(Amounts in thousands of Brazilian reais – R$, unless otherwise stated)

In the year ended December 31, 2008, the Company made the following investments with no effects on cash, which are not reflected in the statements of cash flows:

• As described in Note 1, the subsidiary CBGS Ltda. acquired a 40.95% interest in CBGS, and as of December 31, 2008 the balance of principal, totaling R$35,166, recognized in consolidated accounts payable after the elimination against receivables proportionally to the Company's interest, had not been paid in; in the year ended December 31, 2009, R$35,166 was paid in.
  
  
• As described in Note 20.(a), the Company received 11,990,744 Visa Inc. shares as capital contribution at current fair value, totaling R$897,276, recorded in line items "Investments" and "Capital reserves", less deferred income tax and social contribution.
  
  

Additionally, as described in Note  20.(a) and (b), the Company transferred 5,253,684 Visa Inc. shares to the Company's shareholders as payment of dividends with transfer of financial assets, totaling R$487,058.