The document provides an overview of a company's 4Q10 results presentation covering the following topics: 1) Credit growth in Brazil was driven by housing and auto loans, while corporate lending was stable. Default rates declined for individuals and were stable for corporations. 2) The company's loan portfolio grew 14.3% due to increases in local currency loans and trade finance. The portfolio is weighted towards upper middle market segments and diversified industries. 3) Funding remained primarily in local currency, with time deposits comprising the majority. Liquidity was maintained with free cash at 46% of deposits. 4) Financial results improved in 4Q10 and 2010, with higher revenues, stable expenses,

1. Presentation on
4Q10 Results
0

2.  Credit Behavior in Brazil
 Loan Portfolio
 Funding and Liquidity
 Results from Operations
 Capital Market
1

3. Total Credit Volume and Segmentation
Loans in the Brazilian Financial System
R$ billion
1,704
Loans to individuals growth mainly supported by
1,410
1,227 34% housing loans with earmarked resources and car
32% financing with free resources
936 29%
733 Corporate Credit earmarked resources from BNDES
29%
607 still stand out as well as working capital with free
71% 71% 68% 66% resources.
Government owned banks maintained a 42% share on
2005 2006 2007 2008 2009 2010 total loans in the financial system
Nonearmarked Resources Earmarked Resources
Variation % Individuals Corporates
Non Non Total Credit
Earmarked Earmarked
Dec/10 earmarked Total earmarked Total
Resource Resources
Resource Resources
In the month 1.8 2.7 2.1 1.1 1.1 1.1 1.6
In the quarter 5.6 7.7 6.2 5.0 5.2 5.1 5.6
In the year 18.8 30.7 21.9 15.4 25.7 19.3 20.5
In 12 months 18.8 30.7 21.9 15.4 25.7 19.3 20.5
Source: Central Bank of Brazil – Credit Information System - SCR
2

4. Credit Default Ratios
Stability in Corporate lending and steady decline in loans to individuals
10
9
8
7
6 5.7
% 5
4.6
4
3.6
3
Source: BACEN
2
1 Corporates Individuals Total
0
Dec Dec Dec 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2006 2007 2008 2009 2010
Central Bank Default Rates = loans overdue above 90 days on total loan portfolio
Default Rate on Loans to Individuals: Fast retreat from June 2009
Default Rate on Corporate Loans: Stable at circa 3.6% from March 2010
3

5.  Credit Behavior in Brazil
 Loan Portfolio
 Funding and Liquidity
 Results from Operations
 Capital Market
4

6. 14.3% Loan Portfolio* growth = R$ 1.9 billion
Local Currency Loans Trade Finance
R$ Million R$ Million
1,572.2
1,400.3 1,425.0
344.1 369.1
298.4
4Q09 3Q10 4Q10 4T09 3T10 4T10
 Local currency loans = 80% of total loan portfolio  Trade Finance portfolio comprises :
 85.7% Export financing (ACC/ ACE)
 Loans in Brazilian Reais and Trade Finance deals
 14.1% Import financing (FINIMP)
allocated to the “Upper Middle” segment stand
 0.2% Import L/Cs
for 14% of the total portfolio
 Amounts in foreign currency show a 10% growth
 Credit assignment accounts just for 0.6% of the in 4Q10 and 31% in 12 months:
portfolio and guarantees, 3.3%  US$ 168.3 million – 4Q09
 US$ 200.8 million – 3Q10
 US$ 221.0 million – 4Q10
Credit Assignment Guarantees issued and L/Cs
* including guarantees issued 5

7. Credit Portfolio Breakdown
By Economic Activity By Segment
Other
Services Individuals
23% 7%
Financial
Cos Middle
3% Market Upper
82% Middle
Commerce 14%
11%
Retail and
other
Industry 4%
56%
By Client Concentration By Maturity
10 largest Above 360
Other days
20%
25% 29% Up to 90
days
40%
181 to 360
11 - 60
61 - 160 13%
31%
24% 91 to 180
18%
6

8. Loan Portfolio breakdown by Industry
Food & Beverage
Agribusiness
Heavy Construction
11% Financial Institutions
2% 18%
2% Chemical & Pharmaceutical
2%
Transportation & Logistics
2%
Automotive
3%
3% Textile, Apparel & Leather
3% 17% Education
3% Energy
4%
Metal Industry
5% 9%
5% Oil & Biofuel
5% 6%
Wholesale & Retail Trade
Financial Services
Individuals
Pulp & Paper
Other Industries
7

9. Loan Portfolio Quality
Asset Quality
Risk Rating Collateral Structure
10.4% Performing
AA Vehicles
3.8% NPL +60 days Real State Aval PN
2.5% 3%
23%
D-H A 9%
14.2% 35.4% Securities
Other
3%
4%
Monitored
Pledge
8%
Pledge/
C B Receivables
Lien
22.2% 46%
25.6% 4%
NPL(*) / Total Loans (%) Allowance for Loan Losses (ALL)
(*) Total outstanding amount of contracts with any installment overdue above 60 days R$ Million
133.4
5.9 119.6
112.2
3.7 3.8
4Q09 3Q10 4Q10 4Q09 3Q10 4Q10
Provisioning Coverage = 6.4% of Loan Portfolio and 196% of NPL 90 days
8

10.  Credit Behavior in Brazil
 Loan Portfolio
 Funding and Liquidity
 Results from Operations
 Capital Market
9

11. Local Currency Funding prevalence
Total Funding Funding Breakdown
R$ Million
BNDES
Onlending
6%
2.030,6 Foreign
Time
1.902,7 Borrowings
Deposits
1.793,2 16%
37%
Interbank
Deposits
6%
Demand
Deposits
ALC &
2%
BN(*)
4% DPGE(*)
4Q09 3Q10 4Q10 29%
 6.7% increase in the quarter  CDs and DPGEs(*) account for 66% of total funding
 84% of funding in Brazilian Real  Deposits average term to maturity = 496 days
 CDs: R$ 740 MM - 347 days
 Foreign Borrowings:
 DPGEs: R$ 591 MM - 795 days
• Trade Finance – 94%
 ALC & BN: R$ 82 MM – 120 days
• IFC – 6%
 Interbank Deposits: R$ 117 MM - 175 days
(*) DPGE – Time Deposits bearing Special Insurance from FGC; ALC – Agribusiness Letters of Credit; BN – Bank Notes
10

12. Good Liquidity maintained
Free Cash
R$ Million
 Treasury’s main task is the
733.8 management of liquidity, interest rate,
696.9 680.7 currencies and tenor mismatch risks
 Free Cash:
 46% of Total Deposits
 172% of Shareholder’s Equity
4Q09 3Q10 4Q10
Assets and Liabilities Management
R$ Million
791
734
Free Cash =
603
(Cash + Liquid Fin. Assets + Securities + Derivatives) 521
492
(-)
348
(Open Market Funds + Derivatives) 248 244
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
 Capital Market
12

14. Financial Intermediation Results Evolution
Income from Financial Intermediation Gross Profit from Financial intermediation
R$ Million R$ Million
141.9
454.0
407.0
94.3
123.0 39.1 34.5
93.0 116.0 27.4
4Q09 3Q10 4Q10 2009 2010 4Q09 3Q10 4Q10 2009 2010
 Income from Financial Intermediation  Profit from Financial Intermediation growth in
composed by revenues from: 2010 derived from:
 Loans 59%
 Securities 21%  Increased revenue from securities,
 Derivatives 12% derivatives and FX operations
 Foreign Exchange Operations 8%  Stability in Financial Intermediation
 Revenues from derivatives are both related to Expenses, including the lower pressure of
hedge of investments in government bonds provisioning expenses
and time deposits
13

15. Slight increase in Operating Expenses
Net Operating Expenses Efficiency Ratio
R$ Million In %
63.2% 65.7%
100.3 61.6% 60.9%
93.2
52.3%
S&P method
23.2 26.5 28.4
4Q09 3Q10 4Q10 2009 2010 4Q09 3Q10 4Q10 2009 2010
 Net operating expenses increased by 7.2%  Closely tied to scale, the efficiency ratio
quarter on quarter, also impacted by the reflects:
labor union agreement  stable loan portfolio throughout the year
 Third party services were also relevant in the  Maintenance of high liquidity to ensure
increased administrative expenses business sustainability
 the "upper middle" business unit
implementation and the structured finance
area strengthening
14

16. Improved Recurring Profit
Net Profit Net Interest Margin (NIM)
R$ Million
NIM NIM(a) GIM
29.0
7,9%
6,5%
12.8 4,6%
7.5
4.4 5.9
4Q09 3Q10 4Q10 2009 2010 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10
GIM= Gross Interest Margin
 Net Recurring Profit:  NIM(a) net interest margin adjusted by FX
 4Q10: R$ 5.9 million / 4Q09: R$ 4.2 million = +40.5%
effects on financial assets and by deducting
the balance of repos from the average
 2010: R$ 28.5 million / 2009: R$ 9.8 million = +190.8%
interest-bearing assets
 ROAE
• 4Q10: 5.6% / 4Q09: 4.1% = +150 bps
• 2010: 6.8% / 2009: 2.9% = +390 bps
15

17.  Credit Behavior in Brazil
 Loan Portfolio
 Funding and Liquidity
 Result from Operations
 Capital Market
16

18. Capital Distribution and Free Float
Capital Distribution on Dec. 31, 2010
Controlling Free
Class # of Shares Management Treasury Free Float
Group Float
Common 27,000,000 (17,116,173) (2,574,269) - 7,309,558 27.1%
Preferred 14,212,984 (1,026,653) (159,570) (746,797) 12,280,064 86.9%
TOTAL 41,212,984 (18,142,826) (2,733,839) (746,797)* 19,589,622 47.5%
Directors +
Officers Treasury
6.6% 1.8%
* 4th Share Buyback Program for
up to 1,301,536 preferred shares
Controlling Free Float valid until Aug. 09, 2011
Group 47.5%
44.0%
17

19. Shareholder Remuneration
BIM’s practice for shareholder remuneration has been
the quarterly anticipated payment of Interest on Equity
27.0
24.5 25.1
6.7
6.4 6.2
15.9 6.6
6.5 6.3
6.1
10.2
6.9
2.2 6.6 6.3
2.4 5.1
R$ MM
2.7 2.3 6.8
6.0 6.3
2.8 2.3
2006 2007 2008 2009 2010
1Q 2Q 3Q 4Q
Remuneration per share
R$ 0.34235 R$ 0.41635 R$ 0.59451 R$ 0.63704 R$ 0.60983
18

20. Stock Performance
IDVL4 X IBOV - 2010
130
120
110
100
90
80
IBOVESPA IDVL4 IDVL4 adjusted to earnings
70
09 10 10 10 10 10 10 10 10 10 10 10 10 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 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20
30 14 29 13 28 15 30 14 29 14 29 13 28 13 28 12 27 11 26 11 26 10 25 10 25
12/ 01/ 01/ 02/ 02/ 03/ 03/ 04/ 04/ 05/ 05/ 06/ 06/ 07/ 07/ 08/ 08/ 09/ 09/ 10/ 10/ 11/ 11/ 12/ 12/
Share Performance 4Q10 2010
IDVL4 -0.62% -4.10%
IDVL4 (adjusted to earnings) +1.40% +3.52%
IBOV -0.18% +1.04%
IGC +2.32% +12.54%
ITAG +1.43% +11.72%
Source: Enfoque
19

21. In Short
 Business Focus: Corporate lending
 Credit Behaviour in Brazil
 Earmarked credit accelerated growth throughout the year, lowering speed in the last quarter
 Government owned banks maintain 42% share on total credit in the Brazilian financial system
 Central Bank data shows stability in corporate loans delinquency ratios at 3.6%
 Loan Portfolio
 Growth resumption: 10% quarter on quarter and 14.3% in the year, reaching R$ 1.9 billion
 82% middle market companies and 14% upper-middle, companies with annual sales above R$ 400
million, in line with the strategy of expanding the target market
 Adequate provision coverage = 196% on Non Performing Loans above 90 days
 Funding and Liquidity
 High liquidity maintained: Free Cash at 46% of total deposits and 172% of Shareholder’s Equity
 Funding totaled R$ 2 billion, an increase of 6.7% in the quarter and 13% in 12 months
 Operating Results
 Evolution on Financial Intermediation Results also helped by lower ALL expenses pressure
 Accumulated 12-month net profit reaches R$ 29 MM against R$ 12.8 in 2009
 Highlighting recurring profit: R$ 28.7 million in 2010 from R$ 7.7 million in 2009
20

22. Questions and Answers
Please pose your questions by utilizing the Q&A
button at the right bottom end of the Webcast panel.
Please note that this is the English version of the presentation originally prepared in Portuguese. In case of any discrepancy between those versions,
the Portuguese version shall prevail. Banco Indusval Multistock complete financial statements are available at www.indusval.com.br/ir, under Financial
Information – Financial Statements and they are filed with the CVM – Brazilian Securities and Exchange Commission that disposes them to the market
at www.cvm.gov.br.
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 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 investment alternatives.
21

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
22