1st quarter 2009 results - santander brasil

Brazil

1Q09 ResultsApril 29th, 2009

2

Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future business development and economic performance. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: (1) general market, macro-economic, governmental and regulatory trends; (2) movements in local and international securities markets, currency exchange rates, and interest rates; (3) competitive pressures; (4) technological developments; and (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties. The risk factors and other key factors that we have indicated in our past and future filings and reports, including those with the Securities and Exchange Commission of the United States of America (the “SEC”), could adversely affect our business and financial performance. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant any fuller disclosure document published by Santander. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in the presentation. In making this presentation available, Santander gives no advice and makes no recommendation to buy, sell or otherwise deal in shares in Santander or in any other securities or investments whatsoever. No offering of Securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption there from. Nothing contained in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act 2000. Note: Statements as to historical performance, historical share price or financial accretion are not intended to mean that future performance, historical share price or future earnings (including earnings per share) for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast. Note: The results information contained in this presentation has been prepared according to Spanish accounting criteria and regulation in a manner applicable to all subsidiaries of the Santander Group and as a result it may differ from the one disclosed locally.

Important Information

All figures in this presentation were converted to constant currency at an average during 1Q09 of US$ 2,3175 for income statement and average balances figures and at US$ 2,3119 at the end of 1Q09 for final balance sheet figures.

3Table of Contents

Businesses and Strategies 1Q09

Macroeconomic Scenario and Financial System

Results 1Q09

4

2.602.602.341.80

2.14

2006 2007 2008 2009(e) 2010(e)

4.55.05.9

4.5

3.1

2006 2007 2008 2009(e) 2010(e)

9.009.00

13.7511.25

13.25

2006 2007 2008 2009(e) 2010(e)

3.5

0.0

5.15.7

4.0

2006 2007 2008 2009(e) 2010(e)

Sources: The Central Bank of Brazil, IBGE and Santander Economic Research

Economy slows down in 2009, but good fundaments growth should recover in 2010

Macroeconomic Scenario

GDP¹ (real annual growth %)

Inflation (IPCA %)

Interest Rate - Selic (Final %)

Average FX Rate – R$/US$ (Final)

5

862

637

668 425

mar-06 set-06 mar-07 set-07 mar-08 set-08 mar-09

Global EmbiEmbi Brasil

206.8180.385.8 202.4

172193 198 193

2006 2007 2008 Mar.09

45% 43%

36% 37%

2006 2007 2008 Feb.09

Gross Public Debt* / GDP (%)

Unemployment Rate

International Reserves and External debt

Embi Brazil, Emergent's

Fundaments remain positive

US$ Billions

In bps.Crisis


ExternalTotal debt

Internat.Reserves

Sources: The Central Bank of Brazil and IBGE*Last information available

10.4%

9.0%

Mar.06 Sep.06 Mar.07 Sep.07 Mar.08 Sep.08 Mar.09 Mar.06 Sep.06 Mar.07 Sep.07 Mar.08 Sep.08 Mar.09

6

Implementation of the National Housing Plan, which envisages theconstruction of 1 million homes, subsidized with funds from the Union and FGTS ²

Creation of two new levels for individuals income tax contribution

Reduction of the tax on industrialized products (IPI) for vehicles

Reduction of the IOF aliquot (tax over financial operations) to individuals form 3% to 1.5% aa

Loans from the international reserves to private companies with abroad debt in dollars, extended to financial institutions

11

22

33

44

5

1. The measure announced in Nov/08 included only the export operations .2. FGTS: Guarantee Fund

5

Strong performance of the Brazilian government through tax incentives and stimulus to construction

Since the end of 2008, the government has been announcing several measures to stimulate the domestic demand, kwon as the “propellant” of Brazilian economic growth in the recent years

R$ 4.9 BiRuling since Janurary/2009

Fiscal Impact

R$ 1.0 BiRuling since December/2008

R$ 2.5 BiRuling since December/2008

US$ 36.0 BiRuling since March¹ /2009

R$ 34.0 BiRuling since March/2009


7

Given the current crisis...In previous crisis...

There was no macroeconomic stability, so there was...

Capital flight

Increase on risk rate

Strong currency devaluation

Higher inflation rate

Increase of interests rate

Growth in public debt

Decrease on investment levels

Resulting on .... sharp contraction on domestic product

Brazil: Debtor of the IMF

Nowadays Brazil relies on stability and credibility...

Floating exchange rate and less volatile

Lower country risk when compared to other

emerging countries

Interest rates running in a low trajectory

Increased investment in infrastructure

Net debt runs in a declining trajectory

Less vulnerability, more than $ 200 billion in

International Reserves

Brazil: Creditor of the IMF

A country more prepared to face new challenges...

Since Sep/08, while some countries had to lower their rating and outlook to negative levels, Brazil received in the same period its outlook and Investment Grade.


8Brazilian financial system is much more stronger ...

Solid and Profitable...BIS¹ Ratio: 15.8%, rate higher than the one required by the Central Bank (11%)Coverage index: 100.9%ROE: 17.7%

... More resistant to International crisis….

Real Estate credit incipient Brazilian banks among the 20 largest banks of the world in market value Credit quality at good levels No "toxic assets"

Source: Brazilian Central Bank1. Includes the following banks: Santander, Bradesco, Itaú+Unibanco and Banco do Brasil.2. December 20083. Considering the value of savings deposits in the amount of securities of Feb/09 is R$ 192 billion.

...with major consolidation

... which has been working to normalize the levels of liquidity

% CDI

Local Cost of Funding - Indicative Rates

130

120

106

Pequenos

M édios

Grandes

107

105

103

Pequenos

M édios

Grandes

Before the Crisis Nowadays

Large

Medium

Small

Large

Medium

Small

... A highly regulated and transparent

financial system ...

172

272

Sep/08 Feb/09

99.8 Bi

Compulsory Realease³ – R$ Bi

Greater stimulus to competition Strong performance in the injection of liquidity

Assets²: R$ 631.3 Bi Assets²: R$ 599.2 Bi Assets²: R$ 344.7 Bi

+ + +

9

119 126 116127 111

427412413369

318

Mar.07

Jun.07

Sep.07

Dec.07

Mar.08

Jun.08

Sep.08

Dec.08

Mar.09

20.4%

-0.4%126 141 162154 168

253230

151136

129

Mar.07

Jun.07

Sep.07

Dec.07

Mar.08

Jun.08

Sep.08

Dec.08

Mar.09

11.3%

38.1%

Volume

US$ Billions (Constant FX Rate)

Y-o-Y Variation %

Sources: The Central Bank of Brazil

Mutual FundsSavings (Deposits + Mutual Funds) Deposits

Time Demand + Savings

Demand: 0.3%Savings: 13.5%Time: 67.6%

Savings grows at 14%, driven by on-balance resources

Financial System: Savings dynamics

959920

844772

692

13.5%16.9%

Mar.07

Jun.07

Sep.07

Dec.07

Mar.08

Jun.08

Sep.08

Dec.08

Mar.09

255 278 305

393421

Retail: -12.8%No Retail: 3.4%

Retail No Retail

438

495540 527 537

10

124110

140103

159

27.5%

16.3%

Mar.07

Jun.07

Sep.07

Dec.07

Mar.08

Jun.08

Sep.08

Dec.08

Mar.09

159133

192

116

201

26.7%22.1%

Mar.07

Jun.07

Sep.07

Dec.07

Mar.08

Jun.08

Sep.08

Dec.08

Mar.09

146128

166109

177

20.9%24.7%

Mar.07

Jun.07

Sep.07

Dec.07

Mar.08

Jun.08

Sep.08

Dec.08

Mar.09

430371

499

328

537

25.0%21.0%

Mar.07

Jun.07

Sep.07

Dec.07

Mar.08

Jun.08

Sep.08

Dec.08

Mar.09

Unrestricted Loans to Individuals

Corporate Loans

Total Loans

Regulated Loans

Financial System: Loans dynamics


US$ Billions (Constant FX Rate) US$ Billions (Constant FX Rate)


Deceleration in credit growth rate

Volume Y-o-Y Variation %

Sources: The Central Bank of Brazil

11Table of Contents



Results 1Q09

12

Mar/09 ShareMar/09

ATMs: 18,194

Loans¹ (US$ Bi) 63.1 14.0%

Deposits (US$ Bi) 52.7 10.8%

Savings² (US$ Bi) 87.5 9.1%

Net Profit (US$ MM) 575

Attributable Profit (US$ MM) 568

Points of Sales³: 3,601

Customerns4 (millions): + 9.0South: 17% of GPD

Share: 10%

Southeast: 57% of GPD

Share: 16%

Center-west: 9% of GPD

Share: 6%

North: 4% of GPD

Share: 5%Northeast: 13% of GPD

Share: 8%

Focused on South / South East (74% GDP)

Our FranchiseSantander is the third* private bank in Brazil

(*) Ranking by assets. Source: Central Bank of Brazil 1) Volume refers to total loans and unrestricted loans share. 2) Savings = Deposits + Mutual Funds 3) Points of Sale: Includes branches and Pabs4) Actives customer account

13The integration process progresses according to plan

2008 2009 2010

Organization – a unified team of Directors

Plan to optimize costs

Beginning of the integration: GBM, Business and Aymoré / Olé

Design of the strategic plan for technology and operations

Integration of Service’s Central

Plan to optimize distribution of employees in buildings

Operational and Technological Integration

Integration of systems SAP, People Soft (human resources) and Contact Center

Integration of Credit Card Business Unification of front-office systems of the agencies / Interoperability

Corporate Intranet

Management of Purchasing and Payments in Real

Law Incorporation

Roll-out for the agencies -unification of the Network

Unification of the Call Center, Internet and Cash Management

Implementation of the process of convergence

14Our greatest strength in integration: the complementarily ...

Agencies Network focused on

South and Southeast

Strong results in credit cards,

insurance and pay roll loans

Focus on middle-income

segments and public employees

International Bank, innovative and

robust

Agencies Network with significant

presence in the Northeast

Strong results in credit and

personal finance

Focus on high-income segments,

and Pymes

Tradition in relationship and client

satisfaction

15

... In ATMs and agencies

Drawing from current account and savings;

Referral to extract * and balance of current account and savings;

Payment of accounts such as water, electricity and telephone;

Payment of accounts from Santander and Real (including Aymoré) which term has already expired

and payment of accounts to expire from all the other Banks

... In the electronic channels (Internet Banking, Superlinha and Disque Real) e bank correspondent;

Payment of accounts from Santander, Real (including Aymoré) which term has already expired and

payment of accounts to expire from all the other Banks

... bringing comfort and a wide network of service

*Referral of extract is available only in ATMs

Closer …

Practicable

... to perform, in a better way, the following transactions ... … Stronger

With the main transaction already connected, we offer to more than 9 million customers a larger network of service and agencies ...

2,086 branches18,194 ATMs

1,515 mini branches

16

Global model of relationship (MRG)

Strategy – Well defined segmentation

Consolidate and deepen the relationship with customers. Risk Management. Industry vision / sectorRegional coverage with limited sector specialization and teams distributed in platforms

High income > R$ 4,000 Medium income between R$1,200 -R$ 4.000Low income < R$ 1,200

Business I R$ 0.5 MM - R$ 5 MM Business II R$ 5 MM - R$ 30 MMCorp. + Shareholders until R$ 0.5 MM

Retail+9 millions

actives customer account¹

Understand the need of our customers to expand the provision of services and innovative products. Managers specialized and differentiated places (branches and Van Gogh).

Specifics models for channels of serviceBusiness

Individuals

SEGMENTATION COMERCIAL PLANS

GB&M> 700 groups

Companies

Revenues between :R$ 30MM - R$ 250MM Differentiated service with regional

platforms, supporting the growth of the customer across the country

Revenues > R$ 250 MMCorporate

650groups

Middle3.900

groups

17Strategy in products

Different strategies for different products…

Profitable growth Profitability

Mar

ket

Santander’s positioning

Pension Mortgage

Credit Cards

Insurance

Deposits

“Retail” Funds

Financing

Payroll Loans

Using best local

practices…

... and internationalKnow-how

Small participationMarket

-D

evel

opin

g m

atur

e

+

- Leadership +

18

11,280

10,708

mar/08 mar/09

3,1142,872

mar/08 mar/09

2,248

3,162

mar/08 mar/09

2,9582,364

mar/08 mar/09

Strategy in Individuals products

Payroll LoansVolume (US$ MM)

AutoVolume (US$ MM)

Volume (US$ MM) Volume (US$ MM)

… keep growing in a consistent way

8%

25%

5%

41%

Credit Cards Mortgage

19

63.161.757.7

53.652.2

Mar. 08 Jun. 08 Sep. 08 Dec. 08 Mar. 09

US$ Billion (Constant FX Rate)

31.03.09US$ Bi

31.03.08US$ Bi

Y-o-YVariation,%

Individual 17.6

14.4

3.2

Aymoré¹ 10.5 10.0 4.8%

9.7

8.4

46.1

16.9

63.1

19.7%14.7

Consumer + Cards 12.4 15.9%

SMES 7.9 22.1%

Companies 7.7 8.6%

Retail 40.3 14.3%

GB&M² 11.9 42.2%

Mortgage 2.2 40.6%

Total* 52.2 20.7%

1.Financing2.Includes Banca Institucional. Global Banking & Markets

Business: Loans dynamics

Commercial banks grows 14% driven by SME increase of 22% and 20% in Individuals

Volume

21%

(*) Does not include the operations OBCA (Off-shore Center Amsterdam). Considering these operations would be growth of 29.9%

20

31.03.09 US$ Bi

31.03.08US$ Bi

Y-o-YVariation,%

14.2

38.5

34.8

13.2

87.5

28.7

7.7%

34.3%

Mutal Funds2 40.8 -14.6%

5.9%82.6

Demand¹

Time

Total

1. Includes Savings 2. Refer only to funds managed by Asset Management.

Business: Savings dynamics

Slower pace of growth in savings impacted by Mutual Funds

US$ Billion (Constant FX Rate)

Funds

52.753.452.349.941.8

34.835.936.939.840.7

Mar. 08 Jun. 08 Sep. 08 Dec. 08 Mar. 09

6%

Total Deposits

82.689.7 89.3 89.3 87.5

21Business: Market Share

Source: Brazilian Central Bank and ANBID. 1 Include leasing.

Market Share Share (%)Mar/09

14.0%

14.8%

9.1%

15.5%

21.0%

9.9%

13.4%

10.8%

7.6%

Total Unrestricted Loans¹

- Unrestricted Individual Loans

- Payroll Loans

- - Auto Loans¹

- Personal Loans

- Credit Card

Deposits

Mutual Funds

- Unrestricted Corporate Loans

22Conclusions

A wide distribution network and strong customer base (critical mass)

Strategy and customer management, for segments with value and

proposals for products and defined

Rate of growth of business in line with our direction to grow with

profitability and greater selectivity

Change of mix, with greater concentration of retail credit

We are moving in a sustainable way to build the best bank in Brazil

23Table of Contents



Results 1Q09

24

2,2102,3012,0191,9341,767

-129

6512622392

1Q08 2Q08 3Q08 4Q08 1Q09

Customers No Customers

1Q09 1Q08 Var09/08,%

Customers 2,210

92

2,302

25.1%

Non Customers

1,767

223 -58.7%

Net interest income 1,990 15.6%

Interest Rate (average) - Selic

Net Interest Income rise by 16% in the year. Quarter highlight to the net interest income from customers

Results: Net Interest Income

US$ Million (Constant FX Rate)

16%

12.09% 13.39%11.18% 13.66% 11.71%

1,9902,302

2,1722,060 2,084

25

1.11.31.31.21.3

0.91.11.01.01.1

1Q08 2Q08 3Q08 4Q08 1Q09

15.915.615.015.215.5

12.012.011.912.112.2

1Q08 2Q08 3Q08 4Q08 1Q09

Deposits Spread, %

Results: Spreads

Funding spreads following interest reduction trend. Increase in credit spreads impacted by higher profitability products growth

Loans Spread, %

Retail

Total Loans

Retail

Total Deposits

26Results: Net Fees

1Q09 1Q08

193 262

88

71

88

49

148

706

73

Credit Cards 75 5.8%

Values¹ 40 -18.2%

Others² 217 46.6%

Total 697 -1.4%

Insurance 99 12.4%

Var09/08,%

Current Account -26.3%

Mutual Funds -16.4%

1. Securities brokerage, placement and custody services. 2. Includes pensions, cash, foreign trade (comex) and the Credit Limit Availability Commission

706 661719 697 697

1Q08 2Q08 3Q08 4Q08 1Q09

Net Fees

Negative impact on commissions due to the new tariffs regulations and investment funds drop


-1%

27

706 661 719697109 35

-42

2,210 2,301 2,019 1,934 1,767

697134 97

1Q08 2Q08 3Q08 4Q08 1Q09

Gain (loss) on Financial TransactionsNet Fees + Insurance ActivityNet Customers Interest Income

Results: Gross Customer Operating Income

1Q09 1Q08

2,210 1,767

706

109

2,582

697

Gain (loss) on Financial Transactions

97 -11.0%

Gross Customer Operating Income 3,004 16.3%

Var 09/08,%

Net Customers Interest Income 25.1%

Net Fees + Insurance Activity -1.4%

The Gross Customer Operating Income activity rise by 16% in 12 months, due to the commercial growth


16%

3,0042,630 2,872 2,956

2,582

28Results: Gain (loss) on Financial Transactions

257

79

153

194

50

1Q08 2Q08 3Q08 4Q08 1Q09

ROF increases in 1Q09 by improved results in the treasury


1Q09 1Q08Var

09/08,%

Gain (loss) on Financial Transactions 257 194 32.6%

Gain (loss) on Financial Transactions with Customers

97 109 -11.0%

33%

29

86 86 96 97105

1,1581,2991,2491,2231,211

1Q08 2Q08 3Q08 4Q08 1Q09

Administrative Expenses Amortization

Results: General Administrative Expenses and Amortization

1Q091Q08 Var

09/08,%

Administrative Expenses 1,158

105

1,264

-4.3%

Amortization

1,211

86

Total 1,297

22.5%

-2.5%

Business expansion strategy having expenses under control


-3%

1,2641,297 1,309 1,345 1,396

30Results: Operating Income

1.616 1.568 1.531 1.523

2.048

1Q08 2Q08 3Q08 4Q08 1Q09

Net operating income

1T091T08 Var

09/08,%

Net Interest Income + Fees 2,998

257

-1,264

57

2,048

11.2%2,697

Gains (losses) on Financial Transactions 194 32.6%

Other Operating Income 22 156.0%

Net operating income 1,616 26.8%

Adm. Expenses + Amortization -2.5%-1,297

Net Operating Income increase is driven by revenue growth and expenses under control


27%

31

1,1581,2991,211

2,9982,8692,697

1Q08 4Q08 1Q09

Adm. ExpensesGross Revenue

Gross Revenue¹ and Adm. Expenses²


Results: Gross Revenue vs Expenses

1.Gross Revenue= Net Interest Income + Net Fees + Insurance Activity2.Total Administrative Expenses excludes amortizations

Revenues increase and expenses under control

Var. 1Q09 vs. 1Q08 (%)

11%

-4%

15 p.p.2.2 X 2.2 X 2.6 X

32

635 694 730 799991

-95

18

-71-147-120

1Q08 2Q08 3Q08 4Q08 1Q09

Provision NPL and CoverageUS$ Million (Constant FX Rate)

Results: Provision and Loan Quality

Provisions have followed the change in portfolio mix

Generic + Country RiskSpecific

122.9 106.8

1Q08 1Q09

NPL Coverage

3.2%

3.7%

488 574 635818

920

33

524 522575575

446

1Q08 2Q08 3Q08 4Q08 1Q09

1Q09 1Q08

Income before taxes 913 934

-358

575

38.4%

-2.2%

-Tax on profit -338 -5.7%

Net Income 575 0%

Tax Rate % 37.0% -1.4%

Var 09/08,%

Results: Net Income

Net Income of US$ 575 MM in 1Q09


34

38,244,5

1Q08 1Q09

Efficiency *,% Coverage Fees Over Expenses¹, % ROE, %

Results: Indicators

Better coverage fees over expenses due to strong expenses control

60,258,3

1Q08 1Q09

25,9 24,7

1Q08 1Q09

630 b.p.

190 b.p.

120 b.p.

*) Includes Amortization1. Fees Coverage over Expenses (Fees/ Expenses)

35

ANEXOS

Results

Quarterly Results

Balance Sheet

36ResultsSpanish GAAP

US$ million. Constant currency* Variation

Q1 09 Q1 08 Amount %

Net interest income 2,302 1,990 311 15.6

Net fees 697 706 (10) (1.4)

Gains (losses) on financial transactions 257 194 63 32.6

Other operating income** 57 22 35 156.0Gross income 3,312 2,913 399 13.7

Operating expenses (1,264) (1,297) 33 (2.5)

General administrative expenses (1,158) (1,211) 52 (4.3)

Personnel (592) (618) 27 (4.3)

Other general administrative expenses (567) (592) 26 (4.3)

Depreciation and amortisation (105) (86) (19) 22.5Net operating income 2,048 1,616 433 26.8

Net loan-loss provisions (920) (488) (431) 88.4

Other income (216) (194) (22) 11.2Profit before taxes 913 934 (21) (2.2)

Tax on profit (338) (358) 20 (5.7)Profit from continuing operations 575 575 (0) (0.1)

Net profit from discontinued operations — — — —Consolidated profit 575 575 (0) (0.1)

Minority interests 7 12 (5) (39.2)Attributable profit to the Group 568 563 4 0.8

* As of Q1'09** Including dividends, income from equity-accounted method and other operating income/expenses

37Quarterly Results Spanish GAAP

US$ million. Constant currency*Q1 08 Q2 08 Q3 08 Q4 08 Q1 09

Net interest income 1,990 2,060 2,084 2,172 2,302

Net fees 706 661 719 697 697

Gains (losses) on financial transactions 194 153 79 50 257

Other operating income** 22 3 (7) (0) 57Gross income 2,913 2,877 2,876 2,919 3,312

Operating expenses (1,297) (1,309) (1,345) (1,396) (1,264)

General administrative expenses (1,211) (1,223) (1,249) (1,299) (1,158)

Personnel (618) (628) (632) (643) (592)

Other general administrative expenses (592) (595) (617) (656) (567)

Depreciation and amortisation (86) (86) (96) (97) (105)Net operating income 1,616 1,568 1,531 1,523 2,048

Net loan-loss provisions (488) (574) (635) (818) (920)

Other income (194) (212) (112) (196) (216)Profit before taxes 934 783 784 509 913

Tax on profit (358) (259) (262) (63) (338)Profit from continuing operations 575 524 522 446 575

Net profit from discontinued operations — — — — —Consolidated profit 575 524 522 446 575

Minority interests 12 11 10 7 7Attributable profit to the Group 563 513 513 439 568

* As of Q1'09

** Including dividends, income from equity-accounted method and other operating income/expenses

38Balance SheetSpanish GAAP

US$ million. Constant currency* Variation

31.03.09 31.03.08 Amount %

Loans and credits** 66,592 51,281 15,311 29.9

Trading portfolio (w/o loans) 11,082 10,272 810 7.9

Available-for-sale financial assets 13,209 10,950 2,258 20.6

Due from credit institutions** 14,220 10,847 3,373 31.1

Intangible assets and property and equipment 2,871 1,501 1,370 91.3

Other assets 22,318 22,148 170 0.8Total assets/liabilities & shareholders' equity 130,292 107,000 23,292 21.8

Customer deposits** 67,572 55,368 12,204 22.0

Marketable debt securities** 4,978 2,783 2,195 78.9

Subordinated debt 4,073 2,780 1,293 46.5

Insurance liabilities 5,341 3,404 1,937 56.9

Due to credit institutions** 22,592 12,517 10,075 80.5

Other liabilities 15,332 21,240 (5,909) (27.8)

Shareholders' equity 10,405 8,908 1,497 16.8Off-balance-sheet funds 35,368 41,001 (5,633) (13.7)

Mutual funds 32,657 39,867 (7,210) (18.1)

Pension funds — — — —

Managed portfolios 2,386 1,057 1,328 125.6

Savings-insurance policies 326 76 249 326.2Customer funds under management 111,991 101,932 10,059 9.9

* As of 31.03.09

** Includes all stock of concept classified in the balance sheet

Investor Relations (Brazil)Rua Amador Bueno, 474 – 4° AndarSão Paulo SP Brasil 04752- 005Tel. 55 11 5538-7996Fax: 55 11 5538-8361e-mail: [email protected]

Investor Relations Ciudad Grupo SantanderEdificio Pereda, 1st floorAvda de Cantabria, s/n 28660 Boadilla del MonteMadrid (Spain)Tel.: 34 91 259 65 20 – 34 91 259 65 15Fax: 34 91 257 02 45e-mail: [email protected]

1st quarter 2009 results - santander brasil

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