The document provides an overview of Pine Bank including: - Pine Bank has a focus on long-term relationships and specialized services. It has a presence in major Brazilian cities. - The bank has three primary business lines: corporate credit, financial instruments for hedging, and capital markets/investment banking services. - Key shareholders include the controlling family shareholder with 68% ownership and development banks DEG and Proparco. - In 2017, Pine Bank worked to increase transactions under $10 million, penetrate new clients, offer new products/services, and evolve its investment banking arm as part of a turnaround effort. Accounting results showed a net profit of $2 million for the period.

1. 4Q17 Institutional
Presentation

2. Profile and History
Business Strategy
Corporate Governance
Economic Overview
Results

3. Pine
Bank Profile
 Focused on establishing long-term relationships
 Fast response in credit approval
 Specialized services
 Customized products | Product diversity
 Presence in Brazil’s major cities and business capitals:
 São Paulo, matriz
 Campinas
 Curitiba
 Porto Alegre
 Ribeirão Preto
 Rio de Janeiro
 São José do Rio Preto
 Business is structured along three primary business lines:
 Corporate Credit: credit and financing products
 FICC: instruments for hedging and risk
management
 Pine Investimentos: Capital Markets, Financial
Advisory, Project & Structured Finance and
Research
Investor Relations| 4Q17 | 3/36
Ownership Structure
Dec/28
ON PN Total %
Controlling Shareholder 65,178,483 17,228,694 82,407,177 68.0%
Management - 5,928,595 5,928,595 4.9%
Free Float - 30,300,607 30,300,607 25.0%
Individuals - 9,233,022 9,233,022 7.6%
Institutional Investors - 10,465,719 10,465,719 8.6%
Foreign Investors - 2,915,071 2,915,071 2.4%
DEG - 5,581,714 5,581,714 4.6%
Proparco - 2,105,081 2,105,081 1.7%
Total 65,178,483 53,457,896 118,636,379 97.9%
Treasury - 2,535,645 2,535,645 2.1%
Total 65,178,483 55,993,541 121,172,024 100.0%

4. 3Q17
Reassessment of the Bank’s portfolio
History
1997
Noberto Pinheiro sell
his stake in BMC and
found Pine
1939
Pinheiro Family
founds
Banco Central do
Nordeste
1975
Noberto Pinheiro
becomes one of
BMC’s controlling
shareholders
Subprime European
Community
2007
Discontinuation of the payroll-deductible loan
business, with changes in the corporate business
strategy. Hence, there was a creation of Pine
Investimentos, besides the opening of the Cayman
branch
October, 2011
Subscription of Pine’s capital by DEG
August, 2012
Subscription of Pine’s capital by DEG, Proparco, Controlling Shareholder and Management
2015
Portfolio deleveraging strategy due to an political and economic scenario
March, 2007
IPO
May, 2017
20 years
Car-Wash
Investor Relations| 4Q17 | 4/36
...

5. Profile and History
Business Strategy
Corporate Governance
Economic Overview
Results

6.  Meets once a week – reviewing on ~ 25 proposals
 Mandatory Quorum: 5 members
Committee Members:
 President
 Vice-President for Finances
 Vice-President Administrative
 Vice-President for Corporate and Investment Banking
 Credit Superintendent
Superior Committee Members:
 Two members of the Board
Participants:
 Sales Desk Director
 Credit Analysts Team
 Other members of the Corporate Banking origination
team
Actions Credit Committee
 Personalized and agile service, working closely with clients and
keeping a low client to account officer ratio: each officer
handles ~25 economic groups
 Geographic coverage of clients, providing the bank with local
and extremely up-to-date credit intelligence and information
 Established long term relationships
 Pine has approximately 20 professionals in the credit analysis
area, assuring that analysis is fundamentally driven and based
on industry-specific intelligence
 Efficient loan and collateral processes, documentation, and
controls, which has resulted in a low NPL track record
Corporate Credit
Origination
Officers
Credit origination
Credit analysis, visit to
clients, data updates,
interaction with internal
research team
Credit Analysts
Regional Heads of
Origination and
Credit Analysis
Centralized and
unanimous decision
making process
CREDIT
COMMITTEE
Discussion on sizing,
collateral, structure etc.
Superior
Committee
Approval
Tickets over R$ 15 MM
Credit Approval: Electronic Process
Investor Relations| 4Q17 | 6/36

7. Sales Desk
Market Segments Competitive Advantages
Sample Transaction
 One Stop Shop: credit and risk mitigation
 Every transaction demands prior credit approval
 Collaterals surpass approved derivative’s limits
 Agility| Client Focused| Diversification
 Currencies (90%): Dollar, Euro, Yen, Pound, Canadian
Dollar, Australian Dollar
 Commodities (5%): Sugar, Soybean ( Grain, Meal and Oil),
Corn, Cotton, Metals, Energy
 Fixed Income(5%): Fixed, Floating, Inflation, Libor
Transaction is
closed and
Treasury does
hedge
GDA
Limits
Types of Derivatives
Collaterals
PINE
Credit Analysis
Process
Sales Desk
• Credit Analysis
• Collaterals
• Cross-selling opportunity
• Credit Committee Approval
Client
1st
2nd
Margin Calls ManagementDerivatives
Trader prices the
transaction, including spread
Investor Relations| 4Q17 | 7/36

8. Operating Model
Selected Transactions
Pine Investimentos
March, 2017
CRI
R$ 47,000,000
Lead Coordinator
March, 2017
Structure Credit
Facility
R$ 90,000,000
Lead Coordinator
May, 2017
R$ 60,000,000
Bond
May, 2017
Promissory Note
R$ 40,000,000
Lead Coordinator
May, 2017
BRDE Bank Guarantee
R$ 10,000,000
Pine Investimentos
Financial AdvisoryCapital Markets
Project
Finance
 Fixed Income (CRIs, CRAs)
 Infrastructure Debentures
 Equities
 Securitization
 Hybrid capital
transactions
 Project & Structured
Finance
Investors
 Family Offices
 Individuals
 Companies
 Asset Managers
 Financial Institutions
 Pension Funds
 Foreign Investors
 Hedge Funds
Investor Relations| 4Q17 | 8/36

9. Parceria Estratégicas
DEG e PROPARCO
 Founded in 1962 in Germany, DEG is one of the largest
institutions in Europe that contribute to growth and
development of private companies in emerging market
 It belongs to the KFW Bankengruppe, Germany's largest public
development bank
 Promotes development of private enterprises in emerging
markets through long-term financing
About DEG Group Structure
About PROPARCO Group Structure
 Founded in 1977 in Paris, started it´s activities in Brazil in
2006
 Proparco is the subsidiary of Agence Francaise de
Dévelopement ( AFD)
 Focused on emergence of a strong and innovative private
sector with aim of supporting growth and sustainability in
Emerging Market
57%
French
Financial
Institutions
France
International
Organizations
French
companies
Investment
Funds &
Foundations
26% 13% 3% 1%
Strategic Partnerships
Investor Relations| 4Q17 | 9/36

10. Profile and History
Business Strategy
Corporate Governance
Economic Overview
Results

11. Organizational Structure
INTERNAL AUDIT
COMPENSATION
COMMITTEE
AUDIT COMMITTEE
EXTERNAL AUDIT
PWC
BOARD OF DIRECTORS
Corporate & IB
Mauro Sanchez
Legal, Compliance,
AML and IS
Jefferson Miceli
Risk, Credit and Finance
João Brito
Business
Corporate Banking
Investment Banking
New Businesses
Products
Digital Channels
Risks (Liquidity, Market,
Credit and Operational)
Credit
Strategic Planning and
P&L
Commercial Planning
and Valuation
Accounting
Tax
Accounts Payable
IR, Funding and Marketing
Research
International
Sales & Trading
ALM & FLOW
Legal
Compliance and AML
IS
CEO
Norberto Zaiet Jr.
IT
Eugenio Fabbri
HR
Camilla Suave
Operations
Ulisses Alcantarilla
Operations Back-office
Special Assets
Middle Office
Services
Investor Relations| 4Q17 | 11/36
Noberto Pinheiro Rodrigo Pinheiro Igor Pinheiro Norberto Zaiet Gustavo Junqueira Mailson de Nóbrega Fábio Dutra Sérgio Machado
Chairman Vice Chairman Member Member
Independent
Member
Independent
Member
Independent
Member
Independent
Member

12.  Four Independent Members on the Board of Directors
 Mailson Ferreira da Nóbrega: Brazil’s Finance Minister from 1988 to 1990
 Gustavo Junqueira: Former Head of Pine Investimentos, Member of the Boards of Directors at EZTEC,
Rumo, Cosan, Moinho Paulista and Sociedade Rural Brasileira, as well as managing partner at
Brasilpar.
 Fabio Dutra: Executive with extensive experience in financial institutions in products, innovation,
commercial and market development areas and with technological bias, adding in to the Bank’s digital
transformation
 Sérgio Machado Zica de Castro: Manager with vast experience in leadership position in the financial
market, being a member of Pine’s Audit Committee since 2013
 São Paulo Stock Exchange (B3) Level 2 Corporate Governance
 Audit and Compensation Committee reporting directly to the Board of Directors
 100% tag along rights for all shareholders, including non-voting shares
 Arbitration procedures for fast settlement of litigation cases
Corporate Governance
Investor Relations| 4Q17 | 12/36

13. Partnerships
Social Investment and Responsibility
Social Investment
Recognition
Most Green Bank
Recognized by the International Finance Corporation (IFC), private
agency programs of the World Bank as the most "green" bank as a result
of its transactions under the Global Trade Finance Program (GTFP) and
its onlending to companies focused on renewable energy and ethanol
Efficiency Energy
Recognition by World Bank for support in the Energy Efficiency sector.
Responsible Credit
“Lists of Exceptions”: the Bank does not finance projects or those
organizations that damage the environment, are involved in illegal
labor practices or produce, sell or use products, substances or activities
considered prejudicial to society.
System of environmental monitoring, financed by the IADB and
coordinated by FGV, and internally-produced sustainability reports for
corporate loans
Protocolo Verde – “Green Protocol”, an agreement
between FEBRABAN and the Ministry of the Environment
to support development that does not compromise future
generations.
Exhibition and sponsorship of Brazilian artists, for instance Paulo von Poser and
Miguel Rio Branco, in addition to sponsoring and supporting films and
documentaries such as Quebrando o Tabu (Fernando Henrique Cardoso on the
drug war), O Brasil deu certo, e agora? (idealized by Mailson da Nóbrega), Além
da Estrada (Charly Braun) and others.
Sustainability Annual Report
Investor Relations| 4Q17 | 13/36
Seventh consecutive year disclosing the Sustainability Report in the GRI
standard. For more information, access the website ir.pine.com.

14. Profile and History
Business Strategy
Corporate Governance
Economic Overview
Results

15. Real GDP
SELIC
IPCA (CPI)
Gross Government Debt
Macroeconomic
Investor Relations| 4Q17 | 15/36

16. Corporate and Households
Credit/GDP
Public Banks, National and Internacional Privates
Banks
Interest and Spread
Credit Growth
Investor Relations| 4Q17 | 16/36

17. Projeções
... porém, espera-se que esse cenário tenha uma leve melhora em 2017.
Source: Pine Bank, December 2017
Guidance
Investor Relations| 4Q17 | 17/36
Brazil: Key Economic Indicators - PINE
INDICATORS 2012 2013 2014 2015 2016E 2017E 2018E 2019E
Real GDP growth rate (%) 1.9% 3.0% 0.5% -3.5% -3.5% 1.0% 2.5% 3.5%
BRLUSD (eop) 2.04 2.34 2.66 3.90 3.26 3.31 3.18 2.98
BRLUSD (average) 1.95 2.16 2.35 3.34 3.48 3.19 3.26 3.08
IPCA (CPI) 5.8% 5.9% 6.4% 10.7% 6.3% 2.9% 3.8% 4.3%
IGP-M (PPI) 7.8% 5.5% 3.5% 10.5% 7.2% -0.5% 4.2% 5.0%
Selic (interest rate, eop) 7.25% 10.00% 11.75% 14.25% 13.75% 7.00% 6.75% 9.00%
Selic (interest, average) 8.46% 8.44% 11.02% 13.58% 14.15% 9.83% 6.77% 7.88%
Trade balance (USD bn) 19.4 2.6 -3.9 19.7 47.7 67.1 50.0 35.0
Current account (USD bn) -74.2 -74.8 -104.2 -58.9 -23.5 -9.8 -40.0 -55.0
Current account (% GDP) -3.0% -3.0% -4.2% -3.3% -1.3% -0.5% -1.8% -2.0%
FDI (US$bn) 87 69 97 74 78.9 70.3 80.0 95.0
Primary surplus (% GDP) 2.2% 1.7% -0.6% -1.9% -2.5% -1.7% -1.0% 0.1%
Gross government debt (% GDP) 53.7% 51.5% 56.3% 65.5% 70.0% 74.0% 75.1% 75.9%

18. Profile and History
Business Strategy
Corporate Governance
Economic Overview
Results

19. Turnaround
19/36Investor Relations| 4Q17 |
• Transactions less than R$10 million
• Greater penetration in new clients
• New products and services
• New officers dedicated to companies with revenues less than
R$500 million
• Evolved our Investment Banking arm
Credit Production
• Pine Online
• Internet Banking to the Corporate segment
Continuous Bank Digitalization
• Increase in provisions
Portfolio Re-assessment
• Block Trade
• Reached the minimun Free Float requeriment
PINE4
• Election of two independent members to the Board of
Directors
• Election of two technical members to the Audit
Committee
Corporate Governance

20. Accounting Result
20/36Investor Relations| 4Q17 |
R$ '000
Corporate
Portfolio
Consolidated
Portfolio
Gross income from financial intermediation 55,210 (7,459) 47,751
- - -
Provision for loan losses (1,329) 10,084 8,755
Gross income from financial intermediation after loan losses 53,881 2,625 56,506
- - -
Fee income 21,232 772 22,004
Personnel expenses (18,097) (4,768) (22,865)
Other administrative expenses (17,354) (8,794) (26,148)
Tax expenses (4,312) - (4,312)
Other operating income (expenses) (3,726) (13,529) (17,255)
Operating income 31,624 (23,694) 7,930
- - -
Non-operating income 2,010 1,424 3,434
Income before taxes and profit sharing 33,634 (22,270) 11,364
- - -
Income tax and social contribution (15,267) 10,296 (4,971)
Profit sharing (3,772) (609) (4,381)
Net result 14,595 (12,583) 2,012
Monitored
Portfolio

21. Financial Margin Breakdown – Corporate and Monitored Portfolio
Consolidated Margin
NIM
21/36Investor Relations| 4Q17 |
R$ million
Corporate
Portfolio
Monitored
Portfolio
Total
Income from financial intermediation - exorvehedge (A) 55 (7) 48
Managerial Income from financial intermediation - ex orvehedge (C)¹ 45 (7) 38
Average earning assets (B) 5,070 816 5,886
Financial Margin before provision (%) (A/B) 4.4% -3.6% 3.3%
Managerial Financial Margin before provision (%) (C/B) 3.6% -3.6% 2.6%
¹ Ex-income from the valuation of assets taken as collateral and marked at maket value
R$ million
4Q17 3Q17 4Q16 2017 2016
Financial Margin
Income from financial intermediation 43 (26) 17 110 172
Overhedge effect 5 (10) (3) (9) (65)
Securities's MtM effect (10) 61 - 51 -
Managerial income from financial intermediation 38 26 14 151 106
Average earning assets 1
5,886 5,930 5,703 5,701 6,143
Managerial Financial Margin before provision (%) 2.6% 1.8% 1.0% 2.7% 1.7%
1
Excludes repo transactions and the liability portion of derivatives and term sale of non-operating assets.

22. Personnel and Administrative Expenses - Corporate and Monitored Portfolio
Consolidated Efficiency Ratio
Efficiency Ratio
22/36Investor Relations| 4Q17 |
R$ million
4Q17 3Q17 4Q16 2017 2016
Operating expenses1
53 53 44 195 170
(-) Non-recurring expenses (2) (4) - (6) -
Recurring Operating Expenses (A) 51 49 44 189 170
Revenues 2
(B) 60 45 36 232 178
Efficiency Ratio (A/B) 86.0% 110.1% 124.1% 81.3% 95.1%
1
Other administrative expenses + tax expenses + personnel expenses
2
Gross Income from financial intermediation - provision for loan losses + fee income + overhedge effect
Operating expenses 40 14 53
(-) Non-recurring expenses (2) - (2)
Recurring Operating Expenses (A) 38 14 51
Revenues (B) 76 (7) 70
Managerial Revenues (C)¹ 66 (7) 60
Efficiency Ratio (A/B) 49.4% - 73.6%
Managerial Efficiency Ratio (A/C) 56.9% - 86.0%
¹ Ex-income from the valuation of assets taken as collateral and marked at maket value
R$ million
Corporate
Portfolio
Monitored
portfolio
Total

23. Client Notional Derivatives by Market
Market Segments
Investor Relations | 4Q17 | 23/36
Solid trackrecord
Sales Desk
Notional Value and MtM
Portfolio Profile
 Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar,
Australian Dollar
 Commodities: Sugar, Soybean ( Grain, Meal and Oil), Corn,
Cotton, Metals, Energy
 Fixed income: Fixed, Floating, Inflation, Libor
 Duration: 162 days
 MtM: R$56 million
Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
 Stressed MtM: R$50 million
Commodities
5%
Fixed Income
5%
Currencies
90%

24. Investor Relations| 4Q17 | 24/36
Pine Investimentos
Selected Transactions
 Capital Markets: Structuring and Distribution of Fixed
Income Transactions.
 Financial Advisory: Project & Structured Finance, M&A,
and hybrid capital transactions.
March, 2017
CRI
R$ 47,000,000
Lead Coordinator
March, 2017
Structure Credit
Facility
R$ 90,000,000
Lead Coordinator
May, 2017
R$ 60,000,000
Bond
May, 2017
Promissory Note
R$ 40,000,000
Lead Coordinator
May, 2017
BRDE Bank Guarantee
R$ 10,000,000
October, 2017
R$ 22,000,000
Lead Coordinator
December, 2017
Bond
R$ 60,000,000
Coordinator
December, 2017
Structure Credit
Facility
R$ 32,000,000
Structure Credit
Facility
December, 2017
R$ 32,000,000
Lead Coordinator Coordinator
Structure Credit
Facility

25. Investor Relations| 4Q17 | 25/36
¹ Includes Standby LC
² Includes receivables on purchase of assets.
Expanded Loan Portfolio
2,975 3,203 3,331 3,356 3,360
437
370 298 319 314419
399 388 313 278
2,120 2,022 2,123
1,934 1,903
493 470
442
395 309
Dec-16 Mar-17 Jun-17 Sept-17 Dec-17
Securities: 5%
Bank Guarantees: 30.9%
Trade finance: 4.5%
BNDES Onlending : 5.1%
Working Capital: 54.5%
6,445 6,465 6,582
6,318 6,163
1
2
R$ million

26. Investor Relations| 4Q17 | 26/36
Loan Portfolio Breakdown
Breakdown – Corporate and Monitored Portfolio
Non Performing Loans > 90 days (Total Contract)¹
¹ Includes securities and ex-bank guarantees and stand by LC
Evolution per portfolio
R$ million
Volume % Volume % Volume %
Working capital¹ 2,700 44% 660 11% 3,360 55%
Onlendings 311 5% 3 0% 314 5%
Trade finance² 240 4% 38 1% 278 5%
Res. 2.682 Loan Portfolio 3,250 53% 701 11% 3,952 64%
Bank guarantees 1,862 30% 40 1% 1,903 31%
Securities 194 3% 115 2% 309 5%
Expanded Loan Portfolio 5,306 86% 857 14% 6,163 100%
1
Includes receivables on purchase of assets
2
Includes Standby LC
Corporate Portfolio Monitored Portfolio Consolidated Portfolio
4.1%4.2%
3.7%
0.7%0.6%
1.5%1.3%
0.7%
1.7%
Dec-17Sept-17Jun-17Mar-17Dec-16Sept-16Jun-16Mar-16Dec-15
3Q17 4Q17 Δ 3Q17 4Q17 Δ
348 357 9 Active Groups 24 26 2
5,450 5,306 -2.6% Risk Volume (R$ million) 868 857 -1.3%
15.7 14.9 -5.3% Average Ticket (R$ million) 36.2 33.0 -8.9%
Corporate Portfolio Monitored Portfolio

27. Ratings Sectors
Investor Relations| 4Q17 | 27/36
Credit Production
18,613
18,062
17,907
17,694
16,981
16,134
335 359
361 372 372 382
300
350
400
450
500
550
600
650
700
750
800
14,500
15,000
15,500
16,000
16,500
17,000
17,500
18,000
18,500
19,000
3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
Average Ticket (R$ '000) Active Groups
Average Ticket and Active Groups
 365 new operations
 Total amount of R$3.4 billions
 Average Ticket of approximately R$9 million
 + 15% increase in our active clients base
AA-B
74%
C
26%
Agriculture
17%
Energy
15%
Sugar and
Ethanol
15%
Real Estate
8%
Transportation
and
8%
Chemical and
petrochemical
6%
Foreign Trade
6%
Engineering
5%
Others
20%
Production since 3Q16

28. Investor Relations| 4Q17 | 28/36
Funding
460 464 446 461 376
384 460 421 344 367
2,980
3,241
3,893 3,988 4,192
46
72
114 116
103
17
11
27 19
14
454
383
331 332
365
213
240
203 273 168
247
203
176 153 129
204
86
89 91 0
448
386
403 334 295
239 150
178 142
915,692 5,697
6,280 6,252
6,101
Dec-16 Mar-17 Jun-17 Sept-17 Dec-17
Trade Finance: 1.5%
Multilateral Lines: 4.8%
International Capital Markets:
0%
Financial Letter : 2.1%
Local Capital Markets: 2.8%
Onlending: 6%
Demand Deposits: 0.2%
Interbank Time Deposits: 1.7%
High Net Worth Individual Time
Deposits: 68.7%
Corporate Time Deposits: 6%
Institutional Time Deposits:
6.2%
R$ million

29. Investor Relations| 4Q17 | 29/36
 Pine launched its digital investment platform, Pine Online
 Products: CDBs, LCAs and LCIs
 App: IOS and Android
 The Bank's five largest funding channels
PINE ONLINE

30. Cash Position
Total Deposits over Total Funding
Capital Adequacy Ratio (BIS), Basel III
Investor Relations| 4Q17 | 30/36
Capital & Liability Management
6,2805,692 5,697 6,252 6,101
15.0% 14.7% 14.2%
11.9% 12.1%
0.4% 0.4% 0.4%
0.5% 0.4%
Dec-16 Mar-17 Jun-17 Sept-17 Dec-17
Tier II
Tier I
12.4%12.4%
14.6%
15.1%15.4%
R$ million

31. Investor Relations| 4Q17 | 31/36
Ratings
Foreign
andLocal
Currency
Long Term B- B+
National
Long Term BB- BBB+

32. Balanço PatrimonialBalance Sheet
Investor Relations| 4Q17 | 32/36
R$ million
Dec-17 Sept-17 Dec-16 QoQ (%) YoY (%)
Assets 8,601 9,039 8,150 -4.8% 5.5%
Cash 167 149 77 12.0% 116.2%
Interbank investments 1,242 903 587 37.6% 111.6%
Securities 2,514 3,203 2,745 -21.5% -8.4%
Interbank accounts 1 1 1 -0.5% -12.5%
Lending operations 3,952 3,989 3,830 -0.9% 3.2%
(-) Provisions for loan losses (580) (597) (227) 3.0% -155.7%
Net lending operations 3,372 3,392 3,603 -0.6% -6.4%
Other receivables 1,195 1,282 1,019 -6.8% 17.2%
Property and equipments 110 110 118 0.2% -6.4%
Investments 108 108 108 0.0% 0.0%
Property and equipment in use 2 2 10 13.8% -76.8%
Intangible 0 0 0 -1.3% -14.4%
Liabilities 7,692 8,123 7,002 -5.3% 9.9%
Deposits 3,901 3,813 2,598 2.3% 50.1%
Money market funding 398 561 484 -29.1% -17.8%
Funds from acceptance and securities issued 1,241 1,319 1,571 -5.9% -21.0%
Interbank and Interbranch accounts 7 16 4 -57.9% 87.4%
Borrowings and onlendings 751 807 1,141 -7.0% -34.2%
Derivative financial instruments 1,152 1,295 866 -11.0% 33.1%
Other liabilities 153 214 254 -28.7% -39.8%
Deferred Results 90 97 84 -7.1% 7.0%
Shareholders' equity 908 915 1,148 -0.8% -20.9%
Liabilities and shareholders' equity 8,601 9,039 8,150 -4.8% 5.5%

33. Managerial Income Statement
(overhedge effect)
Investor Relations| 4Q17 | 33/36
R$ million
4Q17 3Q17 4Q16 2017 2016
Income from financial intermediation 213 93 208 722 609
Lending transactions 113 102 101 464 453
Securities transactions 76 10 76 233 331
Derivative financial instruments (0) (2) 15 21 (112)
Foreign exchange transactions 25 (18) 15 4 (63)
Expenses with financial intermediation (157) (445) (205) (997) (590)
Funding transactions (133) (140) (163) (569) (554)
Borrowings and onlendings (33) 12 (32) (53) 52
Provision for loan losses 9 (317) (11) (375) (88)
Gross income from financial intermediation 57 (352) 3 (275) 19
Other operating (expenses) income (49) (54) (19) (155) (90)
Fee income 22 19 22 81 72
Personnel expenses (23) (23) (22) (89) (85)
Other administrative expenses (26) (26) (18) (89) (67)
Tax expenses (4) (4) (4) (17) (19)
Other operating income 6 4 8 51 36
Other operating expenses (24) (24) (5) (92) (29)
Operating income 8 (406) (16) (430) (72)
Non-operating income 3 2 4 9 19
Income before taxes and profit sharing 11 (403) (12) (422) (53)
Income tax and social contribution (5) 164 6 178 53
Profit sharing (4) (4) (4) (19) (15)
Net income 2 (244) (9) (263) (14)

34. Income Statement
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R$ million
4Q17 3Q17 4Q16 2017 2016
Income from financial intermediation 208 102 211 731 674
Lending transactions 113 102 101 464 453
Securities transactions 76 10 76 233 331
Derivative financial instruments (5) 8 18 31 (47)
Foreign exchange transactions 25 (18) 15 4 (63)
Expenses with financial intermediation (157) (445) (205) (997) (590)
Funding transactions (133) (140) (163) (569) (554)
Borrowings and onlendings (33) 12 (32) (53) 52
Provision for loan losses 9 (317) (11) (375) (88)
Gross income from financial intermediation 51 (342) 6 (266) 84
Other operating (expenses) income (49) (54) (19) (155) (90)
Fee income 22 19 22 81 72
Personnel expenses (23) (23) (22) (89) (85)
Other administrative expenses (26) (26) (18) (89) (67)
Tax expenses (4) (4) (4) (17) (19)
Other operating income 6 4 8 51 36
Other operating expenses (24) (24) (5) (92) (29)
Operating income 3 (396) (13) (421) (6)
Non-operating income 3 2 4 9 19
Income before taxes and profit sharing 6 (394) (9) (413) 13
Income tax and social contribution 0 154 3 169 (12)
Profit sharing (4) (4) (4) (19) (15)
Net income 2 (244) (9) (263) (14)

35. This report may contain forward-looking statements concerning the business prospects, projections of operating and financial results and growth outlook of PINE. These are merely projections and as such
are based solely on management’s expectations regarding the future of the business. These statements depend substantially on market conditions, the performance of the sector and the Brazilian economy
(political and economic changes, volatility in interest and exchange rates, technological changes, inflation, financial disintermediation, competitive pressures on products and prices and changes in tax
legislation) and therefore are subject to change without prior notice.
Norberto Zaiet Junior
CEO
João Brito
CFO
Raquel Varela Bastos
Head of Investor Relations, Local Funding and Communication
Luiz Maximo
Investor Relations Manager
Kianne Paganini
Investor Relations Analyst
Fone: (55 11) 3372-5343
ir.pine.com
ir@pine.com
Investor Relations
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