1Q14 Institutional Presentation

1. Institutional PPrreesseennttaattiioonn 1Q14

2. Profile and History
Pine
History
Business Strategy
Competitive Landscape
Focus Always on the Client
Corporate Credit
FICC
Pine Investimentos
Summary
Rating Upgrades
Highlights and Results
Corporate Governance and PINE4
Organizational Structure
Corporate Governance
Committees
PINE4
Social Investment and Responsibility
Investor Relations | 1Q14 | 2/33

3. Profile and History

4. Pine
Specialized in providing financial solutions for large clients…
Credit Portfolio by Annual Client Revenues
March 31st, 2014
Over R$2
billion
45%
Up to R$250
million
6%
R$250million
to R$500
million
11%
R$500
million to
R$2 billion
Profile
38%
Focused on establishing long-term relationships
Profound knowledge and product penetration
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 | 1Q14 | 4/33

5. History
...with extensive knowledge of Brazil’s corporate credit cycle.
1939
Pinheiro Family
founds
Banco Central do
Nordeste
1975
Noberto Pinheiro
becomes one of
November, 2012
Opening of the broker dealer in New York, Pine Securities USA LLC
Subscription of Pine’s capital by DEG, Proparco, Controlling Shareholder and Management
End of 2007
August, 2012
Focus on expanding the Corporate Banking franchise
Discontinuation of the payroll-deductible loan business
October, 2007
Beginning of the FICC Business
May, 2007
Creation of Pine Investimentos products line and
opening of the Cayman branch
2005
Noberto Pinheiro becomes Pine’s sole
October, 2011
Subscription of Pine’s capital by DEG
801
827 825
867
1,015
1,220
1,272 1,271
BMC’s controlling
shareholders
1997
Noberto and Nelson
Pinheiro sell their
stake in BMC and
found Pine
shareholder
18
62
Corporate Credit Portfolio (R$ Million)
Shareholders' Equity (R$ Million)
121 126 140 136 152 171
209
155 184 222 341 521 620 755 663 761
Dec-99
Devaluation
of the real
Dec-00
Dec-01
Dec-02
Nasdaq Sept. 11 Brazilian
335
1,214
2,854 3,108
Dec-97
Dec-98
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Asian Subprime
Crisis
Elections
(Lula)
Russian
Crisis
6,963
7,911
Dec-11
European
Community
March, 2007
IPO
9,920 10,083
Dec-13
Mar-14
May, 2014
17 years
4,195
5,763
Dec-09
Dec-10
Dec-12
Investor Relations | 1Q14 | 5/33

6. Business Strategy

7. Competitive Landscape
Pine serves a niche market of companies with few options for banks.
Large Multi-Services banks
100% Corporate
Market
Consolidation of the banking sector has decreased
the supply of credit lines and financial instruments
for corporate
Foreign banks are in a deleveraging process
PINE
Full service Bank – Credit, Hedging, and Investment
100% focused on providing complete service
to companies, offering customized products
Corporate & SME
SME & Retail
Retail
Bank products – with room for growth
~10 clients per officer
Competitive Advantages:
Focus
Fast response: Strong relationship with
clients, with the credit committee meeting
twice a week and response times to clients of
no more than one week
Specialized services
Tailor-made solutions
Product diversity
Foreign and
Investment Banks
Investor Relations | 1Q14 | 7/33

8. Focus Always on the Client
Strategy of product diversity, tailored to meet the needs of each individual client.
Working Capit
CDIs
Underwriting Working Capital
Overdraft
Accounts
Fixed Income
Currencies
Commodities
Equities
CDBs
CDs
RDBs
LCAs
LCIs
CRIs Debentures
CCBs
Eurobonds
Private
Placements
Financial
Letters
Distribution Treasury
Capital
Markets
Financial Advisory
Local Currency
Foreign Currency
Pricing of Assets and
Liabilities
Liquidity
Management
Trading
Local Currency
Onlending
Foreign Currency
Trade Finance
Structured
Finance
Bank
Guarantees
MA
Project Finance
Participation
Funds
Corporate
Structured
Finance
Private Credit
Funds
Real Estate Funds
Exclusive Funds
Investment
Management
Portfolio
Management
Clients
Corporate
Credit
FICC
Pine
Investimentos
Fixed Income Currencies
Commodities
Aircraft
Financing
Swap NDFs
Structured Swaps
BNDES Onlending
Bank Guarantees
Compror
ACC/ACE
Export Finance
Finimp
Letters of Credit
2,770 onlending
Rural Credits
Syndicated and
Structured Loans
Options
In addition to the
headquarters located in the
city of São Paulo, Pine has 11
branches throughout Brazil, in
the States of Ceará, Mato
Grosso, Minas Gerais, Paraná,
Pernambuco, Rio de Janeiro,
Rio Grande do Sul, and
São Paulo. The origination
network Also counts with a
Cayman Branch and a broker
dealer in New York (USA).
Investor Relations | 1Q14 | 8/33

9. Corporate Credit
Strong track record and solid credit origination and approval process.
Actions Credit Committee
Meets twice a week – reviewing 20 proposals on average
Minimum quorum: 4 members - attendance of CEO or
Chairman is mandatory
Members:
Chairman of the Board
CEO
Chief Operating Officer
Chief Administrative Officer
Chief Risk Officer
Personalized and agile service, working closely with
clients and keeping a low client to account officer ratio:
each officer handles ~10 economic groups
Geographic coverage of clients, providing the bank with
local and extremely up-to-date credit intelligence and
information
Established long term relationships with more than 600
economic groups
Origination network is comprised of 11 branches divided
into 14 origination platforms in Brazil’s major economic
centers
Participants:
FICC Executive Director
Credit Analysts
Other members of the Corporate Banking
origination team
More than 30 credit analysts, 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
Credit Approval: Electronic Process
OOrriiggiinnaattiioonn OOffffiicceerrss
CCrreeddiitt AAnnaallyyssttss
Credit origination Credit analysis, visit to clients, data
updates, interaction with internal
research team
Regional Heads of
Origination and Credit
Analysis
CRO, Executive
Directors and Analysts
of Credit
Presentation to the Credit Committee
CCRREEDDIITT CCOOMMMMIITTTTEEEE
Centralized and unanimous
decision making process
Discussion on sizing, collateral,
structure etc.
Investor Relations | 1Q14 | 9/33

10. FICC
Proven trackrecord: 2nd in commodity derivatives1.
Client Notional Derivatives by Market Notional Value and MtM
March 31, 2014 R$ million
Fixed Income
8%
Commodities
Currencies
83%
298 298 482
9%
5,180 5,891 11,090 11,148 11,268
174
248
530
327
(195)
(310)
(243)
Notional value
MtM
Stressed MtM
Mar-13 Jun-13 Sept-13 Dec-13 Mar-14
Market Segments Portfolio Profile
Scenario on March, 31:
Duration: 123 days
Mark-to-Market : R$482 million
Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
Stressed MtM: (R$243 million)
Fixed Income: Fixed, Floating, Inflation, Libor
Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar,
Australian Dollar
Commodities: Sugar, Soybean (Grain, Meal and Oil), Corn,
Cotton, Metals, Energy
1Source: Cetip Report, March 2014
Investor Relations | 1Q14 | 10/33

11. Consolidation, result of the focused effort through the years in the franchise.
Capital Markets: Structuring and Distribution of Fixed
Income Transactions.
Financial Advisory: Project Structured Finance, MA,
and hybrid capital transactions.
Research: Macro, Commodities, and Corporate.
R$300,000,000
Coordinator
January, 2014
PINE Investimentos
Selected Transactions
Promissory Note
R$300,000,000
Debentures
Coordinator
February, 2014
R$ million
Volume of Underwriting Transactions
R$19,200,000
Promissory Note
Lead Coordinator
February, 2014
R$75,000,000
CRI (ICVM 476)
Lead Coordinator
March, 2014
1,045
244
694
1Q13 4Q13 1Q14
Investor Relations | 1Q14 | 11/33

12. Ratings
Fitch and SP reaffirmed PINE’s ratings in April, 2014.
Moodys’s attributed this upgrade to Pine’s relative
stability of its financial metrics and particularly its
asset quality, profitability and capitalization, which
benefit from the business and earnings
diversification derived from the bank’s broader
franchise. The consolidation of the bank’s strategic
positioning has resulted in a track record of
profitability and asset quality.
Fitch attributed this upgrade to Pine’s ability to
preserve and to enhance its credit profile in the
August 2011
Upgrade
SP
December 2011
Upgrade
SP
May 2012
Upgrade
Fitch
May 2010
Upgrade
Fitch
August 2012
Upgrade
Perspective
Moody’s
May 2013
Upgrade
Fitch
September 2013
Upgrade
Moody’s
Abril 2014
Reaffirmation
SP and Fitch
last several years. Also, the ratings reflect Pine’s
consistent performance, higher funding
diversification and sound asset quality, liquidity and
capitalization. According to Fitch, Pine has
managed carefully its growth in the corporate
segment with a strategy of revenue diversification
and cross-selling aiming to reduce the dependence
of revenues from lending and to increase the
participation of its FICC Business and Pine
Investimentos.
The agency based its ratings on the strong asset-quality,
adequate liquidity, capital, and earnings.
SP also emphasizes the gradual funding
diversification, through foreign issuances,
securitizations, and the recent capital increase
subscribed by DEG.
Long Term BB+ BB+ Ba1 -
Short Term B B
- -
Long Term brAA AA-(bra) Aa2.br
Short Term - F1+(bra) Br-1
Foreign and
Local
Currency
National
10.38
Investor Relations | 1Q14 | 12/33

13. Highlights and Results

14. 1Q14 Events and Highlights
In April, SP reaffirmed the Bank’s ratings, based on Pine’s fundamentals remain consistent even in a deteriorated
economic scenario. Fitch also reaffirmed Pine’s ratings as a satisfactory that reflection of the bank's credit profile,
in general, and its good performance in the last several years in the midst of a deteriorating and relatively volatile
operating environment.
Positive contributions from all business lines: 72.7% from Corporate Credit, 18.8% from FICC, 6.9% from Treasury, and
1.6% from Pine Investimentos.
Maintenance of positive liquidity gap over the past years, with 14 months for credit versus 16 months for funding.
1
2
3
Liquid balance sheet, with cash position of R$1.6 billion, equivalent to 41% of time deposits.
US$115 million funding through an A/B Loan, with a five-year term.
Reduction of funding costs by effectively hedging the full interest rate exposure of both PINE 17 and Huaso Bonds.
13th largest bank in derivative transactions according to CETIP – OTC Clearing House, being the 2nd in the commodity
derivatives segment.
4
5
6
7
Investor Relations | 1Q14 | 14/33

15. 1Q14 Financial Highlights
The main performance indicators were within expectations in the quarter...
Total Funding
+4.9%
8,383 8,797
Total Loan Portfolio1
+1.6%
9,930 10,090
Shareholders’ Equity
-0.1%
1,272 1,271
R$ million
Dec-13 Mar-14 Dec-13 Mar-14 Dec-13 Mar-14
11.5%2
ROAE
- 70 bps
12.2% 10.7%
4Q13 1Q14
25
21
Fee Income
-16.0%
4Q13 1Q14
352
Net Income
-5.4%
37 33
4Q13 1Q14
1 Includes Stand by LCs, Bank Guarantees, Credit Securities to be Received and Private Securities (bonds, CRIs, eurobonds and fund shares).
2 Reconciliation of R$3.9 million. This result is due to the mark to market of the derivatives used to hedge the full interest rate exposure of both PINE17 and Huaso bonds.
Investor Relations | 1Q14 | 15/33

16. Product and Revenue Diversification
... with contributions from all business lines, fruit of the strategy of complete service to clients.
Revenue Mix
Corporate
Credit
56.6%
PINE
FICC
34.1%
Treasury
1.7%
1Q13
Corporate
Credit
72.7%
Treasury
6.9%
FICC
18.8%
PINE
Investimentos
1.6%
1Q14
Investimentos
7.6%
Clients with more than one product Penetration Ratio – Clients with more than one product
1 Product More than 1 product
58% 58% 60%
42% 42% 40%
Mar-12 Mar-13 Mar-14
3.0
2.8
2.9
Mar-12 Mar-13 Mar-14
Investor Relations | 1Q14 | 16/33

17. Net Interest Margin
NIM is within the guidance range.
NIM Evolution Impacts in Period
4.2%1
+20 bps
4.0% 4.0%
4Q13 1Q14
Reduced funding costs.
Marginal improvement of spreads in credit origination.
Increase in average earning assets mainly at the end of
the quarter.
1 Reconciliation of R$3.9 million. This result is due to the mark to market of the
derivatives used to hedge the full interest rate exposure of both PINE17 and Huaso bonds.
NIM Composition
R$ million
1Q14 4Q13 1Q13 QoQ YoY
Recurring Financ ial Margin
Income from financial intermediation 94 78 102 20.5% -7.8%
Overhedge effect (3) 3 ( 2) -200.0% 50.0%
Liabilities hedge effect (4) - - - -
Recurring Income from financial intermediation (A) 86 81 100 6.2% -14.0%
Provision for loan losses (12) ( 24) ( 13) -50.0% -7.7%
Recurring Income from financial intermediation after provision (B) 74 57 87 29.8% -14.9%
Investor Relations | 1Q14 | 17/33

18. Expenses and Efficiency Ratio
Rigorous management and control of expenses, in line with guidance.
Expenses
22
25
25
24 23
26
37.7%
51.9%
45.4%
60,0%
40,0%
20,0%
0,0%
- 20,0%
- 40,0%
- 60,0%
- 80,0%
50
45
40
35
30
25
20
15
Personnel Expenses
Other administrative
expenses
Recurring Efficiency
Ratio (%)
0 - 100,0%
1Q13 4Q13 1Q14
Efficiency Ratio
R$ million
1Q14 4Q13 1Q13 QoQ YoY
Operating expenses1 53 56 50 -5.4% 6.0%
(-) Non-recurring expenses 4 1 1 300.0% 300.0%
Recurring Operating Expenses (A) 49 55 49 -10.9% 0.0%
Recurring Revenues2 (B) 108 106 130 1.9% -16.9%
Recurring Effic iency Ratio (A/B) 45.4% 51.9% 37.7% -650 bps 770 bps
1 Other administrative expenses + tax expenses + personnel expenses
2 Gross Income from financial intermediation - provision for loan losses + fee income + overhedge effect - hedge impact
Investor Relations | 1Q14 | 18/33

19. R$ million
Loan Portfolio1
The portfolio surpassed the R$10 billion mark...
2,501
2,807
3,073
2,909 2,905
1,021 1,154 942
781
842
1,059
965
903 989
81
65
47
36
26
18
13
10 7
7,426
7,642
7,444
7,948
8,405
8,994
9,537
9,930 10,090
Individuals: 0.1%
Trade finance: 9.8%
2,114
1,684 1,599 1,699 1,068 1,103
884
822 800
853 826 844
990
3,756 4,002 3,957 4,164 4,210 4,266 4,495
Mar-12 Jun-12 Sept-12 Dec-12 Mar-13 Jun-13 Sept-13 Dec-13 Mar-14
1 Includes Stand by LC, Bank Guarantees, Credit Securities to be Received and Private Securities (bonds, CRIs, eurobonds and fund shares)
2 Includes debentures, CRIs, Hedge Fund Shares and Eurobonds
5,040 5,085
Bank Guarantees: 28.8%
BNDES Onlending : 10.9%
Working Capital2: 50.4%
Investor Relations | 1Q14 | 19/33

20. Continuous Loan Portfolio Management
...with increased sector diversification...
Construction
13%
Sugar and Ethanol
12%
Food Industry
2%
Meatpacking
Chemicals
3%
Telecom
4%
Metallurgy
4%
Foreign Trade
3%
Retail
2%
2%
Construction Material
2%
1Q14
Other
9%
Sugar and Ethanol
15%
Electric and Renewable
Energy
12%
Financial Institutions
2%
Construction Material
2%
Metals and Mining
2%
Chemicals
2%
Food Industry
3%
Telecom
3%
Vehicles and Parts
3%
Metallurgy
Meatpacking
1Q13
2% Other
9%
Electric and Renewable
Energy
12%
Agriculture
10%
Infrastructure
8%
Specialized Services
4%
Vehicles and Parts
Transportation
and Logistics
5%
5%
Infrastructure
7%
4%
Foreign Trade
4%
Transportation and
Logistics
Specialized Services
6%
5%
The portfolio of the 20 largest clients reshuffled by approximately 20% in the past 12 months;
20 largest clients continue to represent less than 30% of the total loan portfolio.
Construction
11%
Agriculture
8%
Investor Relations | 1Q14 | 20/33

21. March 31, 2014
Contracts Overdue
Installments Overdue
Contracts Overdue: total amount of the contracts overdue for more than 90 days / Loan Portfolio
excluding Bank Guarantees and Stand-by Letters of Credit.
Loan Portfolio Quality
... quality, collaterals, and adequate credit coverage.
Loan Portfolio Quality Non Performing Loans 90 days
AA-A
53.6%
B
31.0%
C
9.8%
D-E
3.9%
F-H
1.2%
1.1%
0.7%
0.1%
0.7%
0.6% 0.6%
0.1% 0.1%
0.6%
2,0%
1,5%
1,0%
0,5%
0,0%
Mar-13 Jun-13 Sept -13 Dec-13 Mar-14
Installments Overdue: total amount of installments overdue for more than 90 days / Loan
Portfolio excluding Bank Guarantees and Stand-by Letters of Credit.
1.7%
Credit Coverage Collaterals
3.4% 3.4%
3.0%
2.7% 2.6%
Mar-13 Jun-13 Sept-13 Dec-13 Mar-14
Credit Coverage: Provision / Loan Portfolio excluding Bank Guarantees and Stand-by Letters of
Credit.
Products
Pledge
41%
Receivables
14%
Guarantees
1%
Investments
2%
Properties
Pledge
42%
Investor Relations | 1Q14 | 21/33

22. R$ million
Funding
Diversified sources of funding...
34% 38% 41% 50% 42% 44% 39% 41% 41% Cash over Deposits
113 434
459
364
429
500
478
808
997
973
871
834
6,443
6,972 6,804 7,062
6,589
7,111
7,894
8,383
8,797 Trade Finance: 9.5%
Private Placements: 5.4%
Multilateral Lines: 4.1%
1,424
1,141
1,415
1,174
771
125
276
233
1,011
118
234
295
314 593
1,073
180
156
260
640
173
152
409
901
762
171
78
402
181
80
435
796 975
69
437
1,411
938 890 27
23
840 903
31 33 76
90
33 30
859 862 1,099
126 19
161 194
176 121
478 659 335 287 276
1,186 1,228 1,177
224
1,174
110
20
110 93
225 254 372
972 1,013
1,048
1,185 1,022
2,074 2,089 1,993 2,167 2,087 2,185 1,944 2,099 2,314
Mar-12 Jun-12 Sept-12 Dec-12 Mar-13 Jun-13 Sept-13 Dec-13 Mar-14
International Capital
Markets: 4.9%
Local Capital Markets:
16.1%
Onlending: 13.3%
Demand Deposits: 0.3%
Interbank Time Deposits:
1.0%
High Net Worth Individual
Time Deposits: 7.5%
Corporate Time Deposits:
11.6%
Institutional Time Deposits:
26.3%
Investor Relations | 1Q14 | 22/33

23. Asset Liability Management
... keeping a positive gap between credit and funding.
Leverage Credit over Funding Ratio
10,0 Expanded Loan Portfolio
9,0
Loan Portfolio
6.7x
7.1x
7.5x 7.8x 7.9x
4.7x 4.9x 5.1x
5.5x 5.6x
9,0
8,0
7,0
6,0
5,0
4,0
3,0
2,0
1,0
-
10,0
Mar-13 Jun-13 Sept -13 Dec-13 Mar-14
87%
85%
81% 83% 82%
Mar-13 Jun-13 Sept-13 Dec-13 Mar-14
Credit over Funding ratio: Loan Portfolio excluding Bank Guarantees and Stand-by Letters of
Credit / Total Funding
R$ million
Leverage Expanded Loan Portfolio: Expanded Loan Portfolio / Shareholders’ Equity
Leverage Loan Portfolio: Loan Portfolio excluding Bank Guarantees and Stand-by Letters of Credit
/ Shareholders’ Equity
ALM – Average Maturity Total Deposits over Total Funding
months
17
15
18
17
16
14 14
16 15
14
Funding
Credit
Mar-13 Jun-13 Sept-13 Dec-13 Mar-14
Total Deposits Others
6,589 7,111 7,894 8,383 8,797
47% 50%
53% 50%
56% 54% 53%
44% 46% 47%
Mar-13 Jun-13 Sept-13 Dec-13 Mar-14
Investor Relations | 1Q14 | 23/33

24. Capital Adequacy Ratio (BIS), Basel III
BIS ratio reached 13.7%.
3.1%
3.3%
3.0%
2.8%
2.1% 2.3%
2.2%
Tier II Tier I
Minimum Regulatory
Capital (11%)
13.7%
2.1% 1.5%
16.4% 15.9%
17.0%
16.2%
17.1% 17.0%
15.9%
14.1%
13.3% 12.6% 14.0% 13.4% 15.0% 14.7% 13.7% 12.0% 12.2%
Mar-12 Jun-12 Sept-12 Dec-12 Mar-13 Jun-13 Sept-13 Dec-13 Mar-14
R$ million BIS Ratio (%)
Tier I 1,234 12.2
Tier II 152 1.5
Total 1,386 13.7
Investor Relations | 1Q14 | 24/33

25. Balance Sheet
R$ million
2011 2012 2013 1Q14
Assets 11,144 10,406 10,545 11,046
Cash 114 126 157 54
Interbank investments 496 405 668 1,348
Securities 5,125 4,261 2,515 2,161
Lending operations 4,980 5,038 6,382 6,526
(-) Provisions for loan losses (173) (190) (186) (188)
Net lending operations 4,807 4,848 6,196 6,338
Property and equipments 10 31 104 110
Others 591 735 905 1,036
Liabilities 10,128 9,186 9,272 9,776
Deposits 3,484 3,319 3,156 3,381
Money market funding 3,190 1,833 509 379
Funds from acceptance an securities issued 655 1,292 1,738 1,760
Borrowings and onlendings 2,101 1,975 2,954 3,203
Other liabilities 523 588 641 836
Others 122 122 206 144
Shareholders' Equity 1,015 1,220 1,272 1,271
Liabilities and Shareholders' Equity 11,144 10,406 10,545 11,046
Investor Relations | 1Q14 | 25/33

26. Income Statement
R$ million
2011 2012 2013 1Q14
Income from financ ial intermediation 1,401 1,237 1,182 263
Lending transactions 658 548 568 168
Resultado de operações com títulos e valores mobiliários 444 480 263 91
Resultado com instrumentos financeiros derivativos 162 64 196 8
Resultado de operações de câmbio 137 145 155 (4)
Expenses with financial intermediation (1,067) (860) (912) (182)
Funding transactions (700) (607) (608) (136)
Borrowings and onlendings (278) (170) (203) (34)
Provision for loan losses (89) (83) (101) (12)
Gross income from financ ial intermediation 333 376 270 81
Other operating (expenses) income (49) (115) (50) (28)
Fee income 61 120 118 21
Personnel expenses (71) (89) (92) (23)
Other administrative expenses (102) (92) (95) (26)
Tax expenses (37) (17) (17) (3)
Other operating revenues/expenses 100 (37) 36 4
Operating income 285 261 220 54
Non-operating income 4 20 9 7
Income before taxes ad profit sharing 289 281 229 61
Income tax and social contribution (66) (58) (31) (12)
Profit sharing (61) (36) (37) (13)
Net income 162 187 162 35
Investor Relations | 1Q14 | 26/33

27. Corporate Governance and PINE4

28. Organizational Structure
Non-bureaucratic, entrepreneurial, and meritocratic culture with a flat hierarchy
Noberto N. Pinheiro Noberto N. Pinheiro Jr. Mailson da Nóbrega Maurizio Mauro Gustavo Junqueira Susana Waldeck*
CEO
INTERNAL AUDIT
Tikara Yoneya
COMPENSATION
COMMITTEE
Noberto N. Pinheiro Jr.
AUDIT
COMMITTEE
Chairman Vice Chairman
EXTERNAL AUDIT
PWC
Independent
Director
Independent
Director
External
Director
External
Director
BOARD
COO
Alexandre Aoude*
CRO
Gabriela Chiste
HUMAN RESOURCES
Ivan Farber
CAO
Ulisses Alcantarilla
CFO
Norberto Zaiet*
Origination
Investment Banking
Sales Trading
Research Macro/
Commodities/Corporate
International
*Pending approval of Boarding Meeting and Brazilian Central Bank
Credit
Corporate Research
Compliance , Internal
Controls and IT Security
Credit, Market, Operational
and Liquidity Risks
Financial Modeling
Asset Liabilities Back
Office
Legal
Collaterals Management
Special Situations
Middle Office
Controlling
Accounting
Tax Planning
IT
Accounts Payable
Office Management
Marketing
Investor Relations
Investor Relations | 1Q14 | 28/33

29. Corporate Governance
Pine commits to best corporate governance practices…
Two Independent Members and Two External Member on the Board of Directors
Mailson Ferreira da Nóbrega: Brazil’s Finance Minister from 1988 to 1990
Maurizio Mauro: Former CEO of Booz Allen Hamilton and Grupo Abril
Gustavo Junqueira: Former Head of Pine Investimentos, Member of the Board of Directors at
EZTEC, Financial Advisor at Arsenal Investimentos and CFO at Gradiente Eletrônica
Harumi Susana Ueta Waldeck*: Former CFO of Pine, with over 17 years of experience at the
company. She brings the day-to-day experience to the Board.
São Paulo Stock Exchange (BMFBOVESPA) 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
First Brazilian bank to release BR GAAP and IFRS quarterly
*Pending approval of Boarding Meeting and Brazilian Central Bank
Investor Relations | 1Q14 | 29/33

30. Committees
…favoring collective decision making.
Main decisions are taken by committees.
Non-stop exchange of knowledge, ideas, and information.
Transparency.
AUDIT
COMMITTEE
BOARD OF DIRECTORS
COMPENSATION
COMMITTEE
Monthly Bi-annually
45 days
CEO
CREDIT
ASSET LIABILITY
COMMITTEE
ALCO
EXECUTIVE
HUMAN
RESOURCES
INVESTMENT
BANKING
INTERNAL
COMMITTEES
PERFORMANCE
EVALUATION CONTROLS AND
IT ETHICS
COMPLIANCE
RISK
Monthly Twice a week Weekly Weekly Every 2 months Monthly Every 2 months Quarterly On demand 45 days
DISCLOSURE
Quarterly
Investor Relations | 1Q14 | 30/33

31. PINE4
Volume (R$ million) and Number of Trades (quantity) – Daily Average
1,251
564
716 634
762
935 1,000 1,023 932
1,093
584
426
553 595 508
87 105 86 84
111
195 182
220
137
246
168 154 146 169
90
Volume (R$ thousand)
Number of Trades
jan/13 feb/13 mar/13 apr/13 may13 jun/13 jul/13 aug/13 sept/13 oct/13 nov/13 dec/13 jan/14 feb/14 mar/14
Multiples Dividend Yield
PINE4 | As of March 31th
Price (R$) 8.51
P/BV 0.8x
P/E(1) 5.0x
8.5%
10.9% 10.6%
12.3%
2Q13 3Q13 4Q13 1Q14
Dividend Yield: Dividends and Interest on Own Capital of the last twelve months / Average daily
closing prices of the stocks in 1Q14
(1) Considers the market consensus for the 2014 net income; source: Bloomberg
Investor Relations | 1Q14 | 31/33

32. Social Investment and Responsibility
Focus on the short, medium and long term.
Partnerships
The UN initiative mobilizes the international business
community to adopt fundamental and internationally
accepted values in their business practices in the areas
of human rights, labor relations, environment and
combating corruption, which are reflected in ten
principles. Since October 2012
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
Principles applied to Project Finance transactions where
total project capital costs exceed US$10 million and are
based on International Finance Corporation Performance
Standards on social and environmental sustainability and
on the World Bank Group Environmental, Health, and
Safety Guidelines (EHS Guidelines). Since December/2012
Protocolo Verde – “Green Protocol”, an agreement
between FEBRABAN and the Ministry of the Environment
to support development that does not compromise future
generations.
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.
Exhibition and sponsorship of Brazilian artists, for instance Paulo von Poser, 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.
Investor Relations | 1Q14 | 32/33

33. Investor Relations
Noberto N. Pinheiro Jr.
CEO
Norberto Zaiet Junior
CFO/IRO
Raquel Varela
Head of Investor Relations
Alejandra Hidalgo
Investor Relations Manager
Luiz Máximo
Investor Relations Analyst
Ana Lopes
Investor Relations Analyst
Phone: +55-11-3372-5343
www.pine.com/ir
ir@pine.com
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.
.
Investor Relations | 1Q14 | 33/33