1. Conference Call
1Q10 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
1,410 1,452
1,227 Credit to individuals growth supported by
33%
936
32% payroll lending, vehicle and real state
29%
financing.
29%
In Corporate Credit earmarked resources
607 733 from BNDES still stand out.
71% 71% 68% 67%
Improved participation of private institutions
2005 2006 2007 2008 2009 31/mar
from March.
Nonearmarked Resources Earmarked Resources
Variation% Individuals Corporates
Non Non Total
Earmarked Earmarked Credit
Mar/10 earmarked Total earmarked Total
Resource Resources
Resource Resources
In the month 2.0 2.8 2.2 0.2 0.2 0.2 1.1
In the quarter 3.7 6.3 4.4 0.4 2.5 1.2 2.6
In the year 3.7 6.3 4.4 0.4 2.5 1.2 2.6
In 12 months 18.6 24.3 20.1 4.6 34.0 14.2 16.8
Source: Central Bank of Brazil – Credit Information System - SCR
2

4. Credit Default Rate
Gradual decline in Corporate Credit
Back to Dec 2007 levels for credit to Individuals
10
9
8
7 7.0%
6
%
5 5.2%
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
2006 2007 2008 2009 2010
Default Rate on Loans to Individuals: Fast retreat from June 2009, returning to the levels of Dec/07.
Default Rate on Corporate Loans: Accelerated increase until September/09, with slow decline
from November 2009.
3

5. Credit Behavior in Brazil
Loan Portfolio
Funding and Liquidity
Result from Operations
Indusval Multistock Corretora de Valores
Share Performance
4

6. Slightly over R$ 1.7 billion *
Local Currency Loans Trade Finance
R$ Million R$ Million
-5.4%
1,398.6 1,342.6 1,322.9 +23.1%
332.7
270.1 293.3
1Q09 4Q09 1Q10 1Q09 4Q09 1Q10
Increased origination partially dissipated by Mainly Export financing (ACC/ACE) and, in
write offs lesser amount, import financing
Local currency loans respond for 80% of Trade Finance portfolio in foreign currency:
loan portfolio • US$ 116.7 million in 1Q09
• US$ 173.7 million in 4Q09
94% of Loan Portfolio allocated to midsized • US$ 186.9 million in 1Q10
companies Growth reflects the retake of exports with
reaction from December/09
* Including guarantees and L/Cs
5

7. Credit Portfolio Breakdown
By Economic Activity By Currency
Foreign
Individuals
Currency
9%
20%
Services
25%
Industry
54%
Local
Currency
Commerce 80%
12%
By Client Concentration By Tenor
Above 360
days Up to 90
Other 10 largest days
29%
27% 18% 37%
11 to 60
181 to 360
31%
14%
91 to 180
61 to 160 20%
24%
The average of contracts final tenors is 442 days
6

8. Loan Portfolio breakdown by Industry
Food, Beverage and Tobacco
Agribusiness
Construction
14%
22% Automotive
1% Transportation & Logistics
3%
3% Metal Industry
4% Education
Financial Institutions
Chemical and Pharmaceutical
4%
13% Textile, Clothing & Leather
4%
4% Individuals
4% Financial Services
10%
4% 5% 5% Oil and Biofuel
Paper & Pulp
Other Industries
7

9. Quality of Loan Portfolio
Asset Quality
RisK Rating Collateral Structure
D-H Vehicles
14% Real State 2% Aval PN
9% 19%
A
Monitored
31% Pledge
10% Pledge/Lien
Securities 6%
3%
C
27% B Receivables
28% 50%
NPL(*) / Total Loan (%) Allowance for Loan Losses
(*) Total amount of contracts with any installment overdue above 60 days
%
+13.2
133.4
5.9 110.7
97.8
4.2
3.5
1Q09 4Q09 1Q10 1Q09 4Q09 1Q10
Middle Market loans are 81% collateralized, being, 54% in receivables and securities
8

10. Credit Behavior in Brazil
Loan Portfolio
Funding and Liquidity
Result from Operations
Indusval Multistock Corretora de Valores
Share Performance
9

11. Longer Funding Tenors
Total Funding Funding Breakdown
R$ Million
BNDES
+20.9% Onlending
6%
1,880.7 Foreign
1,793.2 Time
Borrowings
22% Deposits
1,555.7 37%
Interbank
Deposits
2%
Demand
LCA
Deposits
1%
2% DPGE(*)
1Q09 4Q09 1Q10
30%
Moderate growth in funding compared Funding in Insured Time Deposits (DPGE)
to 4Q09 privileged in the quarter due to longer terms,
defined maturities and total costs lower than
Increasing average tenor of deposits to foreign funding
497 days:
• CDBs R$ 698,5 million 363 days Funding in local currency equivalent to 78% of
• DPGE R$ 572,0 million 692 days
total funding
• CDI R$ 42,5 million 69 days
• LCA R$ 8,7 million 90 days
(*) Fundo Garantidor de Crédito (FGC) - Insured Time Deposits
10

12. Liquidity to Retaking
Free Cash (*)
Management of liquidity, interest
R$ Million
rate, currencies and tenor
mismatch risks is our Treasury’s
696 708 main task
Free Cash:
436
52% of Total Deposits
164% of Shareholder’s Equity
1Q09 4Q09 1Q10 Assets and Liabilities Management
R$ Million
733
674 659
516
375
(*) Cash, Liquid Financial Assets (CDI), Securities and 332
Derivatives (–) Open Market Funds and Derivatives 245
127
90 days 180 days 360 days Above 360 days
Assets Liabilities
11

13. Credit Behavior in Brazil
Loan Portfolio
Funding and Liquidity
Result from Operations
Indusval Multistock Corretora
Share Performance
12

14. Gradual recovery of income, lower default benefits
Income from Financial Intermediation Gross Profit from Financial intermediation
R$ Million R$ Million
-2.8%
117.7 114.4
%
93.3 +23.4
35.2
28.4 27.4
1Q09 4Q09 1Q10 1Q09 4Q09 1Q10
Evolution of Income from Financial Results from Financial Intermediation
Intermediation of 22.7% in the quarter due to: recovery:
• Small increase in revenues from loans and • Increased Financial Intermediation Income
financing • Lower Loan Loss Provision Expenses
• Higher Foreign Exchange Operations
Income
Gross margin improved to 5.3% from 4.1% in
• FX variation on trade finance operations the 4Q09
13

15. Slight improvement in Efficiency
Net Operating Expenses Efficiency Ratio
R$ Million In %
.
+16.5 p.p
63.2 61.0
+6.0%
44.5
S&P Model
23.0 23.3 24.4
1Q09 4Q09 1Q10 1Q09 4Q09 1Q10
Operating expenses under control The 2.2 percentage points improvement in the
quarter resulted from:
Stable income from fees and commissions
• Reduced operating expenses, and
Lower other operating income during the
quarter • Small increase in financial intermediation
revenues
14

16. Recovering Profitability
Net Profit Net Interest Margin (NIM)
R$ Million
-8.8% 12.5%
10.6%
9.8%
8.0 8.5%
7.3
6.7% 7.0%
6.1%
4.4 4.9% 5.1% 5.3%
4.1%
0.9%
NI M GFM
1Q09 4Q09 1Q10 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10
GFM = Gross Financial Margin
66% Net Profit increase in the quarter results Financial Margin confirms recovery trend
from: started 4Q09
The evolution in the Intermediation Maintenance of liquidity levels also impacts
Financial Result NIM
The 30% drop Loan Loss Provision
expenses
15

17. Credit Behavior in Brazil
Loan Portfolio
Funding and Liquidity
Result from Operations
Indusval Multistock Corretora de Valores
Share Performance
16

18. Positive results from restructuring
The modernization and restructuring of the Brokerage House included:
Relocation of facilities closer to target market
Hiring new professionals
Development of new products, including fixed income offerings
Business management specialized tools deployment
Construction of a new homebroker system, in progress
DMA – Direct Market Access
Acquisition of the Execution Broker Seal from BM&FBOVESPA
Repositioning in the BM&F Market Ranking
2008: 52th position
2009: 44th position
1Q10: 17th position
Strategic Objectives:
Expansion of the institutional and qualified individual investors client base
Extending services to retail investors
Becoming a liquidity center for institutional clients
17

19. Credit Behavior in Brazil
Loan Portfolio
Funding and Liquidity
Result from Operations
Indusval Multistock Corretora de Valores
Share Performance
18

20. Free Float and Remuneration
Capital:
Common Shares 27,000,000
Preferred Shares 15,475,101
Total 42,475,101
Treasury Shares(*): 829,279 preferred shares – 5.4% of preferred and 1.9% of total capital
Preferred shares Free Float (*): 13.4 million – free float = 31.7%
Stock Options Program: 916,521 options granted, not exercise or cancellation
Shareholder Remuneration: Anticipated payment of Interest on Own Equity for 1Q10 of
R$ 6,3 million equivalent to R$ 0,15015 per share in March 2010
(*) Posição em 31.03.2010
19

21. IDVL4 X IBOV - 2010
130 IBOVESPA IDVL4
120
10
1
100
90
80
09
10
10
10
10
10
10
10
10
10
10
10
10
20
20
20
20
20
20
20
20
20
20
20
20
20
2/
1/
1/
1/
2/
2/
2/
3/
3/
3/
4/
4/
4/
/1
/0
/0
/0
/0
/0
/0
/0
/0
/0
/0
/0
/0
30
09
19
29
08
18
28
10
20
30
09
19
29
Performance 1Q10 In 12 months
IDVL4 +3.1% +57.2%
Earnings Adjusted +5.0% +73.3%
IBOV +2.6% +71.9%
IGC +2.4% +78.9%
ITAG +0.1% +79.9%
20

22. In Summary
Credit Behavior in Brazil
Private Financial Institutions slowly retaking share in credit volume
Reducing of default contributes to growth retake
Loan Portfolio
Focused in midsized companies, origination was retaken and, as delinquency sets back along the
year, credit portfolio shall develop gradual growth
Funding and Liquidity
There is availability at satisfactory costs to resume growth
Result from Operations
Default ratios decline and expense management contribute to result recovery
Indusval Multistock Corretora de Valores
Investments in new facilities, new professionals and expansion of activities with DMA, fixed income
and retail investors
Acquisition of Execution Broker Seal contributes to its positioning upgrade
21

23. 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.
22

24. 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
23