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ANNOUNCEMENT OF CLOSURE OF INITIAL AND SECONDARY PUBLIC OFFERING OF CLASS B PREFERRED SHARES

ANNOUNCEMENT OF CLOSURE OF INITIAL AND SECONDARY PUBLIC OFFERING OF CLASS B PREFERRED SHARES

Pursuant to the provisions in article 29 of Instruction 400, issued by the Securities and Exchange Commission of Brazil (“CVM”), as of December 29, 2003, and further amendment (“Instruction 400”), BANCO DO ESTADO DO RIO GRANDE DO SUL S.A., financial institution headquartered at Rua Capitão Montanha, n° 177, in the city of Porto Alegre, state of Rio Grande do Sul, Corporate Taxpayer’s ID (CNPJ/MF) 92.702.067/0001-96 (“Bank”) and its shareholder, the STATE OF RIO GRANDE DO SUL, public law legal person, Corporate Taxpayer’s ID (CNPJ/MF) 87.934.675/0001-96, through the Treasury Department of the State of Rio Grande do Sul, headquartered at Avenida Mauá, n° 1.155, 5° andar, in the city of Porto Alegre, state of Rio Grande do Sul (“Selling Shareholder”), jointly with BANCO DE INVESTIMENTOS CREDIT SUISSE (BRASIL) S.A., as Offering leading coordinator, as defined below, (“Leading Coordinator”) and BANCO UBS PACTUAL S.A. (“UBS Pactual” and, jointly with the Leading Coordinator, the “Coordinators”), inform the public of the primary and secondary public offering of 173,913,043 non-par, registered, book-entry, class B preferred shares, free and clear of any lien or burden, issued by the Bank (“Class B Preferred Shares”), of which 66,666,666 new Class B Preferred Shares issued by the Bank and 107,246,377 Class B Preferred Shares held by the Selling Shareholder, paid through securities depositary receipts (“Units”) composed of two (2) Class B Preferred Shares held by the Selling Shareholder and one (1) subscription receipt of non-par, book-entry Registered Class B Preferred Shares of the Bank, representing the capital increase related to the primary portion of the Offering (“Subscription Receipts” and “Offering”). Units are registered for trading under the special securities trading segment at the São Paulo Stock Exchange (“BOVESPA”), ruled by BOVESPA’s Corporate Governance Level 1 Listing Rules (“BOVESPA’s Governance Level 1”)under the symbol BRSR11 and Class B Preferred Shares will be traded at Corporate Governance Level 1 under the symbol BRSR6 as of the date informed in the notice to the market to be published by the Bank following Central Bank’s ratification of the capital increase of the Offering’s initial portion, as described in section “Information about the Offering” of the Prospectus.

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