Institutional Presentation June 2009 Agenda Page 3 About Banco - - PowerPoint PPT Presentation

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Institutional Presentation

June 2009

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Capital Structure and Funding Results About Banco Daycoval Page 3 Page 7 Page 20 Business Strategy Page 4 Our Products Page 12 Annexes Page 29

• Corp. Governance, Shareholders and DAYC4 Shares

Page 25

Agenda

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About Banco Daycoval

Traditional Bank, with more than 40 years of experience

1968 commencement of activities at Daycoval DTVM in Brazil

Capital Structure reflecting the Bank’s conservative approach

Basel Index always above 20% High level of liquidity and low leverage

Outstanding position in the financial market

In 2007, Daycoval carried out the biggest IPO among the peers In 2009, Daycoval carried out a unique funding operation

Several recognitions awarded

Best middle market bank in the last 3 years

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Capital Structure and Funding Results About Banco Daycoval Business Strategy Our Products Annexes

• Corp. Governance, Shareholders and DAYC4 Shares

Agenda

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Shareholders’ Equity and Cash Position

Equity = R$ 1.6 bi (*) Cash = R$ 1.5 bi (*)

Deposits Borrowings / Onlending Foreign Borrowings

Financial Strength Diversification of Funding Sources

Matching volumes and duration among assets (417 days) and liabilities (562 days)

(*)

Assets and Liabilities Management

(*) 06/30/2009

5

Business Strategy

Focus on relationship Flexibility in the development of the

• peration

Agility in the making process decision Low fixed costs Rigorous internal controls Outstanding IT platform

Strict Credit Policy Operational Excellence

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Middle Market Payroll Auto 26 branches 10 Daycred stores 538 employees

Business Strategy

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Agenda

Capital Structure and Funding Results About Banco Daycoval Business Strategy Our Products Annexes

• Corp. Governance, Shareholders and DAYC4 Shares

SLIDE 8

Capital Structure: maintenance of low leverage

Shareholders’ Equity and Credit / Equity

R$ MM

times

Basel Index– % Solidness: the capital structure reflects the conservatism of the strategy adopted Low leverage: ratio Credit/Equity enable the Bank to play an active role in the recovery of the credit growth Capital adequacy: Basel Index above 30%, overcoming the market’s average High capitalization: maintenance of cash reinforces the

• perations liquidity

Cash Evolution – R$ MM

8

500 1,000 1,500 2,000 2Q08 3Q08 4Q08 1Q09 2Q09

25.6 25.6 28.2 30.1 30.5 2Q08 3Q08 4Q08 1Q09 2Q09

1,597 1,612 1,607 1,634 1,631 2.8 2.9 2.2 1.9 1.9 1 1 2 2 3 3 4 1,570 1,580 1,590 1,600 1,610 1,620 1,630 1,640 2Q08 3Q08 4Q08 1Q09 2Q09

SLIDE 9

62% 20% 18%

Funding Breakdown – June/09

Funding: strong growth in time deposits

Total Deposits Borrowing and Onlending Foreign Borrowings

Total Funding - R$ MM Deposits: with more than 700 clients, are the main source

• f funding, representing 60% of the total

Low Exposure: less than 25% of the deposits have liquidity and the top 10 clients representing 36% of the total Maintenance of Liquidity: the ratio cash/total deposits always of 74% at the end of June Credit versus Funding – R$ MM

Funding Credit portfolio

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3,858 3,975 3,273 3,377 3,264 2Q08 3Q08 4Q08 1Q09 2Q09 1,000 2,000 3,000 4,000 5,000 2004 2005 2006 2007 2008 1H09

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Funding: match between assets and liabilities

2% 16% 36% 28% 15% 3%

No maturity Up to 3 months From 3 to 12 months From 1 to 3 years From 3 to 5 years Above 5 years

By maturity (Funding) – 2Q09 By maturity (Credit Portfolio) – 2Q09

35% 32% 26% 6% 1%

Up to 3 months From 3 to 12 months From 1 to 3 years From 3 to 5 years Above 5 years

Average Term: positive gap between average term of deposits and middle market portfolio Match between Assets and Liabilities: the funding average term (562 days) is superior of credit portfolio average term (417 days) Average Term – (calendar days)

Average Term – Time Deposits (without liquidity) Average Term – Middle Market Loan Portfolio

10

200 400 600 800 1,000 2Q08 3Q08 4Q08 1Q09 2Q09

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Ratings

Global Scale Long Term BB- Short Term B National Scale Long Term brA Short Term brA-2 Stable May 2009 Global Scale Long Term BB- Short Term B National Scale Long Term A (bra) Short Term F1 (bra) Stable April 2009 National Scale Long Term AA- Short Term A-1 Stable May 2009 Low Risk – mid-term Index 11.25 No Alert Gaps April 2009

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Agenda

Capital Structure and Funding Results About Banco Daycoval Business Strategy Our Products Annexes

• Corp. Governance, Shareholders and DAYC4 Shares

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53% 25% 22%

Credit Portfolio Breakdown– June/09

Our Products: focus on middle market

Middle Market + Trade Finance Vehicles Payroll

Total Credit Portfolio - R$ MM

Middle Market kept as most important product

• f

Daycoval’s total portfolio and will continue to be the main focus In the retail operations, current focus is the payroll due to its best relation risk and return

4,494 4,627 3,981 3,548 3,533 2Q08 3Q08 4Q08 1Q09 2Q09

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46% 26% 8% 10% 5% 5%

Working Capital Cash Account Trade Finance Discount Trade Notes Resolution 2770 Other

Our Products: middle market

Middle Market Portfolio – R$ MM Middle Market Breakdown – June/09

Middle Market Trade Finance

2,901 2,231 1,860 2,813 Average Ticket – Middle Market + Trade Finance – 2Q09

The Bank plays in the “Low Middle Market”: companies with revenues between R$8 and R$300 million Operations with pulverized tickets: 95% of the clients with tickets less than R$5 million Recognized expertise in this segment: best middle market Bank in the last 3 years

2,624 2,612 2,034 1,689 1,705 277 201 197 171 155 2Q08 3Q08 4Q08 1Q09 2Q09 1,860 Final Balance R$ Per Volume Per Client

< 500,000 7.6% 67.7% 500,000 to 1 million 9.3% 13.2% 1 to 3 million 21.9% 13.1% 3 to 5 million 14.6% 3.9% 5 to 10 million 24.0% 3.6% > 10 million 22.6% 1.5% Total 100.0%

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Our Products: middle market

Middle Market Concentration – June/09

12% 19% 33% Top 10 Top 20 Top 50

45% 30% 17% 8%

Industry Services Commerce Other

Sector Distribution - Middle Market – June/09 55% 20% 7% 8% 6% 4%

Receivables Vehicles + Real Estate Agricultural Products Equipaments + Foreign Goods Financial Investments Other

Mix of Guarantees - Middle Market – June/09

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Average term: 170 days Diversification in the clients base: more than 2,000 active clients Low sector exposure: there is no segment representing more than 10% of the portfolio Focus on guarantees: highlight of receivables with more liquidity

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Our Products: payroll

41% 17% 14% 10% 9% 1% 8%

INSS Federal Government Army Law Courts and Legislative Bodies Municipalities Private Other

Payroll Breakdown – June/09 Average ticket – R$’000 Payroll Portfolio - R$ MM

Main segment is the INSS: 41% of the total portfolio Lower risk and adequate return: 99% of the portfolio are in the public sector Average term in line with the funding structure Portfolio has approximately 264,000 clients and average ticket of R$3,500

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Credit assignments

858 854

770 869 707 720 785 151 134 115 2Q08 3Q08 4Q08 1Q09 2Q09

900

3.5 3.5 1Q09 2Q09

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Payroll Production - R$ MM Average Term Adjusted by Risk – Months

202 183 68 83 139 2Q08 3Q08 4Q08 1Q09 2Q09

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Our Products: payroll

33 32 1Q09 2Q09

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Our Products: auto

66% 20% 14%

Small Vehicles Heavy-duty Vehicles Motorcycles

Auto Breakdown – June/09 Auto Portfolio - R$ MM

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892 835

Credit assignments

Main product is small vehicles: 66% of total portfolio are small vehicles Reduction of production: R$19 million during 2Q09 reflecting the new strategy after the crisis High liquidity: 92% of the expected payments were received Average ticket of R$8,000

822 946 768 733 690 124 102 84 2Q08 3Q08 4Q08 1Q09 2Q09 774 Liquidity of Auto Loans Portfolio – Aug/06 to Mar/09 R$ MM % % Accum.

PMT’s received in advance 200.0 34.2 34.2 PMT’s received on date of maturity 81.7 14.0 48.1 PMT’s received with delay of 30 days 188.0 32.1 80.3 PMT’s received with delay of 60 to 120 days 62.5 10.7 90.9 PMT’s received with delay over 120 days 7.2 1.2 92.2 PMT’s overdue 45.8 7.8 100.0 Liquidity of the Auto Loans Portfolio 539.4 92.2 Outstanding PMT’s Total Amount 585.2 100.0

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Auto Production - R$ MM Average Term Adjusted by Risk – Months

204 184 20 20 19 2Q08 3Q08 4Q08 1Q09 2Q09

Our Products: auto

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22.5 22.5 1Q09 2Q09

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Agenda

Capital Structure and Funding Results About Banco Daycoval Business Strategy Our Products Annexes

• Corp. Governance, Shareholders and DAYC4 Shares

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Profitability: fresh rise in net interest margin

ROAE - % Net Income - R$ Million Net Interest Margin (NIM) - %

16.7 12.3 9.8 2Q08 1Q09 2Q09 10.8 12.6 13.0

2Q08 1Q09 2Q09 62.5 48.0 38.5 2Q08 1Q09 2Q09

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Portfolio Quality:(1) increased coverage of loans

more than 60 days past due

58 148 153 191 % 148 % 163 %

2Q08 1Q09 2Q09

Past due operations LLP / Past due operations

111 218 249 28 75 79

2Q08 1Q09 2Q09

Balance of Provision Establishment of Provision

Balance and Establishment of Provision - R$ Million LLP / Past due operations > 60 days

(1) Unconsolidated: excludes FIDCs and Credit assignments

Establishment of Provision – R$ MM 2Q08 3Q08 4Q08 1Q09 2Q09

Middle Market + Trade Finance 17.2 29.0 44.6 39.0 41.5 Payroll 2.8 7.4 4.6 7.0 7.1 Auto Loans 8.1 15.2 18.5 29.2 30.5 Total 28.1 51.6 67.7 75.2 79.1

Past due operations > 60 days – R$ MM 2Q08 3Q08 4Q08 1Q09 2Q09

Middle Market + Trade Finance 46.6 98.9 104.9 120.6 120.9 Payroll 3.4 3.9 4.8 5.4 6.5 Auto Loans 8.0 12.7 17.3 21.7 25.7 Total 58.0 115.5 127.0 147.7 153.1

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AA - C 88% D - H 12%

Total Provisions – 2Q09 Risk (excludes FIDCs and assignments) – 2Q09

Quality of Loan Portfolio

Total Loan Portfolio (excludes FIDCs) 2Q09 Portfolio R$ MM % Provision R$ MM

Middle Market + Trade Finance 1,845.5 55.1 146.4 Payroll 784.6 23.4 24.6 Auto Loans 519.4 15.5 78.2 Subtotal 3,149.5 94.1 249.2 Credit Assignments 199.1 5.9 1.4 Total 3,348.6 100.0 250.6 Total Provisions / Portfolio 7.5%

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Efficiency Ratio: strict control of expenses

Efficiency Ratio - %

(1) In 2Q08 excludes non-recurring effects of adjustment to appropriation of commissions in the amount of R$5.0 million.

2Q09 1Q09

• Chg. %

2Q08

• Chg. %

Personnel Expenses (15.5) (15.2) 2.0 (17.6)

• 11.9

Other Administrative Expenses (17.2) (15.4) 11.7 (17.7)

• 2.8

Subtotal (32.7) (30.6) 6.9 (35.3)

• 7.4

Comission Expenses (total) (1) (11.1) (12.2)

• 9.0

(23.1)

• 51.9

Payroll (6.0) (6.6)

• 9.1

(11.5)

• 47.8

Auto Loan (5.1) (5.6)

• 8.9

(11.6)

• 56.0

Total (43.8) (42.8) 2.3 (58.4)

• 25.0

27.1 21.7 22.7 31.8 31.8 28.0 2Q08 1Q09 2Q09

Quarterly Last 12 months

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Agenda

Capital Structure and Funding Results About Banco Daycoval Business Strategy Our Products Annexes

• Corp. Governance, Shareholders and DAYC4 Shares

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100% Tag Along (PN Shares)

Board of Directors 2 independents

Ethic and Conduct Manual Stock Options Dividends Audit Committee Investor Relations Executive Directors

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High Standards of Corporate Governance

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Shareholders and DAYC4 Shares

Capital Structure – June/09 DAYC4 Shares 64.0% 25.2% 7.2% 3.6%

Daycoval Holding Financeira S.A. Free-float Controlling Shareholders (Family Dayan) Treasury + Daycoval Expert

Total Shares: 222 million shares Treasury Stocks – Buyback Program: 6 million shares Free-Float: 56.0 million shares First middle market bank to implement a ADR Level I Program Coverage by research analysts from 13 local and international brokerage firms

Preferred Shares (million) 56,033,220 Share Price (DAYC4) (R$/share) 7.10

• Avg. Daily Traded Vol. 2Q09 (R$ million)

1.00 Market Capitalization (R$ billion) 1.58 June 30. 2009

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Investor Relations

“This report may include estimates and forward-looking statements. These estimates and forward-looking statements are to a large extent based on current expectations and projections about future events and financial trends that affect or may come to affect our business. Many important factors may adversely affect the results of Banco Daycoval as described in our estimates and forward-looking statements. These factors include, but are not limited to, the following: the Brazilian and international economic conjunctures, fiscal, foreign-exchange and monetary policies, higher competition in the middle-market segment, the ability of Banco Daycoval to obtain funding for its operations, and amendments to Central Bank regulations. The words “believe”, “may”, “could”, “seek”, “estimate”, “continued”, “anticipate”, “plan”, “expect” and other similar words have the objective of identifying estimates and projections. The considerations involving estimates and forward-looking statements include information related to results and projections, strategies, competitive positioning, the environment in the industry, growth opportunities, the effects of future regulations, and the impacts from competitors. Said estimates and projections refer only to the date on which they were expressed, and we do not assume any obligation to publicly update or revise any of these estimates arising from the occurrence of new information, future events, or any other factors. In view of the risks and uncertainties described above, the estimates and forward-looking statements contained herein may not materialize. Given these limitations, shareholders and investors should not make any decisions based on the estimates, projections and forward-looking statements contained in this report”.

Phone: +55 (11) 3138.1024/1039 ri@daycoval.com.br http/ri.daycoval.com.br

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Agenda

Capital Structure and Funding Results About Banco Daycoval Business Strategy Our Products Annexes

• Corp. Governance, Shareholders and DAYC4 Shares

SLIDE 30

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Serasa – June 2009

COMMERCE 17.1% INDUSTRY 44.7% Commerce of house appliances 1.3%

• Ind. and processing of Ethanol

8.5% Commerce of electric and electronic products 1.2%

• Ind. of small vehicles

3.9% Commerce of import and export of products 1.0%

• Ind. of clothes in general

1.3% Commerce of products to agribusiness 0.8%

• Ind. of flooring and tiles

1.1% Trading 0.8%

• Ind. of oil derivatives

1.1% Other 12.0%

• Ind. of eletric and eletronic products

1.0% Other 27.8% SERVICE 29.7% FINANCIAL 3.8% Transports 3.9% Holding 3.4% PRIMARY 1.2% Electricity distribution 1.5% Education 1.5% INDIVIDUALS 1.9% Real Estate and Home Builders 1.1% Other 18.3% THIRD SECTOR 1.5%

Middle Market – Sector Breakdown

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São Paulo 50.3% Bahia 3.0% Paraná 5.1%

Amazonas 3.0%

Pernambuco 4.7%

Ceará 2.1%

Mato Grosso 4.3%

Alagoas 1.7%

Rio Grande do Sul 4.2%

Distrito Federal 1.1%

Minas Gerais 4.1%

Pará 0.8%

Goiás 3.9%

Sergipe 0.4%

Rio de Janeiro 3.8%

Maranhão 0.2%

Santa Catarina 3.7%

Paraíba 0.1%

Espírito Santo 3.3%

Other States 0.2%

Middle Market – Geographic Breakdown

June 2009

SLIDE 32

Brazilian Credit Scenario

1,227 1,229 1,229 1,243 1,249 1,261 1,278

Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09

Brazilian Credit Evolution – R$ Billion Corporate loans with volume up to R$ 10 million – R$ Bi

Up to R$ 100,000 From R$ 100,000 to R$ 10 million

36.6% 32.0% 28.8%26.4%24.7%22.0%28.0%30.7% 34.8% 41.3%43.7%

1994 1995 1996 2000 2001 2002 2005 2006 2007 2008 1H09

Credit over PIB – % Credit to Companies by Size – June/09

R$ 317.6 bi R$ 118.4 bi R$ 269.5 bi

From R$100,000 to R$10 million 38.2 % Up to R$ 100,000 16.8 % Over R$10 million 45.0%

Source: Brazilian Central Bank

30% 30% 29% 31% 28%

2005 2006 2007 2008 Jun/09

30% 30% 29% 70% 69% 71% 70% 31% 28% 72%

211.3 250.8 315.6 395.9 387.9

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SLIDE 33

Balance Sheet

Amounts in R$’000

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Assets 2Q09 1Q09 2Q08 1H09 1H08 Current Assets 4,611,902 5,204,129 6,050,108 4,611,902 6,050,108 Cash and Cash Equivalents 28,616 27,210 46,087 28,616 46,087 Interbank Investments 1,706,353 2,233,954 2,248,519 1,706,353 2,248,519 Securities and Derivatives 588,247 539,742 309,133 588,247 309,133 Interbank Accounts 13,207 26,493 114,957 13,207 114,957 Interbranch Accounts

• 1,159 - - -

Lending Operations 2,011,678 2,026,325 2,973,901 2,011,678 2,973,901 Other Receivables 218,668 298,901 272,088 218,668 272,088 Other Assets 45,133 50,345 85,423 45,133 85,423 Long-Term Assets 1,572,213 1,511,144 1,908,332 1,572,213 1,908,332 Securities and Derivatives 383,483 338,147 466,412 383,483 466,412 Lending Operations 953,422 948,572 1,219,299 953,422 1,219,299 Other Receivables 197,848 178,236 145,497 197,848 145,497 Other Assets 37,460 46,189 77,124 37,460 77,124 Permanent 12,096 12,620 13,378 12,096 13,378 Investments 380 356 357 380 357 Property and Equipment in Use 11,623 12,164 12,891 11,623 12,891 Intangible 93 100 130 93 130 Total Assets 6,196,211 6,727,893 7,971,818 6,196,211 7,971,818 Liabilities 2Q09 1Q09 2Q08 1H09 1H08 Current Liabilities 2,660,122 2,988,896 4,784,991 2,660,122 4,784,991 Deposits 1,018,399 1,025,334 2,222,337 1,018,399 2,222,337 Money Market Funding 722,846 1,066,663 1,924,256 722,846 1,924,256 Funds from Acceptance and Issuance of Securities 444,962 284,868 3,696 444,962 3,696 Interbank Accounts 1,452 6,166 3,177 1,452 3,177 Interbranch Accounts 2,919 4,638 10,216 2,919 10,216 Borrowings and Onlendings 331,069 415,898 372,000 331,069 372,000 Derivatives 828 13,736 36,123 828 36,123 Provisions of Insurance 5,831 5,379 3,160 5,831 3,160 Other payables 131,816 166,214 210,026 131,816 210,026 Long-term Liabilities 1,898,064 2,098,228 1,572,431 1,898,064 1,572,431 Deposits 1,012,595 896,732 728,678 1,012,595 728,678 Funds from Acceptance and Issuance of Securities 195,160 489,092 388,901 195,160 388,901 Borrowings and Onlendings 356,797 401,978 240,078 356,797 240,078 Derivatives 10,449 1,034 351 10,449 351 Other Payables 323,063 309,392 214,423 323,063 214,423 Deferred Income 6,365 6,181 16,508 6,365 16,508 Minority Interest 531 521 486 531 486 Shareholders´ Equity 1,631,129 1,634,067 1,597,402 1,631,129 1,597,402 Capital of Brazilian Residents 1,359,143 1,359,143 1,359,143 1,359,143 1,359,143 ( - ) Treasury Stocks (36,885) (20,143) (3,044) (36,885) (3,044) Capital Reserves 192 170 170 192 170 Revaluation Reserves 1,867 1,991 1,995 1,867 1,995 Profit Reserves 272,046 267,717 167,470 272,046 167,470 Derivatives Available for Sale 497 1,420 (7,207) 497 (7,207) Retained Earnings 34,269 23,769 78,875 34,269 78,875 Total Liabilities 6,196,211 6,727,893 7,971,818 6,196,211 7,971,818

SLIDE 34

Income Statement

Amounts in R$’000

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2Q09 1Q09

• Chg. %

2Q08

• Chg. %

1H09 1H08

• Chg. %

Income from Financial Intermediation 87,967 298,909

• 70.6%

251,884

• 65.1%

381,353 547,454

• 30.3%

Lending Operation 181,336 205,965

• 12.0%

229,551

• 21.0%

387,301 450,434

• 14.0%

Securities Operations 68,432 70,246

• 2.6%

61,973 10.4% 138,678 133,740 3.7% Derivatives (161,801) 17,175 n.a. (41,919) n.a. (144,626) (40,899) n.a. Foreign Exchange Operations

• 5,523

n.a.

• n.a.
• n.a.

Compulsory Investments

• n.a.

2,279 n.a.

• 4,179

n.a. Expenses of Financial Intermediation (181,721) (195,550)

• 7.1%

(159,852) 13.7% (371,748) (306,229) 21.4% Funding Expenses (79,228) (94,926)

• 16.5%

(114,207)

• 30.6%

(174,154) (222,044)

• 21.6%

Borrowing and Onlendings (11,688) (25,360)

• 53.9%

(10,835) 7.9% (37,048) (25,834) 43.4% Foreign Exchange Operations (11,728)

• n.a.

(6,710) 74.8% (6,205) (774) n.a. Loan Losses Provisions (79,077) (75,264) 5.1% (28,100) 181.4% (154,341) (57,577) 168.1% Gross Profit from Financial Intermediation (93,754) 103,359 n.a. 92,032 n.a. 9,605 241,225

• 96.0%

Other Operating Income (Expenses) 144,806 (39,018) n.a. (15,434) n.a. 105,788 (66,295) n.a. Income from Services Provided 3,970 4,241

• 6.4%

6,083

• 34.7%

8,211 10,400

• 21.0%

Personnel Expenses (15,497) (15,207) 1.9% (17,615)

• 12.0%

(30,704) (33,786)

• 9.1%

Other Administrative Expenses (28,319) (27,624) 2.5% (45,844)

• 38.2%

(55,943) (78,719)

• 28.9%

Tax Expenses (9,638) (8,272) 16.5% (10,564)

• 8.8%

(17,910) (19,806)

• 9.6%

Other Operating Income 210,158 18,161 n.a. 69,105 n.a. 228,319 77,646 194.1% Other Operating Expenses (15,868) (10,317) 53.8% (16,599)

• 4.4%

(26,185) (22,030) 18.9% Income from Operation 51,052 64,341

• 20.7%

76,598

• 33.4%

115,393 174,930

• 34.0%

Non-operating Expenses (2,058) (7,341)

• 72.0%

(686) n.a. (9,399) (620) n.a. Income before Taxes and Minority Interest 48,994 57,000

• 14.0%

75,912

• 35.5%

105,994 174,310

• 39.2%

Income and Social Contribution Taxes (7,520) (6,234) 20.6% (9,723)

• 22.7%

(13,754) (34,146)

• 59.7%

Provision for Income Tax (21,951) (13,707) 60.1% (19,149) 14.6% (35,658) (46,378)

• 23.1%

Provision for Social Contribution Tax (11,979) (7,124) 68.1% (9,795) 22.3% (19,103) (18,894) 1.1% Deferred Taxes 26,410 14,597 80.9% 19,221 37.4% 41,007 31,126 31.7% Profit-Sharing (2,929) (2,720) 7.7% (3,716)

• 21.2%

(5,649) (7,498)

• 24.7%

Minority Interest (11) (12)

• 8.3%

(11) 0.0% (23) (22) 4.5% Net Income 38,534 48,034

• 19.8%

62,462

• 38.3%

86,568 132,644

• 34.7%

Interest on Shareholders´ Equity (23,850) (24,265)

• 1.7%

(24,277)

• 1.8%

(48,115) (47,233) 1.9% Earnings per Share (R$) 0.18 0.22

• 18.8%

0.28

• 36.7%

0.40 0.60

• 33.0%

Number of Shares 216,619,312 219,327,312

• 1.2%

222,400,312

• 2.6%

216,619,312 222,400,312

• 2.6%