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Conference Call
  2Q10 Results

                  0
 Credit Behavior in Brazil

   Loan Portfolio

   Funding and Liquidity

   Result from Operations

   Indusval Multistock Corretora de Valores

   Share Performance


                                               1
Total Credit Volume and Segmentation

 Volume of Credit Operations
 R$ billion                                             1,529
                                              1,410
                                   1,227
                                                                                          Credit to individuals growth continues
                                               32%       33%
                          936      29%                                                 supported by payroll lending, vehicle and real
                                                                                                      state financing.
                          29%
                                                                                         In Corporate Credit earmarked resources
              733                                                                               from BNDES still stand out.
   607                                                   67%
                          71%      71%         68%
                                                                                       Public institutions account for 42.3% of total
  2005        2006      2007       2008       2009      Jun/10                                 loans in the financial system
   Nonearmarked Resources             Earmarked Resources




               Variation%                     Individuals                               Corporate
                                   Non                                      Non                                     Total
                                                Earmarked                                Earmarked                  Credit
                 Jun/10         earmarked                         Total  earmarked                        Total
                                                Resource                                 Resources
                                Resource                                 Resources
              In the month             0.9                  1.3      1.0        2.6                 3.1       2.8        2.0
              In the quarter           3.9                  6.0      4.5         5.8                6.3       6.0        5.3
              In the year              7.6               12.5        8.9         5.6             10.6         7.5        8.1
              In 12 months            16.4               26.9       19.1        10.2             40.7        20.3       19.7

                                          Source: Central Bank of Brazil – Credit Information System - SCR




                                                                                                                                        2
Credit Default Ratios
                                               Stabilized in Corporate Credit
                                        and continuous decline in credit to Individuals

                  10
                  9
                  8
                  7
                                                                                                                     6.6%
                  6
   %
                  5                                                                                                  5.0%
                  4
                                                                                                                     3.6%
                  3
                  2
                                                                    Corporate           Individuals          Total
   Source BACEN




                  1
                  0
                       Dec Dec Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

                       2006 2007 2008                     2009                                        2010




                   Default Rate on Loans to Individuals: Fast retreat from June 2009.

                   Default Rate on Corporate Loans: Accelerated increase until September/09, with slow decline
                                                      from November 2009 to March 2010, when stabilized at 3.6%



                                                                                                                            3
   Credit Behavior in Brazil

 Loan Portfolio

   Funding and Liquidity

   Result from Operations

   Indusval Multistock Corretora de Valores

   Share Performance


                                               4
Credit Loans over R$ 1.7 billion *
                                                                                  * Including guarantees issued and L/Cs

                  Local Currency Loans                                               Trade Finance
 R$ Million                                                       R$ Million

                           -3.7%

        1,460.0                               1,405.4
                          1,385.7
                                                                                            +33.5%



                                                                                         333.3            357.2
                                                                        267.5




         2Q09             1Q10                2Q10                      2Q09             1Q10             2Q10


   Local currency loans maintain 80%                           88% export financing (ACC/ ACE)
      participation in total loan portfolio
                                                                L/Cs and Import financing respond for 12% of
   Prevalence of Working Capital Loans and                       Trade Finance business
      Discounts = 68% of Total Loan Portfolio
                                                                In foreign currency, portfolio growth of 3% in the
   Guarantees issued in local currency
      represent only 4.7% of the portfolio in Reais               quarter and 41% in 12 months:
                                                                    •   US$ 136.6 million in 2Q09
                                                                    •   US$ 186.9 million in 1Q10
                                                                    •   US$ 192.1 million in 2Q10

                                    Credit Assignment   Guarantees issued and L/Cs
                                                                                                                    5
Credit Portfolio Breakdown
               By Economic Activity                                 By Currency
                    Individuals
          Finance
                        8%
          Interm.                                     Foreign
            1%                                        Currency
                                                        21%

    Services
     23%
                                         Industry
                                           57%
                                                                                          Local
                                                                                         Currency
     Commerce                                                                              79%
       11%


          By Client Concentration                                     By Tenor
                                                    The average of contracts final tenors is 451 days
                                  10 largest           Above 360
         Other
                                     19%                 days
         25%
                                                          28%                               Up to 90
                                                                                             days
                                                                                             38%




                                     11 to 60          181 to 360
     61 to 160                         32%                15%
       24%                                                                   91 to 180
                                                                               19%

                                                                                                        6
Loan Portfolio breakdown by Industry


                                                FOOD, BEVERAGE AND TOBACCO
                                                AGRIBUSINESS
                  12%                           HEAVY CONSTRUCTION
                                    22%
        1% 1%                                   CHEMICAL AND PHARMACEUTICA
       3%                                       AUTOMOTIVE
  3%                                            TRANSPORTATION & LOGISTICS
                                                EDUCATION
  3%                                            TEXTILE, CLOTHING & LEATHER
                                                METAL INDUSTRY
  3%
                                                FINANCIAL INSTITUTIONS
  4%                                      15%
                                                OIL AND BIOFUEL
       4%                                       FINANCIAL SERVICES
            4%                                  INDIVIDUALS
                 4%               10%
                        5%   5%                 INTERNATIONAL TRADE
                                                PAPER & PULP
                                                OTHER INDUSTRIES




                                                                              7
Developments in Loan Portfolio Quality
                                                                     Asset Quality
                                 Risk Rating                                            Collateral Structure - Middle Market
                            D-H                                                                           Vehicles
                                                                                             Real State
                            12%                                                                10%
                                                                                                            2%       Aval PN
                                                                                                                      21%
                                                     A                                Monitored
                                                    33%                                Pledge
                                                                                        11%
                                                                                                                          Pledge/Lien
                                                                                     Securities
                                                                                                                              6%
                                                                                        4%
                       C
                      27%
                                                  B
                                                                                                                     Receivables
                                                 28%
                                                                                                                        46%


                      NPL(*) / Total Loan (%)                                              Allowance for Loan Losses
 (*) Total amount of contracts with any installment overdue above 60 days


                6.9
                                                                                         118.2
                                                                                                            110.7       107.8

                                  3.5
                                                     2.6




               2Q09               1Q10             2Q10                                   2Q09              1Q10        2Q10


              Provisions of 6.4% of Loan Portfolio ensure good coverage = 51% of D-H and 245% of NPL 60 days

                                                                                                                                        8
   Credit Behavior in Brazil

   Loan Portfolio

 Funding and Liquidity

   Result from Operations

   Indusval Multistock Corretora de Valores

   Share Performance


                                               9
Stable volumes, Longer tenors

                   Total Funding                                       Funding Breakdown
 R$ Million
                                                                               BNDES
                          +6.1%                                               Onlending
                                                                Foreign          5%
                        1,880.7          1,880.6               Borrowings
        1,772.3                                                   22%
                                                                                                    Time
                                                                                                   Deposits
                                                            Interbank                                40%
                                                             Deposits
                                                                2%
                                                            Demand
                                                            Deposits
                                                               2%    LCA
                                                                    1%
                                                                         DPGE(*)
         2Q09            1Q10            2Q10                             28%


   Predominance of local currency funding          Time Deposits (CDs + DPGEs) equivalent to
             73% in Deposits                        68% of total funding
             16% Trade Finance lines               Lengthening of average term to maturity of total
             6% IFC A/B Loan                        deposits to 593 days in the 2Q10 from 494 days
             5% BNDES onlending lines               in the 1Q10:
                                                         CDBs: R$ 743.8 MM - 382 days
                                                         DPGEs: R$ 525.4 MM - 946 days
                                                         Interbank Deposits: R$ 45.7 MM - 142 days

                                                        (*) Time Deposits insured by Fundo Garantidor de Crédito (FGC)

                                                                                                                  10
Good Liquidity maintained
                        Free Cash (*)
    R$ Million                                                    Management of liquidity, interest
                                                                   rate, currencies and tenor
           735,2
                                                                   mismatch risks is our Treasury’s
                             707,9             695,5               main task
                                                                  Free Cash:
                                                                            51% of Total Deposits
                                                                            162% of Shareholder’s Equity


           2Q09              1Q10              2Q10
                                                                           Assets and Liabilities Management
                                                              R$ Million

                                                                                                                        720,1

                     (*) Free Cash =                          586,4
                                                                      558,5                                     533,1
(Cash + Liquid Financial Assets + Securities + Derivatives)
                                                                                382,7
                            (-)                                                         306,8    293,2 285,8
          (Open Market Funds + Derivatives)

                                                                90 days           180 days         360 days    Above 360 days

                                                                                     Assets     Liabilities



                                                                                                                           11
   Credit Behavior in Brazil

   Loan Portfolio

   Funding and Liquidity

 Results from Operations

   Indusval Multistock Corretora

   Share Performance


                                    12
Financial Intermediation Profit stands complementary provisions
        Income from Financial Intermediation                Gross Profit from Financial intermediation
    R$ Million                                              R$ Million


                          +7.8%

                         114,4    -3.5%   110,4
          102,3                                                               +2.9%


                                                                                      -6.1%
                                                                 32.1          35.2            33.1




          2Q09           1Q10             2Q10                  2Q09           1Q10           2Q10


  3.5% drop in Income from Financial                    Gross Profit from Financial Intermediation
   Intermediation in the quarter derived from lower       equivalent to 30% of Income from Financial
   FX variation volume on Trade Finance operations        Intermediation in the 2Q10 towards 31% in the
                                                          1Q10 and 2Q09.
  The FX rate effect also reflected in the reduction
   in Expenses with Foreign Borrowings                   Increase of 10.4% in the expenses of
                                                          Allowance for Loan Losses to maintain the
                                                          volume of complementary allowance for loan
                                                          losses in R$ 11 million and give good
                                                          coverage to exposure of the loan portfolio

                                                                                                         13
Efficiency keeps evolving
                 Net Operating Expenses                                          Efficiency Ratio
  R$ Million                                                   In %

                                                                                  +9.6 p.p.
                                                                                                 -5.8
                                                                                        61.0%           p.p.
                                                                                                               55.2%
                          -14.6%
                                                                       45.6%

                                   -14.3
          24.5            24.4             %
                                               20.9




                                                        S&P Model
       2Q09               1Q10                 2Q10                     2Q09            1Q10                   2Q10

  Net Operating Expenses reduced to 63% of              Decrease of net operating expenses offset a
   Result from Financial Intermediation                             small reduction in results of financial
   compared to 69% in 1Q10 and 76% in 2Q09,                         intermediation, with favorable impact on the
   as result of:                                                    efficiency ratio in the quarter.
           Strict control of operating expenses
                                                         Maintaining this trend should remain as the
           Increased contribution of other revenues,               positive scenario persist.
            operating, including positive exchange
            variation on arbitrage operations.



                                                                                                                       14
Recovering profitability
                      Net Profit                                               Net Interest Margin (NIM)
   R$ Million

                                                                                                     NIM        GIM
                       +2.5%


                                          8.3                                                                      6,8%
         8.1             7.3   +13.7%
                                                                                                                   4,9%




        2Q09            1Q10             2Q10                4Q08       1Q09     2Q09    3Q09    4Q09      1Q10     2Q10
                                                                                           GIM= Gross Interest Margin


  Net Profit progressed due to reduction of:                NIM 0.2 p.p. drop in the quarter reflects:
      14% in Net Operating Expenses; and
      25% in Profit Sharing - management and employees
                                                                    •   The increase of Trade Finance share in
                                                                        the average interest bearing assets;
  Compensating:                                                        and
      6% drop in Financial Intermediation Result; and
      25% increase in Income Tax and Social Contribution           •   Maintenance of liquidity levels
  Recurring Profit in the quarter was 22% higher
    than 2Q09 which had a non-recurring net income
    of R$ 1.3 million

                                                                                                                        15
   Credit Behavior in Brazil

   Loan Portfolio

   Funding and Liquidity

   Result from Operations

 Indusval Multistock Corretora de Valores

   Share Performance


                                         16
Investment plan maintained

 Challenging market in 2Q10

 The brokerage firm modernization process keeps its pace with investments in
  technology and people to develop new products and markets within its strategic
  targets:
      • To broaden the institutional clients and qualified individual investors base
      • To expand to the retail segment
      • To become an institutional clients’ liquidity center

 Repositioning in the BM&F Ranking

      • 2Q09: 53th position
      • 1Q10: 17th position
      • 2Q10: 33th position




                                                                                       17
   Credit Behavior in Brazil

   Loan Portfolio

   Funding and Liquidity

   Result from Operations

   Indusval Multistock Corretora de Valores

 Share Performance

                                               18
Capital Distribution and Free Float
  On August 10, 2010, the Board of Directors of Banco Indusval Multistock approved:
   The cancellation of 1,262,117 preferred shares held in treasury
                                        # of Shares      # of Shares Treasury       # of Shares
                       Class
                                        06.30.2010             Cancelled             08.11.2010
                     Common             27,000,000                   -0-            27,000,000
                     Preferred          15,475,101               (1,262,117)        14,212,984
                      TOTAL             42,475,101               (1,262,117)        41,212,984


         Current free float:
                                 # of Shares       Controlling                    # of Shares      Free
             Class                                                 Management
                                  08.11.2010     Shareholders                      Free Float      Float
           Common                27,000,000       (17,116,173)      (2,574,369)    7,309,458      27.07%
           Preferred             14,212,984        (1,038,047)       (159,570)    13,015,367      91.52%
            TOTAL                41,212,984       (18,154,220)      (2,733,939)   20,324,825      49.32%


   The closure of the 3rd share buyback program; and,

   The opening of the 4th preferred shares buyback program for the acquisition of up to 1,301,536
    preferred shares in force until Aug.09,2011 to be maintained in treasury, future sale or
    cancellation, without capital reduction.




                                                                                                           19
Shareholder Remuneration

         BIM’s practice for shareholder remuneration in the last years is
            the quarterly anticipated payment of Interest on Equity

                                                                             27.0
                                                              25.5
                                                                             6,7
                                                              6,4



                                                15.8                         6,6
                                                              6,5

                                                6,1                                 12.6
                         11.6
                         2,6
                                      10.1                                   6,9
                                      2,2                     6,6                    6,3
                         3,0          2,4       5,1
                 R$ MM




                         2,9          2,7       2,3           6,0            6,8     6,3
                         2,9          2,8       2,3

                         2005         2006      2007          2008           2009   2010
                                                 1Q      2Q    3Q     4Q

   Remuneration per share
       2005                    2006            2007                   2008            2009       1H2010
     R$ 0,3657            R$ 0,3249          R$ 0,3688              R$ 0,5994       R$ 0,6423   R$ 0,3022




                                                                                                            20
30
                                                                                                             /




                                                                                                                                 1
                                                                                                                                            1
                                                                                                                                                    1




                                                                                                           06 12
                                                                                                                                        1




                                                                                                                       80
                                                                                                                            90
                                                                                                                                  00
                                                                                                                                       10
                                                                                                                                             20
                                                                                                                                                     30




                                                                                                             /0 /09




              IGC
                                                                                                           13 1 /
                                                                                                                  1




     ITAG
                       IBOV
                                                               IDVL4
                                                                                                           20/01 0
                                                                                                             /   /1
                                                                                                           27 01 0
                                                                                                             /0 /10
                                                                                                           03 1
                                                                                                             / /1
                                                                                                                                                               IDVL4 X IBOV - 2010




                                                                                                           10 02 / 0
                                                                                                                  1
                                                                                                           17/02 0
                                                                                                             /   /1
                                                                                                           24 02 0
                                                                                                             / /1
                                                                                                                                                                                     Stock Performance




                                                                                                           03 02 0
                                                                                                             / /1
                                                                                                           10 03 / 0
                                                                                                                  1




                                IDVL4 (adjusted to earnings)
                                                                                                           17/03 0
                                                                                                                                                  IB OVESP A




                                                                                                             / /1
                                                                                                           24 03 0




                                                                        Performance (until Aug. 06.2010)
                                                                                                             / /1
                                                                                                           31 03 0
                                                                                                             / /1
                                                                                                           07 03 / 0
                                                                                                             / 1
                                                                                                           14 04 0
                                                                                                                                                  IDVL4




                                                                                                             / /1
                                                                                                           21 04 0
                                                                                                             / /1
                                                                                                           28 04 0
                                                                                                             / /1



                       9.72%
                                8.25%
                                                               8.25%




     10.66%
              10.16%
                                                                                                           05 04 / 0
                                                                                                             / 1
                                                                        In 30 days


                                                                                                           12 05 0
                                                                                                             / /1
                                                                                                           19 05 0
                                                                                                             / /1
                                                                                                           26 05 0
                                                                                                             / /1
                                                                                                           02 05 / 0
                                                                                                             / 1
                                                                                                           09 06 0
                                                                                                             / /1
                                                                                                           16 06 0
                                                                                                             / /1
                                                                                                           23 06 0
     4.52%
              4.57%
                                0.18%

                       -0.72%
                                                               -3.50%
                                                                        In 2010




                                                                                                             / /1
                                                                                                           30 06 / 0
                                                                                                             / 1
                                                                                                           07 06 0
                                                                                                             / /1
                                                                                                           14 07 0
                                                                                                                 /1
                                                                                                           21/07 0
                                                                                                             /   /1
                                                                                                           28 07 / 0
                                                                                                             / 1
                                                                                                           04 07 0
                                                                                                             /0 /10
                                                                                                               8/
                                                               7.24%




     29.94%
              29.98%
                       22.13%
                                15.65%




                                                                                                                  10
                                                                        In 12 months




21
In Summary

  Credit Behavior in Brazil
     Private Financial institutions start reaction, however, the public banks reach a high 42%
     participation in total credit in financial system.

  Loan Portfolio
     More positive macroeconomic scenario reflected in better SMEs performance.
     Slow origination retaking, with a 2.5% portfolio QonQ growth overcoming the maturities and
     write-offs in the period.
     Trade Finance portfolio has a faster reaction as a consequence of the scenario.
     Retreated default levels maintained from March/2010.
     Good loan loss allowance NPL coverage.

  Funding and Liquidity
     Available volumes at longer tenors.

  Results
     Controlled Operating Expenses contributed to better results with Net Profit 14% higher than
     the previous quarter and 22% above the recurring results of 2Q09.




                                                                                                    22
Questions and Answers


Please note that this is the English version of the presentation. The original version is in Portuguese. If there is any discrepancy between
such versions, the Portuguese version shall prevail. Banco Indusval Multistock’s full financial statements will be available on our website
at www.indusval.com.br/ir, under Financial Information – Financial Statements, as soon as they are filed with the CVM – Brazilian
Securities and Exchange Commission.
Any reference or statement regarding Banco Indusval Multistock - or its subsidiaries and affiliates - anticipated synergies, growth plans,
projected results and future strategies are just estimates. Although these forward-looking statements reflect management’s good faith
beliefs, they involve known and unknown risks and uncertainties that may cause the Company’s actual results or outcomes to be
materially different from those anticipated and discussed herein. These risks and uncertainties include, but are not limited to, our ability
to realize the amount of the projected synergies and in the timetable projected, as well as economic, competitive, governmental and
technological factors affecting Banco Indusval Multistock’s operations, markets, products and prices, and other factors detailed in Banco
Indusval Multistock’s filings with the CVM – Brazilian Securities and Exchange Commission which, readers are urged to read carefully, in
analyzing the forward-looking statements that are contained herein. Banco Indusval Multistock undertakes no obligation to update any of
the projections contained herein.


                                                                                                                                               23
Investor Relations – Contact Information


Ziro Murata Jr.                    Banco Indusval S/A
IRO                                Rua Boa Vista, 356 – 7º andar
                                   01014-000- São Paulo – SP
Phone: (55 11) 3315-6961
                                   Brasil
E-mail: ziro@indusval.com.br


Maria Angela R. Valente            IR Site:
Head of IR                         www.indusval.com.br/ir
Phone: (55 11) 3315-6821
E-mail: mvalente@indusval.com.br




                                                                   24

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Presentation 2Q10

  • 1. Conference Call 2Q10 Results 0
  • 2.  Credit Behavior in Brazil  Loan Portfolio  Funding and Liquidity  Result from Operations  Indusval Multistock Corretora de Valores  Share Performance 1
  • 3. Total Credit Volume and Segmentation Volume of Credit Operations R$ billion 1,529 1,410 1,227 Credit to individuals growth continues 32% 33% 936 29% supported by payroll lending, vehicle and real state financing. 29% In Corporate Credit earmarked resources 733 from BNDES still stand out. 607 67% 71% 71% 68% Public institutions account for 42.3% of total 2005 2006 2007 2008 2009 Jun/10 loans in the financial system Nonearmarked Resources Earmarked Resources Variation% Individuals Corporate Non Non Total Earmarked Earmarked Credit Jun/10 earmarked Total earmarked Total Resource Resources Resource Resources In the month 0.9 1.3 1.0 2.6 3.1 2.8 2.0 In the quarter 3.9 6.0 4.5 5.8 6.3 6.0 5.3 In the year 7.6 12.5 8.9 5.6 10.6 7.5 8.1 In 12 months 16.4 26.9 19.1 10.2 40.7 20.3 19.7 Source: Central Bank of Brazil – Credit Information System - SCR 2
  • 4. Credit Default Ratios Stabilized in Corporate Credit and continuous decline in credit to Individuals 10 9 8 7 6.6% 6 % 5 5.0% 4 3.6% 3 2 Corporate Individuals Total Source BACEN 1 0 Dec Dec Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2006 2007 2008 2009 2010 Default Rate on Loans to Individuals: Fast retreat from June 2009. Default Rate on Corporate Loans: Accelerated increase until September/09, with slow decline from November 2009 to March 2010, when stabilized at 3.6% 3
  • 5. Credit Behavior in Brazil  Loan Portfolio  Funding and Liquidity  Result from Operations  Indusval Multistock Corretora de Valores  Share Performance 4
  • 6. Credit Loans over R$ 1.7 billion * * Including guarantees issued and L/Cs Local Currency Loans Trade Finance R$ Million R$ Million -3.7% 1,460.0 1,405.4 1,385.7 +33.5% 333.3 357.2 267.5 2Q09 1Q10 2Q10 2Q09 1Q10 2Q10  Local currency loans maintain 80%  88% export financing (ACC/ ACE) participation in total loan portfolio  L/Cs and Import financing respond for 12% of  Prevalence of Working Capital Loans and Trade Finance business Discounts = 68% of Total Loan Portfolio  In foreign currency, portfolio growth of 3% in the  Guarantees issued in local currency represent only 4.7% of the portfolio in Reais quarter and 41% in 12 months: • US$ 136.6 million in 2Q09 • US$ 186.9 million in 1Q10 • US$ 192.1 million in 2Q10 Credit Assignment Guarantees issued and L/Cs 5
  • 7. Credit Portfolio Breakdown By Economic Activity By Currency Individuals Finance 8% Interm. Foreign 1% Currency 21% Services 23% Industry 57% Local Currency Commerce 79% 11% By Client Concentration By Tenor The average of contracts final tenors is 451 days 10 largest Above 360 Other 19% days 25% 28% Up to 90 days 38% 11 to 60 181 to 360 61 to 160 32% 15% 24% 91 to 180 19% 6
  • 8. Loan Portfolio breakdown by Industry FOOD, BEVERAGE AND TOBACCO AGRIBUSINESS 12% HEAVY CONSTRUCTION 22% 1% 1% CHEMICAL AND PHARMACEUTICA 3% AUTOMOTIVE 3% TRANSPORTATION & LOGISTICS EDUCATION 3% TEXTILE, CLOTHING & LEATHER METAL INDUSTRY 3% FINANCIAL INSTITUTIONS 4% 15% OIL AND BIOFUEL 4% FINANCIAL SERVICES 4% INDIVIDUALS 4% 10% 5% 5% INTERNATIONAL TRADE PAPER & PULP OTHER INDUSTRIES 7
  • 9. Developments in Loan Portfolio Quality Asset Quality Risk Rating Collateral Structure - Middle Market D-H Vehicles Real State 12% 10% 2% Aval PN 21% A Monitored 33% Pledge 11% Pledge/Lien Securities 6% 4% C 27% B Receivables 28% 46% NPL(*) / Total Loan (%) Allowance for Loan Losses (*) Total amount of contracts with any installment overdue above 60 days 6.9 118.2 110.7 107.8 3.5 2.6 2Q09 1Q10 2Q10 2Q09 1Q10 2Q10 Provisions of 6.4% of Loan Portfolio ensure good coverage = 51% of D-H and 245% of NPL 60 days 8
  • 10. Credit Behavior in Brazil  Loan Portfolio  Funding and Liquidity  Result from Operations  Indusval Multistock Corretora de Valores  Share Performance 9
  • 11. Stable volumes, Longer tenors Total Funding Funding Breakdown R$ Million BNDES +6.1% Onlending Foreign 5% 1,880.7 1,880.6 Borrowings 1,772.3 22% Time Deposits Interbank 40% Deposits 2% Demand Deposits 2% LCA 1% DPGE(*) 2Q09 1Q10 2Q10 28%  Predominance of local currency funding  Time Deposits (CDs + DPGEs) equivalent to  73% in Deposits 68% of total funding  16% Trade Finance lines  Lengthening of average term to maturity of total  6% IFC A/B Loan deposits to 593 days in the 2Q10 from 494 days  5% BNDES onlending lines in the 1Q10:  CDBs: R$ 743.8 MM - 382 days  DPGEs: R$ 525.4 MM - 946 days  Interbank Deposits: R$ 45.7 MM - 142 days (*) Time Deposits insured by Fundo Garantidor de Crédito (FGC) 10
  • 12. Good Liquidity maintained Free Cash (*) R$ Million  Management of liquidity, interest rate, currencies and tenor 735,2 mismatch risks is our Treasury’s 707,9 695,5 main task  Free Cash:  51% of Total Deposits  162% of Shareholder’s Equity 2Q09 1Q10 2Q10 Assets and Liabilities Management R$ Million 720,1 (*) Free Cash = 586,4 558,5 533,1 (Cash + Liquid Financial Assets + Securities + Derivatives) 382,7 (-) 306,8 293,2 285,8 (Open Market Funds + Derivatives) 90 days 180 days 360 days Above 360 days Assets Liabilities 11
  • 13. Credit Behavior in Brazil  Loan Portfolio  Funding and Liquidity  Results from Operations  Indusval Multistock Corretora  Share Performance 12
  • 14. Financial Intermediation Profit stands complementary provisions Income from Financial Intermediation Gross Profit from Financial intermediation R$ Million R$ Million +7.8% 114,4 -3.5% 110,4 102,3 +2.9% -6.1% 32.1 35.2 33.1 2Q09 1Q10 2Q10 2Q09 1Q10 2Q10  3.5% drop in Income from Financial  Gross Profit from Financial Intermediation Intermediation in the quarter derived from lower equivalent to 30% of Income from Financial FX variation volume on Trade Finance operations Intermediation in the 2Q10 towards 31% in the 1Q10 and 2Q09.  The FX rate effect also reflected in the reduction in Expenses with Foreign Borrowings  Increase of 10.4% in the expenses of Allowance for Loan Losses to maintain the volume of complementary allowance for loan losses in R$ 11 million and give good coverage to exposure of the loan portfolio 13
  • 15. Efficiency keeps evolving Net Operating Expenses Efficiency Ratio R$ Million In % +9.6 p.p. -5.8 61.0% p.p. 55.2% -14.6% 45.6% -14.3 24.5 24.4 % 20.9 S&P Model 2Q09 1Q10 2Q10 2Q09 1Q10 2Q10  Net Operating Expenses reduced to 63% of  Decrease of net operating expenses offset a Result from Financial Intermediation small reduction in results of financial compared to 69% in 1Q10 and 76% in 2Q09, intermediation, with favorable impact on the as result of: efficiency ratio in the quarter.  Strict control of operating expenses  Maintaining this trend should remain as the  Increased contribution of other revenues, positive scenario persist. operating, including positive exchange variation on arbitrage operations. 14
  • 16. Recovering profitability Net Profit Net Interest Margin (NIM) R$ Million NIM GIM +2.5% 8.3 6,8% 8.1 7.3 +13.7% 4,9% 2Q09 1Q10 2Q10 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 GIM= Gross Interest Margin  Net Profit progressed due to reduction of:  NIM 0.2 p.p. drop in the quarter reflects:  14% in Net Operating Expenses; and  25% in Profit Sharing - management and employees • The increase of Trade Finance share in the average interest bearing assets;  Compensating: and  6% drop in Financial Intermediation Result; and  25% increase in Income Tax and Social Contribution • Maintenance of liquidity levels  Recurring Profit in the quarter was 22% higher than 2Q09 which had a non-recurring net income of R$ 1.3 million 15
  • 17. Credit Behavior in Brazil  Loan Portfolio  Funding and Liquidity  Result from Operations  Indusval Multistock Corretora de Valores  Share Performance 16
  • 18. Investment plan maintained Challenging market in 2Q10 The brokerage firm modernization process keeps its pace with investments in technology and people to develop new products and markets within its strategic targets: • To broaden the institutional clients and qualified individual investors base • To expand to the retail segment • To become an institutional clients’ liquidity center Repositioning in the BM&F Ranking • 2Q09: 53th position • 1Q10: 17th position • 2Q10: 33th position 17
  • 19. Credit Behavior in Brazil  Loan Portfolio  Funding and Liquidity  Result from Operations  Indusval Multistock Corretora de Valores  Share Performance 18
  • 20. Capital Distribution and Free Float On August 10, 2010, the Board of Directors of Banco Indusval Multistock approved:  The cancellation of 1,262,117 preferred shares held in treasury # of Shares # of Shares Treasury # of Shares Class 06.30.2010 Cancelled 08.11.2010 Common 27,000,000 -0- 27,000,000 Preferred 15,475,101 (1,262,117) 14,212,984 TOTAL 42,475,101 (1,262,117) 41,212,984 Current free float: # of Shares Controlling # of Shares Free Class Management 08.11.2010 Shareholders Free Float Float Common 27,000,000 (17,116,173) (2,574,369) 7,309,458 27.07% Preferred 14,212,984 (1,038,047) (159,570) 13,015,367 91.52% TOTAL 41,212,984 (18,154,220) (2,733,939) 20,324,825 49.32%  The closure of the 3rd share buyback program; and,  The opening of the 4th preferred shares buyback program for the acquisition of up to 1,301,536 preferred shares in force until Aug.09,2011 to be maintained in treasury, future sale or cancellation, without capital reduction. 19
  • 21. Shareholder Remuneration BIM’s practice for shareholder remuneration in the last years is the quarterly anticipated payment of Interest on Equity 27.0 25.5 6,7 6,4 15.8 6,6 6,5 6,1 12.6 11.6 2,6 10.1 6,9 2,2 6,6 6,3 3,0 2,4 5,1 R$ MM 2,9 2,7 2,3 6,0 6,8 6,3 2,9 2,8 2,3 2005 2006 2007 2008 2009 2010 1Q 2Q 3Q 4Q Remuneration per share 2005 2006 2007 2008 2009 1H2010 R$ 0,3657 R$ 0,3249 R$ 0,3688 R$ 0,5994 R$ 0,6423 R$ 0,3022 20
  • 22. 30 / 1 1 1 06 12 1 80 90 00 10 20 30 /0 /09 IGC 13 1 / 1 ITAG IBOV IDVL4 20/01 0 / /1 27 01 0 /0 /10 03 1 / /1 IDVL4 X IBOV - 2010 10 02 / 0 1 17/02 0 / /1 24 02 0 / /1 Stock Performance 03 02 0 / /1 10 03 / 0 1 IDVL4 (adjusted to earnings) 17/03 0 IB OVESP A / /1 24 03 0 Performance (until Aug. 06.2010) / /1 31 03 0 / /1 07 03 / 0 / 1 14 04 0 IDVL4 / /1 21 04 0 / /1 28 04 0 / /1 9.72% 8.25% 8.25% 10.66% 10.16% 05 04 / 0 / 1 In 30 days 12 05 0 / /1 19 05 0 / /1 26 05 0 / /1 02 05 / 0 / 1 09 06 0 / /1 16 06 0 / /1 23 06 0 4.52% 4.57% 0.18% -0.72% -3.50% In 2010 / /1 30 06 / 0 / 1 07 06 0 / /1 14 07 0 /1 21/07 0 / /1 28 07 / 0 / 1 04 07 0 /0 /10 8/ 7.24% 29.94% 29.98% 22.13% 15.65% 10 In 12 months 21
  • 23. In Summary  Credit Behavior in Brazil  Private Financial institutions start reaction, however, the public banks reach a high 42% participation in total credit in financial system.  Loan Portfolio  More positive macroeconomic scenario reflected in better SMEs performance.  Slow origination retaking, with a 2.5% portfolio QonQ growth overcoming the maturities and write-offs in the period.  Trade Finance portfolio has a faster reaction as a consequence of the scenario.  Retreated default levels maintained from March/2010.  Good loan loss allowance NPL coverage.  Funding and Liquidity  Available volumes at longer tenors.  Results  Controlled Operating Expenses contributed to better results with Net Profit 14% higher than the previous quarter and 22% above the recurring results of 2Q09. 22
  • 24. Questions and Answers Please note that this is the English version of the presentation. The original version is in Portuguese. If there is any discrepancy between such versions, the Portuguese version shall prevail. Banco Indusval Multistock’s full financial statements will be available on our website at www.indusval.com.br/ir, under Financial Information – Financial Statements, as soon as they are filed with the CVM – Brazilian Securities and Exchange Commission. Any reference or statement regarding Banco Indusval Multistock - or its subsidiaries and affiliates - anticipated synergies, growth plans, projected results and future strategies are just estimates. Although these forward-looking statements reflect management’s good faith beliefs, they involve known and unknown risks and uncertainties that may cause the Company’s actual results or outcomes to be materially different from those anticipated and discussed herein. These risks and uncertainties include, but are not limited to, our ability to realize the amount of the projected synergies and in the timetable projected, as well as economic, competitive, governmental and technological factors affecting Banco Indusval Multistock’s operations, markets, products and prices, and other factors detailed in Banco Indusval Multistock’s filings with the CVM – Brazilian Securities and Exchange Commission which, readers are urged to read carefully, in analyzing the forward-looking statements that are contained herein. Banco Indusval Multistock undertakes no obligation to update any of the projections contained herein. 23
  • 25. Investor Relations – Contact Information Ziro Murata Jr. Banco Indusval S/A IRO Rua Boa Vista, 356 – 7º andar 01014-000- São Paulo – SP Phone: (55 11) 3315-6961 Brasil E-mail: ziro@indusval.com.br Maria Angela R. Valente IR Site: Head of IR www.indusval.com.br/ir Phone: (55 11) 3315-6821 E-mail: mvalente@indusval.com.br 24