th, 1996, pursuant to the Extraordinary Shareholders Meeting of the same date, that the Extraordinary Shareholders Meeting, held on May 19th, 2010 approved the anticipation of the Subscription Warrants Series “C” exercise under the following conditions:

a) Each Subscription Warrants Series C grants the right to subscribe 3.131799 shares;

b) The fractions of remaining shares of the exercise of subscription warrants series C will be reunited and then sold in the Stock Exchange by Banco do Brasil. The result of the sale will be proportionally divided respecting the position of each subscription warrants holder. The fractions of the shares resulted from the exercise of warrants series C cannot be transferred, having no cession of rights;

c) The exercise price will be R$ 8.50 per subscription warrant, readjusted by the IGP-DI Index, published by Fundação Getúlio Vargas, from June 17th, 1996 until the date of the application for the exercise of subscription rights. For an example, on May 1st, 2010 the exercise price was R$ 26.85, per subscription warrant. If the IGP-DI index for the month is not available on the date of application, the subscription price shall be adjusted pro-rata-die using the last published index;

d) The maturity date for anticipation of the exercising warrants will be from June 21st, 2010 up to June 23rd, 2010. The anticipation of the exercise rights will be granted according to the warrants ownership on June 16th, 2010.

e) The form of payment will be in cash.

f) The subscription document shall be delivered to the holder of the warrants in any branch of Banco do Brasil and the payment may be done, in the day of the issuance, through any bank which takes part in the system. Holders of subscription warrants in the custody of stock exchanges shall exercise through their brokers.

g) The shares to be subscribed through the exercise of the warrants series “C” entitle its holders all the rights granted to holders of common shares issued by Banco do Brasil, including the full receipt of any benefits, dividends and other proceeds of any nature to be declared by BB, after the approval of the capital increase by the Brazilian Central Bank.

h) None of the rights granted to the shares will be granted to the subscription receipts, including dividends. The subscription receipts will give their holders only the right to be converted into BB’s common shares after the approval of the capital increase by the Brazilian Central Bank.

i) The exercise of the subscription warrants is optional and can be partially or entire exercised, now or in the original term, from March 31st, 2011 to June 30th, 2011.

j) In order to exercise their warrants, holders must have their information file updated.

For further information please go to any of Banco do Brasil’s branch or contact our call center 0800 729 0001 (Portuguese only).

Brasília (DF), June 14th, 2010.

Ivan de Souza Monteiro
CFO


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History and Characteristics

The Banco do Brasil’s Board of Directors, with the aim of enhancing the process for capital increase, in a meeting held on May 3, 1996, approved and submitted to the Extraordinary Shareholders’ Meeting (ESM) a proposal for issuance and cost-free distribution of subscription warrants to the shareholders. In a meeting held on June 17, 1996, the ESM accepted the Board of Directors’ proposal and approved unanimously the free issuance of the subscription warrants.

Each warrant granted to its holder the right to subscribe to 0.56067 of a common share and 0.43933 of a preferred share, so as to maintain the proportionality of the capital stock of Banco do Brasil dated on June 17, 1996.

The warrants represent an available right that can be waived, i.e., the subscription warrants holders are not required to bring forward or exercise the right provided for in the securities.

The subscription warrant holder may trade the warrant right on stock exchanges at any time.

The subscription warrants are of the book-entry class, without issuance of a certificate.

On June 17, 1996, the subscription warrants were credited to the shareholding position of all BB shareholders, in a proportion of one warrant for each share held on that date, as follows:The term for exercising the right to subscription, partly in common shares and partly in preferred shares, for each one of the series, was the following:

Series Number of Warrants Issued % of Capital Common Preferred Limit Date/th>
A 142,394,462,616 20 79,836,303,355 62,558,159,261 06.30.2001
B 213,591,693,924 30 119,754,455,032 93,837,238,892 06.30.2006
C 355,986,156,540 50 199,590,758,387 156,395,398,153 06.30.2011
Total 711,972,313,080 100 56.07% 43.93%

The term for exercising the right to subscription, partly in common shares and partly in preferred shares, for each one of the series, was the following:

A = March 31, 2001 to June 30, 2001
B = March 31, 2006 to June 30, 2006
C = March 31, 2011 to June 30, 2011

A subscription warrant right not exercised up to the limit date for each series will be automatically cancelled.

The exercise price was R$ 8.50 per thousand shares subscribed, monetarily restated by the “IGP-DI” (General Price Index – Domestic Supply) of the Getúlio Vargas Foundation, up to the date of subscription.

The Shareholders’ Meeting of June, 7th 2002 approved to apply in the subscription warrants, series “B” and “C” the same conversion rules adopted in the conversion of preferred (PN) into common shares (ON). Thus, each subscription warrant gave its holder the right to subscribe 1.043933 ON [0.56067 ON + (0.43933 PN x 1.1)] in the terms established for the year 2006 and will give the right for 2011.

On November 12, 2003, the Extraordinary General Meeting approved the exchange of each thousand (1,000) shares/subscription warrants for one (1) share/ subscription warrant.

On April 25th 2007, Banco do Brasil’s Shareholders’ Meeting approved a 200% split of its shares (BBAS3), which means two new shares for each one existing share. This split was accomplished in Bovespa from 06.04.2007. As the subscription warrants series “C” (BBAS13) did not split, the conversion ratio was modified. Fron this date on, each warrant gives its holder the right to subscribe to 3.131799 common shares (ON).


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Frequently Asked Questions

BONUS-SUBSCRICAO-FAQ

What is the Exercise of Law? Can the bondholder do partial subscription exercises?

The execution of the purchase with the signature of the Subscription and Transfer Bulletin of a Current is not the same as it’s issue. Yes. The exercise of this right is optional, and may be exercised in whole or in part.


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What is Subscription Warranty?

It is a negotiable instrument issued by a company that is entitled to the holder of a license under preconditions. Bonuses C (BBAS13) were distributed on 06/17/1996 and based on AGE data made at that time, and a number of shares subscribed. The period for exercising the right will be from 03/31/2011 to 06/30/2011.


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What will occur as fractions of shares, the exercise of bonus “C”?

As fractions will be collected and sold on the Stock Exchange, by the Bank of Brazil and the result will be apportioned proportionally to the fractional position of each bondholder. Fractions are non-transferable and no assignment of rights can be made.


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Can the broker-dealer only be hired at the company where the checking account is located?

NO. The bondholder may be attended to throughout the BB Branch in the country and in the brokerage house where the stock / bonus position can be maintained.


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Do I need to be a Bank of Brazil account?

NO. The non-cash bondholder may be attended in any BB Branch in the country and in the brokerage house where the stock / bonus position can be maintained.


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Where can the bondholder exercise his right?

At any branch of Banco do Brasil or its custodian.


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How and where can I pay the bank slip?

Payment of the banknote can be made at any branch of Banco do Brasil or the banking network, always in cash, without the same day of issue of the Subscription Form. If the ticket is not paid, the expiration date will not be declared a subscription bulletin and will be done in the Subscription Form. Subscription Form is the same one that is subsidized when using the “C” Bonus.


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What is the exercise price of the “C” bonus?

The exercise price of the bonus is R $ 8.50, adjusted by the General Price Index – Internal Availability (IGP-DI), of the Getúlio Vargas Foundation, dated 06/17/1996, to a payment exercise of the right of subscription.


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What is the Period for the Payment of the Bonus?

In the branches of Banco do Brasil, the beginning of the service will be on 03/31/2011 and the end on 06/30/2011. In custody agents, the term will be on 06/28/2011.


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How many shares of the “C” bond holder can be subscribed?

The holder of the “C” Bond has the right to subscribe 3,13179 shares in relation to the split of the shares of Banco do Brasil in a ratio of 1: 3 in June 2007, being the capital conversion factor. This means that each bonus, that the right of a subscriber, the action, the action, the risk of having a right to vote and the action of a third party.


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What should the bondholder do to exercise his subscription right?

First step: The bondholders must make sure that their registration is up to date, regardless of where they exercise their right.

Second step: If the bond position is available, the bondholder must have his custody agent to effect a subscription. It will be necessary the signature recognition, by authenticity, for the Subscription Bulletins of our Custody Values. If the recovery plan has expired in favor of BB, the quota recovery plan may have been canceled. Bank slip.

Third step: Make the payment of the ticket, obligatorily, on the same day of issue and without exact value of the ticket, at any bank that is part of the compensation system. The same must be done in your stock package.


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How to check the current amount of bonuses that the holder of the bonus has?

Through branches or on the internet on the site www.bb.com.br, only available in the Current Account and Consultation / extracts / Shares in the Depositary Institution – Quantity, or still available on the website of the Journal on the Investments website – Extract and Stock Balance


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What’s the target audience?

All bondholders holding Bonds “C” on the exercise date of the right, in the period between 03.31.2011 and 06.30.2011


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What is the form of payment of the share subscription related to the exercise of bonus “C”?

At sight, in cash, through a bank slip issued with the Subscription Bulletin, on the same day of issue and in the exact amount of the ticket in any branch of Banco do Brasil or in the banking network integrated with the clearing system. Note: Payments by check will not be accepted.


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What happens to the fractions if the bondholder exercises partial subscription exercises?

The fractions resulting from these exercises will be added together. If the sum has an integer part, that integer will be added in the investor’s position.


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