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Surety bonds in Brazil: premium and annual growth

          600,000           05-06 06-07 07-08 08-09 09-10                                             10-11*   100%
          500,000                                                                                               90%
          400,000                               90%                                                   487,075   80%
          300,000                                                                                               70%
'000 USD  200,000                         75% 58%                                            392,646    24%     60%
          100,000                                                                38%                   18%     50%
                                                                                             13%                40%
               -                                         46%               347,511               0%    2011*    30%
                                                                  270,310                                       20%
                            27%                                                                 2010            10%
                                   14%            171,582                  29%                                   0%
                                                                                                               -10%
                            71,251        90,179

                            2005 2006 2007 2008 2009

                         Surety Premiums                 Growth in USD dollars               Growth of local currency
*Figures at December 2011.

In the trend shown in the last four or five quarters, quarterly average growth was 4%-5%, with
improved underwriting results. The combined ratio rose a bit, but I understand this was due
to the incidence of expenses.

Surety bond represented 0.64% of the premiums of all lines, and steadily decreased in the last
two years. This means that there were other lines that were growing faster.

          Surety bonds in Brazil: surety bond premiums (percentage of all lines)

0.80%                                                      0.61%                      0.73%  0.63%             0.64%
0.70%
0.60%     0.31%             0.31%                 0.47%    2008                       2009
0.50%
0.40%     2005              2006                  2007
0.30%
0.20%
0.10%
0.00%

                                                                                                      2010 2011*

*Figures at December 2011.

This trend is depicted in the following chart showing that surety bond growth was higher
before 2009 and then declined. However, in the last year the figures were practically similar.

                                                           271XXIV Asamblea General / XXIV General Assembly
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