Banrisul

Investor Relations

NOTICE

ln fulfillment of the obligation set forth in article 12, caput and 54, of CVM Normative Ruling n‘358, dated January3‘o,2002, as amended ("CVM 358"), Carmignac Gestion acting on behalf the FCP Carmignac lnvestissement and Carmignac Patrimoine, organized and existing in accordance with the laws of France, headquartered at24, Place Vendome, 75001 Paris, as a shareholder of Banco do Estado do Rio Grande Do SulS.A., open company, enrolled CNPJ n‘92.702.067/0001-96 ("Company"), notifies it has reduced its shareholding dated, 19tn October 2009, from 5.63%to 4.670/o of total PNB shares.

The number of shares we hold as of 19th October 2009 is 9 343 4OO shares issued by the Company, which correspond to 4.67% of the capitalof the Company.

We request the lnvestor‘s relationship officer to kindly take the necessary provisions for the immediate transmission of the information contained herein to CVM and BOVESPA.

We confirm that our investment in Banco do Estado do Rio Grande Do Sul S.A. is for trading reasons, and we will not alter the composition of the control or the administrative structures of the Company.

CARMIGNAC GESTION
Eric HELDERLE
Managing Director

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