(A free translation of the original in Portuguese)
Report of Independent Auditors
73
To the Board of Directors and Stockholders Banco Indusval S.A.
1 We have audited the balance sheets of Banco Indusval S.A. (Indusval Multistock) and the consolidated balance sheets of Banco Indusval S.A. and its subsidiaries (Indusval Multistock Consolidated) as of December 31, 2009 and 2008 and the related statements of operations, of changes in stockholders’ equity, of cash flows and of value added of Banco Indusval S.A. (Indusval Multistock) for the years then ended and for the six-month period ended December 31, 2009, as well as the consolidated statements of operations, of cash flows and of value added for the same years. These financial statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on these financial statements. 2 We conducted our audits in accordance with approved Brazilian auditing standards, which require that we perform the audits to obtain reasonable assurance about whether the financial statements are fairly presented in all material respects. Accordingly, our work included, among other procedures: (a) planning our audits taking into consideration the significance of balances, the volume of transactions and the accounting and internal control systems of the Bank and its subsidiaries; (b) examining, on a test basis, evidence and records supporting the amounts and disclosures in the financial statements and (c) assessing the accounting practices used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 3 In our opinion, the financial statements audited by us present fairly, in all material respects, the financial position of Banco Indusval S.A. (Indusval Multistock) and of Banco Indusval S.A. and its subsidiaries (Indusval Multistock Consolidated) at December 31, 2009 and 2008 and the results of its operations, the changes in stockholders’ equity, the cash flows and value added of Banco Indusval S.A. (Indusval Multistock) for the years then ended and the six-month period ended December 31, 2009, and the consolidated results of their operations, consolidated cash flows and consolidated value added for the same years, in accordance with accounting practices adopted in Brazil. São Paulo, February 24, 2010.
PricewaterhouseCoopers Auditores Independentes CRC 2SP000160/O-5 Sérgio Antonio Dias da Silva Accountant CRC 1RJ062926/O-9 “S” SP