UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K/A

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2014

Commission File Number: 001-34476

BANCO SANTANDER (BRASIL) S.A.

(Exact name of registrant as specified in its charter)

Avenida Presidente Juscelino Kubitschek, 2041 and 2235
Bloco A – Vila Olimpia
São Paulo, SP 04543-011
Federative Republic of Brazil

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F ___X___ Form 40-F _______

 Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): 

Yes _______ No ___X____

 Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): 

Yes _______ No ___X____

 Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: 

Yes _______ No ___X____

 If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  N/A

 

 

1. Message from the Chairman of the Board of Directors	05
2. Call Notice	07
3. Attendance of Shareholders at the ESM	10
3.1. Representation by way of a proxy	10
4. Management Proposal regarding the choice of Appraisers	12
5. Information regarding the Recommended Appraisers	14
6. List of Exhibits:
Exhibit I – Material Fact published on April 29, 2014.	15
Exhibit II– Minutes of Board of Directors Meeting held on May 7, 2014.	17
Exhibit III – Copies of Work Proposals and Remuneration of Recommended Appraisers	20
Exhibit IV – Appraisal Report elaborated by Goldman Sachs	21
Exhibit V– Documents and Related Links	22

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GLOSSARY, ABBREVIATIONS AND DEFINED TERMS

For the purposes of this Guide, the terms set out below will have the meaning ascribed to them, except when otherwise defined herein.

ESM	Extraordinary Shareholders Meeting of the Company, to be held on June 09, 2014, at10:00 a.m.
BM&FBOVESPA	BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros.
Company or Santander Brazil	Banco Santander (Brasil) S.A.
Board of Directors	Company’s Board of Directors.
Call Notice	Call Notice published by the Company in the Official Gazette of the State of São Paulo – DOESP on May 8, 9 and 10, 2014 and the newspaper “Valor Econômico” on May 8, 9 and 12, 2014,  regarding the ESM.
Goldman Sachs	Goldman Sachs do Brasil Banco Múltiplo S.A.
CVM Normative Ruling nº 361/02	CVM Normative Ruling nº 361, dated as of March 5, 2002, as amended.
CVM Normative Ruling nº 481/09	CVM Normative Ruling nº 481, dated as of December17, 2009.
Brazilian Corporate Law	Law No. 6404, dated as of December 15, 1976, as amended.
Guide	This Guide for attendance at the ESM.
Level 2	Level 2 special listing segment of São Paulo Stock Exchange of BM&FBOVESPA

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Level 2 Regulation	Level 2 Regulation of Corporate Governance of BM&FBOVESPA
Santander Spain	Banco Santander S.A.

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1. MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS

Dear Shareholders,

I am very pleased to invite you to attend the ESM of Santander Brasil, to be held on June 09, 2014, at 10:00 a.m., in the Company’s headquarters auditorium located at Avenida Presidente Juscelino Kubitschek,  No. 2.041 and 2.235,1^stmezzanine, Vila Olímpia, São Paulo – SP.

This Guide for Attendance at the ESM aims to assist you with the proper decision making, by anticipating important clarifications and instructions to you.

At ESM, we will deliberate about: (a) the Company’s exit from Level 2, pursuant to Section XI of Level 2 Regulation and Title X of the Company’s Bylaws. The exit from Level 2 will be a result from the voluntary exchange offer (“Exchange Offer”) of shares certificate (“Units”), common or preferred shares issued by the Company, by Brazilian Depositary Receipts (“BRDs”) or American Depositary Shares (“ADSs”) representatives of Santander Spain common shares. If the exit from Level 2 is approved, the Company will be listed in the traditional listing segment of BM&FBOVESPA; (b) the specialized company to be engaged for preparing an appraisal report based on the economic value of the Company, for purposes of the Exchange Offer and the consequent exit of Level 2, in compliance with the provisions of Sections X and XI of the Level 2 Regulation, the Title X of the Company’s Bylaws and of CVM Normative Ruling nº 361, between those indicated in the three-name list of appraisals approved by the Company’s Board of Directors in the meeting held on May 7, 2014, namely: (i) Bank of America Merrill Lynch, with headquarters in the City of São Paulo, State of São Paulo, at Avenida Brigadeiro Faria Lima, 3400, 16^th floor; (ii) N M Rothschild & Sons (Brasil) Ltda., with headquarters in the City of São Paulo, State of São Paulo, at Avenida Brigadeiro Faria Lima, 2055, 18^th floor; and (iii) KPMG Corporate Finance Ltda., with headquarters in the City of São Paulo, State of São Paulo, at Rua Dr. Renato Paes de Barros, 33; and (c) alternatively, the shareholders may choose Goldman Sachs as specialized appraiser and accept the appraisal report provided by such bank, which was delivered to the Company’s Board of Directors by Santander Spain, and which will be used for the Exchange Offer purposes.

In order to facilitate your analysis and examination of the matters to be discussed at the ESM, all documents related to the matters included in the Call Notice are attached to this Guide, in compliance with the requirements of CVM Normative Ruling No. 481/09.

Please read it carefully. We are at your disposal to solve any doubt through the e-mails acionistas@santander.com.br  and ri@santander.com.br. 

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We expect this Manual may satisfy its purpose at providing clarifications on the matters to be discussed. Your participation in this important event is highly valuable for our Company.

Yours truly,

Celso Clemente Giacometti

Chairman of the Board of Directors

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2. CALL NOTICE

BANCO SANTANDER (BRASIL) S.A. 

Publicly Held Company with Authorized Corporate Capital

CNPJ/MF nº 90.400.888/0001-42 

NIRE 35.300.332.067

EXTRAORDINARY SHAREHOLDERS MEETING

CALL NOTICE

The shareholders of Banco Santander (Brasil) S.A. are convened, pursuant to Article 124 of Law No. 6.404/76, to attend to the Extraordinary Shareholders Meeting (“ESM”) which will be held on June 9 2014, at 10:00 a.m., at the Auditorium of the Company’s head office, located at Avenida Presidente Juscelino Kubitcheck, No. 2235 – 1^st mezzanine – Vila Olímpia – São Paulo – SP, in order to decide on the following Agenda: 

(a) Company’s exit from the Level 2 special listing segment of São Paulo Stock Exchange (BM&FBovespa S.A. – Bolsa de Valores Mercadorias e Futuros) (“Level 2”), with the discontinuity by the Company of differentiated corporate governance practices established on the Level 2 Regulation (“Exit from Level 2”), pursuant to Section XI of Level 2 Regulation and Title X of the Company’s Bylaws. The Exit from Level 2 will result from the voluntary exchange offer (“Exchange Offer”) of shares deposit certificate (“Units”), common or preferred shares issued by the Company, for Brazilian Depositary Receipts (“BRDs”) or American Depositary Shares (“ADSs”) representing Banco Santander, S.A. (“Santander Spain”) common shares. If the Exit from Level 2 is approved, and after the Exchange Offer, the Company will be listed in the traditional listing segment of BM&FBOVESPA; 

(b) to choose a specialized company to be engaged for elaborating an appraisal report on the economic value of the Company, for purposes of the Exchange Offer and the consequent Exit from Level 2, in compliance with the provisions of Sections X and XI of the Level 2 Regulation, the Title X of the Company’s Bylaws and of CVM Instruction 361, as of March 5, 2002, as amended, between the entities presented to the Company’s Board of Directors in the meeting held on May 7, 2014, namely: (i)  Bank of America Merrill Lynch Banco Múltiplo S.A., with headquarters in the City of São Paulo, State of São Paulo, at Avenida Brigadeiro Faria Lima, 3400, 16^th floor; (ii)  N M Rothschild & Sons (Brasil) Ltda., with headquarters in the City of São Paulo, State of São Paulo, at Avenida Brigadeiro Faria Lima, 2055, 18^th floor; and (iii)  KPMG Corporate Finance Ltda., with headquarters in the City of São Paulo, State of São Paulo, at Dr. Renato Paes de Barros Street, 33, which were indicated in the appraisals’ list of three entities proposed by the Special Independent Committee created for the purposes of the Exchange Offer; or (iv)  alternatively, Goldman Sachs do Brasil Banco Múltiplo S.A., which report was provided as per Santander Spain’s  request, delivered to the Company’s Board of Directors and made available to the Shareholders in the present date,  to be used  in connection with the Exchange Offer, in the event the shareholders choose this forth entity. 

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The matter mentioned in item (b) of the Agenda shall only be voted if present, in the first call, shareholders representing at least 20% (twenty percent) of the Free Float, pursuant to item 2.1 of Level 2 Regulation and in Article 40 of the Company’s By-laws. If this quorum is not reached, a new extraordinary shareholders meeting will be called to decide about such matter, which will be installed and will decide with the presence of any number of shareholders of the Free Float.

In compliance with the provisions of item 10.1.1 of Level 2 Regulation, the resolutions in item (b) of the Agenda will be taken by the majority shareholders of the Free Float present at the meeting, not counting blank votes, being each share entitled to 1 (one) vote, regardless of their species (common of preferred).

General Instructions: 

1.         The shareholders or their legal representatives should attend the ESM bringing the relevant identity documents. In the event of representation of a shareholder by way of a proxy, shareholders should deliver at the Company’s head office, no less than seventy-two (72) hours before the ESM, a power of attorney granted as set forth in the law; and

2.         Further information on the proposals to be analyzed at the ESM can be found in the Guide for Attendance at General Meetings available to shareholders (i) at the Company’s head office at Avenida Presidente Juscelino Kubitschek, nº 2.041 e nº 2.235, Bloco A, Vila Olímpia, São Paulo - SP, 9º andar – Corporate Legal Department, for consultation on business days, from 10:00 a.m. to 4:00 p.m., and also in their websites (www.santander.com.br/ir – in Corporate Governance >> Minutes of Meetings and www.santander.com.br/acionistas – in Governança Corporativa [Corporate Governance] > Administração [Management] > Atas de Reuniões e Assembleias); (ii) at the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários), at Rua Sete de Setembro, nº 111, 5º andar, Centro de Consultas, Rio de Janeiro – RJ, or at Rua Cincinato Braga, nº 340, 2º a 4º andares, Ed. Delta Plaza, São Paulo – SP, and its website (www.cvm.gov.br); and (iii) at BM&F Bovespa S.A. - Bolsa de Valores, Mercadorias e Futuros, at Rua XV de Novembro, No. 275, São Paulo - SP and its website (www.bmfbovespa.com.br). 

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São Paulo, May 7, 2014.

Celso Clemente Giacometti 

Chairman of the Board of Directors

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3. ATTENDANCE OF SHAREHOLDERS AT THE ESM

The shareholders of Santander Brazil may attend the ESM in person  or by duly appointed proxy. 

Shareholders must submit the following documents to attend the ESM:

Individual:                     • identification with photo¹ (original or certified copy)

Legal Entity:                 • corporate documents which evidence the legal representation of shareholder (original or certified copy)²

• ID document of the legal representative with photo (original or certified copy)

3.1. REPRESENTATION BY POWER OF ATTORNEY

The shareholder may be represented at the ESM by proxy, duly appointed by means of public or private instrument, and in compliance with art. 126, §1^st of the Brazilian Corporate Law; proxies should have been appointed over no more than 1 (one) year, and should be (i) the Company’s shareholders, (ii) the Company’s management members, (iii) lawyers; or (iv) financial institutions, the investment  funds’ manager being responsible for representing the investors. The original or certified copies of the aforementioned documents may be delivered at the Company’s headquarters until the beginning of the ESM. However, in order to facilitate the access of shareholders to the ESM, we recommend these documents to be delivered within no less than 72 (seventy two) hours before the ESM.

In case of delivery of documents through e-mail, the original or certified copies should be delivered at the Company’s headquarters on the ESM date.

¹The following documents may be presented:  (i) General Registration ID Card (RG); (ii) Foreigner Identity Card (RNE); (iii) Valid passport; (iv) Professional Class ID Card valid as a civil identity for legal purpose (e.g.: OAB, CRM, CRC, CREA); or (v) National Driver’s License (CNH) with photo.

²By-Laws/Articles of Association and Minutes/Instruments of election of the legal representatives registered with the competent body.

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Documents should be delivered at the Company’s head office, at Avenida Presidente Juscelino Kubitschek, nos. 2041 and 2235 - Bloco A - Vila Olímpia - São Paulo – SP, 9^th floor – Corporate Legal Department, through telephone +55 11 3553-5438 and e-mail: juridsocietario@santander.com.br. 

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4. MANAGEMENT PROPOSAL REGARDING THE CHOICE OF APPRAISERS

1. Choice of Appraiser. It is of the exclusive competence of the Company’s Extraordinary Shareholders Meeting, as of the presentation of the three-name list presented by the Board of Directors, pursuant to article 10.1.1 of Level 2 Regulation, the choice of the institution or specialized company responsible for the determination of the economic value of the Company and Santander Spain, for the purposes of the Exchange Offer (voluntary exchange public offer of Units, common or preferred shares issued by the Company, by BDRs or ADSs representatives of common shares of Santander Spain) and the consequent exit of the Company from Level 2, according to Section X and XI of Level 2 Regulation, in article 48 of the Company’s Bylaws and CVM Normative Ruling 361/02.

2. Three-name List. In a meeting held on May 07, 2014, the Company’s Board of Directors approved the indication of the following three-name list of specialized companies to elaborate the appraisal report of the shares of the Company and Santander Spain, for the purposes of the Exchange Offer:

(i) Bank of America Merrill Lynch Banco Múltiplo S.A.;

(ii) N M Rothschild & Sons (Brasil) Ltda.; and

(iii) KPMG Corporate Finance Ltda.

3. Utilization of the appraisal report elaborated by Goldman Sachs. Alternatively to the choice of one of the three appraisers indicated above to prepare the appraisal report, the ESM may choose Goldman Sachs as appraiser and, in this case, the appraisal report prepared by it, as requested by Santander Spain, will be used for the purposes of the Exchange Offer and the Exit from Level 2. 

4. Quorum and voting procedures. The decision regarding the choice of the appraiser established in the ESM shall only be voted if present shareholders representing at least 20% (twenty percent) of the total shares of the Free Float (as defined on Level 2 Regulation and in article 40 of the Company’s Bylaws). If this quorum is not reached, a new Extraordinary Shareholders Meeting will be convened to decide about this matter, which will be installed and will deliberate with the presence of any number of shareholders representing the Free Float.

The Controlling Shareholder (as this term is defined in Level 2 Regulation and in article 40 of the Company’s Bylaws) and the managers of the Company will not be entitled to vote in the matter included in the ESM in connection with the choice of the appraisers, which shall be taken by the majority votes of the Free Float present at the Extraordinary Shareholders Meeting, not counting blank votes, being each free float share entitle to 1 (one) vote, regardless of their class (common or preferred).

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5. Availability of Documents. All documents related to the choice of the specialized company by the General Meeting, including those requested by CVM Normative Ruling 481/09, are available to the shareholders on BM&FBOVESPA and CVM, through the IPE system, as well as on investors’ relation website and at the Company’s headquarters.

***

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5. INFORMATION ABOUT THE PRESENTED APPRAISERS

1. List of appraisers presented by the Board of Directors:

(i) Bank of America Merrill Lynch Banco Múltiplo S.A.;

(ii) N M Rothschild & Sons (Brasil) Ltda.; and

(iii) KPMG Corporate Finance Ltda.

Alternatively to the choice of one of the three appraisers indicated above to prepare the appraisal report, the ESM may choose Goldman Sachs as appraiser and, in this case, the appraisal report prepared by it, as requested by Santander Spain, will be used for the purposes of the Exchange Offer and the Exit from Level 2.

2. Description of the capacity of the presented appraisers:

The description of the qualification of each one of the institution presented by the Board of Directors is included in the respective work proposal attached to this Guide as Exhibit III.

The information related to Goldman Sachs is included in the appraisal report attached to this Guide as Exhibit IV (Appraisal Report elaborated by Goldman Sachs).

3. Copy of the work proposals and remuneration of the presented appraisers:

The copies of the work proposals are attached to this Guide as Exhibit III (Copies of the Work Proposals and Remuneration of the Presented Appraisers).

The information related to Goldman Sachs is included in the appraisal report attached to this Guide as Exhibit IV (Appraisal Report elaborated by Goldman Sachs).

4. Description of any relevant relation existing in the last 3 (three) years between the presented appraisers and the Company’s related parties, as defined by accounting rules which address this matter:

The description of the relationship between the appraisers presented by the Company’s Board of Directors and Company’s related parties in the last 3 (three) years are described in the respective work proposals and remuneration attached to this Guide as Exhibit III.

The information related to Goldman Sachs is included in the appraisal report attached to this Guide as Exhibit IV (Appraisal Report elaborated by Goldman Sachs).

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EXIHIBIT I

Material Fact published on April 29, 2014

BANCO SANTANDER (BRASIL) S.A.  

Publicly Held Company with Authorized Capital

CNPJ/MF No.90.400.888/0001-42 

NIRE 35.300.332.067

MATERIAL FACT

BANCO SANTANDER (BRASIL) S.A. (“Santander Brazil”), in compliance with Paragraph 4^th, article 157, of Law No. 6404/76 and with the Securities Commission Normative Ruling No. 358/02, hereby publicly informs that it was notified by its’ indirect controlling shareholder, Banco Santander S.A. (“Santander Spain”), that it plans to launch a voluntary public offer in Brazil and in the USA for the acquisition of up to the totality of the shares of Santander Brazil which are not owned by Santander Group, which represent around 25% of Santander Brazil’s capital, with the delivery of Santander Spain’s shares as payment (“Transaction”) 

The Transaction will be voluntary, so that the shareholders of Santander Brazil may accept it or not, and will not be conditioned to a minimum level of acceptance. The shareholder of Santander Brazil which accept the offer will receive as payment Brazilian or American Depositary Receipts (BRDs or ADRs) representatives of shares issued by Santander Spain, becoming, therefore, shareholders of Santander Spain. As a consequence of the Transaction, Santander Brazil will remain a publicly held company listed in BM&FBOVESPA, but will exit the Level 2 of Corporate Governance of BM&FBOVESPA, passing to be listed in its’ traditional segment.

The completion of the Transaction is subject to the fulfillment of determined precedent conditions, including the registry of Santander Spain in the Securities Commission as foreign issuer, admission of BRDs of Santander Spain for the negotiation at BM&FBOVESPA, approval by the shareholders of Santander Brazil in a General Meeting, registry of the voluntary acquisition offer in the Securities Commission, elaboration of the appraisal report of the economic value of Santander Brazil and approval from the shareholders of Santander Spain in a General Meeting of the issuance of new shares which will be delivered as payment, beside others applicable regulatory approvals.

Is attached to this material fact the note issued by Santander Spain on this date regarding the Transaction with more information, including the proposed payment, in its original version and translation into Portuguese.

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Santander Brazil will keep its’ shareholders and the market in general informed regarding any other new material facts relating to the Transaction.

São Paulo, Abril 29, 2014.

Carlos Alberto Lopez Galan

Relation with Investors Executive Officer

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Nota de Prensa

Santander anuncia una oferta de adquisición por el 25% de su filial en Brasil

• La operación se pagará en acciones de Banco Santander y supondría un número máximo de aproximadamente 665 millones de acciones, equivalente a 4.686 millones de Euros.
• Esta oferta demuestra la confianza de Santander en su filial brasileña y en su potencial de crecimiento a largo plazo.
• La oferta, que es voluntaria, no está condicionada a un nivel mínimo de aceptación.
• La oferta es atractiva para los accionistas de Santander Brasil, que reciben una prima del 20%ⁱ.
• Y para los accionistas de Santander, ya que aumenta el beneficio por acción desde el primer año.
• Santander Brasil seguirá cotizando en la bolsa de Sao Paulo. Santander mantiene su política de operar a través de filiales autónomas en capital y liquidez y, a ser posible, cotizadas.
• Las acciones de Banco Santander cotizarán en la bolsa de Sao Paulo.

Madrid, 29 de abril de 2014. El consejo de administración de Banco Santander ha aprobado la realización de una oferta para la adquisición de la totalidad de las acciones de Banco Santander Brasil que no son titularidad del Grupo Santander y que representan, aproximadamente, el 25% del capital de Banco Santander Brasil. Banco Santander ofrecerá una prima del 20% sobre la última cotización. El importe de la operación, que se espera esté culminada en octubre de este año, será pagado en acciones de Banco Santander.

La oferta es voluntaria, de manera que los accionistas minoritarios de Santander Brasil podrán acudir o no a la misma, y no está condicionada a un nivel mínimo de aceptación. Santander adquirirá todas las acciones que acepten la oferta y no tiene intención de excluir de cotización a Santander Brasil ni en la bolsa de Sao Pauloⁱⁱ ni en la de Nueva York. Las acciones de Banco Santander cotizarán en la bolsa de Sao Paulo en forma de Brazilian Depositary Receipts (BDRs).

Comunicación Externa.
Ciudad Grupo Santander Edificio Arrecife Pl. 2	1
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11

Los accionistas que acepten la oferta recibirán, en forma de BDRs o de American Depositary Receipts (ADRs), 0,70 acciones nuevas de Banco Santander por cada unit o ADR de Santander Brasilⁱⁱⁱ.

Si acudiera a la oferta la totalidad del capital que está en manos de inversores minoritarios, Banco Santander tendría que emitir aproximadamente 665 millones de acciones, lo que equivale a un 5,8% del capital actual (4.686 millones de euros^iv).

Esta oferta es una demostración de la confianza de Banco Santander en Brasil y en su filial en este mercado así como en su potencial de crecimiento a largo plazo. Santander ofrece a los accionistas de Santander Brasil la oportunidad de canjear sus acciones con una prima del 20% o continuar como accionista de Santander Brasil.

La operación es buena tanto para los accionistas de Banco Santander Brasil como para los de la matriz, Banco Santander. Para los inversores minoritarios de Banco Santander Brasil, puesto que reciben una prima del 20%, lo que supone un múltiplo de precio sobre beneficios (PER) mayor que el de sus competidores, según el consenso de mercado. Además, lo perciben en acciones de Banco Santander, por lo que van a poder seguir beneficiándose de las ventajas de la exposición a Brasil y de un valor con elevada diversificación y perspectivas de crecimiento.

También es positiva para los accionistas de Banco Santander, puesto que incrementará su beneficio por acción (BPA) desde el primer momento. El consenso de mercado prevé que Santander Brasil obtenga un beneficio cercano a los 6.400 millones de reales brasileños en 2015 (equivalentes a aproximadamente 2.000 millones de euros) de los que, con la participación actual, el Grupo Santander se atribuiría alrededor de 1.500 millones de euros. Por tanto, si acudiera la totalidad del capital en manos de los minoritarios, Santander Brasil aportaría al Grupo Santander aproximadamente 500 millones de euros más en dicho año, incrementando un 1,3% el BPA, incremento que sería del 1,1% en 2016. El impacto en capital sería prácticamente neutral, ya que en el caso de acudir la totalidad de los minoritarios aportaría tres puntos básicos al core capital.

La oferta estará sujeta a las condiciones habituales de este tipo de operaciones, incluyendo la obtención de las correspondientes autorizaciones regulatorias y su aprobación por la junta general de accionistas de Banco Santander.

Comunicación Externa.
Ciudad Grupo Santander Edificio Arrecife Pl. 2	2
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11

INFORMACIÓN IMPORTANTE PARA INVERSORES SOBRE LA OPERACIÓN PROPUESTA

En relación con la operación propuesta Banco Santander, S.A. ( Santander ) registrará ante la Securities and Exchange Commission ( SEC ) una Declaración de Registro en formato F-4, que incluirá un folleto y una oferta de canje. SANTANDER SOLICITARÁ A LOS INVERSORES Y TENEDORES DE VALORES QUE LEAN LA DECLARACIÓN DE REGISTRO, EL FOLLETO, LA OFERTA DE CANJE Y CUALESQUIERA OTROS DOCUMENTOS RELEVANTES QUE SEAN REGISTRADOS ANTE LA SEC EN RELACIÓN CON LA OPERACIÓN PROPUESTA CUANDO DICHOS DOCUMENTOS ESTÉN DISPONIBLES, YA QUE CONTENDRÁN INFORMACIÓN IMPORTANTE. Todos aquellos documentos que sean registrados ante la SEC estarán disponibles, de manera gratuita, en la página web de la SEC (www.sec.gov).

La presente comunicación no constituye una oferta para vender valores o una solicitud de oferta para comprar valores, ni habrá ninguna venta de valores, en ninguna jurisdicción en la cual esté prohibida dicha oferta, solicitud o venta sin registro o cualificación en virtud de la normativa de mercado de valores de dicha jurisdicción. El presente documento no constituye una oferta de valores para su venta en los Estados Unidos, Brasil o cualquier otro lugar. Ninguna oferta de valores podrá hacerse en los Estados Unidos excepto si ha sido registrada de conformidad con la Securities Act de 1933 de los Estados Unidos de América, y sus sucesivas modificaciones, o al amparo de una excepción prevista en la Securities Act de 1933 de los Estados Unidos de América. Y ninguna oferta podrá realizarse en Brasil hasta que se haya cumplido la normativa aplicable a tal efecto.

Previsiones y estimaciones

La presente comunicación incluye ciertas previsiones y estimaciones en el sentido de la definición del U.S. Private Securities Litigation Reform Act of 1995 . Dichas previsiones y estimaciones pueden identificarse por el uso de palabras o expresiones tales como espera , anticipa , tiene intención de , proyecta , cree , busca , estima y vocablos similares e incluyen, entre otras cosas, comentarios sobre el desarrollo esperado de los negocios y la evolución financiera de Santander derivados de la ejecución de la operación aquí descrita. Tales previsiones se basan en las expectativas actuales de la dirección de Santander y están intrínsecamente afectadas por la incertidumbre y sujetas a cambios de circunstancias. Santander no asume obligación alguna de actualizar estas previsiones y estimaciones para reflejar la situación actual de resultados ni cualquier cambio en acontecimientos, condiciones, asunciones u otros factores.

^I Basado en el precio de cierre al 28 de Abril de 2014 de 7,046 euros en Banco Santander y de 12,74 reales en Santander Brasil con un tipo de cambio de 3,104 reales por euro al 28 de Abril 2014.
^II Santander Brasil pasará de cotizar en el Nivel 2 de Gobierno Corporativo de BM&FBovespa a hacerlo en su segmento tradicional.
^III Representa una relación de canje de 0,350 acciones de Banco Santander por cada acción ordinaria ( ON ) y por 0,350 por cada acción preferente ( PN ) de Santander Brasil y asume que antes de la liquidación de la oferta se habrán ejecutado los acuerdos adoptados por la asamblea general de Santander Brasil el pasado 18 de marzo por los que (i) se atribuyeron gratuitamente a sus accionistas 5 nuevas PNs por cada 55 ONs y 50 PNs y (ii) se acordó realizar un reverse split para dividir por 55 el número de ONs y PNs en circulación. Si en la fecha de liquidación no se hubieran ejecutado completamente estos acuerdos la ecuación de canje se ajustaría proporcionalmente.
^IV Teniendo en cuenta la cotización de cierre de Banco Santander el 28 de abril y un tipo de cambio real/euro de 3,104 a esa fecha, pero sin considerar las acciones a emitir en virtud del programa Santander Dividendo Elección en curso, cuyo resultado se comunicará el 29 de abril.

Comunicación Externa.
Ciudad Grupo Santander Edificio Arrecife Pl. 2	3
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11

Nota a imprensa

Santander anuncia uma oferta de aquisição de 25% de sua filial no Brasil

• A operação será paga em ações do Banco Santander e abrangerá um número máximo de aproximadamente 665 milhões de ações, equivalentes a 4.686 milhões de Euros.
• Esta oferta demonstra a confiança do Santander em sua filial brasileira e no seu potencial de crescimento a longo prazo.
• A oferta, que é voluntária, não está condicionada a um nível mínimo de aceitação.
• A oferta é atraente para os acionistas do Santander Brasil, que recebem um prêmio de 20%ⁱ.
• E para os acionistas do Santander, visto que aumenta o lucro/benefício por ação desde o primeiro ano.
• Santander Brasil continuará listado na BM&FBovespa. O Santander mantém sua política de operar através de filiais autônomas em termos de capital e liquidez e, na medida do possível, listadas em bolsa de valores.
• As ações do Banco Santander também serão listadas na BM&FBovespa.

Madrid, 29 de abril de 2014. O conselho de administração do Banco Santander aprovou a realização de uma oferta para a aquisição da totalidade das ações do Banco Santander Brasil que não sejam de titularidade do Grupo Santander e que representam, aproximadamente, 25% do capital do Banco Santander Brasil. O Banco Santander oferecerá um prêmio de 20% sobre a última cotação. O montante da operação, que está prevista para ser concluída em outubro deste ano, será pago em ações do Banco Santander.

A oferta é voluntária, de modo que os acionistas minoritários do Santander Brasil poderão aceitá-la ou não, e não está condicionada a um nível mínimo de aceitação. O Santander adquirirá todas as ações que aceitem a oferta e não possui a intenção de que o Santander Brasil deixe de ser listado na BM&FBovespaⁱⁱ tampouco na bolsa de Nova York. As ações do Banco Santander serão negociadas na BM&FBovespa na forma de Brazilian Depositary Receipts (BDRs).

Comunicación Externa.
Ciudad Grupo Santander Edificio Arrecife Pl. 2
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11

Os acionistas que aceitarem a oferta receberão, na forma de BDRs ou de American Depositary Receipts (ADRs), 0,70 novas ações do Banco Santander para cada Unit ou ADR do Santander Brasilⁱⁱⁱ.

Se a totalidade do capital que está nas mãos de acionistas minoritários aderir à oferta, o Banco Santander deverá emitir aproximadamente 665 milhões de ações, o que equivale a 5,8% do capital atual (4.686 milhões de euros^iv).

Esta oferta é uma demonstração da confiança do Banco Santander no Brasil e em sua filial neste mercado, assim como em seu potencial de crescimento a longo prazo. O Santander oferece aos acionistas do Santander Brasil a oportunidade de permutar suas ações com um prêmio de 20% ou permanecer como acionista do Santander Brasil.

Esta operação é vantajosa tanto para os acionistas do Banco Santander Brasil quanto para os da matriz, Banco Santander. Para os acionistas minoritários do Banco Santander Brasil dado que receberão um prêmio de 20%, o que implica um múltiplo de preço por lucro (PER) maior do que o dos seus concorrentes segundo consenso no mercado. Além disso, receberão em ações do Banco Santander, em razão do que poderão continuar se beneficiando das vantagens da exposição ao Brasil, bem como de um ativo com alta diversificação e perspectivas de crescimento.

Também é positiva para os acionistas do Banco Santander, visto que aumentará o seu lucro/benefício por ação (BPA) desde o primeiro momento. Há consenso no mercado em prever que o Santander Brasil obterá um lucro próximo a R$ 6.400 milhões em 2015 (equivalentes a aproximadamente EUR 2.000 milhões) dos quais, com a participação atual, cerca de EUR 1.500 milhões seriam atribuídos ao Grupo Santander. Portanto, se a totalidade do capital nas mãos dos minoritários aderir à oferta, o Santander Brasil trará ao Grupo Santander EUR 500 milhões a mais neste ano, com um aumento de 1,3% do BPA, aumento esse que será de 1,1% em 2016. O impacto da operação no capital seria praticamente neutro, visto que, se todos os acionistas minoritários aderirem à oferta, isso traria três pontos base ao core capital.

A oferta está sujeita às condições usuais deste tipo de operação, incluindo a obtenção das autorizações regulatórias correspondentes e sua aprovação pela assembleia geral de acionistas do Banco Santander.

Comunicación Externa.
Ciudad Grupo Santander Edificio Arrecife Pl. 2
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11

INFORMAÇÃO IMPORTANTE PARA INVESTIDORES SOBRE A OPERAÇÃO PROPOSTA

Com relação à operação proposta, Banco Santander, S.A. ( Santander ) registrará perante a Securities and Exchange Commission ( SEC ) uma Declaração de Registro no formato F-4, que incluirá um prospecto e uma oferta de permuta. SANTANDER SOLICITARÁ AOS INVESTIDORES E DETENTORES DE VALORES MOBILIÁRIOS QUE LEIAM A DECLARAÇÃO DE REGISTRO, O PROSPECTO, A OFERTA DE PERMUTA E QUAISQUER OUTROS DOCUMENTOS RELEVANTES QUE SEJAM REGISTRADOS PERANTE A SEC EM RELAÇÃO

À OPERAÇÃO PROPOSTA QUANDO TAIS DOCUMENTOS ESTIVEREM DISPONÍVEIS, VISTO QUE CONTÊM IMPORTANTES INFORMAÇÕES. Todos aqueles documentos que sejam registrados perante a SEC estarão disponíveis, de forma gratuita, na página da SEC na internet (www.sec.gov).

Este comunicado não constitui uma oferta de venda de valores mobiliários ou uma solicitação de oferta para aquisição de valores mobiliários, nem haverá qualquer venda de valores mobiliários em qualquer jurisdição na qual seja proibida tal oferta, solicitação ou venda antes do registro ou qualificação nos termos da legislação de mercado de capitais da referida jurisdição. O presente documento não constitui uma oferta de valores mobiliários para sua venda nos Estados Unidos, Brasil ou qualquer outro local. Nenhuma oferta de valores mobiliários poderá ser realizada nos Estados Unidos exceto se devidamente registrada nos termos do Securities Act de 1933 dos Estados Unidos, conforme alterado, ou amparada por uma exceção prevista em tal legislação. E nenhuma oferta poderá ser realizada no Brasil salvo se em conformidade com a legislação aplicável.

Previsões e estimativas

Este comunicado inclui certas previsões e estimativas no sentido da definição do U.S. Private Securities Litigation Reform Act of 1995 . Essas previsões e estimativas podem ser identificadas por palavras como espera , prevê , pretende , planeja , acredita , busca , estima ou palavras com significados similares e incluir, mas não se limitando a, comentários sobre o desenvolvimento esperado dos negócios e desempenho financeiro do Santander, resultando da operação aqui descrita. Tais previsões se baseiam nas expectativas atuais da administração do Santander e estão intrinsecamente sujeitas a incertezas e mudanças de circunstâncias. Santander não assume qualquer obrigação de atualizar essas previsões e estimativas para refletir os resultados reais, ou qualquer mudança nos acontecimentos, condições, premissas ou outros fatores.

ⁱ Baseado no preço de fechamento em 28 de abril de 2014 de EUR 7,046 no Banco Santander e de R$ 12,74 no Santander Brasil, com um câmbio realeuro de 3,104 em 28 de abril de 2014.

ⁱⁱ Santander Brasil deixará de ser listado no Nível 2 de Governança Corporativa da BM&FBOVESPA e passará a ser listado em seu segmento tradicional.

ⁱⁱⁱ Representa uma relação de troca de 0,350 ações do Banco Santander por cada ação ordinária ( ON ) e 0,350 por cada ação preferencial ( PN ) do Santander Brasil e assume que antes da liquidação da oferta se terão executado os acordos adotados pela assembleia geral do Santander Brasil no dia 18 de março passado, pelos quais (i) se atribuíram gratuitamente a seus acionistas 5 novas PNs por cada 55 ONs e 50 PNs e (ii) acordou-se realizar um grupamento para dividir por 55 o número de ONs e PNs em circulação. Se na data de liquidação não tenham sido executados completamente esses acordos a equação de troca será ajustada proporcionalmente.

^iv Considerando a cotação de fechamento do Banco Santander em 28 de abril e um câmbio real/euro de 3,104 em tal data, mas sem considerar as ações a serem emitidas em virtude do programa Santander Dividendo Elección em curso, cujo resultado será comunicado em 29 de abril.

Comunicación Externa.
Ciudad Grupo Santander Edificio Arrecife Pl. 2
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11

EXIHIBT II

Minutes of Board of Directors Meeting held on May 07, 2014

BANCO SANTANDER (BRASIL) S.A.

Public-Held Company with Authorized Capital

Corporate Taxpayer ID (“CNPJ/MF”) # 90.400.888/0001-42

Company Registration (“NIRE”) # 35.300.332.067

MINUTES OF THE BOARD OF DIRECTORS’ MEETING

HELD ON MAY 07, 2014

DATE, TIME AND PLACE:

On May 07, 2014, at 09h00 a.m., at the main place of business of Banco Santander (Brasil) S.A. (“Company” or “Santander”), located at Avenida Presidente Juscelino Kubitschek, nº. 2.235, Vila Olímpia, São Paulo – SP, Brazil.

ATTENDANCE:

All the members of the Board of Directors attended, by means of videoconference, as follows: Mr. Celso Clemente Giacometti – Chairman of the Board of Directors and independent member; Jesús María Zabalza Lotina – Vice-Chairman of the Board of Directors; and the following Directors, Mr. Conrado Engel, Mr. José de Paiva Ferreira, Mr. José Antonio Alvarez Alvarez, Mr. José Manuel Tejon Borrajo, and the Independent Directors Mrs. Viviane Senna Lalli and Mrs. Marília Artimonte Rocca.

CALL NOTICE:

The call notice was waived in view of the presence of all the members of the Board of Directors.

BOARD:

Pursuant to article 18, item I of the Company´s Bylaws, the Meeting was chaired by the Chairman of the Board of Directors, Mr. Celso Clemente Giacometti, who invited Mr. Marco Antônio Martins de Araújo Filho, Company´s Vice-President Executive Officer, to act as the Secretary.

AGENDA:

To deliberate about:

(a) the submission of the list of three specialized firms which will present to Santander proposals for elaborating an appraisal report on the economic value of the Company and of Banco Santander S.A. (“Santander Spain”), in connection with the voluntary exchange offer (“Exchange Offer”) of Units, common or preferred shares issued by the Company, for Brazilian Depositary Receipts (“BDRs”) or American Depositary Shares (“ADSs”), representing common shares issued by Santander Spain, and the subsequent exit of the Company from the Level 2 special listing segment of the São Paulo Stock Exchange (BM&FBOVESPA S.A. – Bolsa de Valores, Mercadorias e Futuros) (“Level 2”), to be submitted to the approval of the Company’s Shareholders Meeting;

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(b) the submission to the shareholders of the Company of the appraisal report prepared by Goldman Sachs do Brasil Banco Múltiplo S.A. (“Goldman Sachs”), as per Santander Spain’s request, which was delivered to the Board of Directors of the Company by Santander Spain; and

(c) the call of an Extraordinary Shareholders Meeting of the Company in order to deliberate about the exit of the Company from the aforementioned Level 2, if the Exchange Offer is implemented, as well as about other issues mentioned in items (a) and (b) above.

RESOLUTIONS:  

Initially, the Board of Directors´ members approved the writing of the Minutes of the Meeting in an abridged form. It was also approved the publication of the Minutes in the form of an abstract, without Directors’ signatures.

Passing through the agenda, after examining and discussing the aforementioned matters, in accordance with the statement of the Special Independent Committee created by this Board of Directors on April 30, 2014, acknowledged in the Minutes of the Special Independent Committee’s Meeting as of May 05, 2014, the Board of Directors of the Company unanimously decided:

(a) to present, pursuant to item 10.1.1 of the Level 2 Regulation and Article 48 of the Company’s By-laws, the following specialized companies that shall present proposals for elaborating an appraisal report of the shares of the Company and of Santander Spain, in relation to the Exchange Offer to be submitted for approval of the Shareholders Meeting of the Company, which shall comply with CVM Instruction 361/02: (i) Bank of America Merrill Lynch Banco Múltiplo S.A., with headquarters in the City of São Paulo, State of São Paulo, at Avenida Brigadeiro Faria Lima, 3400, 16º floor; (ii) N M Rothschild & Sons (Brasil) Ltda., with headquarters in the City of São Paulo, Estado de São Paulo, at Avenida Brigadeiro Faria, 2055, 18º floor; and (iii) KPMG Corporate Finance Ltda., with headquarters  in the City of São Paulo, State of São Paulo, at Dr. Renato Paes de Barros Street, 33.

(b) furthermore, considering that this Board of Directors received from Santander Spain, as the offeror of the Exchange Offer, an appraisal report prepared by Goldman Sachs, the Directors deliberated, in order to speed up the process of the Exchange Offer, to present said appraisal report to the Company’s shareholders, so that they may, in the Extraordinary Shareholders Meeting: (i) choose one of the three (3) specialized companies set forth in item (a) above to prepare the appraisal report, or (ii) choose Goldman Sachs as the specialized company and, in this case, the appraisal report prepared by said institution upon Santander Spain’s request will be used in connection with the Exchange Offer;

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(c) to call the Extraordinary Shareholders Meeting in order to deliberate about the exit of the Company from Level 2, as set forth in Section XI of the Level 2 Regulation and in Chapter X of the Company’s By-laws, due to the Exchange Offer to be made by Santander Spain, as well as to deliberate about the matters set forth in items (a) and (b) above, considering the following: (i) Goldman Sachs’ appraisal report shall be made available to the shareholders in the headquarters of the Company as of the date of the publication of the first call of the aforementioned Extraordinary Shareholders Meeting; (ii) the matters set forth to item (a) and (b) above shall only be submitted to voting if the following number of shareholders are present: (1) in the first call, shareholders representing, at least, 20% (twenty per cent) of the free float (pursuant to item 2.1 of Level 2 Regulation and in Article 40 of the Company’s By-laws), and (2) in the second call, any number of shareholders; and

(d) finally, the Board of Directors accepted the recommendation made by the Special Independent Committee for the Audit Committee to accompany and analyze the activities involved in this transaction and recommend courses of action, when applicable, to the Board of Directors.

CLOSING:  

There being no further matters to be resolved, the Meeting has been closed, and these minutes have been prepared, which, after read and approved, will be signed by the attending Directors and by the Secretary. São Paulo, May 07, 2014. Attending Directors: Celso Clemente Giacometti – Chairman of the Board of Directors; Jesús María Zabalza Lotina – Vice-Chairman of the Board of Directors; Mr. Conrado Engel, Mr. José de Paiva Ferreira, Mr. José Antonio Alvarez Alvarez, Mr. José Manuel Tejon Borrajo, Mrs. Viviane Senna Lalli and Mrs. Marília Artimonte Rocca. Mr. Marco Antônio Martins de Araújo Filho – Secretary.

I hereby certify that this is a true copy of the minutes recorded in the Book of Minutes of the Board of Directors of the Company.

_______________________________________

Marco Antônio Martins de Araújo Filho

Secretary of the Board

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EXHIBIT III 

Copies of the Work Proposals and Remuneration of the Presented Appraisers

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Bank of America Merrill Lynch Banco
Múltiplo S.A.

Av. Brigadeiro Faria Lima, 3400, 16° andar
04538-132, São Paulo, SP
Tel: +55 (11) 2188-4000
Fax: +55 (11) 2188-4009

São Paulo, May 7, 2014

Board of Directors of Banco Santander (Brasil) S.A.
Av. Pres. Juscelino Kubitschek, 2.235
Vila Olímpia São Paulo SP
CEP: 04543-011

Attention: Mr. Carlos Galan Vice President Executive Officer

Proposal for Valuation Report ( Laudo de Avaliação )

Dear Sirs,

Bank of America Merrill Lynch Banco Múltiplo S.A. ("BofAML") would like to thank you for the opportunity to present its commercial proposal ("Proposal") to the Board of Directors of Banco Santander (Brasil) S.A. ( Santander Brasil ) for the preparation of a valuation report ( Laudo de Avaliação ) in connection with the intention of Banco Santander S.A. ( Grupo Santander ) to launch an exchange offer to acquire up to 25% of Santander Brasil (the Offer ). In this context, we understand that:

• The Offer is voluntary, meaning minority shareholders of Santander Brasil may choose whether or not to participate in the transaction;
• The consideration offered under the transaction, would be paid by means of Grupo Santander shares, either traded at the Bovespa as Brazilian Depositary Receipts ( BDRs ) or at the New York Stock Exchange as American Depositary Receipts ( ADRs );
• Santander Brasil shareholders that accept the Offer will receive, through ADRs or BDRs, 0.7 newly-issued shares of Grupo Santander for every unit or ADR of Santander Brasil, if such ratio is approved by the Santander Brasil s Board of Directors and Grupo Santander; and
• The Offer is not subject to a minimum acceptance level by the shareholders of Santander Brasil, neither there is the intention from Grupo Santander to de-list Santander Brasil.

In this Proposal, BofAML focuses its scope of work addressing in detail: (i) BofAML credentials for its selection for the preparation of the Laudo de Avaliação, (ii) proposed BofAML remuneration, and (iii) other relevant aspects of BofAML s Proposal.

We would like to reiterate that BofAML will dedicate a team with deep industry knowledge on Financial Institutions ( FIG ) and Mergers and Acquisitions ( M&A ) for the preparation of the Laudo de Avaliação, including a long track record of transactions in the sector as well as the preparation of valuation reports and fairness opinions in the context of various M&A transactions.

PROPOSAL FOR VALUATION REPORT 

BofAML believes it is uniquely qualified to prepare the Laudo de Avaliação, given:

Global experience in the financial institutions industry: BofAML has global experience in mergers and acquisitions and capital market for financial institutions, which gives it knowledge about (i) Grupo Santander and Santander Brasil s business models, (ii) the dynamics of their markets, and (iii) its position relative to its peers;

Established presence in Brazil with in-depth local market knowledge: established local platform with over 400 professionals with (i) deep knowledge of the domestic market dynamics, (ii) significant presence in M&A and capital market transactions, (iii) close relationship with major companies across different sectors, and (iv) complete portfolio of products. BofAML s local platform includes investment banking, treasury products and corporate banking structure;

Extensive experience in M&A transactions in Brazil: BofAML team was involved in the largest mergers and acquisitions transactions announced in Brazil recently, including: (i) advisor to Corpbanca in the merger of its operations with Itau Chile and Colômbia (US$2.2 billion), (ii) advisor to Vale in the sale of 36% stake in VLI (US$2.0 billion) (iii) corporate restructuring of Oi (US$17.9 billion), (iv) advisor to Portugal Telecom to acquire a stake in Oi (US$ 4.5 billion) and the sale of Vivo to Telefonica (US$8.8 billion), (v) sale of the Portuguese Government stake in Galp to Sinopec (US$5.2 billion), (vi) acquisition of Amil by United Healthcare (US$4.9 billion), (vii) acquisition by SwissRe of a 15% stake in SulAmerica owned by ING (US$334 mm), among others;

Experience in the preparation of Financial Analysis, Valuation Reports, Fairness Opinions, in the context of M&A transactions: BofAML has extensive experience in preparing financial assessments, whether in transactions that require support of valuation reports or in transactions that follow applicable determinations by the Comissão de Valores Mobiliários ( CVM ). Such transactions include (i) advise the independent committee of Aracruz in the context of its merger with VCP (US$5.4 billion), the first transaction executed under CVM Parecer 35 guidelines, (ii) fairness opinion to Companhia Vale do Rio Doce ("Vale") to estimate the economic value of Caemi in the context of its acquisition by Vale (US$2.6 billion), (iii) valuation report of Banco Nossa Caixa with respect to its acquisition by Banco do Brasil (US$ 2.3 billion), (iv) preparation of a valuation report for TIM to support the exchange ratio in the context of its acquisition of Intelig (US$456 million), and (v) fairness opinion to TIM s Board of Directors in the context of the acquisition of minority shareholders of TIM Sul and TIM Nordeste Telecomunicações by TIM Participações (US$243 million).

1

PROPOSAL FOR VALUATION REPORT 

Scope of Work

As the scope of work to the Board of Directors of Santander Brasil, BofAML will prepare a Laudo de Avaliação that:

• Will have a value range with the ratio between the share prices of Santander Brasil and Grupo Santander, based on the economic value of each individual entity calculated by BofAML acting independently and in good faith;
• Will be based on information provided by the Board of Directors of Santander Brasil and other public sources;
• Will be based on methodologies commonly used for the preparation of Laudos de Avaliação, including Dividend Discount Models and analysis of trading multiples of similar companies in the market.

Proposed Fee

BofAML proposes a fee ( Fee ) of R$1,700,000.00 (one million and seven hundred thousand Reais) to prepare the Laudo de Avaliação, net of any excise taxes or incident fees. This amount will be due immediately upon the delivery of the Laudo de Avaliação to Santander Brasil.

Other Aspects of BofAML s Proposal

BofAML would like to emphasize the following points regarding this Proposal:

• The Laudo de Avaliação will comply with the rules of Level 2 of Corporate Governance sponsored by BM&FBOVESPA, particularly Articles 10.1 and 11.2 of the relevant regulation, and from the CVM, particularly the Articles 4º, VI, and 8º of CVM Instruction 361, and of the Corporate Law, as described above;
• The Laudo de Avaliação, as well as this Proposal, may be disclosed to the market, pursuant to applicable regulations;
• As it is customary in situations that require the preparation of Laudos de Avaliação, the delivery of the Laudo de Avaliação for Santander Brasil will take place once it has being approved by BofAML internal valuation committee, which will validate the valuation methodologies used in determining Grupo Santander and Santander Brasil economic value ranges;
• This proposal is subject to the signature by Santander Brasil of a mandate letter following standards and criteria commonly used by BofAML for this type of transaction;

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PROPOSAL FOR VALUATION REPORT 

Conclusion

We appreciate the request for the Valuation Report. Please let us know if you have any questions on the content of this Proposal.

Kind Regards,

 

Roberto Barbuti Managing Director Co-Head Investment Banking Bank of America Merrill Lynch Banco Múltiplo S.A.	Ricardo Moura Managing Director Mergers & Acquisitions Bank of America Merrill Lynch Banco Múltiplo S.A.

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EXHIBIT IV

Appraisal Report elaborated by Goldman Sachs

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EXHIBITV 

Documents and Related Links

All documents mentioned in this Guide can be found in the electronic address mentioned below. Beside these, specifically, each electronic address also contains the following additional documents of interest to the shareholder: 

-www.ri.santander.com.br or www.santander.com.br/acionistas: Information regarding the Company, such as corporate governance practices, curriculums of the Management members.

-http://www.bmfbovespa.com.br/pt-br/servicos/download/Regulamento-de-Listagem-do-Nivel-2.pdf: Level 2 of Corporate Governance Regulation

-www.cvm.gov.br: Brazilian Corporate Law, Normative Ruling CVM 480 and 481.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

Date: May 13, 2014

Banco Santander (Brasil) S.A.
By:	/S/ Amancio Acurcio Gouveia
	Amancio Acurcio Gouveia Officer Without Specific Designation

By:	/S/ Carlos Alberto Lopéz Galán
	Carlos Alberto Lopéz Galán Vice - President Executive Officer