BANCO CRUZEIRO DO SUL REPORTS 1Q10 RESULTS HIGHLIGHTS IN 1Q10

1Q10 Conference Calls May 18, 2010 Portuguese 11:00 a.m. (Brasília) 10:00 a.m. (New York) Dial-in: (+55 11) 2188-0155 Replay: (+55 11) 2188-0155 Code: Banco Cruzeiro do Sul BANCO CRUZEIRO DO SUL REPORTS 1Q10 RESULTS São Paulo, May 14, 2010 Banco Cruzeiro do Sul (BM&FBovespa - CZRS4), a privatesector multiple-service bank operating primarily in the personal credit segment through paycheckdeductible loans to public employees and social security beneficiaries, and with operations also in the corporate lending segment through short-term loans, usually secured by receivables, to small and midsized (middle-market) companies, announces its results for the first quarter of 2010 (1Q10). The Bank s audited financial statements are prepared in accordance with generally accepted accounting principles in Brazil, based on Brazilian Corporate Law, the rules and the regulations of the Securities and Exchange Commission of Brazil (CVM) and the accounting standards established by the Independent Auditors Institute of Brazil ( BR GAAP ). HIGHLIGHTS IN 1Q10 In the first quarter of 2010 our origination of credit assets remained in line with our strategy of quality and liquidity, with paycheck-deductible loan origination aligned with the product s trend; Net income in 1Q10 was R$39.67 million, down a slight 3.48% from 4Q09 (R$41.1 million) and reversing the loss of R$21.8 million in the first quarter of 2009. Recurring income in the period was R$28.2 million; English 12:30 p.m. (Brasília) 11:30 a.m. (New York) Dial-in: (+1 973) 935-8893 Replay: (+1 706) 645-9291 Code: 73237173 Investor Relations Fausto Vaz Guimarães Neto IR Officer João de Lacerda Soares IR Manager Roberto Coutinho IR Manager Tel: +55 (11) 3848-2704 ri@bcsul.com.br IR Web site: http://ri.bcsul.com.br In 1Q10, paycheck-deductible loan origination ed R$793.13 million, with a monthly average in the quarter of R$264.38 million. Origination of paycheck-deductible loans in 1Q10 was 12.2% lower than in the previous quarter (R$903.1 million), in line with the product s historical seasonality. Our on-balance-sheet loan portfolio stood at R$4.82 billion, comprising paycheck-deductible personal loans of R$4.40 billion, paycheck-deductible credit card operations of R$116.7 million, and middle-market loans of R$306.0 million; Time deposits ed R$3,397.9 million, increasing by 1.3% from the fourth quarter of 2009 (R$3,354.3 million) and by 79.9% from the first quarter of 2009 (R$1,889.1 million). Our cash and cash equivalents reached R$737.6 million, equivalent to 67.5% of shareholders equity at the close of the quarter; Banco Cruzeiro do Sul s market capitalization on March 31, 2010 was R$1,639.4 million, with its stock (CZRS4) trading at R$11.99 per share. At the close of 1Q10, Banco Cruzeiro do Sul s shareholders equity amounted to R$1,092.52 million. 1

MANAGEMENT S COMMENTS In the first quarter of 2010, our origination of credit assets remained in line with our strategy of quality and liquidity, with the origination of paycheck-deductible loans aligned with the product's trend. Our origination of assets in both the paycheck-deductible loan and middle-market segments remained selective, with efforts concentrated in operations with more attractive returns. We continued to control our operating expenses as well as our funding costs in order to maximize spreads. In addition, we continued monitoring administrative and personnel expenses in order to adjust the Bank's operations to the new market conditions, achieving an efficiency ratio of 49.2% in the quarter. It is important to note that our administrative expenses were impacted by the nonrecurring expenses related to the issue of new shares in the Bank in the amount of R$1.0 million. Excluding these expenses, our efficiency ratio in the period was 48.4%. Funding through Time Deposits with Special Guarantee (DPGEs) continued to represent a consistent funding source in terms of volume as well as maturities and prices, which, combined with offshore funding operations, has reduced our dependence on asset assignments to other financial institutions. This higher funding in both local and foreign currency has made it possible to hold a higher volume of assets in the portfolio, though we still maintain relationships with partner financial institutions in order to assign credits as a funding source, with price and maturity levels that are compatible with our operations. The procedures for the accounting classification and disclosure of operations involving the sale or transfer of financial assets comply with Resolution 3,809 issued by the Central Bank. This new resolution postponed the compliance with Resolution 3,533 to January 2011 and requires banks that had adopted them to resume the accounting procedures used previously. Therefore, Banco Cruzeiro do Sul presents its first-quarter figures based on this new accounting methodology, with revenue and expenses from assignments with risk retention apportioned in advance instead of in accordance with the remaining duration of the operations. As a result, the accounting result is once again impacted by advance revenue from assignments. However, our strategy aims to keep assets on the balance sheet for as long as possible, maintaining assignments strictly within the volume required for our funding needs, thereby reducing this impact and consequently the variations in profitability resulting from when Resolution 3,533 is ultimately implemented. As a result of this practice, net income in the first quarter of 2010 was R$39.67 million, 3.48% lower than in the fourth quarter of 2009 (R$41.1 million), reversing the loss of R$21.8 million of the first quarter of 2009 due to the impacts from the international liquidity crisis and the early adoption of Central Bank Resolution 3,533. The comparison of the result posted in the first quarter of 2010 with the first and fourth quarters of 2009 is hindered due to the difference in accounting procedures (adoption of Resolution 3,533 as of November 2008 and adoption of Resolution 3,809 as of November 2009) adopted in the periods analyzed. Net income in 1Q10 was impacted by non-recurring revenues and expenses resulting from the marking to market of our securities portfolio and by expenses of R$ 11.5 million with the follow-on offering. As a result, recurring income in the period was R$28.2 million, in line with the R$28.3 million recorded in 4Q09. 2

Shareholders equity in the period was R$1,092.52 million, 2.3% higher than in 4Q09 (R$1,068.2 million) and 6.3% higher than in the same period of 2009 (R$1,028.0 million). Average shareholders equity was R$1,079.9 million, 3.41% higher than in the same period of 2009. In the first quarter of 2010, the Company s free float stood at 19.4%. On March 31, 2010, Banco Cruzeiro do Sul s market capitalization was R$1,639.4 million, with its stock (CZRS4) trading at R$11.99 per share. Market capitalization corresponded to 1.5 times shareholders equity in the fourth quarter. The Bank s stock gained 110% in the last 12 months. Note that these stock gains do not consider the dividends and shareholders equity paid in the periods mentioned. In 1Q10, paycheck-deductible loan origination ed R$793.13 million, with a monthly average in the quarter of R$264.38 million. Origination of paycheck-deductible loans in 1Q10 was 12.2% lower than in the previous quarter (R$903.1 million), in line with the product s historical seasonality. This loan origination in the quarter was 27.5% higher than in the same period last year (R$622.3 million). A highlight was the origination of paycheck-deductible personal loans in the last four quarters, which ed R$3,576 million, which a monthly average of R$298 million, an increase of 46.2% from the same period of 2008/2009 (R$2,446.3 million), confirming the recovery in our paycheck-deductible loan origination. The portfolio financed through our paycheck-deductible credit card reached R$116.7 million, 75.4% higher than in the first quarter of 2009. The number of cards issued stood at 370,162, down 3.42% from 4Q09 (383,300). Active clients financing their outstanding balances accounted for 76.2% of the. The middle-market segment ended 1Q10 with a loan portfolio of R$306.0 million, representing increases of 10.8% from 4Q09 (R$276.3 million) and of 7.7% from the same period of 2009 (R$284.1 million). The amounts in the middle-market portfolio are in line with the strategy adopted by the Bank for this business segment. In the first quarter of 2010, Banco Cruzeiro do Sul s foreign exchange desk maintained its operations in the interbank market, imports and exports, paper currency distribution, gold exports and the buying and selling of foreign currencies for financial and commercial fund transfers. This led our on-balance-sheet loan portfolio to reach R$4.82 billion, comprising R$4.40 billion in paycheck-deductible personal loans, R$116.7 million in paycheck-deductible credit card operations and R$306 million in loans in the middle-market segment. The overall portfolio grew by 6.0% from 4Q09 (R$4.553 billion) and by 40.0% from the same period of 2009 (R$3.447 billion). Gross income from financial intermediation came to R$202.0 million, 10.1% higher than in the fourth quarter of 2009 (R$183.5 million) and 232% higher than in the same period last year (R$60.8 million). Time deposits ed R$3,397.9 million, increasing by 1.3% from the fourth quarter of 2009 (R$3,354.3 million) and by 79.9% from the first quarter of 2009 (R$1,889.1 million). A highlight was the funding operation carried out in February 2010 in the amount of USD 250 million, with a 3

five-year term and a coupon of 8.5%. The treasury, market and foreign-exchange risks posed by offshore funding operations remained protected from the variations generated by market volatility. On March 31, 2010, our cash and cash equivalents stood at R$737.6 million, equivalent to 67.5% of shareholders equity at the close of the quarter. Period Highlights (R$ 'million) 1Q10 4Q09 1Q09 1Q10 x 4Q09 1Q10 x 1Q09 Paycheck deductible origination 793.1 903.1 622.3-12.2% 27.4% Net profit 39.7 41.1 (21.8) -3.6% -282.2% Shareholders equity 1,092.5 1,068.2 1,027.9 2.3% 6.3% Credit portfolio quality (AA-C) 96.3% 97.2% 98.5% -0,9 p.p. -2,2 p.p. Credit portfolio quality (D-H/Credit) 3.7% 2.8% 1.5% 0,9 p.p. 2,2 p.p. Active clients 1,324.5 1,324.7 1,212.0 0.0% 9.3% Paycheck deductible credit portfolio¹ 4,518.2 4,276.9 3,163.0 5.6% 42.8% SME's credit portfolio 306.0 276.3 284.1 10.8% 7.7% Average commission to bank correspondents 7.2% 8.2% 6.4% 0.0 p.p. 1.8 p.p. Capital adequacy ratio 15.1% 16.1% 18.5% - - ¹ Considers credit card COMMENTS ON PERFORMANCE Net Income The procedures for the accounting classification and disclosure of operations involving the sale or transfer of financial assets comply with Resolution 3,809 issued by the Central Bank. This new resolution postponed the compliance with Resolution 3,533 to January 2011 and requires banks that had adopted them to resume the accounting procedures used previously. Therefore, Banco Cruzeiro do Sul presents its first-quarter figures based on this new accounting methodology, with revenue and expenses from assignments with risk retention apportioned in advance instead of in accordance with the remaining duration of the operations. As a result, the accounting result is once again impacted by advance revenue from assignments. However, our strategy aims to keep assets on the balance sheet for as long as possible, maintaining assignments strictly within the volume required for our funding needs, thereby reducing this impact and consequently the variations in profitability resulting from when Resolution 3,533 is ultimately implemented. As a result of this practice, net income in the first quarter of 2010 was R$39.67 million, 3.48% lower than in the fourth quarter of 2009 (R$41.1 million), reversing the loss of R$21.8 million in the first quarter of 2009 caused by the effects from the international liquidity crisis and the early adoption of Central Bank Resolution 3,533. The comparison of net income in the first quarter of 2010 with that in the first and fourth quarters of 2009 is distorted by the different accounting procedures (adoption of Resolution 3,533 as of November 2008 and adoption of Resolution 3,809 as of November 2009) adopted in the periods analyzed. 4

NET INCOME 236.1 178.9 34.1 26.4 41.3 81.9 (21.8) 41.1 39.7 Recurring Net Income 2004 2005 2006 2007 2008 2009 1Q09 4Q09 1Q10 Net income in 1Q10 was impacted by non-recurring revenues and expenses resulting from the marking to market of our securities portfolio and by expenses of R$ 11.5 million with the follow-on offering. As a result, recurring net income in the period was R$28.2 million, in line with the R$28.3 million recorded in 4Q09. Net Income 39.7 Securities Results -22.2 Derivative Results 2.1 Others Operating Expenses 1.2 Income tax and social contributions 7.4 Expenses and Income Non-Recurring -11.5 Recurring Net Income 28.2 RECURRING NET INCOME 38.33 41.14 39.70 23.15 22.10 28.30 28.20 6.50 1Q09 2Q09 3Q09 4Q09 1Q10 (21.76) (24.90) Net Income Recurring Result 5

Future Net Income Our assets booked on the balance sheet have a market value of R$2.0 billion¹. Thus, our future net income is R$27.0 million up from 4Q09. R$ Carrying Value 4Q09 Market Value Gain or Loss Potencial Carrying Value 1Q10 Market Value Gain or Loss Potencial Credit 1,889,589 2,178,513 288,924 1,685,450 2,001,345 315,895 Portfolio ¹- Note 22 to the Financial Statements of March 31, 2010. This appreciation in the loan portfolio represents the potential gross income that could be added to net income in 1Q10 in the event of the assignment of all on-balance-sheet assets in the portfolio. In such a case, net income in 1Q10 would be R$58.5 million. Gross Income from Financial Intermediation Gross income from financial intermediation came to R$202.0 million, 10.1% higher than in the fourth quarter of 2009 (R$183.5 million) and 232% higher than in the same period last year (R$60.8 million). The higher gross income from financial intermediation was driven by the higher income from credit operations. INCOME FROM FINANCIAL INTERMEDIATION 588.3 588.2 524.4 340.9 128.8 176.7 60.8 183.5 202.0 Securities 2004 2005 2006 2007 2008 2009 1Q09 4Q09 1Q10 The Bank s securities portfolio stood at R$4,626.7 million, 37.9% higher than in the same period of 2009 (R$3,354.7 million) and 14.0% higher than in 4Q09 (R$4,058.7 million). Of this, investments in the subordinated shares of receivables-backed investment funds (FIDCs) represented R$3,840.1 million, or 83.0% of the, and are included in our own portfolio, as shown below (4Q09 - R$3,498.0 million; 86.2% of ). Bonds Portfolio (R$ '000) 1Q10 4Q09 1Q09 1Q10 x 4Q09 1Q10 x 1Q09 Own Portfolio 431,019 240,538 64,410 79.2% 569.2% Subordinated quotas FIDCs 3,840,068 3,498,025 3,051,097 9.8% 25.9% Subject to repurchase commitments 151,659 132,673 41,932 14.3% 261.7% Derivative Financial Instruments 51,358 49,857 157,685 3.0% -67.4% Subject to guarantees provided 152,638 137,561 39,587 11.0% 285.6% Privatization Currency - - 11 - - Total 4,626,742 4,058,654 3,354,722 14.0% 37.9% 6

Origination of Paycheck-Deductible Loans In 1Q10, paycheck-deductible loan origination ed R$793.13 million, with a monthly average in the quarter of R$264.38 million. Origination of paycheck-deductible loans in 1Q10 was 12.2% lower than in the previous quarter (R$903.1 million), in line with the product s historical seasonality. Loan origination in the quarter was 27.5% higher than in the same period last year (R$622.3 million). 1,615 3,276 613 2,453 257 3,405 526 560 61 499 963 411 553 366 1,249 2,663 2,196 2,879 2004 2005 2006 2007 2008 2009 697 545 134 440 370 135 260 105 70 563 56 411 300 334 204 1,063 954 903 135 875 866 838 92 817 793 135 158 148 173 628 619 622 193 187 50 62 63 717 718 665 928 862 250 768 578 625 558 559 606 53 197 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 INSS Public Employees Note that the origination of paycheck-deductible personal loans in the last four quarters ed R$3,576 million, with a monthly average of R$298 million, up 46.2% from the same period of 2008/2009 (R$2,446.3 million), confirming the recovery in our paycheck-deductible loan origination. Our loan origination remains focused on developing operations with the most attractive agreements and maintaining strategic liquidity levels and demand for this type of personal loan. The government paycheck-deductible loan market has maintained the performance presented in recent quarters, increasing by 7.0% between December 2009 and March 2010 and by 39.1% between March 2009 and March 2010, which represents much stronger growth than the 25.1% recorded by the personal loan segment in the same period. This performance confirms that paycheck-deductible personal loans are currently an important instrument for growing this type of credit in Brazil, representing 60.8% of personal loans in the country (R$189.0 billion). 7

120,000 PAYCHECK-DEDUCTIBLE LOANS 60% 100,000 80,000 60,000 40,000 56,179 59,452 62,635 65,623 68,201 21.4% 79,410 71,495 20.3% 26.8% 87,577 33.5% 92,961 99,464 36.3% 39.1% 50% 40% 30% 20% 20,000 10% 0 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 0% Paycheck-deductible loan (R$ Billions) YOY 200.0 180.0 160.0 140.0 120.0 100.0 80.0 60.0 40.0 20.0 0.0 PERSONAL CREDIT 189.0 171.3 178.1 161.8 151.1 137.3 143.7 129.8 122.5 23.3% 24.7% 24.7% 23.9% 25.1% 112.5 27.8% Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 40% 35% 30% 25% 20% 15% 10% 5% 0% Personnal Credit (R$ Billion) YoY The 20 main agreements for paycheck-deductible loan origination accounted for 73.9% of our direct production in 1Q10 and 61.38% in 4Q09, as shown below: Loan Portfolio 20 Major Production Codes 4Q09 1Q10 State 24.50% 25.94% Federal 17.07% 21.64% INSS 14.99% 23.63% Municipalities 4.82% 1.88% Total 61.38% 73.09% The loan portfolio, including guarantees, accounts receivable and subordinated shares in receivables-backed investment funds (FIDCs) booked under the item Securities, ed R$4.824 billion, of which R$4.402 billion was represented by paycheck-deductible loans, R$116.7 million by paycheck-deductible credit card operations and R$306.0 million by the middle-market segment. The overall portfolio grew 6.0% from 4Q09 (R$4.553 billion) and 40.0% from the same period of 2009 (R$3.447 billion). 8

Total loan volume, including the amounts assigned to other financial institutions and senior shares in FIDCs, reached R$6.146 billion, an increase of 9.2% from the same period of 2009 (R$5.626 billion). Credit assignments to other financial institutions and senior shares in FIDCs represented 21.5% of the portfolio in 1Q10, compared with 21.4% in 4Q09. Note that on-balance-sheet assets and subordinated shares in FIDCs under the item Securities are available for credit assignment to other financial institutions as an immediate liquidity alternative. Credit Portfolio (R$ '000) 1Q10 % of the 4Q09 % of the 1Q09 % of the 1Q10 x 4Q09 1Q10 x 1Q09 Paycheck Deductible Loans¹ 4,401,489 71.6% 4,149,443 71.7% 3,096,456 55.0% 6.1% 42.1% Paycheck Deductible Credit Card 116,739 1.9% 127,443 2.2% 66,544 1.2% -8.4% 75.4% Middle Market Companies Financing 306,016 5.0% 276,263 4.8% 284,082 5.0% 10.8% 7.7% SubTotal On-balance 4,824,244 78.5% 4,553,149 78.6% 3,447,082 61.3% 6.0% 40.0% Contracts of loans with co-obligation 702,727 11.4% 617,903 10.7% 1,295,139 23.0% 13.7% -45.7% Contracts of loans without co-obligation ¹ 619,071 10.1% 619,017 10.7% 883,603 15.7% 0.0% -29.9% SubTotal Off-balance 1,321,798 21.5% 1,236,920 21.4% 2,178,742 38.7% 6.9% -39.3% Total 6,146,042 100.0% 5,790,069 100.0% 5,625,824 100.0% 6.1% 9.2% Paycheck-Deductible Loan The portfolio of paycheck-deductible loans reached R$4.4 billion in 1Q10, increasing by 42.1% from the same period of 2009 and by 6.1% in relation to 4Q09. Paycheck-Deductible Credit Cards The on-balance-sheet portfolio of paycheck-deductible credit card operations decreased by R$10.7 million in 1Q10. The balance stood at R$116.7 million in the period, 75.4% higher than in the same period of 2009. The contraction in the loan portfolio is due to the payment and settlement of the revolving loan operations of the credit cards. The number of active cards stood at 370,162 down 3.42% from 4Q09 (383,300). Active clients financing their outstanding balances accounted for 76.2% of the, with an average cost of 4.12% per month on March 31, 2010. Banco Cruzeiro do Sul currently holds agreements for the origination of paycheck-deductible loans with more than 163 government entities as well as the INSS social security system. We continue to pursue new instruments for the distribution of paycheck-deductible credit in existing business segments, building on the success of the paycheck-deductible credit cards. Middle Market The middle-market segment ended 1Q10 with a loan portfolio of R$306.0 million, representing increases of 10.8% from 4Q09 (R$276.3 million) and of 7.7% from the same period of 2009 (R$284.1 million). The amounts in the middle-market portfolio are in line with the strategy adopted by the Bank for this business segment. The Bank maintains a conservative posture in relation to the origination of loans in the middle market. In 1Q10, we continued improving the quality of discounted receivables and maintaining the terms of operations at acceptable levels. 9

Middle Market 358.4 281.5 276.3 284.1 276.3 306.0 75.0 121.5 161.2 2004 2005 2006 2007 2008 2009 1Q09 4Q09 1Q10 Banco Cruzeiro do Sul maintains its focus on paycheck-deductible personal loans, both directly or through paycheck-deductible credit cards, where we have built a portfolio of high liquidity and quality, though without foregoing the middle-market segment, seeking to diversify the loan portfolio. Foreign Exchange In the first quarter of 2010, Banco Cruzeiro do Sul s foreign exchange desk maintained its operations in the interbank market, imports and exports, paper currency distribution, gold exports and the buying and selling of foreign currencies for financial and commercial fund transfers. In line with our high-volume and low-risk strategy, the operations target institutions authorized by the Central Bank of Brazil, and price variations are always covered by derivative markets in Brazil and abroad. The area's activities in the interbank market led Banco Cruzeiro do Sul to place 17 th in February 2010 in the ranking published by the Central Bank. Quality of the Loan Portfolio Security in the approval and execution of credit operations is fundamental for developing the business and maintaining the quality of the loan portfolio. This efficient loan portfolio management is demonstrated by the quality of the portfolio, with 96.3% of credit assets rated between AA and C, based on Central Bank Resolution 2,682. At the close of 1Q10, the provision for loan losses stood at R$38.1 million, decreasing by 1.3% in relation to 4Q09 (R$38.6 million) and increasing by 27.42% when compared with the same period of 2009 (R$29.9 million), representing 2.3% of the item Credit Operations (R$1,685.5 million). The reduction in provisioning for loan losses reflects the 10.8% decreasing in the amount booked in the item Loan operations between 1Q10 and 4Q09. 10

Quality of Loan Portfolio 6.5% 9.7% 18.2% 61.9% AA A B C Funding Banco Cruzeiro do Sul raises funds in the local market from institutional investors, individuals and companies. The instruments used are: time deposits with and without guarantee from Fundo Garantidor de Crédito (DPGEs), interbank deposits, credit assignments to other financial institutions and receivables-backed investment funds (FIDCs). In the international market, funding operations involve the issue of short and medium-term notes. In 1Q10, the Bank s funding sources were composed of: Time deposits from individuals and companies: 48.8% (4Q09: 52.6%); Credit assignments to other financial institutions: 12.3% (4Q09: 11.5%); Offshore funding operations (STN & MTN): 19.5% (4Q09: 13.9%); Credit assignments to FIDCs (senior shares): 14.8% (4Q09: 16.3%); Interbank deposits: 4.7% (4Q09: 5.7%). Funding (R$ '000) 1Q10 % of the 4Q09 % of the 1Q09 % of the 1Q10 x 4Q09 1Q10 x 1Q09 Time deposits¹ 3,397,933 48.8% 3,354,289 52.6% 1,889,091 31.6% 1.3% 79.9% Interbank deposits² 327,982 4.7% 363,003 5.7% 423,941 7.1% -9.6% -22.6% Securities issued abroad 1,354,468 19.5% 888,673 13.9% 967,455 16.2% 52.4% 40.0% SubTotal On-balance 5,080,383 73.0% 4,605,965 72.3% 3,280,487 54.8% 10.3% 54.9% Credit assingments 853,171 12.3% 731,519 11.5% 1,346,390 22.5% 16.6% -36.6% FIDC's senior quotas 1,028,297 14.8% 1,036,759 16.3% 1,355,592 22.7% -0.8% -24.1% SubTotal Off-balance 1,881,468 27.0% 1,768,278 27.7% 2,701,982 45.2% 6.4% -30.4% Total 6,961,851 100.0% 6,374,243 100.0% 5,982,469 100.0% 9.2% 16.4% ¹ Considers related party deposits of R$116.222 million and R$2,061.0 million in DPGEs (deposits guaranteed by the government). ² Interbank deposits, Demand deposits and Other deposits. Time deposits ed R$3,397.9 million, increasing by 1.3% from the fourth quarter of 2009 (R$3,354.3 million) and by 79.9% from the first quarter of 2009 (R$1,889.1 million). The time deposits portfolio with and without guarantees from the FGC has a weighted average cost of 113% of the CDI rate and a weighted average term of 401 days. A highlight was the funding operation carried out in February 2010 in the amount of USD 250 million, with a five-year term and a coupon of 8.5%. 11

Cash and cash equivalents In the first quarter of 2010, Banco Cruzeiro do Sul maintained its policy adopted in the previous quarters of controlling liquidity and focusing on asset quality. We maintained our relationships with partner financial institutions, assigning credit assets that generated funds at prices and terms that are compatible with our operations. The increase in guarantees for time deposits through Fundo Garantidor de Crédito (FGC) authorized by the National Monetary Council as of April 1, 2009, enabled the issue of Time Deposits with Special Guarantee (DPGEs) at conditions adequate to the funding requirements of our paycheckdeductible loan operations. The table below presents our cash and cash equivalents, which on March 31, 2010 stood at R$737.6 million, equivalent to 67% of shareholders equity at the close of the quarter. R$ Million Sep-09 Dec-09 Mar-10 Local Currency 2,277 2,264 1,577 Foreign Investor 93,167 83,111 116,460 Cash and Gold 952 8,343 2,671 Cash equivalents 96,396 93,718 120,708 Interbank investments (1) 280,101 198,417 197,611 Total of cash and cash equivalents 376,497 292,135 318,319 Government Bonds Free Portfolio 125,398 128,022 318,880 Saldo de Cixa FIDCs 17,437 41,941 18,655 TP Disponíveis na BM&F 9,316 16,933 81,741 Total 528,648 479,031 737,595 (1) Refers to transactions with a maturity date of the actual application is less than 90 days. CAPITAL STRUCTURE Shareholders Equity Shareholders equity came to R$1,092.5 million, 2.27% higher than in 4Q09 (R$1,068.2 million), and 6.27% higher than the shareholders equity in the same period of 2009 (R$1,028.0 million). Average shareholders equity in the quarter was R$1,079.9 million, 3.41% higher than in the same period of 2009. The net income recorded in the first quarter of 2010 represents annualized return on average equity of 14.7%. SHAREHOLDER'S EQUITY 1,048 1,069 1,068 1,028 1,068 1,093 101 120 255 2004 2005 2006 2007 2008 2009 1Q09 4Q09 1Q10 12

Banco Cruzeiro do Sul Stock (BM&FBovespa CZRS4) The capital stock of Banco Cruzeiro do Sul comprises 99,897,555 common shares and 36,829,923 preferred shares, for a of 136,727,478 shares, of which 26,498,021 shares (71.95% of the preferred shares) are held by the market (free float). The free float of Banco Cruzeiro do Sul (CZRS4) is distributed as follows: Position 03.31.2010 Quantity Preferred % Total % Foreign investor 30 9,564,746 25.97% 9,564,746 7.00% Brazilian Corporations 26 9,608,998 26.09% 9,608,998 7.03% Brazilian Individuals 403 7,324,277 19.89% 7,324,277 5.36% Total Free Float 459 26,498,021 71.95% 26,498,021 19.38% Controllers 2 8,939,882 24.27% 108,837,437 7.96% Members of the Board 4 32,020 0.09% 32,020 0.20% Directors - - - - - Treasury - 1,360,000 3.69% 1,360,000 0.99% Total Management 7 10,331,902 28.05% 110,229,457 80.62% Total Shares 466 36,829,923 100% 136,727,478 100% The reduction in the number of preferred shares in relation to 3Q09 (38,414,146) is due to the cancelation of 1,584,223 shares that Banco Cruzeiro do Sul S.A. held in treasury, in accordance with the Board of Directors Meeting held on December 11, 2009. On March 31, 2010, Banco Cruzeiro do Sul s market capitalization was R$1,639.4 million, with its stock (CZRS4) trading at R$11.99 per share. Market capitalization corresponded to 1.5 times shareholders equity in 1Q10. The Bank s stock gained 110% in the last 12 months. Note that these stock gains do not consider the dividends and shareholders equity paid in the periods mentioned. The table below shows the amounts paid as interest on equity and dividends, which represent R$1.71 per share since the IPO: Date of approval Return Return value per share (R$) The Amount of Income (R$ 000) Date of Payment 08/23/2007 Interest on own capital 0.058188417 8,450.00 09/04/07 1/21/2008 Interest on own capital 0.189714898 27,550.00 02/01/08 3/12/2008 Dividends 0.191890040 27,865.87 03/25/2008 5/14/2008 Interest on own capital 0.108113390 15,700.00 08/15/2008 3/7/2008 Interest on own capital 0.108010097 15,685.00 08/15/2008 3/4/2009 Dividends 0.469208684 63,550.00 03/16/2009 7/17/2009 Interest on own capital 0.239348479 32,400.00 08/14/2009 10/14/2009 Interest on own capital 0.114503131 15,500.00 10/27/09 1/29/2010 Interest on own capital 0.114503131 15,500.00 02/22/10 7/5/2010 Interest on own capital 0.116719320 15,800.00 to be defined In the first quarter of 2010, the Company s free float stood at 19.4%. 13

Capital Adequacy Ratio (BIS) Banco Cruzeiro do Sul s capital adequacy ratio in 1Q10 stood at 15.1%. This ratio is significantly higher than the 11% minimum required by the Central Bank of Brazil and includes only tier 1 capital. 30.0% BIS 19.0% 14.7% 15.7% 20.4% 16.1% 18.5% 16.1% 15.1% Administrative Expenses 2004 2005 2006 2007 2008 2009 1Q09 4Q09 1Q10 In 1Q10, administrative and personnel expenses ed R$68.1 million, a reduction of 6.6% from 4Q09. Personnel expenses amounted to R$23.8 million, 23.2% lower than in 4Q09 and 27.4% higher than in 1Q09, due to modifications in the number of employees as a result of the adjustments made to align operations with the new market conditions. Personnel and Administrative Expenses (R$ '000) 1Q10 4Q09 1Q09 1Q10 x 4Q09 1Q10 x 1Q09 Personnel expenses 23,804 30,980 18,689-23.2% 27.4% Administrative expenses 44,285-41,949-40,343-5.6% 0.0% 9.8% 0.0% Total 68,089 72,929 59,032-6.6% 15.3% As a result, our efficiency ratio stood at 49.2% in the period (56.2% in 4Q09). We continued to monitor administrative and personnel expenses in the period in order to adjust the Bank's operations to the new market conditions, achieving a return on efficiency ratio below 50% in the quarter. It is important to note that our administrative expenses were impacted by the non-recurring expenses of R$1.0 million related to the bank's new share issue. Excluding these expenses, our efficiency ratio in the period was 48.4%. Distribution Network For the origination of paycheck-deductible personal loans to government employees and INSS beneficiaries, in 1Q10, Banco Cruzeiro do Sul had a national network of 268 correspondent banks, as shown in the chart below, compared with 326 in 4Q09 and 397 in 1Q09. The 10 largest correspondent banks accounted for 27.8% of our direct origination of paycheck-deductible loans in 1Q10. 14

251 281 297 360 326 397 326 268 120 2004 2005 2006 2007 2008 2009 1Q09 4Q09 1Q10 Correspondents Concentration per Region in Brazil 1Q10 22.0% 32.1% 16.4% 15.7% 13.8% MIDDLE EAST NORTHEAST NORTHEAST SOUTHEAST SOUTHEAST The reduction in the number of correspondent banks in relation since 3Q09 is due to exclusions based on a review of their performance. These correspondent banks utilize third parties and employees to reach the target public. In 1Q10, this sales team had at its disposal 364 agreements, 155 of which were federal, 97 state and 112 municipal. These agreements involved the permission to offer paycheck-deductible loans to more than 2,800 government entities at the federal, state and municipal levels, including the INSS social security system. 300 337 356 340 356 364 207 248 95 2004 2005 2006 2007 2008 2009 1Q09 4Q09 1Q10 The approval of new agreements with municipal, state and federal entities to offer paycheckdeductible loans to government employees is formalized with strict observance of all applicable regulations. The process includes all necessary measures to minimize any risks (legal, image and operational). These procedures aim to avoid any problems that could emerge related to the linking of loans to the payroll accounts of each government entity. 15

Accordingly, three pillars are observed in these processes: 1. If the entity falls under the scope of the fiscal responsibility law (Supplementary Law 101 of May 4, 2000); 2. If the entity is authorized by law to permit the linking of the obligations owed under the loan agreement to the payroll accounts of its employees, duly approving and encompassing paycheckdeductible loan operations to government workers; 3. If the entity has an IT platform compatible with the operation of loan agreements over the Internet. The average commission paid to correspondents in 1Q10 was 7.24%, versus 8.16% in 4Q09 and 6.35% in 1Q09. The slight decrease in average commission paid in 1Q10 reflects the process to improve the efficiency of the correspondent banks. 16.18% 10.70% 12.74% 6.35% 5.85% 8.16% 6.75% 5.54% 7.24% INSS Other Agreement Average Commission 1Q10 4Q09 1Q10 In 1Q10, we had 1,324,511 active clients, a 9.2% increase over 1Q09. The chart below provides a breakdown of this client base among INSS Beneficiaries, Public Employees and Paycheck-Deductible Credit Cards. 234.1 209.8 24.3 549.2 72.8 239.2 237.1 1,324.7 1,324.7 1,324.5 1,121.9 1,212.3 383.3 996.5 383.3 370.2 370.2 218.7 346.7 797.3 152.4 490.1 398.5 490.1 510.1 366.1 401.6 318.2 326.7 411.7 373.6 451.3 443.5 451.3 444.2 2004 2005 2006 2007 2008 2009 1Q09 4Q09 1Q10 Cards Public Employees INSS 16

In the middle-market segment, the distribution network is organized in the form of own commercial platforms located in the cities of São Paulo, Ribeirão Preto, Rio de Janeiro, and Goiânia, and is composed of 110 active clients. People Management To advance our growth strategy, the People Management area works to ensure that attitude and postures are effectively aligned with the organization s values: Results-oriented focus with accountability Commitment to the client Efficiency and effectiveness Entrepreneurism and agility Professionalism Ethical behavior Team spirit Respect for individuals In this light, the area drafts and updates its policies with a view to valuing, motivating, retaining and attracting human capital, and developing experienced professionals in their various areas of specialization. To achieve this it developed, among other initiatives, the Internal Profit Sharing Program (PLR - PLUS), which is in addition to the profit-sharing program established under the collective bargaining agreement, and is based on: Performance evaluations; Recognizing and promoting competencies; Professional dedication; Identification of areas that require attention; During the quarter we launched the Health and Quality of Life Program for employees and their family members, and offered lectures, training sessions and a healthcare plan with 1,434 beneficiaries. In 1Q10, Banco Cruzeiro do Sul had 660 employees, 6.1% more than in 4Q09 (622) and 15.2% more than in 1Q09 (573). The increase in the number of employees is due to operational adjustments to the new market conditions. Operational Risk In compliance with CMN Resolution 3,380/06, Banco Cruzeiro do Sul has a special structure for managing operational risks. In addition, the Executive Board approved an Operational Risk Management Policy. The results of the studies conducted by the teams involved in the Operational Risk process are evaluated by the Risk and Liquidity Committee and by the Board of Directors. If applicable, corrective or preventative measures are implemented to remedy the points raised. 17

Management of Market Risk In compliance with CMN Resolutions 3,464/07 and 3,354/06, Banco Cruzeiro do Sul has a special structure for managing the market risks of its operations. In addition, the Executive Board approved a Market Risk Management Policy. We are also complying with CVM Instruction 474/08 by disclosing sensitivity analyses of our asset and liability positions and exposures, according to the Note to the Financial Statements - Sensitivity Analysis. The result of the market risk analyses are discussed periodically in the Risks and Liquidity Committee, evaluating primarily if the level of risk assumed by the operational areas are aligned with the operational limits pre-approved by Senior Management. Social Policies Aware of its social responsibility, Banco Cruzeiro do Sul participates in various collection drives and donation efforts and sponsors various sports and cultural events. Ombudsman Banco Cruzeiro do Sul created an Ombudsman Unit charged with representing clients who use the Bank s products and services. Accordingly, the Bank s Management assures all of the conditions needed for the department to operate guided by transparency, independence and impartiality in dealing with clients and accessing the required information. Audit Committee The Audit Committee of Banco Cruzeiro do Sul S.A., which was constituted under the terms of Article 34 of the Company s Bylaws, elected in accordance with minutes of the Annual and Extraordinary Shareholders Meetings held on April 23, 2008, and installed on November 3, 2008, is a statutory body composed of three independent members with a one-year term of office, as determined by the Resolution 3,198 issued on May 27, 2004 by the National Monetary Council - CMN. The members of the Audit Committee were reelected in accordance with the Minutes of the Board of Directors meeting held on July 16, 2009 and were installed on January 14, 2010 with a term of office lasting until the first Board of Directors to be held after the Annual Shareholders Meeting of 2010. The committee s composition, attributions and rules of conduct were established in accordance with the regulations issued by the Central Bank of Brazil and are governed by the Company s Bylaws and by the Operational Rules of the Audit Committee, which were approved by the Company s Board of Directors. The Company s Audit Committee is currently composed of the following members: Gilberto Braga, Miguel Vargas Franco Netto and Paulo Roberto Barral. 18

STATEMENTS OF INCOME (R$ 000) Statement of Income (R$ '000) 1Q10 4Q09 1Q10 x 4Q09 1Q09 1Q10 x 1Q09 2009 2008 2009 x 2008 Financial operations income 375,205 325,011 15.4% 210,240 78.5% 951,718 1,325,030-28.2% Loans 86,662 35,165 146.4% 42,050 106.1% 175,706 388,621-54.8% Securities income 95,031 103,180-7.9% 116,771-18.6% 489,604 705,590-30.6% Derivative financial instruments 5,306 (10,530) -150.4% (28,155) -118.8% (243,871) 229,218-206.4% Foreign exchange operations 3,352 - - 12,981 (1) - - - Compulsory deposits - - - - 0.0% - 1,601 - Sale or trasfering of financial assets operations 184,854 197,196-6.3% 66,593 2 530,279 - - Financial operations expenses (173,205) (141,471) 22.4% (149,396) 15.9% (427,321) (736,841) -42.0% Deposits, money market and interbank funds (135,441) (94,595) 43.2% (81,880) 65.4% (149,210) (689,731) -78.4% Borrowings and repass (262) (84) 2-0.0% (84) (7) 1100.0% Foreign exchange operations - (2,988) (1) - - (18,443) (1,816) - Sale or trasfering of financial assets operations (27,668) (33,300) -16.9% (59,793) (1) (224,065) (25,073) - Allowance for doubtful loans (9,834) (10,504) -6.4% (7,723) 27.3% (35,519) (20,214) 75.7% Gross income on financial operations 202,000 183,540 10.1% 60,844 232.0% 524,397 588,189-10.8% Other operating income/(expenses) (139,161) (127,007) 9.6% (84,902) 63.9% (395,595) (283,272) 39.7% Service income 2,972 2,782 6.8% 2,517 18.1% 10,789 9,805 10.0% Bank fees income 245 376-34.8% 984-75.1% 3,043 3,798-19.9% Personnel expenses (23,804) (30,980) -23.2% (18,689) 27.4% (96,909) (84,270) 15.0% Other administrative expenses (44,285) (41,949) 5.6% (40,343) 9.8% (158,598) (142,341) 11.4% Tax expenses (6,034) (5,091) 18.5% (4,685) 28.8% (21,363) (22,577) -5.4% Equity in income of subsidiaries (1,570) 4,742-133.1% 4,389-135.8% 15,263 22,986-33.6% Other operating income 3,671 4,987 0.0% 4,366-15.9% 24,566 54,103-54.6% Other operating expenses (70,356) (61,874) 13.7% (33,441) 110.4% (172,386) (124,776) 38.2% Operating results 62,839 56,533 11.2% (24,058) -361.2% 128,802 304,917-57.8% Non operating results 22-0.0% 2,376 (1) 1,199 16,054 0.0% Results before income taxes 62,861 56,533 11.2% (21,682) -389.9% 130,001 320,971-59.5% Income tax and social contributions (21,486) (12,672) 69.6% 10,731-300.2% (21,142) (112,038) -81.1% Provision for income tax (9,227) (15,005) -38.5% (16,999) -45.7% (68,116) (134,248) -49.3% Provision for social contribution (5,450) (9,002) -39.5% (10,199) -46.6% (40,869) (96,399) -57.6% Deferred tax assets (6,809) 11,335-160.1% 37,929-118.0% 87,843 118,609-25.9% Profit sharing - Employees (1,707) (2,717) -37.2% (10,816) -84.2% (26,998) (30,018) -10.1% Minority interest in subsidiaries - - - - - - - - Net profit/(loss) for the period 39,668 41,144-3.6% (21,767) -282.2% 81,861 178,915-54.2% Interest on own capital 15,800 15,500 0.0% - - 63,400 31,385 102.0% 19

EFFECT OF CVM REGULATIONS ON THE STATEMENT OF INCOME (R$ 000) EFFECT OF CVM CONSOLIDATED STATEMENT OF INCOME (R$ '000) 1Q10 4Q09 1Q10 x 4Q09 1Q09 1Q10 x 1Q09 2009 2008 2009 x 2008 Financial operations income 362,150 312,027 16.1% 328,214 10.3% 1,128,828 991,724 13.8% Loans 399,810 312,465 28.0% 249,190 60.4% 658,161 1,147,464-42.6% Loans - FIDCs Impact (55,993) (28,183) 98.7% 56,484 n.m. 23,124 (444,459) n.m. Securities income 23,423 22,568 3.8% 36,608-36.0% 158,399 57,145 177.2% Derivative financial instruments 5,684 (9,923) n.m. (27,514) n.m. (241,135) 229,973 n.m. Foreign exchange operations 3,352 - n.m. 12,981 (1) - - - Compulsory deposits - - 0.0% - - - 1,601 n.m. Sale or trasfering of financial assets operations (14,126) 15,100 n.m. 465 n.m. 530,279 - - Financial operations expenses (201,206) (143,327) 40.4% (181,977) 10.6% (517,154) (766,216) -32.5% Deposits, money market and interbank funds (152,951) (119,267) 28.2% (107,409) 42.4% (233,212) (721,225) -67.7% Borrowings and repass (262) - -16.9% (1) (1) - (7) n.m. Foreign exchange operations - (2,988) n.m. - - (18,443) (1,816) - Sale or trasfering of financial assets operations (27,668) (33,300) -16.9% - (126,206) Allowance for doubtful loans (21,946) 11,431 n.m. (12,415) 76.8% (38,990) (26,861) 45.2% Allowance for doubtful loans - FIDCs Impact 1,621 881 84.0% (2,360) n.m. (2,360) 8,766 n.m. Gross income on financial operations 160,944 168,700-4.6% 146,237 10.1% 611,674 225,508 171.2% Other operating income/(expenses) (165,428) (139,315) 18.7% (117,779) 40.5% (434,036) (425,856) 1.9% Retained Premiums 9,136 4,537 101.4% 7,372 23.9% 23,188 17,922 29.4% Retained Claims (7,972) (3,763) 111.9% (6,447) 23.7% (20,119) (14,817) 35.8% Service income 5,723 5,414 5.7% 5,163 10.8% 19,692 26,549-25.8% Bank fees income 245 367-33.2% 984-75.1% 3,043 3,798-19.9% Personnel expenses (27,104) (33,461) -19.0% (20,999) 29.1% (107,096) (91,705) 16.8% Other administrative expenses (57,926) (55,163) 5.0% (50,246) 15.3% (204,802) (183,677) 11.5% Tax expenses (6,984) (5,756) 21.3% (6,101) 14.5% (25,181) (24,238) 3.9% Other operating income 5,713 9,950-42.6% 6,287-9.1% 34,406 60,267-42.9% Other operating expenses (73,376) (63,993) 14.7% (49,421) 48.5% (180,823) (131,101) 37.9% Other operating expenses - FIDCs Impact (12,883) 2,534 n.m. (4,371) 194.7% 23,656 (88,854) n.m. Operating results (4,484) 29,385 n.m. 28,458 n.m. 177,638 (200,348) n.m. Non operating results 22 (4) n.m. 2,376 (1) 888 16,053-94.5% Results before income taxes (4,462) 29,381 n.m. 30,834 n.m. 178,526 (184,295) n.m. Income tax and social contributions 6,359 100 6259.0% (13,103) n.m. (44,035) 89,109 n.m. Provision for income tax 8,052 (8,698) n.m. (31,856) n.m. (84,152) (8,453) 895.5% Provision for social contribution 4,907 (4,707) n.m. (19,112) n.m. (50,022) (20,338) 146.0% Deferred tax assets (34,369) 3,136 n.m. 58,931 n.m. 108,941 (97,159) n.m. Deferred tax assets - FIDCs Impact 27,769 10,369 167.8% (21,066) n.m. (18,802) 215,059 n.m. Profit sharing - Employees (1,716) (2,717) -36.8% (10,824) -84.1% (27,006) (33,866) -20.3% Minority interest in subsidiaries 1 (19) n.m. 13 (1) (6) (1,521) -99.6% Net profit/(loss) for the period (CVM) 182 26,745-99.3% 6,920-97.4% 107,479 (130,573) n.m. Interest on own capital 15,800 15,500 0 - n.m. 63,400 31,385 102.0% Reconciliation Loans Income 55,993 28,183 98.7% (56,484) n.m. (23,124) 444,459 n.m. Allowance for doubtful loans (1,621) (881) 84.0% 2,360 n.m. 2,360 (8,766) n.m. Expenses of Loans commissions 12,883 (2,534) n.m. 4,371 194.7% (23,656) 88,854 n.m. Income Tax (IR, CS, PIS e COFINS) (27,769) (10,369) 167.8% 21,066 n.m. 18,802 (215,059) n.m. Net profit/(loss) for the period (BACEN) 39,668 41,144-3.6% (21,767) n.m. 81,861 178,915-54.2% 20

BALANCE SHEET - ASSETS (R$ 000) Assets (R$ '000) 1Q10 % of the 4Q09 % of the 1Q09 % of the 1Q10 x 4Q09 1Q10 x 1Q09 Current assets 6,569,538 85.6% 5,786,812 80.5% 4,661,405 78.3% 13.5% 40.9% Bank and cash 120,708 1.6% 93,718 1.3% 56,012 0.9% 28.8% 115.5% Interbank funds applied 206,311 2.7% 199,119 2.8% 215,201 3.6% 3.6% -4.1% Securities and derivative financial instruments 4,626,701 60.3% 4,027,379 56.1% 3,235,200 54.4% 14.9% 43.0% Interbank accounts 3,555 0.0% 410 0.0% 2,464 0.0% 767.1% 44.3% Loans 946,058 12.3% 1,036,644 14.4% 820,887 13.8% -8.7% 15.2% Other receivable 572,991 7.5% 323,745 4.5% 263,730 4.4% 77.0% 117.3% Other assets 93,214 1.2% 105,797 1.5% 67,911 1.1% -11.9% 37.3% Non current assets 906,072 11.8% 1,193,856 16.6% 1,055,970 17.7% -24.1% -14.2% Interbank funds applied 63,127 0.8% 72,237 1.0% 40,513 0.7% -12.6% 55.8% Securities and derivative financial instruments 41 0.0% 31,275 0.4% 119,522 2.0% -99.9% -100.0% Loans 690,497 9.0% 801,697 11.2% 630,355 10.6% -13.9% 9.5% Other receivable 134,679 1.8% 277,358 3.9% 257,935 4.3% -51.4% -47.8% Other assets 17,728 0.2% 11,289 0.2% 7,645 0.1% 57.0% 131.9% Permanent assets 202,834 2.6% 204,218 2.8% 234,883 3.9% -0.7% -13.6% Investments 169,953 2.2% 171,509 2.4% 212,322 3.6% -0.9% -20.0% Premises and equipment 21,922 0.3% 21,985 0.3% 9,768 0.2% -0.3% 124.4% Deferred charges 10,588 0.1% 10,432 0.1% 12,683 0.2% 1.5% -16.5% Intangible 371 0.0% 292 0.0% 110 0.0% 27.1% 237.3% Total Assets 7,678,444 100.0% 7,184,886 100.0% 5,952,258 100.0% 6.9% 29.0% 21

BALANCE SHEET - LIABILITIES (R$ 000) Liabilities (R$ '000) 1Q10 % of the % of the % of the 4Q09 1Q09 1Q10 x 4Q09 1Q10 x 1Q09 Current Liabilities 3,909,229 50.9% 3,902,172 54.3% 3,153,293 53.0% 0.2% 24.0% Deposits 2,734,374 35.6% 2,911,524 40.5% 2,089,059 35.1% -6.1% 30.9% Money market repurchase commitments 150,794 2.0% 132,109 1.8% 139,704 2.3% 14.1% 7.9% Acceptances and endorsements 342,764 4.5% 260,324 3.6% 249,501 4.2% 31.7% 37.4% Interbank accounts 870 0.0% - - 1,437 0.0% 0.0% 0.0% Interdepentmental 1 0.0% - - - 0.0% 0.0% 0.0% Obligations due to loans 2,021 3.0% 2,766 0.0% - - - - Derivative financial instruments 17,285 0.2% 19,159 0.3% 11,184 0.2% -9.8% 54.6% Other liabilities 661,120 8.6% 576,290 8.0% 662,408 11.1% 14.7% -0.2% Non current liabilities 2,676,101 34.9% 2,213,754 30.8% 1,770,779 29.7% 20.9% 51.1% Deposits 991,541 12.9% 805,768 11.2% 223,973 3.8% 23.1% 342.7% Acceptances and endorsements 1,011,704 13.2% 628,349 8.7% 717,954 12.1% 61.0% 40.9% Derivative financial instruments 57,975 0.8% 55,129 0.8% 20,700 0.3% 5.2% 180.1% Other liabilities 614,881 8.0% 724,508 10.1% 808,152 13.6% -15.1% -23.9% Deferred income 594 0.0% 766 0.0% 258 0.0% -22.5% 130.2% Shareholders' equity 1,092,520 14.2% 1,068,194 14.9% 1,027,928 17.3% 2.3% 6.3% Total Liabilities 7,678,444 100.0% 7,184,886 100.0% 5,952,258 100.0% 6.9% 29.0% 22

EFFECT OF CVM REGULATIONS ON THE BALANCE SHEET ASSETS (R$ 000) Assets (R$ '000) 1Q10 % of the 4Q09 % of the 1Q09 % of the 1Q10 x 4Q09 1Q10 x 1Q09 Bank and cash 122,790 1.5% 99,683 1.4% 56,061 1.0% 23.2% 119.0% Interbank funds applied 269,438 3.4% 271,356 3.7% 268,416 4.9% -0.7% 0.4% Securities and derivative financial instruments 1,090,646 13.6% 855,852 11.6% 565,738 10.3% 27.4% 92.8% Interbank accounts 3,555 0.0% 410 0.0% 2,464 0.0% 767.1% 44.3% Loans 5,990,230 75.0% 5,723,078 77.8% 4,296,284 77.9% 4.7% 39.4% FIDCs impact- reversal of credit results (957,494) -12.0% (901,500) -12.3% (868,105) -15.7% 6.2% 10.3% Allowance for doubtful loans - FIDCs Impact 13,464 0.2% 11,843 0.2% 11,843 0.2% 13.7% 13.7% Other receivable 913,616 11.4% 635,373 8.6% 710,524 12.9% 43.8% 28.6% FIDCs impact - constitution of tax credit 188,830 2.4% 280,840 3.8% 173,686 3.1% -32.8% 8.7% Other assets (8,699) -0.1% 117,248 1.6% (29,171) -0.5% -107.4% -70.2% FIDCs impact - reversal of commission expenses 308,609 3.9% 201,712 2.7% 278,577 5.1% 53.0% 10.8% Permanent assets 56,572 0.7% 56,551 0.8% 48,820 0.9% 0.0% 15.9% Total Assets 7,991,557 100.0% 7,352,446 100.0% 5,515,137 100.0% 8.7% 44.9% 23

EFFECT OF CVM REGULATIONS ON THE BALANCE SHEET LIABILITIES (R$ 000) Liabilities (R$ '000) 1Q10 % of the 4Q09 % of the 1Q09 % of the 1Q10 x 4Q09 1Q10 x 1Q09 Deposits 3.611.839 45,2% 3.588.144 48,8% 1.313.007 23,8% 0,7% 175,1% Money market repurchase commitments 150.017 1,9% 123.924 1,7% 139.704 2,5% 21,1% 7,4% Acceptances and endorsements 1.354.468 16,9% 888.673 12,1% 967.455 17,5% 52,4% 40,0% Interbank accounts 870 0,0% - 0,0% 1.437 0,0% 0,0% Interdependent relations 1 - - - - - - - Obligations due to loans 2.021 0,0% 2.766 0,0% - 0,0% -26,9% 0,0% Derivative financial instruments 75.218 0,9% 74.218 1,0% 31.884 0,6% 1,3% 135,9% Other liabilities 2.147.761 26,9% 2.010.025 27,3% 2.434.638 44,1% 6,9% -11,8% Deferred income 2.978 0,0% 3.151 0,0% 2.645 0,0% -5,5% 12,6% Minority interest in subsidiaries 455 0,0% 456 0,0% 438 0,0% -0,2% 3,9% Shareholders' equity 645.929 8,1% 661.089 9,0% 623.929 11,3% -2,3% 3,5% Total Liabilities 7.991.557 100,0% 7.352.446 100,0% 5.515.137 100,0% 8,7% 44,9% Effect of the elimination of sales of loans to the consolidated FIDC in the Shareholder's equity 446.591 5,6% 407.105 5,5% 403.999 7,3% 9,7% 10,5% 24