Sao Paulo, November 27, 2012 — Moody’s Investors Service has placed on review for downgrade the ratings assigned to subordinated debt issued by Banco Bradesco S.A. Grand Cayman Branch, Itaú Unibanco Holding S.A., and its direct and indirect leasing subsidiaries that currently have systemic support incorporated in their ratings.

The rating actions reflect Moody’s opinion that the global trend towards imposing losses on junior creditors in the context of future bank resolutions may reduce the predictability of such support being provided to holders of subordinated debt, as junior obligations are intended to absorb losses on behalf of senior creditors and depositors. This view is discussed in the special comment “Supported Bank Debt Ratings at Risk of Downgrade due to New Approaches to Bank Resolution,” published in February 2011.

LIST OF AFFECTED RATINGS

The following subordinated debt ratings were placed on review today:

Itaú Unibanco Holding S.A.: (P)Baa2 foreign currency subordinated debt rating

Itaú Unibanco Holding S.A. (Cayman Branch): Baa2 foreign currency subordinated debt rating

Banco Bradesco S.A. (Grand Cayman Branch): Baa1 foreign currency subordinated debt rating

BFB Leasing S.A. Arrendamento Mercantil: Baa1 local currency subordinated debt rating

Dibens Leasing S.A. Arrendamento Mercantil: Baa1 local currency subordinated debt rating

Itaubank Leasing S.A. Arrendamento Mercantil: Baa1 local currency subordinated debt rating

RATINGS RATIONALE

The review for downgrade on the banks’ subordinated debt ratings reflects Moody’s revised approach to notching the ratings of these instruments from a bank’s standalone credit assessment instead of from its supported deposit rating. Moody’s currently incorporates one notch of systemic support in the subordinated and junior subordinated debt ratings of the listed Brazilian banks.

During the rating review, Moody’s will consider removing systemic support from these debt instruments, based on an assessment of the ability and the willingness of local regulators to impose losses on holders of subordinated debt outside a liquidation process.

Upon the conclusion of the review and in line with “Moody’s Guidelines for Rating Bank Hybrid Securities and Subordinated Debt”, published in November 2009, Moody’s expects to position the ratings of senior subordinated debt one notch below the Adjusted Baseline Credit Assessment (Adjusted BCA) , which reflects a bank’s stand-alone financial strength including parental and cooperative support. Junior subordinated debt ratings may be positioned two notches below the Adjusted BCA while deeply subordinated junior debt may be positioned three notches below the adjusted BCA.

LAST RATING ACTIONS

The last rating action on Banco Bradesco S.A. was on 27 June 2012, when Moody’s downgraded the bank’s global local currency deposit ratings, in the context of a global reassessment sovereign linkage.

The last rating action on Itaú Unibanco Holding S.A. was on 27 June 2012, when Moody’s downgraded global local currency issuer ratings, in the context of a global reassessment sovereign linkage.

The last rating action on BFB Leasing S.A. Arrendamento Mercantil was on 27 June 2012, when Moody’s downgraded BFB Leasing’s issuer and subordinated debt ratings to A3 and Baa1, respectively.

The last rating action on Dibens Leasing S.A. Arrendamento Mercantil was on 27 June 2012, when Moody’s downgraded Dibens Leasing’s issuer and subordinated debt ratings to A3 and Baa1, respectively.

The last rating action on ItaúBank Leasing S.A. Arrendamento Mercantil was on 27 June 2012, when Moody’s downgraded ItaúBank Leasing’s issuer and subordinated debt ratings to A3 and Baa1, respectively.

The principal methodology used in these banks’ was Moody’s Consolidated Global Bank Rating Methodology published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody’s affiliates outside the EU are endorsed by Moody’s Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody’s office that has issued a particular Credit Rating is available on www.moodys.com.

Banco Bradesco S.A., Grand Cayman Branch

Itau Unibanco Holding S.A.Itau Unibanco Holding S.A. (Cayman Islands)

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