Institutional presentation_1_q15

1. Institutional PresentationInstitutional Presentation 1Q15

2. Profile and History
Pine
History
Business Strategy
Competitive Landscape
Focus Always on the Client
Corporate Credit
FICC
Summary
2/28Investor Relations | 1Q15 |
FICC
Pine Investimentos
Highlights and Results
Corporate Governance
Corporate Governance
Committees
Social Investment and Responsibility

3. Profile and History

4. Pine
Specialized in providing financial solutions for corporate clients…
Credit Portfolio by Annual Client Revenues
December 30th, 2014
Over R$2 billion
37%
R$500 million to
R$2 billion
R$250 million to
R$500 million
12%
Up to R$250
million
15%
4/28Investor Relations | 1Q15 |
Profile
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
R$2 billion
36%

5. 801
827 825
867
1.015
1.220
1.272 1.256 1.244
...with extensive knowledge of Brazil’s corporate credit cycle.
History
1939
Pinheiro Family
founds
Banco Central do
Nordeste
1975
Noberto Pinheiro
becomes one of
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 sole
shareholder
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
November, 2012
Opening of the broker dealer in New York, Pine Securities USA LLC
5/28Investor Relations | 1Q15 |
184 222 341 521 620 755 663 761
1.214
2.854 3.108
4.195
5.763
6.963
7.911
9.920 9.826 9.657
62
121 126 140 136 152 171
209
335
Dec-98
Dec-99
Dec-00
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Mar-15
Corporate Credit Portfolio (R$ Million)
Shareholders' Equity (R$ Million)
1997
Noberto and Nelson
Pinheiro sell their
stake in BMC and
found Pine
becomes one of
BMC’s controlling
shareholders
Devaluation
of the real
Nasdaq Sept. 11 Brazilian
Elections
(Lula)
SubprimeAsian
Crisis
Russian
Crisis
European
Community
shareholder
March, 2007
IPO
May, 2015
18 years

6. Business Strategy

7. Competitive Landscape
Pine serves a niche market of companies with few options for banks.
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
7/28Investor Relations | 1Q15 |
100% focused on providing complete service
to companies, offering customized products
Corporate & SME
SME & Retail
Retail
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
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

8. Focus Always on the Client
Products tailored to meet the needs of each individual client.
Working Capit
CDIs
Overdraft
Accounts
Fixed Income
Currencies
Commodities
Equities
CDBs
CDs
RDBs
LCAs
LCIs
DebenturesCRIs
CCBs
Eurobonds
Private
Placements
Financial
Letters
TreasuryDistribution
Capital
Markets
Financial Advisory
Local Currency
Foreign Currency
Pricing of Assets and
Liabilities
Liquidity
Management
Trading
Local Currency
Working CapitalUnderwriting
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Bank
Guarantees
Exclusive Funds
Portfolio
Management
Swap NDFs
Structured Swaps
BNDES Onlending
Bank Guarantees
Compror
ACC/ACE
Export Finance
Finimp
Lettersof Credit
2,770 onlending
Accounts
Syndicated and
Structured Loans
Clients
Corporate
Credit
FICC
Pine
Investimentos
Capital
Markets
Financial Advisory
Fixed Income Currencies
Commodities
Local Currency
Onlending
Foreign Currency
Trade Finance
Participation
Funds
Options
Corporate &
Structured
Finance
M&A
Project Finance
Structured
Finance
Private Credit
Funds
Real Estate Funds
Rural Credits
Aircraft
Financing
Investment
Management
In addition to the
headquarters located in the
city of São Paulo, Pine has 10
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).

9. Corporate Credit
Actions Credit Committee
Strong track record and solid credit origination and approval process.
Meets once 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 Risk Officer
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 600
economic groups
Origination network is comprised of 10 branches divided
into 14 origination platforms in Brazil’s major economic
centers
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Credit Approval: Electronic Process
Origination OfficersOrigination Officers
Credit origination Credit analysis, visit to clients, data
updates, interaction with internal
research team
Credit AnalystsCredit Analysts
Regional Heads of
Origination and Credit
Analysis
Regional Heads of
Origination and Credit
Analysis
Presentation to the Credit Committee
CRO, Executive
Directors and Analysts
of Credit
CRO, Executive
Directors and Analysts
of Credit
Centralized and unanimous
decision making process
CREDIT COMMITTEECREDIT COMMITTEE
Participants:
FICC Executive Director
Credit Analysts Team
Other members of the Corporate Banking
origination team
centers
Pine has approximentely 25 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.

10. Commodities
13%
Fixed Income
7%
Currencies
80%
March 31st, 2015 R$ million
FICC
Proven trackrecord: leadership largest bank in commodity hedging1
Client Notional Derivatives by Market Notional Value and MtM
11,268 14,382 8,376 7,703 7,482
482
354
288 221
349
(243)
(532)
(47)
(365)
(103)
Notional Amount
MtM
Stressed MtM
10/28Investor Relations | 1Q15 |
13%
Scenario on March 31st,2015:
Duration: 149 days
Mark-to-Market: R$349 million
Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
Stressed MtM : (R$103 million)
Market Segments Portfolio Profile
1Source: Report Cetip, March 2015
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
Mar-14 Jun-14 Sept-14 Dec-14 Mar-15

11. Long Term Loan
US$25,000,000
Debentures
R$50,000,000R$45,200,000
Debentures
December, 2014
BNDES Onlending
R$630,000,000
Coordinator
February, 2015March, 2015
Project Finance
R$30,000,000
Lead Coordinator
Structuring CRP
R$24,000,000
Lead Coordinator
Pine Investimentos
Selected Transactions
Capital Markets: Structuring and Distribution of Fixed
Income Transactions.
Financial Advisory: Project & Structured Finance, M&A,
and hybrid capital transactions.
Research: Macro, Commodities, and Corporate.
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August, 2014
Export Prepayment
Finance
Structuring Agent
August, 2014
Financial Advisor
US$58,000,000 R$459,300,000
June, 2014
M&A
Advisor
September, 2014
Lead Coordinator
November, 2014
Lead Coordinator
July, 2014
Project Finance
R$391,459,000
Financial Advisor
2
3
4Q14 1Q15
R$ million
Fees

12. Highlights and Results

13. 1Q15 Events and Highlights
1.Increase in the positive liquidity gap, with 12 months for credit versus 17 months for funding.
2.Liquid balance sheet, with a cash position of R$1.4 billion, equivalent to 48% of time deposits.
3.Active and constant liability management that led to a further reduction in the cost of funding.
4.Loan portfolio coverage ratio above 4% as a result of an important increase in provisions in the last twelve months.
5.16% reduction of personnel and administrative expenses in the quarter, as a result of the diligence and anticipation of an adverse
13/28Investor Relations | 1Q15 |
5.16% reduction of personnel and administrative expenses in the quarter, as a result of the diligence and anticipation of an adverse
market in 2015.
6.18th largest bank in derivative transactions and the 3rd largest in commodity hedging according to CETIP – OTC Clearing House.

14. 9,826 9,657
Dec-14 Mar-15
Total Loan Portfolio1
-1.7%
1Q15 Financial Highlights
R$ million
The main performance indicators were within expectations in the period.
8,500 8,367
Dec-14 Mar-15
Total Funding
-1.6%
1,256 1,244
Dec-14 Mar-15
Shareholders’ Equity
-1.0%
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Dec-14 Mar-15
1 Includes Stand by LCs, Bank Guarantees, Credit Securities to be Received and Securities (bonds, CRIs, eurobonds and fund shares)
Dec-14 Mar-15
5
10
4Q14 1Q15
Net Income
+100.0%
Dec-14 Mar-15
4.1% 4.0%
4Q14 1Q15
NIM Evolution
-10 bps
1.7%
3.3%
4Q14 1Q15
ROAE
+160 bps

15. 4.1% 4.0%
4Q14 1Q15
-10 bps
Net Interest Margin
NIM Evolution Impacts in Period
NIM in line with guidance.
Lower revenue contrinution from FICC and Treasury;
Mark to Market of securities; and
Increased spreads at origination.
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4Q14 1Q15
NIM Breakdown
R$ million
1Q15 4Q14 1Q14 QoQ YoY
Recurring Financial Margin
Income from financial intermediation 54 83 109 -34.9% -50.5%
Overhedge effect 34 10 (3) 240.0% -1233.3%
Liabilities hedge effect - 1 (4) -100.0% -100.0%
Recurring Income from financial intermediation 88 94 102 -6.4% -13.7%

16. Expenses and Efficiency Ratio
Expenses
Cost control, better than the guidance range.
23
27
23
26
22
18
39.8% 42.2% 39.1%
- 8 0 . 0 %
- 6 0 . 0 %
- 4 0 . 0 %
- 2 0 . 0 %
0 . 0 %
2 0 . 0 %
4 0 . 0 %
6 0 . 0 %
5
1 0
1 5
2 0
2 5
3 0
3 5
4 0
4 5
5 0
Personnel Expenses
Other administrative
expenses
Recurring Efficiency
Ratio (%)
16/28Investor Relations | 1Q15 |
Efficiency Ratio
- 1 0 0 . 0 %0
1Q14 4Q14 1Q15
R$ million
1Q15 4Q14 1Q14 QoQ YoY
Operating expenses 1
45 52 53 -13.5% -15.1%
(-) Non-recurring expenses (1) (3) (4) -66.7% -75.0%
Recurring Operating Expenses (A) 43 49 49 -12.2% -12.2%
Recurring Revenues 2
(B) 110 116 123 -5.2% -10.6%
Recurring Efficiency Ratio (A/B) 39.1% 42.2% 39.8% -310 bps -70 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

17. 3,073
2,909 2,905
2,941 2,896 2,969
3,191
842
1,059
965
903 989 1,116 924 826
909
Trade finance: 9.4%
9,657
8,405
8,994
9,537
9,930 10,090 10,032
9,800 9,826
R$ million
Loan Portfolio
The portfolio ended the period at R$9.7 billion...
-4.3%
-1.7%
1
17/28Investor Relations | 1Q15 |
4,236 4,284 4,509
5,050 5,093 4,904 4,731 4,730 4,440
826 844
990
1,068 1,103
1,071 1,248 1,302
1,118
2,501
2,807
3,073 3,191
Mar-13 Jun-13 Sept-13 Dec-13 Mar-14 Jun-14 Sept-14 Dec-14 Mar-15
Bank Guarantees: 33%
BNDES Onlending :
11.6%
Working Capital: 46%
1 Includes Stand by LC
2 Includes debentures, CRIs, Hedge Fund Shares, Eurobonds, Credit Portfolio acquired from financial institutions with recourse and Individuals
2
33.0%
46.0%

18. 43%42%
7%6%5%
5%5%
8%8%8%7%8%
10%10%10%8%8%
12%10%12%12%8%
12%12%13%11%
9%
13%14%12%15%
20%
Sugar and
Ethanol
Real Estate
Energy
Agriculture
Engineering
Transportation
Continuous Loan Portfolio Management
Sectors Rebalance
...with improved sector diversification.
Sugar and Ethanol
13%
Real Estate
12%
Energy
12%
Chemicals
4%
Metallurgy
4%
Specialized
Services
3%
Vehicles and Parts
2%
Retail
2%
Meatpacking
2%
Food Industry
2%
Construction
Material
1%
Other
9%
18/28Investor Relations | 1Q15 |
38%40%40%43%42%
Mar-15Dec-14Mar-14Mar-13Mar-12
Transportation
andLogistics
Others
The composition of the portfolio of the 20 largest clients changed by over 15% in the past twelve months;
The total portfolio share of the 20 largest clients remained below 30%, in line with market peers.
Agriculture
10%
Engineering
8%
Transportation
and Logistics
7%
Telecom
5%
Foreign Trade
4%
4%

19. Working
Capital
77%
Guarantees
23%
Residential
Lots
40%
Residential
36%
Warehouse
14%
Mall
7%
Commercial
3%
SP
75%
MG
17%
PR
6%
GO
2%
AL
0%
MS
0%
Working
Capital
50%
Guarantees
34%
Onlending
9%
Trade
Finance
7%
Main Sectors
Sugar and Ethanol | Real Estate | Agriculture
Sugar and Ethanol Real Estate
Exposure by Product Exposure by State Exposure by Product Exposure by Segment
19/28Investor Relations | 1Q15 |
Working
Capital
73%
Trade
Finance
14%
Onlending
12%
Guarantees
1%
Agriculture
Exposure by Product Exposure by State
MT
32%
SP
30%
PR
10%
BA
9%
ES
5%
CE
4%
MS
2%
Others
8%

20. Working
Capital
Guarantees
11%
Onlending
3%
Main Sectors
Energy | Engineering
Energy Engineering
Exposure by Product Exposure by Product
Guarantees
74%
Working
Capital
18%
Onlending
8%
20/28Investor Relations | 1Q15 |
Transporta-
tion
34%
Concession
31%
Industrial
22%
Oil and
Gas
7%
Sanitation
5%
Energy
1%
Capital
86%
Exposure by SegmentExposure by Segment
Wind
Energy
59%
UTE
13%
Distributors
10%
Transmitting
8%
Equipment
Supplier
6%
SHPs UHEs
3%
Trader
1%

21. March 31st, 2015
Contracts Overdue: total amount of the contracts overdue for more than 90 days / Loan Portfolio
Loan Portfolio Quality
94% of loan portfolio classified between AA-C ratings.
Loan Portfolio Quality – Res. 2,682 Non Performing Loans > 90 days (Total Contract)
1.2% 1.1% 0.7%
0.1%
0.7%
0.3% 0.3%
1.1%
2.1%
Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15
AA-A
40.2%
B
39.0%
C
14.3%
D-E
3.0%
F-H
3.4%
21/28Investor Relations | 1Q15 |
Contracts Overdue: total amount of the contracts overdue for more than 90 days / Loan Portfolio
excluding Bank Guarantees and Stand-by Letters of Credit.
1D-H Portfolio: D-H Portfolio / Loan Portfolio Res. 2,682
2Coverage of Total Portfolio: Provisions / Loan Portfolio Res. 2,682
Credit Coverage Collaterals
6.2%
5.0%
6.4%
2.9% 2.9%
4.1%
Mar-14 Dec-14 Mar-15
D-H Portfolio Coverage ofTotal Portfolio
Products
Pledge
40%
Receivables
19%
Properties
Pledge
38%
Investments
3%
1 2

22. 434
323
113
364
346
388
687
429
500
478
473
531 430
773
973
871
834
1,064
819 839
929
8,367
6,589
7,111
7,894
8,383
8,797
8,559 8,638 8,500
Trade Finance: 11.1%
Private Placements: 9.2%
Multilateral Lines: 10%
International Capital Markets:
R$ million
Funding
Diversified sources of funding...
58% 48%42% 44% 41%39% 41% 35% 48% Cash over Deposits
-4.9%
10.0%
22/28Investor Relations | 1Q15 |
2,087 2,185 1,944 2,175 2,314 2,271
1,905 1,720
1,209
972 1,013
1,048
1,112 1,022
761
731
545
361
225
254
372
475 659
908
920
1,122
1,273
110
110 93
90
76 80
98
69
157
126
19 20
23
27 41
30
27
24
859 862 1,099
1,141
1,174 1,086
1,292
1,333
1,161
154 286
649
632
582 594 709
635
509
642
689
762
792
833
508 892
747
796
402
435
437
459
434
427
323
347
33878
80
69
113 346 687
837
171
181
429
773
762
997
6,589
Mar-13 Jun-13 Sept-13 Dec-13 Mar-14 Jun-14 Sept-14 Dec-14 Mar-15
International Capital Markets:
4%
Financial Letter : 9.5%
Local Capital Markets: 6.1%
Onlending: 13.9%
Demand Deposits: 0.3%
Interbank Time Deposits: 1.9%
High Net Worth Individual Time
Deposits: 15.2%
Corporate Time Deposits: 4.3%
Institutional Time Deposits:
14.5%
4.0%

23. Asset & Liability Management
... keeping a positive gap between credit and funding.
Leverage Credit over Funding Ratio
82% 83%
80% 80%
77%
Mar-14 Jun-14 Sept-14 Dec-14 Mar-15
7.9x 7.9x 7.7x 7.8x 7.8x
5.6x 5.6x 5.4x 5.4x 5.2x
-
1 . 0
2 . 0
3 . 0
4 . 0
5 . 0
6 . 0
7 . 0
8 . 0
9 . 0
1 0 . 0
Mar-14 Jun-14 Sept-14 Dec-14 Mar-15
Expanded loan Porfolio
Loan Portfolio excluding
Bank Guarantees
23/28Investor Relations | 1Q15 |
47% 47% 43% 41% 36%
53% 53% 57% 59% 64%
Mar-14 Jun-14 Sept-14 Dec-14 Mar-15
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
ALM – Average Maturity Total Deposits over Total Funding
R$ millionmonths
8,638 8,3678,797 8,559 8,500
16 16
16
16
17
14 14
13 12 12
Mar-14 Jun-14 Sept-14 Dec-14 Mar-15
Funding
Credit

24. Capital Adequacy Ratio (BIS), Basel III
BIS ratio reached 13.0%.
15.0% 14.7%
13.7%
2.1% 2.3%
2.2%
2.1% 1.5% 1.5% 1.4% 1.4%
0.8%
13.0%
17.1% 17.0%
15.9%
14.1% 13.7% 13.7% 13.8% 13.9%
Tier II Tier I
Minimum Regulatory
Capital (11%)
24/28Investor Relations | 1Q15 |
R$ Million BIS (%)
Tier I 1,232 12.2%
Tier II 85 0.8%
Total 1,317 13.0%
15.0% 14.7%
13.7%
12.0% 12.2% 12.2% 12.4% 12.4% 12.2%
Mar-13 Jun-13 Sept-13 Dec-13 Mar-14 Jun-14 Sept-14 Dec-14 Mar-15

25. Corporate Governance

26. Corporate Governance
Pine is committed to best corporate governance practices…
Two Independent Members and Two External 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 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
26/28Investor Relations | 1Q15 |
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

27. Social Investment and Responsibility
Focus on the short, medium and long term.
Partnerships
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.
Sustainability Annual Report
Sixth consecutive year disclosing the
Sustainability Report in the GRI
standard. The 2014 report, with its high
level of clarity, transparency and quality
was recognized with the second place in
the Abrasca Annual Report Award,
considering its category of companies
27/28Investor Relations | 1Q15 |
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 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.
considering its category of companies
with net income to R$3 billion.

28. Noberto N. Pinheiro Junior
CEO
Raquel Varela Bastos
Head of Investor Relations
Luiz Maximo
Investor Relations Specialist
Ana Lopes
Investor Relations Analyst
Investor Relations
28/28Investor Relations | 1Q15 |
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.
Gabriel Netto
Investor Relations Analyst
Fone: (55 11) 3372-5343
www.pine.com/ir
ri@pine.com