MATERIAL FACT


Banco Pan (BPNM4) ("Pan") hereby informs its shareholders and the market that it has entered into an agreement with investors with regards to thirteen (13) Bank Deposit Certificates ("CDBs") issued by Pan, in the amount, adjusted to this date by their respective issuance rates, of R$500.4 million, which had been contested in court, thereby ending the litigation related to these CDBs.

As a result of this agreement, Pan recorded an immediate accounting gain of R$84.5 million and will no longer be burdened by future interest expenses of R$285.7 million related to these CDBs until their respective maturities.

São Paulo, December 09, 2013.

Willy Otto Jordan Neto
Investor Relations Officer

ri@grupopan.com
www.bancopan.com.br

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