1. 2Q11 Results Presentation

2. Disclaimer
This presentation may contain references and statements representing future
expectations, plans of growth and future strategies of BI&P.
These references and statements are based on the Bank’s assumptions and
analysis and reflect the management’s beliefs, according to their experience, to
the economic environment and to predictable market conditions.
As there may be various factors out of the Bank’s control, there may be
significant differences between the real results and the expectations and
declarations herewith eventually anticipated. Those risks and uncertainties
include, but are not limited to our ability to perceive the dimension of the
Brazilian and global economic aspect, banking development, financial market
conditions, competitive, government and technological aspects that may
influence both the operations of BI&P as the market and its products.
Therefore, we recommend the reading of the documents and financial
statements available at the CVM website (www.cvm.gov.br) and at our Investor
Relations page in the internet (www.indusval.com.br/ir) and the making of your
own appraisal.
1

3. New Stage in our 43-year history
• 1967 – Brokerage firm foundation
• 1991 – Authorized to operate as a Bank
• 2003 – Merger with Banco Multistock
• 2004 – Sale of Consumer Credit operation
• 2006 – Opening of the first 4 branches
• 2007 – IPO and opening of 6 new branches
• 2010 – Strategic review
• 2011 – Banco Indusval & Partners

4. The New Bank
• R$ 201 million Tier I capital increase
• New Partners: Warburg Pincus & Controllers of Sertrading
• Management team strenghthening
• Acquisition of a 17.7% stake in Sertrading
• Acquisition of Serglobal Cereais
• 5-year Operating Agreement with Sertrading with right of
first refusal on the acquisition of receivables
• Credit line from JP Morgan and the possibility of a future
minority stake in our capital

5. Well-capitalized Bank, Structured for a
new growth cycle
To be an innovative bank with excellence in corporate credit and deep
understanding of our clients’ businesses and industries they operate,
Vision becoming also one of the leading players of the high-growth Brazilian
corporate bond market.
Board of Directors: well-known professionals in their areas of expertise, 4
Management independent members.
Executive Board: one of the best management teams in the market.
Goals and action plans were defined in a participative way, involving more
Goals & than 150 people from all areas, aiming at a quality leap and the
Action Plans development of new products and services to serve as the basis for our
growth and profitability in the medium and long run.
Development of new products and services to expand client offer, also
Products creating franchise value in certain productive chains, adding-up recurring
fee income.
Ethics, Credibility, Partnership, Excellence, Innovation, Teamwork, and
Values Result oriented.

6. 2Q11 Results

7. Credit Portfolio resumes growth
2,109
2,080
1,994
1,940
1,794 1,794 1,763 1,769
1,736 1,728
1,684 1,699 1,719
1,519
1,329
1,059
960
2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
Agricultural Notes (CPRs) Garantees Trade Finance

8. Expanded Credit Portfolio
Expanded Credit Portfolio Breakdown
1,994 2,109
1,763
Loans &
R$ milion
Discounts
67%
Agribusiness
Notes (CPRs)
2Q10 1Q11 2Q11 2%
Guarantees
and L/Cs
3%
 Expanded Credit Portfolio:
– Loans, financings and onlendings in Real;
Trade Finance
– Trade Finance; 20% BNDES
Other Onlendings
– Guarantees and L/Cs issued;
1% 7%
– Agricultural Notes (CPR) from March 2011 with the
acquisition of Serglobal.
 Growth of 6% in the quarter and 20% in 12
months.

9. Credit Portfolio
Loans, Financing and Trade Finance
By Economic Activity By Type of Customer
Other Individual Other
22% 7% 4%
Corporate
16%
Financial
Interm.
5%
Trade
10%
Industry
Middle
56% Market
80%
By Customer Concentration By Maturity
Other 10 largest +360
23% 20% days up to 90
30% days
36%
61 - 160 11 - 60
24% 33% 181 to 360
13%
91 to 180
21%

10. Credit Portfolio
Significant presence of Agribusiness related activities
2% 2% 2%
2% 2%
3% Food & Beverage
3% 9%
Agribusiness
3% Civil Construction
Financial Institutions
3%
Automotive
3% Textile, Apparel and Leather
Transportation & Logistics
Education
4% 18% Metal Industry
Power Generation & Distribution
4% Chemical & Pharmaceutical
Oil and Biof uel
Pulp & Paper
5% Individuals
Financial Services
Wood & Furniture
Retail & Wholesale
7% Other Industries
16%
11%

11. Asset Quality
Increased Default Index within the expected
Risk Category Collaterals
7.2% - Normal Payments AA
4.2% Vehicles
6.8% - NPL 60 days A 3%
Real State Aval PN
31.5% 8%
D-H 25%
14.1% Securities
3%
Other
Monitored
2%
Pledge
7%
C
22.1% Pledge/
B Receivables
Lien
28.2% 47%
5%
NPL(*) / Total Loans (%) Allowance for Loan Losses
(*) Total outstanding amount of contracts with any installment overdue above 60 days
6.8 212.6
6.1 196.6
R$ million
2.6 107.8
2Q10 1Q11 2Q11 2Q10 1Q11 2Q11
Provisioning Coverage = 9.8% of Loan Portfolio and 156% of NPL 90 days

12. Funding
High liquidity, Stable funding volume
2,247 2,230
2,031
1,881 1,881 1,903
1,789 1,772 1,793
1,732
1,600
1,556
1,488
1,233
1,040
868 836
R$ million
2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
In Local Currency (Real) in Foreign Currency

13. Funding sources diversification for cost reduction
Total Funding Funding Breakdown
Local
Onlendings
7%
Foreign
Time
Borrowings
Deposits
2,247 2,230 19%
30%
1,881
R$ million
Interbank
Deposits
3%
Demand
Deposits
2Q10 1Q11 2Q11 3% ALC &
BN(*) DPGE(*)
6% 32%
 Funding kept stable due to cash surplus;  CD and DPGEs represent 62% of funding
from 67% in March/2011.
 Replacement of sources and broader
depositor base to reduce cost of local  Foreign loans grew 18% in the quarter and
funding; increased share in total funding from 16% to
19%:
 Average deposit tenors increased by 39
– Increased correspondent bank lines to finance
days to 571 days to mature foreign trade;
(DPGE, CDs, Interbank, ALCs and BNs).
– Disbursement of J. P. Morgan s credit line.
(*) DPGE – Time Deposits bearing Special Insurance from FGC; ALC – Agribusiness Letters of Credit; BN – Bank Notes

14. Free Cash
Liquidity being adjusted with loan portfolio growth
1,027
923
Basel index of 21.6% allows healthy
696
and selective credit portfolio
growth, adjusting the cash surplus .
R$ million
2Q10 1Q11 2Q11
Free Cash (Cash + Liquid Fin. Assets + Securities + Derivatives) (-) (Open Market Funds + Derivatives) =
 56% of Total Deposits
 163% of Shareholders’ Equity

15. Financial Intermediation Income
Slight increase
2Q11
Credit
245 44%
225
IFD
5%
118 127
110
R$ million
FX
5%
Tradable Sec.
46%
2Q10 1Q11 2Q11 1H10 1H11
1H11
• As expected, aging of default loans in the Credit
51%
portfolio impacts credit operations
revenues.
• Increased income from tradable securities
has equivalent impact in intermediation
Tradable Sec.
expenses for higher average volumes and FX
43%
the Selic interest rate. 6%
DFI: Derivative Financial Instruments

16. Financial Intermediation Expenses
Influenced by higher average funding balances and ALL
270 2Q11
Borrow,
Assign,
180 Onlend
156 4%
91 Loan Loss
77
R$ million
Open Market Allow
94% 2%
2Q10 1Q11 2Q11 1H10 1H11
1H11
Loan Loss Allowances
Loan Loss Allow
58%
Loan Loss Allowances booked ​in the 1Q11
cover the forecasted increase in NPL by
the aging of delayed payment portfolio.
Borrow, Open Market
Assign, 38%
Onlend
4%

17. Gross Result & Interest Margin
Reflect excess cash carry-over and non-performing loans
8.5% 8.5%
7.9%
68
36 5.9%
R$ million
33 7.0%
6.8% 5.2%
6.5%
4.6%
4Q10 1Q11 2Q11 1H10 1H11
NIM NIM(a) 3.8%
-25
2Q10 3Q10 4Q10 1Q11 2Q11
-61
 Financial Margin reflects the cash surplus carry-over and the impact of default on revenues from credit
operations.
 The credit portfolio growth resumption, with consequent decline in surplus cash, will have a positive effect
on margins by increasing revenues from credit operations and reducing the surplus carry-over costs.
 NIM(a) net interest margin adjusted by FX effects on financial assets and by deducting the balance of
repos from the average interest-bearing assets.

18. Stable Operating Expenses in the last 4 quarters
Recurring Operating Expenses Recurring Efficiency Ratio
In %
75.9% 74.1%
70.0 72.3%
59.9 57.5% 58.8%
35.1 34.9
29.4
S&P Model
R$ million
4Q10 1Q11 2Q11 1H10 1H11 4Q10 1Q11 2Q11 1H10 1H11
 Compared to the previous year, operating expenses were raised basically by:
– BRL appreciation on investments abroad; and
– administrative expenses, primarily related to IT and notary, collection, law firms and consultancy
expenses, not related to the reorganization project.
 Non-recurring expenses = R$ 1.2 million in 2Q11 and R$ 3.9 million in the semester, related to the
reorganization of the company.
 Efficiency ratio reflects the lower financial intermediation result.

19. Profitability
Reflecting Loan Loss Allowance and conservative liquidity strategies
Net Profit (Loss)
• Strengthening in provisions for
Loan Loss Allowances with
R$ million
15.6
8.3 5.1 expenses of R$ 103.6 million in
the semester.
2Q10 1Q11 2Q11 1H10 1H11 • Free Cash close to R$ 1 billion.
• Non-recurring expenses of
approx. R$ 4 million, resulting
from the Bank’s reorganization
-49.4 to foster the growth cycle.
-54.5

20. Capital Distribution and Free Float
Individuals
Corporate 3%
1%
Controlling
Group
Foreign 32%
Investors
30%
Management
6%
Treasury
Institutional 1%
Investors Families
14% 13%
Capital Distribution on June 30. 2011
Class # of Shares Controlling Group Management Treasury Free Float %
S
h
Common 27.000.000 17.215.278 2.395.619 - 7.389.103 27.4%
a
r Preferred 14.212.984 497.578 116.448 746.853 12.852.105 90.4%
e
s SUB-TOTAL 41.212.984 17.712.856 2.512.067 746.853 20.241.208 49.1%
R
e Common 9.945.649 2.282.607 961.956 - 6.701.086 -
c
e Preferred 11.947.060 27.811 211.937 - 11.707.312 -
i
p
t
SUB-TOTAL 21.892.709 2.310.418 1.173.893 - 18.408.398 -
TOTAL 63.105.693 20.023.274 3.685.960 746.853 38.649.606 -

21. Share Performance
IDVL4 X IBOV - 2011
130
120
110
100
90
IBOVESPA IDVL4
80
Performance 2Q11 1H11
IDVL4 1.22% 14.84%
IDVL4 (adjusted to earnings) 2.81% 17.86%
IBOV -9.01% -9.96%
IGC -6.04% -7.08%
ITAG -5.90% -6.98%
Source: Enfoque

22. Shareholder Remuneration
Indusval & Partners has maintained the practice of paying quarterly Interest
on Equity in anticipation for the annual dividend
27.0
24.5 25.1
6.7
6.4 6.2
15.9 6.6
6.5 6.3
6.1
10.2 9.5
6.9
2.2 6.6 6.3
5.1
R$ million
2.4 5.3
2.7 2.3 6.8
6.0 6.3
2.8 4.2
2.3
2006 2007 2008 2009 2010 2011
Remuneration per share
R$ 0.3424 R$ 0.4164 R$ 0.5945 R$ 0.6370 R$ 0.6098 R$ 0.2357

23. Investor Relations
Contact Information
Katia Moroni Banco Indusval S/A
IRO Rua Boa Vista. 356 – 7º andar
01014-000- São Paulo – SP
Phone: (55 11) 3315-6923
Brasil
E-mail: kmoroni@indusval.com.br
Maria Angela R. Valente IR website:
Head of IR www.indusval.com.br/ri
Phone: (55 11) 3315-6821
E-mail: mvalente@indusval.com.br