Exceptions regarding Forward-Looking Statements and Information

Banco do Estado do Sergipe S.A. occasionally makes forward-looking statements, estimates, intentions and pretensions that are subject to risks. Any forward-looking statements and estimates, intentions and pretensions involve risks and uncertainty. Several important factors considered in forward-looking statements and estimates may be changed. As a result, actual results may be substantially different from those contained in said statements declarations and estimates, and intentions and pretensions may not materialize. These factors include, among other:

• the direction of future operations;
• the implementation of operational strategies, including current or potential acquisitions, joint ventures, and other investment opportunities;
• the implementation of the financing strategy and investment plans;
• the use of tax losses of our subsidiaries;
• factors or trends that affect our financial condition, liquidity or results of operations;
• the implementation of the measures required as per the concession agreement signed with the Brazilian government.
  Any caveats regarding forward-looking statements also include information about possible or presumed results of operations, as well as statements preceded or followed by, or that include the words “believes,” “may,” “will,” “continues,” “expects,” “predicts,” “intends,” “plans,” “estimates” or similar expressions.Forward-looking statements and information are not a guarantee of performance. Since they relate to prospective events, they involve risks, uncertainties and assumptions and, thus, depend on circumstances that may or may not occur. Prospective results and the value for shareholders may significantly differ from those expressed or suggested in our forward-looking statements. Many factors that will determine these results and values are beyond the ability of Banco do Estado do Sergipe S.A. to control or estimate them. Investors are advised not to place undue reliance on any forward-looking statement. Investors must understand that, in addition to the factors discussed above, the following material factors, among others, may affect the future results of Banco do Estado do Sergipe S.A., or be significantly differ from those contained in such forward-looking statements:

• General economic conditions in Brazil, such as economic growth indices, variation in exchange rates or inflation;
• General social and political conditions in Brazil;
• Government intervention that may result in changes in the economic, tax, tariff or regulatory environment in Brazil;
• Sector conditions, such as the extent of the demand for services, the intensity of competition, pressure on prices, introduction of new services by the Banco do Estado do Sergipe S.A. or its rivals, changes in technology and in the ability to obtain equipment from suppliers uninterruptly and at reasonable prices, and the financial conditions of our customers; and
• Operational factors, such as the continuous success of our marketing actions, operational and technological activities, and, consequently, the achievement of efficiency levels.