Institutional presentation 2Q16

2Q16 Institutional
Presentation

2/39Investor Relations | 2Q16 |
 Profile and History
 Pine
 History
 Business Strategy
 Competitive Landscape
 Focus Always on the Client
 Corporate Credit
 FICC
 Pine Investmentos
 Strategic Partnership
 Corporate Governance
 Organizational Structure
 Corporate Governance
 Committees
 Social Investment and Responsibility
 Economic Overview
 Macroeconomic
 Credit Growth
 Expectations
 Highlights and Results
Summary

Profile and History

Pine
Specialized in providing financial solutions for corporate clients…
Credit Portfolio by Annual Client Revenues Customer Profile
Bank Profile
 Focused on establishing long-term relationships
 Fast response | Specialized services
 Customized products | Product diversity
 R$ 6,271 million in Loan Portfolio
 R$ 1,165 million in Shareholders’ Equity
 Long-term National Rating at AA+ by Fitch
 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
Large Corporate (> R$ 2.000 millions)
Corporate (R$ 500 - R$ 2.000 millions)
Companies (R$ 50 - R$ 500 millions)
Retail (PFs e small companies)
 Balance sheets audited by third parties, corporate governance,
well defined hedging policies, and the lower risk profileOver R$2
billion
35%
R$500 million
to R$2 billion
33%
Up to R$500
million
32%

...with extensive knowledge of Brazil’s corporate credit cycle.
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
Devaluati-
on of the
real
Nasdaq Sept. 11 Brazilian
Elections
(Lula)
SubprimeRussian
Crisis
European
Community
End of 2007
Focus on expanding the Corporate Banking franchise
Discontinuation of the payroll-deductible loan business
May, 2007
Creation of Pine Investimentos products line and
opening of the Cayman branch
2005
Noberto Pinheiro becomes Pine’s controller
October, 2007
Beginning of the FICC Business
October, 2011
Subscription of Pine’s capital by DEG
August, 2012
Subscription of Pine’s capital by DEG, Proparco, Controlling Shareholder and Management
2014
Portfolio deleveraging strategy due to an adverse scenario
March, 2007
IPO
May, 2016
19 years
155 184 222 341 521 620 755 663 761 1,214
2,854 3,105
4,192
5,763
6,963
7,911
9,920 9,826
6,933
6,271
18
62
121 126 140 136 152 171
209
335
801
827 825
867
1,015
1,220
1,272 1,256
1,163 1.165
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Jun-16
Corporate Credit Portfolio (R$ Million)
Shareholders' Equity (R$ Million)

Business Strategy

Competitive Landscape
Pine serves a niche market of companies with few options for banks.
100% focused on providing complete service
to companies, offering customized products
100% Corporate
Large Multi-Services banks
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
Bank products – with room for growth
 ~15 clients per officer
 Competitive Advantages:
 Focus
 Fast response: Strong relationship with
clients, with the credit committee meeting
once a week ensures rapid return to customer
needs
 Specialized services
 Tailor-made solutions
 Product diversity
Foreign and
Investment Banks
SME & Retail
Corporate e SME
Retail

Focus Always on the Client
Products tailored to meet the needs of each individual client.
In addition to the
headquarters located in the
city of São Paulo, Pine has 6
branches throughout Brazil, in
the States of Mato
Grosso, Paraná,
Pernambuco, Rio de Janeiro,
Rio Grande do Sul, and
São Paulo. The origination
network also counts with a
Cayman Branch, especially for
Trade Finance transactions.

Corporate Credit
Actions Credit Committee
Strong track record and solid credit origination and approval process.
Credit Approval: Electronic Process
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
Presentation to the Credit
Committee
Directors and
Analysts of Credit
Centralized and
unanimous decision
making process
CREDIT
COMMITTEE
 Meets once a week – reviewing on ~ 20 proposals
 Minimum quorum: 4 members - attendance of CEO or
Chairman is mandatory
Committee Members:
 CEO
 Chief Financial Officer
 Chief Administrative Officer
 Credit Director
 Corporate and Investment Banking Director
Superior Committee Members:
 Two members of the Board
Participants:
 FICC Director
 Credit Analysts Team
 Other members of the Corporate Banking origination
team
 Personalized and agile service, working closely with clients and
keeping a low client to account officer ratio: each officer
handles ~15 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 500
economic groups
 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
Discussion on sizing,
collateral, structure etc.
Superior
Committee
Approval
Tickets over R$ 15 MM

June 30rd, 2016
 Currencies (79%): Dollar, Euro, Yen, Pound, Canadian
Dollar, Australian Dollar
 Commodities (12%): Sugar, Soybean ( Grain, Meal and Oil),
Corn, Cotton, Metals, Energy
 Fixed income (9%): Fixed, Floating, Inflation, Libor
FICC
Solid trackrecord.
Market Segments Competitive Advantages
 One Stop Shop: credit and risk mitigation
 Every transaction demands prior credit approval
 Collaterals surpass approved derivative’s limits
 Agility| Client Focused| Diversification
 Average of 30 days to close a derivative transaction
(domestic large banks average - 90 days)
Sample Transaction
Trader prices the
transaction, including spread
Treasury hedges the
transaction
Transaction closed
Treasury informs the spot
price
Global Derivatives
Agreement
(ISDA Master Agreement)
• Limits
• Types of Derivatives
• Collaterals
• Market Risk: 100% Hedged
• Limits
PINE
Credit Analysis
Process
FICC
• Credit Analysis
• Collaterals
• Cross-selling opportunity
• Credit Committee Approval
Client
1st
2nd
Margin Calls ManagementDerivatives

Pine Investimentos
9th largest bank in fixed income market, and the 5th player in short-term transactions.
Operating Model
Selected Transactions
Pine Investimentos
Financial AdvisoryCapital Markets
Project
Finance
 Fixed Income (CRIs, CRAs)
 Infrastructure Debentures
 Equities
 Securitization
 Hybrid capital
transactions
 Project & Structured
Finance
Investidores
 Family Offices
 Individuals
 Companies
 Asset Managers
 Financial Institutions
 Pension Funds
 Foreign Investors
 Hedge Funds
R$25,000,000
October, 2015
Promissory note
Lead Coordinator
December, 2015
CRI
R$21,300,000
Lead Coordinator
December, 2015
Bridge Loan
R$18,000,000
Coordinator Lead Coordinator
October, 2015
Project Finance
R$7,500,000
April, 2016
CPR
R$10,000,000
Lead Coordinator
April, 2016
Promissory Note
R$20,000,000
Lead Coordinator
April, 2016
Structure CCB
R$35,000,000
Lead Coordinator
May, 2016
CPR
R$25,500,000
Lead Coordinator
June, 2016
CPR
R$22,700,000
Lead Coordinator

Strategic Partnerships
About DEG
About PROPARCO
Group Structure
Group Structure
DEG and 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
Consolidated Assets
EUR 7.6 billion
May, 2015
 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
Consolidated Assets
EUR 3.72 billion
May, 2015
57%
French
Financial
Institutions
International
Financial
Organisations
French
Companies
Investment
funds &
Foundations
26% 13% 3% 1%

Corporate Governance

Organizational Structure
Non-bureaucratic Culture, entrepreneurial and meritocratic with a flat hierarchy
CEO
Norberto Zaiet Jr.
INTERNAL AUDIT
Tikara Yoneya
COMPENSATION
COMMITTEE
AUDIT COMMITTEE
EXTERNAL AUDIT
PWC
Noberto N. Pinheiro Jr. Rodrigo Pinheiro Igor Pinheiro Noberto Pinheiro Norberto Zaiet Gustavo Junqueira Mailson de Nóbrega Susana Waldeck
President Vice-President Vice-President Member Member
Independent
Member
Independent
Member
External
Member
BOARD OF DIRECTORS
RISKS COMMITTEE
Corporate & IB FinancesOperationsBusiness
Structuring- DCM
Investment Banking
Corporate Banking
Assets and Liabilities
Back-office
Legal
Compliance, Internal
Control and Security of
Information
Collaterals Management
Management Special
Assets
Middle Office
Exchange
Services
Sales & Trading
International
Research Macro /
Commodities/ Companies
Funding & Distribution
Marketing
Investor Relations
Structured Products
ALM e FLOW
Accounting and Tax
Planning
Technology
Market and Liquidity
Risks
Strategic Planning and
P&L
Commercial Planning and
Valuation
Credit
Credit
Register

Corporate Governance
Pine is committed to best corporate governance practices
 Two Independent Members and one External Member 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 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 (BM&FBOVESPA) 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

Social Investment and Responsibility
Focus on the short, medium and long term.
Social Investment Recognition
Partnerships
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
Seventh consecutive year disclosing the
Sustainability Report in the GRI
standard. The 2015 report, with its high
level of clarity, transparency and quality
was recognized with the fourth place in
the Abrasca Annual Report Award,
considering its category of companies
with net income to R$3 billion.

Economic Overview

Macroeconomic
Real GDP
SELIC
IPCA (CPI)
Gross Government Debt
Due to the challenging economic scenario...
4.4
1.4
3.1
1.1
5.8
3.2
4.0
6.1
5.1
-0.1
7,5
3.9
1.9
3.0
0.1
-3.8
-3.5
1.0
2.0
1.5
-6
-4
-2
0
2
4
6
8
10
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Forecast
Real GDP growth rate (%) Média móvel 4 anos
17.6
17.5
19.2
23.5
16.4
19.1
15.3
12.0
12.5
10.1
9.9
11.8
8.6
8.3
11,0
13.5 14.0
11.6
10.6
10.0
5
10
15
20
25
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Forecast
Selic (interest rate, average) Média móvel 4 anos
67.3
76.1
71.5
68.0
67.0
55.5
56.7
56.0
59.2
51.8
51.3
53.8
51.7
57.2
66.5
75.6
80.4
82.0
84.0
50
60
70
80
90
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Forecast
Gross government debt (% GDP)
Moving Avarage 4 years
Moving Avarage 4 years
6.0
7.7
12.5
9.3
7.6
5.7
3.1
4.5
5.9
4.3
5.9
6.5
5.8 5.9
6.4
10.7
7.3
5.5
4.5 4.5
3
5
7
9
11
13
15
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Forecast
IPCA (CPI)

Credit Growth
Corporate and Households
Credit/GDP
Public Banks, National and Internacional Privates Banks
Interest and Spread
... the credit environment is directly affected...
-5
0
5
10
15
20
25
30
35
40
45
2008 2009 2010 2011 2012 2013 2014 2015 2016
Credit growth (% YoY, nominal)
Corporate Households
-0.5
4.8
-5
0
5
10
15
20
25
30
35
40
45
2008 2009 2010 2011 2012 2013 2014 2015 2016
Public banks National private banks International private banks
5.3
-3.2
0.6
30.6
12.1
18.5
0
10
20
30
40
50
60
2008 2009 2010 2011 2012 2013 2014 2015 2016
52.4
0
5
10
15
20
25
30
35
2011 2012 2013 2014 2015 2016
Interest and Spread - Corporate (% YoY)
Investment Funding Spread

Expectations
...however, we expect that this scenario has a slight improvement in 2017.
Source: Pine Bank, June 2016
Brazil: Key Economic Indicators - PINE
INDICATORS 2008 2009 2010 2011 2012 2013 2014 2015 2016E 2017E
Real GDP growth rate (%) 5.1% -0.1% 7.5% 3.9% 1.9% 3.0% 0.1% -3.9% -3.5% 1.0%
BRLUSD (eop) 2.40 1.75 1.69 1.83 2.08 2.35 2.65 3.87 3.50 3.25
BRLUSD (average) 1.83 2.00 1.76 1.67 1.95 2.16 2.35 3.33 3.56 3.38
IPCA (CPI) 5.9% 4.3% 5.9% 6.5% 5.8% 5.9% 6.4% 10.7% 7.3% 5.5%
IGP-M (PPI) 9.8% -1.7% 11.3% 5.1% 7.8% 5.5% 3.5% 10.5% 8.9% 5.5%
Selic (interest rate, eop) 13.75% 8.75% 10.75% 11.00% 7.25% 10.00% 11.75% 14.25% 13.25% 11.25%
Selic (interest, average) 12.54% 9.92% 10.00% 11.71% 8.46% 8.44% 11.02% 13.58% 14.04% 11.63%
Trade balance (USD bn) 25.0 25.3 20.1 29.8 19.4 2.6 -3.9 19.7 52.5 40.0
Current account (USD bn) 0.0 0.0 -77.3 -73.2 -78.4 -83.0 -103.6 -58.9 -10.1 -10.0
Current account (% GDP) -1.7% 0.0% -3.5% -2.8% -3.5% -3.8% -4.8% -3.3% -0.6% -0.5%
FDI (US$bn) 51 31 88 101 87 69 97 75 75.0 60.0
Primary surplus (% GDP) 3.3% 1.9% 2.6% 2.9% 2.2% 1.7% -0.6% -1.9% -2.7% -2.0%
Gross government debt (% GDP) 56.0% 59.3% 51.8% 51.3% 54.8% 53.3% 58.9% 66.4% 75.6% 80.4%

Highlights and Results

Highlights
 Liquid balance sheet with a cash position of R$1.5 billion, equivalent to 52% of time deposits.
 Excess capital, with a BIS ratio of 15.9%, being 15.4% in Tier I Capital.
 Loan portfolio coverage ratio at around 6% as a result of a significant increase in provisions in the periods.
 Retraction of 8% in personnel and administrative expenses in the semester.
 Continuous liability management with a diversified portfolio and adequate terms.

7,409 6,859
Sept-15 Dec-15
Total Funding
-7.4%
7,691 6,933
Sept-15 Dec-15
Total Loan Portfolio
1
-9.9%
1,181 1,163
Sept-15 Dec-15
Shareholders' Equity
-1.5%
3.5% 3.6%
3Q15 4Q15
ROAE
0.1 p.p
2.9% 3.2%
3Q15 4Q15
NIM Evolution
0.33 p.p.
10 10
3Q15 4Q15
Net Income
Financial Highlights
1 Includes Stand by LCs, Bank Guarantees, Credit Securities to be Received and Securities (bonds, CRIs, eurobonds and fund shares)
R$ million
20
1
1H15 1H16
-93.3%
8,621 6,608 6,271
Jun-15 Mar-16 Jun-16
1
-5.1%
-27.3%
7,564 6,270 5,925
-5.5%
-21.7%
1,208 1,174 1,165
-0,8%
-3.5%
3.7%
2.0%
1H15 1H16
-170 bps
3.3%
0.2%
1H15 1H16
-310 bps

Revenue Mix
Product and Revenue Diversification
Business Lines
Credit
47.3%
Bank Guarantees
19.5%
FICC
20.6%
Pine
Investimentos
6.1%
Treasury
6.5%
1H16
Credit
68.9%
Bank Guarantees
15.6%
FICC
12.3%
Pine
Investimentos
3.1%
Treasury
0%
1H15

Net Interest Margin
NIM Main Impacts
NIM Breakdown
 QoQ: Margin stability.
 YoY:
- Lower revenue contribution from FICC
- Lower loan portfolio proportion on total assets
3.3%
2.0% 2.0%
2Q15 1Q16 2Q16
0 bps.
-130 bps.
2Q16 1Q16 2Q15 1H16 1H15
Financial Margin
Income from financial intermediation 51 71 80 122 134
Overhedge effect (21) (38) (10) (60) 24

Expenses and Efficiency Ratio
Personnel and Administrative Expenses
Expenses and Efficiency Ratio
Rigorous cost control.
22
20 21
17 16 16
44.9%
81.6% 86.7%
-200%
-150%
-100%
-50%
00%
50%
100%
0
5
10
15
20
25
30
35
40
2Q15 1Q16 2Q16
Personnel Expenses
Other administrative
expenses
Recurring Efficiency
Ratio (%)
2Q16 1Q16 2Q15 1H16 1H15
Personnel expenses 21 20 22 41 44
Other administrative expenses 16 16 17 32 35
Subtotal 37 36 38 73 79
Non-recurring expenses (3) (2) (2) (5) (3)
Total 34 34 36 68 75
Employees1
337 344 389 337 389
1
Including outsourced ones

1 Includes Stand by LC
2 Includes debentures, CRIs, Hedge Fund Shares, Eurobonds, Credit Portfolio acquired from financial institutions with recourse and Individuals
R$ million
Loan Portfolio
The portfolio amounted to R$6.3 billion...
1
-27.3%
-5.1%
2
4,066
3,650
3,282 3,172 3,139
1,074
924
794 747 659
2,896
2,492
2,373
2,250
2,122
585
626
485
438
351
Jun-15 Sept-15 Dec-15 Mar-16 Jun-16
Trade finance: 5.6%
Bank Guarantees: 33.8%
BNDES Onlending : 10.5%
Working Capital: 50.1%
7,691
6,933
6,608
8,621
6,271

Continuous Loan Portfolio Management
Sectors Rebalance
...with improved sector diversification.
 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.
37%38%40%44%41%
7%7%5%
5%
5%
10%10%10%
7%9%
10%9%8%7%7%
12%12%13%12%10%
12%12%12%11%
9%
12%12%12%14%19%
Jun-16Jun-15Jun-14Jun-13Jun-12
Sugar and
Ethanol
Energy
Real Estate
Engineering
Agriculture
Transportation
and Logistics
Others
Sugar and Ethanol
12%
Energy
12%
Real Estate
12%
Engineering
10%
Agriculture
10%
Transportation
and Logistics
7%
Telecom
5%
Foreign Trade
4%
Metallurgy
3%
Retail
3%
Specialized
Services
2%
Construction
Material
2%
Mining
2%
Vehicles and Parts
2%
Meatpacking
2%
Food Industry
1%
Other
11%

Main Sectors
Sugar and Ethanol | Energy| Real Estate
Sugar and Ethanol (12%) Energy (12%)
Real Estate (12%)
Exposure by Product Exposure by State Exposure by Product Exposure by Segment
Exposure by Product Exposure by Segment
Working
Capital
66%
Guarantees
21%
BNDES
Onlending
11%
Trade
Finance
2%
Guarantees
63%
Working
Capital
26%
BNDES
Onlending
11%
Wind Power
77%
Transmitting
10%
Equip.
Supplier
9%
SHPs UHEs
4%
SP
65%
MG
23%
PR
7%
GO
3%
RS
2%
Capital de
Giro
77%
Fianças
23%
Loteamento
42%
Residencial
31%
Galpões
12%
Shopping
11%
Comercial
4%

Main Sectors
Engineering | Agriculture
Engineering (10%) Agriculture (10%)
Exposure by Product Exposure by Product
Exposure by StateExposure by Segment
Concession
36%
Transporta
-tion
32%
Industrial
24%
Oil and Gas
6%
Energy
2%
Working
Capital
82%
Guarantees
15%
BNDES
Onlending
3%
Working
Capital
79%
BNDES
Onlending
1%
Trade
Finance
13%
Guarantees
7%
MT
30%
SP
33%
BA
10%
PR
6%
MS
6%
Others
15%

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
June 30th, 2016
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
~90% of the loan portfolio is classified between AA-C ratings.
Loan Portfolio Quality – Res. 2,682
Credit Coverage
Non Performing Loans > 90 days (Total Contract)
Collaterals
Products
Pledge
44%
Receivables
13%
Properties
Pledge
42%
Investments
2%
0.3% 0.3%
1.1%
2.1%
1.8%
1.2%
1.7%
0.7%
1.3%
Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16
AA-A
22.4%
B
27.7%
C
35.9%D-E
9.2%
F-H
4.7%
6.6%
10.5%
13.8%
4.1%
4.9%
5.9%
00%
02%
04%
06%
08%
10%
12%
-01%
01%
03%
05%
07%
09%
11%
13%
15%
D-H Portfolio Coverage of Total Portfolio
80%
546%
167%
50.0%
250.0%
450.0%
650.0%
Coverage D-H Overdue Portfolio
1 2 3

R$ million
Funding
Diversified sources of funding...
47% 41% 53% 53% 52% Cash over Deposits
951 853 841 787 648
291 343 324 348
261
1,322 1,321 1,570 1,662 1,939
197 359
336 218 15618
33
18 17 19
1,091 952 806 759 668
476
207 295 284 296
787
764 751 761 734
272
318 279 244
216
819
1,022 1,029
777
680
735
545
113
61
39
605
692
497
352
270
7,564
7,409
6,859
6,270
5,925
Jun-15 Sept Dec-15 Mar-16 Jun-16
Trade Finance: 4.5%
Private Placements: 0.7%
Multilateral Lines: 11.5%
International Capital Markets:
3.6%
Financial Letter : 12.4%
Local Capital Markets: 5%
Onlending: 11.3%
Demand Deposits: 0.3%
Interbank Time Deposits: 2.6%
High Net Worth Individual Time
Deposits: 32.7%
Corporate Time Deposits: 4.4%
Institutional Time Deposits:
10.9%

37% 39% 45% 48% 51%
63% 61% 55% 52% 49%
Total Deposits Others
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
Asset & Liability Management
... matching assets’ and liabilities’ duration.
Leverage Credit over Funding Ratio
Total Deposits over Total Funding
R$ millionR$ billion
6,2707,564 7,409 6,859 5,925
Asset and Liability Management (ALM)
76%
70%
66%
69% 70%
1.2
0.7
4.7
0.0
1.2
0.6
Assets
0.1
0.3
3.7
2.9
0.5
0.9
Liabilities
8.4 8.4
Coverage
of 125%
Cash and cash equivalents
Assets financed through REPOs
Other assets
Credit Portfolio
Trading portfolio assets
Illiquid assets
Secured funding
Other liabilities
Unsecured funding
Demand deposits
Equity
REPO Financing
7.1x
6.5x
6.0x
5.6x 5.4x
4.7x
4.4x
3.9x 3.7x 3.6x
-
1,00
2,00
3,00
4,00
5,00
6,00
7,00
8,00
9,00
10,00
Expanded loan Porfolio
Loan Portfolio excluding
Bank Guarantees

Capital Adequacy Ratio (BIS), Basel III
BIS ratio of 15.9%, being 15.4% in Tier I Capital.
12.3% 12.2%
14.1% 14.7% 15.4%
0.8% 0.9%
0.9% 0.4%
0.5%
13.1% 13.1%
15.0% 15.1%
15.9%
Tier II Tier I
Minimum Regulatory
Capital (10,5%)

Rating
Foreignand
LocalCurrency
Long Term B+ BB- B1 -
National
Long Term BBB- A+ Baa2 10,14

Balance Sheet
R$ million
Assets 8,436 8,507 10,031
Cash 71 87 272
Interbank investments 836 632 327
Securities 2,893 2,866 3,061
Interbank accounts 1 1 1
Lending operations 3,746 3,967 5,281
(-) Provisions for loan losses (223) (196) (217)
Net lending operations 3,523 3,771 5,064
Other receivables 994 961 1,291
Property and equipments 119 190 14
Investments 108 178 -
Property and equipment in use 10 11 13
Intangible 1 1 1
Liabilities 7,270 7,333 8,823
Deposits 1,976 1,913 1,539
Money market funding 612 635 432
Funds from acceptance and securities issued 1,913 2,054 2,182
Interbank and Interbranch accounts 11 0 9
Borrowings and onlendings 1,542 1,805 3,118
Derivative financial instruments 709 336 182
Other liabilities 441 515 1,291
Deferred Results 67 75 70
Shareholders' equity 1,165 1,174 1,208
Liabilities and shareholders' equity 8,436 8,507 10,031

Managerial Income Statement
(overhedge effect and provisions reclassified)
R$ million
2Q16 1Q16 4Q15 3Q15 2Q15 1H16 1H15
Income from financial intermediation 71 94 215 758 180 164 813
Lending transactions 114 122 146 178 176 235 377
Securities transactions 79 77 93 81 83 156 151
Derivative financial instruments (67) (72) (18) 488 (64) (139) 220
Foreign exchange transactions (55) (33) (7) 11 (14) (88) 64
Expenses with financial intermediation (74) (87) (183) (758) (153) (161) (752)
Funding transactions (101) (111) (163) (322) (134) (211) (391)
Borrowings and onlendings 59 50 6 (380) 24 109 (264)
Provision for loan losses (33) (26) (26) (56) (42) (60) (98)
Gross income from financial intermediation (4) 6 32 (0) 27 3 60
Other operating (expenses) income (23) (24) (37) (53) (34) (46) (69)
Fee income 15 16 18 26 25 32 46
Personnel expenses (21) (20) (23) (22) (22) (41) (44)
Other administrative expenses (16) (16) (19) (20) (17) (32) (35)
Tax expenses (5) (7) (6) (2) (10) (12) (14)
Other operating income 15 10 2 2 1 25 12
Other operating expenses (11) (8) (7) (36) (12) (18) (34)
Operating income (26) (17) (5) (53) (7) (44) (8)
Non-operating income 3 9 3 (1) 1 12 5
Income before taxes and profit sharing (23) (9) (2) (53) (6) (31) (3)
Income tax and social contribution 18 22 22 73 17 40 37
Profit sharing (2) (5) (9) (10) (2) (7) (14)
Net income (7) 8 10 10 10 1 20

Income Statement
R$ million
2Q16 1Q16 2Q15 1H16 1H15
Lending transactions 114 122 176 235 377
Securities transactions 79 77 83 156 151
Derivative financial instruments (46) (33) (54) (79) 196
Foreign exchange transactions (55) (33) (14) (88) 64
Expenses with financial intermediation (74) (87) (86) (161) (686)
Funding transactions (101) (111) (134) (211) (391)
Borrowings and onlendings 59 50 24 109 (264)
Provision for loan losses (33) (26) 24 (60) (31)
Gross income from financial intermediation 18 45 104 63 103
Other operating (expenses) income (23) (24) (101) (46) (135)
Fee income 15 16 25 32 46
Personnel expenses (21) (20) (22) (41) (44)
Other administrative expenses (16) (16) (17) (32) (35)
Tax expenses (5) (7) (10) (12) (14)
Other operating income 15 10 1 25 12
Other operating expenses (11) (8) (79) (18) (101)
Operating income (5) 21 3 16 (33)
Non-operating income 3 9 1 12 5
Income before taxes and profit sharing (1) 30 5 28 (27)
Income tax and social contribution (4) (16) 7 (20) 62
Profit sharing (2) (5) (2) (7) (14)
Net income (7) 8 10 1 20

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

Institutional presentation 2Q16

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Institutional presentation 2Q16