Cc 1 t16_eng

1Q16 Earnings Release
C f C llConference Call
May, 11th 2016May, 11 2016

Highlights
 The Bank’s leverage reached its turning point and the loan portfolio tends to maintain its current levels and, depending on a
favorable political and economic environment, could potentially expand.
 Liquid balance sheet with a cash position of R$1.5 billion, equivalent to 53% of time deposits.
 Excess capital, with a BIS ratio of 15.1%, being 14.7% in Tier I Capital.
 Loan portfolio coverage ratio at around 5% as a result of a significant increase in provisions in the periods.
 R t ti f 14 9% i l d d i i t ti i i fl ti i Retraction of 14.9% in personnel and administrative expenses, even in an inflationary scenario.
 Continuous liability management with a diversified portfolio and adequate terms.
2/17Investor Relations | 1Q16 |
A parte de imagem com identificação de relação rId27 não foi encontrada no arquivo.

Financial Highlights
-5.6%
-25.1%
Total FundingTotal Loan Portfolio
1
Shareholders' Equity
R$ million
-31.6%
1,244 1,163 1,174
+1.0%
8,367 6 270
-8.6%
9,657 6 933 6 608
-4.7%
Mar-15 Dec-15 Mar-16
8,367
6,859
6,270
9,657 6,933 6,608
-200 bps. -40 bps.
ROAENIMNet Income
4.0%
3 2%
-120 bps.
200 bps.
3 6%
-70 bps.
-17.5%
-20.9%
3.2%
2.0%
1Q15 4Q15 1Q16
3.3% 3.6%
2.9%
1Q15 4Q15 1Q16
10 10 8
1Q15 4Q15 1Q16
1 Includes Stand by LCs, Bank Guarantees, Credit Securities to be Received and Securities (bonds, CRIs, eurobonds and fund shares)

Product and Revenue Diversification
Pine
Investimentos
Treasury
0%
1Q16
Pine
I i
Treasury
0 0%
1Q15
Revenue Mix
FICC
23.1%
3.2%
FICC
10.3%
Investimentos
3.4%
0.0%
Credit
52.4%
Bank Guarantees
21.3%
Credit
72.4%
Bank Guarantees
13.9%
Business Lines
 Corporate Credit: credit and financing products
 FICC: instruments for hedging and risk management FICC: instruments for hedging and risk management
 Pine Investimentos: Capital Markets, Financial Advisory, Project & Structured Finance and Research

Net Interest Margin
-200 bps.
NIM Main Impacts
4.0%
3.2%
-120 bps.
 QoQ: Lower revenue contribution from treasury.
 YoY: Lower revenues with credit recoveries.
3. %
2.0%
1Q15 4Q15 1Q16
NIM Breakdown
R$ million
1Q16 4Q15 1Q15
Financial Margin
Income from financial intermediation 71 73 54
Overhedge effect (38) (15) 34
Income from financial intermediation 33 58 88

Expenses and Efficiency Ratio
Rigorous cost control.
Personnel and Administrative Expenses
R$ millionR$ million
1Q16 4Q15 1Q15 QoQ YoY
Personnel expenses 20 23 23 -13.7% -10.5%
Other administrative expenses 16 19 18 -16.6% -12.9%
Subtotal 36 42 41 -14.9% -11.6%
Non-recurring expenses (2) (4) (1) -42.3% 51.8%
Total 34 38 39 -12.1% -14.0%
Employees1
344 361 413 -4.7% -16.7%
1
Including outsourced ones
Expenses and Efficiency Ratio
23 23
39.1%
60.0%
81.6%
00%
50%
100%
25
30
35
40
Personnel Expenses
20
18 19
16
-150%
-100%
-50%
10
15
20
Other administrative
expenses
Recurring Efficiency
Ratio (%)
-200%0
5
1Q15 4Q15 1Q16

Loan Portfolio
The portfolio amounted to R$6.6 billion...
R$ million
-31.6%
1
-4.7%
909
Trade finance: 6.6%8,621
9,657
3,191
2,896
585
626
485
438
Trade finance: 6.6%
Bank Guarantees: 34 1%
7,691
6,933
6,608
1,118
1,074
924
2,492
2,373
2,250
Bank Guarantees: 34.1%
BNDES Onlending : 11 3%
48 0%
2
4,440
4,066
3,650
3,282 3 172
794 747
BNDES Onlending : 11.3%
Working Capital: 48.0%3,282 3,172
Mar-15 Jun-15 Sept-15 Dec-15 Mar-16
Working Capital:
1 Includes Stand by LC
2 Includes debentures, CRIs, Hedge Fund Shares, Eurobonds, Credit Portfolio acquired from financial institutions with recourse and Individuals

Continuous Loan Portfolio Management
...with improved sector diversification.
Sugar and
Sugar and Ethanol
13%
Construction
Material
Meatpacking
2%
Food Industry
1%
Other
9%
Sectors Rebalance
12%12%12%13%11%9%
12%13%12%12%
12%
8%
13%13%13%12%15%
20%
Sugar and
Ethanol
Energy
Real Estate
Energy
12%
Specialized
Services
3%
Vehicles and Parts
2%
2%
1%
7%6%
7%5%
5%5%
10%10%
10%10%8%8%
10%10%8%8%7%8%
Engineering
Agriculture
Transportation
Real Estate
12%
Metallurgy
Chemicals
3%
Retail
3%
36%36%38%40%43%42%
Mar‐16Dec‐15Mar‐15Mar‐14Mar‐13Mar‐12
Transportation
and Logistics
OthersEngineering
10%
Agriculture
10%
Transportation
and Logistics
7%
Telecom
4%
Foreign Trade
4%
Metallurgy
3%
 The composition of the portfolio of the 20 largest clients changed by over 25% in the past twelve months;
 The share of wallet of the 20 largest clients remained at around 30%, in line with market peers.

Main Sectors
Sugar and Ethanol | Energy| Real Estate
Sugar and Ethanol (13%) Energy (12%)
Exposure by Product Exposure by State Exposure by Product Exposure by Segment
Guarantees
60%
BNDES
Onlending
11%
Wind
Power
72%Distributors
Equip.
Supplier
7%
SHPs UHEs
4%
SP
66%
PR
8%
GO
3%
Working
Capital
59%
BNDES
Onlending
11%
Trade
Finance
4%
Working
Capital
29%
72%
Transmitting
9%
Distributors
8%
MG
23%
59%
Guarantees
26%
Real Estate (12%)
Exposure by Product Exposure by Segment
Residential
Lots
44%
Commercial
4%
Exposure by Product Exposure by Segment
Working
Capital
79%
Guarantees
21%
Warehouse
12%
Mall
10%
4%
Residential
30%

Main Sectors
Engineering | Agriculture
Engineering (10%) Agriculture (10%)
Exposure by Product Exposure by Product
Trade
Finance
7%
Guarantees
1%BNDES
Onlending
3%
Working
Capital
76%
BNDES
Onlending
16%
Working
Capital
83%
Guarantees
14%
Exposure by StateExposure by Segment
MT
33%
Others
9%
Concession
34%
Oil and Gas
Energy
3%
SP
32%
BA
11%
PR
9%
MS
6%
9%
Transporta
-tion
32%
Industrial
27%
4%
11%32%

Loan Portfolio Quality
~90% of the loan portfolio is classified between AA-C ratings.
AA A B
March 31st, 2016
Loan Portfolio Quality – Res. 2,682 Non Performing Loans > 90 days (Total Contract)
AA-A
31.6%
B
29.1%
0.7% 0.3% 0.3%
1.1%
2.1% 1.8%
1.2%
1.7%
0.7%
C
D-E
5.9%
F-H
4.6%
Contracts Overdue: total amount of the contracts overdue for more than 90 days / Loan Portfolio
Mar-14 Jun-14 Sept-14 Dec-14 Mar-15 Jun-15 Sept-15 Dec-15 Mar-16
C
28.8%
5.9%
546%
550 0%
1050.0%
Contracts Overdue: total amount of the contracts overdue for more than 90 days / Loan Portfolio
excluding Bank Guarantees and Stand-by Letters of Credit.
Credit Coverage Collaterals
6.4%
9.3%
10.5%
08%
10%
12%
07%
09%
11%
161%
80%
50.0%
550.0%
Products
Pledge
40%
Investments
3%
4.1%
5.1% 4.9%
00%
02%
04%
06%
‐01%
01%
03%
05%
Mar-15 Dez-15 Mar-16 ReceivablesProperties
l d
1D-H Portfolio: D-H Portfolio / Loan Portfolio Res. 2,682
2Coverage of Total Portfolio: Provisions / Loan Portfolio Res. 2,682
3Coverage D-H Overdue Portfolio: Provisions / D-H Overdue Portfolio
D-H Portfolio Coverage of Total Portfolio Coverage of D-H Overdue Portfolio
15%Pledge
42%1 2 3

FICC
Solid trackrecord.
Notional Amount
MtM
March 31st, 2016 R$ million
Client Notional Derivatives by Market Notional Value and MtM
Currencies
79%
349 366
560
479
398
894
MtM
Stressed MtM
Commodities
12%
Fixed Income
9%
7 482 7 948 3 270 4 941 4 845
(103 )
33
160
(171 )
7,482 7,948 3,270 4,941 4,845
Market Segments Portfolio Profile
 Fixed income: Fixed, Floating, Inflation, Libor
 Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar,
Australian Dollar
 Scenario on March 31st, 2016:
 Duration: 176 days
 Mark-to-Market: R$398 million
 Commodities, Sugar, Soybean ( Grain, Meal and Oil), Corn,
Cotton, Metals, Energy
$
 Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
 St d MtM R$ 171 illi
 Stressed MtM : R$-171 million

Pine Investimentos
6th biggest bank in fixed income market, and the 2nd player in short-term transactions.
R$25,000,000
Promissory note
Selected Transactions
 Capital Markets: Structuring and Distribution of Fixed
CRI
R$21,300,000
Bridge Loan
R$18,000,000
y
Lead Coordinator
Income Transactions.
 Financial Advisory: Project & Structured Finance, M&A,
CRI
Lead Coordinator
Bridge Loan
Coordinator
October, 2015
Infratructure
R$10,300,000
and hybrid capital transactions.
 Research: Macro and Commodities.
December, 2015 December, 2015
P j t Fi
R$7,500,000
Debent res
R$500,000,000
Debentures
Lead Coordinator
R$ million
Fee Generation
Lead Coordinator
Project Finance Debentures
Coordinator
P j t Fi
R$104,000,000
September, 2015
Lead CoordinatorLead Coordinator
October, 2015
P j Fi
R$78,000,000
September, 2015
R$20,000,000
Project Finance
Coordinator
Project Finance
Coordinator
CRI
Lead Coordinator
1 1
July, 2015
Coo d ato
July, 2015
Coordinator
June, 2015
Lead Coordinator
4Q15 1Q16

Funding
Diversified sources of funding...
R$ million
48% 47% 41% 53% 53% Cash over Deposits
8,367
Trade Finance: 5.6%
837
819 1 029
773
735
545
113
61
929
605
692
497
352
7,564
7,409
6,859
6,270
Private Placements: 1%
Multilateral Lines: 12.4%
International Capital Markets:
3.9%
1.0%
1 161 806
509
476
207 295 284
796
787
764 751 761
338
272
318 279 244
819
1,022 1,029
777 Financial Letter : 12.1%
Local Capital Markets: 4.5%
Onlending: 12.1%
361
1,273
1,322 1,321 1,570 1,662
157
197 359
336 218
24
18 33
18 17
1,161
1,091 952 806 759 Demand Deposits: 0.3%
Interbank Time Deposits: 3.5%
High Net Worth Individual Time
Deposits: 26.5%
1,209 951 853 841 787
361
291 343 324 348
Mar-15 Jun-15 Sept Dec-15 Mar-16
Corporate Time Deposits: 5.5%
Institutional Time Deposits:
12.6%

Asset & Liability Management
... matching assets’ and liabilities’ duration.
77% 76%
9.00
10.00
Expanded loan Porfolio
Loan Portfolio excluding
Bank Guarantees
Leverage Credit over Funding Ratio
76%
70%
66%
69%
7.8x
7.1x
6.5x
6.0x
5.6x
5.2x
4.7x
4.4x
3.9x 3.7x 4.00
5.00
6.00
7.00
8.00
‐
1.00
2.00
3.00
8.5 8.5
Total Deposits Others
Mar 15 Jun 15 Sept 15 Dec 15 Mar 16
Leverage: Expanded Loan Portfolio / Shareholders’ Equity
Expanded Loan Portfolio excluding Bank Guarantees and Stand-by Letters of Credit /
Shareholders’ Equity
Credit over Funding ratio: Loan Portfolio excluding Bank Guarantees and Stand-by Letters of
Credit / Total Funding
Total Deposits over Total Funding
R$ millionR$ billion
Asset and Liability Management (ALM)
0.0
1.3
0.6
2.9
0.6
0.7Cash and cash equivalents
Assets financed through REPOs
Trading portfolio assets
Secured funding
Demand deposits
REPO Financing
64% 63% 61% 55% 52%
Total Deposits Others
6,8598,367 7,564 7,409 6,270
0.4
5.0
4.0
Coverage
of 126%
Credit Portfolio
Other liabilities
Unsecured funding
39% 45% 48%
64% 63% 61%
1.2
0.4
Assets
0.2
0.1
Liabilities
Other assets
Illiquid assets
Other liabilities
Equity
36% 37% 39% 45%

Capital Adequacy Ratio (BIS), Basel III
BIS ratio surpassed 15%.
0.9% 0.4%
13.0% 13.1% 13.1%
15.0% 15.1%
12 3%
14.1% 14.7%
0.8% 0.8% 0.9%
13.0% 13.1% 13.1%
12.2% 12.3% 12.2%
Mar 15 Jun 15 Sept 15 Dec 15 Mar 16Mar-15 Jun-15 Sept-15 Dec-15 Mar-16
Tier II Tier I
Minimum Regulatory
Capital (11%)

Investor Relations
Norberto Zaiet Junior
CEO
João Brito
CFO
Raquel Varela Bastos
Head of Investor Relations, Funding & Distribution, Marketing & Press
Luiz Maximo
Investor Relations Coordinator
Gabriel Netto
Investor Relations Analyst
Phone: (55 11) 3372-5343
ir.pine.com
ir@pine.comp
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.

Cc 1 t16_eng

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