SUMMARIZED MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS

HELD ON MAY 3, 2010

PLACE AND TIME:

Praça Alfredo Egydio de Souza Aranha, 100, Torre Olavo Setubal - Piso Itaúsa, in the city and state of São Paulo, at 2:30 p.m.

CHAIR:

Pedro Moreira Salles.

QUORUM:

The majority of elected members.

RESOLUTIONS UNANIMOUSLY ADOPTED:

1.	approved the financial statements for the period from January to March 2010, with unqualified opinions issued by the Fiscal Council and by the Independent Auditors;

authorized their publication, through delivery to the CVM – Brazilian Securities and Exchange Commission, BM&FBOVESPA S.A. – Securities, Commodities and Futures Exchange, SEC – U.S. Securities and Exchange Commission, NYSE – The New York Stock Exchange (USA), CNV - National Securities Commission and BCBA – The Buenos Aires Stock Exchange (Argentina).

CONCLUSION: The agenda having been concluded and no further matters being raised by the floor, the meeting was declared closed and these minutes were drafted, read, approved and signed by all. São Paulo, May 3, 2010. (signed) Pedro Moreira Salles – Chairman; Alfredo Egydio Arruda Villela Filho and Roberto Egydio Setubal – Vice-Chairmen; Alcides Lopes Tápias, Alfredo Egydio Setubal, Candido Botelho Bracher, Fernando Roberto Moreira Salles, Francisco Eduardo de Almeida Pinto, Gustavo Jorge Laboissiere Loyola, Henri Penchas, Israel Vainboim, Pedro Luiz Bodin de Moraes and Ricardo Villela Marino – Directors.

ALFREDO EGYDIO SETUBAL

Investor Relations Officer