The document summarizes PINE's 2013 earnings release conference call. It provides an overview of key financial highlights and performance indicators for 2013, including an 18.7% increase in total funding to R$8.38 billion and a 24.9% increase in loan portfolio to R$9.93 billion. It also reviews business line contributions, product and revenue diversification, net interest margin, expenses, loan portfolio quality, the fixed income, currencies and commodities business, and PINE Investimentos. The document indicates that results were positive across all business lines due to a strategy of providing complete service to clients.

1. 2013 Earnings Release Conference Call
February 18, 2014

2. Agenda
2013 Events and Highlights 3
2013 Financial Highlights 4
Product and Revenue Diversification 5
Net Interest Margin 6
Expenses and Efficiency Ratio 7
Loan Portfolio 8
Continuous Loan Portfolio Management 9
Loan Portfolio Quality 10
FICC 11
PINE Investimentos 12
Funding 13
Asset & Liability Management 14
Capital Adequacy Ratio (BIS), Basel III 15
PINE4 16
Guidance 2013 17
G id 2014
Guidance 18
Investor Relations | 4Q13 | 2/19

3. 2013 Events and Highlights
Recurring results.
Positive contributions from all business lines in 2013: 62.9% from Corporate Credit, 27.9% from FICC, 5.5% from Pine
Investimentos, and 3.7% from Treasury. 1
Upgrade of PINE’s global scale ratings by Fitch and Moody’s. The Bank is now only one notch from Global Investment
Grade according to the three international agencies: Moody’s, Fitch and S&P.
2
Maintenance of positive liquidity gap over the past years.
Liquid balance sheet, fueled by higher funding, which increased the level of cash.
3
4
In April, the Brazilian Central Bank approved the second phase of the capital increase made by DEG, Proparco,
controlling and minority shareholders in approximately R$170 million, announced on the second semester of 2012.
5
Pine moved up three positions in the derivative ranking of CETIP – OTC Clearing House, being ranked the 12th largest
bank in derivative transactions, and maintained its second place in the commodity derivatives segment.
6
Consolidation of Pine Investimentos’ strategy, with a highlight to Pine Securities, which in its first year of operations
executed three mandates for clients in different sectors, with a total volume of US$900 million. 7
Investor Relations | 4Q13 | 3/19

4. 2013 Financial Highlights
The main performance indicators presented adequate performance in the period...
R$ million
Total Funding
18.7%
Total Loan Portifolio1
24.9%
Shareholders’ Equity
4.0%
7,062 8,383 7,948 9 9,930 930
1,220 1,272
Dec-12 Dec-13 Dec-12 Dec-13 Dec-12 Dec-13
Fee Income Net Income ROAE
-1.7% -13.4%
16 8%
-380 bps
120
118 187
162
16.8% 13.0%
2012 2013 2012 2013 2012 2013
1 Includes Stand by LCs, Bank Guarantees, Credit Securities to be Received and Private Securities (bonds, CRIs, eurobonds and fund shares)
Investor Relations | 4Q13 | 4/19

5. Product and Revenue Diversification
... with contributions from all business lines, fruit of the strategy of complete service to clients.
Revenue Mix
T
2012
Treasury
2013
Corporate
Credit
62.8%
Treasury
10.2%
FICC
Corporate
Credit
62.9%
FICC
27 9%
3.7%
PINE
16.7%
Investimentos
PINE
27.9%
10.3% Investimentos
5.5%
Clients with more than one product Penetration Ratio – Clients with more than one product
1 Product More than 1 product
3.0
2.8
3.0
59% 61% 62%
41% 39% 38%
Dec-11 Dec-12 Dec-13
Dec -11 Dec -12 Dec -13
Investor Relations | 4Q13 | 5/19

6. Net Interest Margin
NIM is within the guidance range.
NIM Evolution Impacts in the Period
Rise in the volume of funding made at the end of the period.
Significant growth in the loan portfolio at the end of December and
-160 bps
a mix that favored unfunded products.
The average Selic benchmark interest rate, which affected returns
6.3%
on cash investments.
The weak Treasury performance due to a reduction in risk taking.
Lower spreads.
4.7%
NIM Composition
2012 2013
R$ million
4Q13 3Q13 4Q12 2013 2012
Income from financial intermediation 78 108 93 371 459
Overhedge effect 3 (1) (1) 6 3
Income from financial intermediation desconsidering overhedge 81 107 92 377 462
Provision for loan losses (24) (34) (19) (101) (83)
Income from financial intermediation after provision 57 73 73 276 379
Investor Relations | 4Q13 | 6/19

7. Expenses and Efficiency Ratio
Rigorous management and control of expenses, expanding below the guidance range.
Expenses
95
32.8%
39.8%
60,0%
40,0%
100
98
96
94 Personnel Expenses
89
92
92
20,0%
0,0%
- 20,0%
92
90
Other administrative
expenses
Efficiency Ratio (%)
- 40,0%
- 60,0%
- 80,0%
88
86
84
82 - 100,0%
2012 2013
Efficiency Ratio
R$ millions
4Q13 3Q13 4Q12 2013 2012
Operating expenses 1 56 51 49 203 198
(-) Non-recurring expenses 1 1 1 6 7
Recurring Operating Expenses (A) 55 50 48 197 191
Revenues 2 (B) 106 140 122 495 582
Ratio (A/B) 51.9% 35.7% 39.3% 39.8% 32.8%
1 Other administrative expenses + tax expenses + personnel expenses
2 Gross Income from financial intermediation - provision for loan losses + fee income + overhedge effect
Investor Relations | 4Q13 | 7/19

8. Loan Portfolio1
The portfolio reached R$9.9 billion...
R$ million
965
843
18
13
10
8 405
8,994
9,537
9,930
2 807
3,073
2,909
782
1.021 1.154 942
781
832
1,059
102
81
65 47
36
26
7,065
7,426 7,642 7,444
7,948
8,405
Individuals: 0.1%
Trade finance: 8.4%
561
588
883 884
822 800
853 826 844
990
1,108
1,687 1,684 1,599 1,699
2,114
2,501
2,807
Bank Guarantees:
29.3%
BNDES O l di
322 367 670 683 787 670 549
3,289 3,389 3,332 3,274 3,377 3,550 3,717 3,935 4,472
Onlending :
11.2%
Private Securities +
Working Capital: 51.0%
Dec-11 Mar-12 Jun-12 Sept-12 Dec-12 Mar-13 Jun-13 Sept-13 Dec-13
1 Includes Stand by LC, Bank Guarantees, Credit Securities to be Received and Private Securities (bonds, CRIs, eurobonds and fund shares)
Investor Relations | 4Q13 | 8/19

9. Continuous Loan Portfolio Management
...with increased sector diversification...
Retail
2013
Meatpacking
2% Other
Meatpacking
2012
h
Sugar and Ethanol
14%
Construction Material
2%
Beverages and Tobacco
2%
Chemicals
2%
Food Industry
2%
6%
Sugar and Ethanol
15%
Construction Material
Financial Institutions
Chemicals
Telecom
2%
2%
2%
p g
2% Other
9%
Construction
14%
3%
Foreign Trade
3%
Telecom
4%
Vehicles Parts
Electric and Renewable
Energy
13%
Vehicles and Parts
3%
Food Industry
3%
Metals
2%
2%
Electric and Renewable
Energy
Metallurgy
5%
Specialized Services 9%
5%
and 4%
Construction
12%
Metallurgy
4%
Specialized Services
4%
Foreign Trade
4%
Agriculture
9%
Infrastructure
9%
Transportation
and Logistics
5%
Agriculture
Infrastructure 9%
7%
Transportation and
Logistics
5%
The portfolio of the 20 largest clients reshuffled by over 25% in the past 12 months;
20 largest clients continue to represent less than 30% of the total loan portfolio.
Investor Relations | 4Q13 | 9/19

10. Loan Portfolio Quality
... quality, collaterals, and adequate credit coverage.
Loan Portfolio Quality Non Performing Loans > 90 days
December 31, 2013
B
33.7%
2,0%
Contracts Overdue
Installments Overdue
AA-1.2% 1.2%
1.1%
0.7%
0.6% 0.6% 0.6%
1,5%
1,0%
0,5%
Contracts Overdue: total amount of the contracts overdue for more than 90 days / Loan Portfolio
excluding Bank Guarantees and Stand-by Letters of Credit.
AA A
52.9% C
8.2%
D-E
3.4%
F-H
1 9%
0.1% 0.1% 0.1%
0,0%
Dec-12 Mar-13 Jun -13 Sept -13 Dec-13
Installents Overdue: total amount of installments overdue for more than 90 days / Loan Portfolio
excluding Bank Guarantees and Stand-by Letters of Credit.
1.9%
Credit Coverage Collaterals
3 4% 3 4% Products Guarantees
3.3% 3.4% 3.4%
3.0%
2.7%
Pledge
34%
Investments
3%
1%
Receivables
Dec-12 Mar-13 Jun-13 Sept-13 Dec-13
Credit Coverage: Provision / Loan Portfolio excluding Bank Guarantees and Stand-by Letters of
Credit.
Properties 23%
Pledge
39%
Investor Relations | 4Q13 | 10/19

11. FICC
Proven trackrecord: 2nd in commodity derivatives1.
Client Notional Derivatives by Market Notional Value and MtM
December 31, 2013 R$ million
Notional value
MtM
Stressed MtM
Currencies
83%
-
248
530
327
498
298 298
197 174
(195)
Fixed Income
Commodities (310)
5 036 5 180 5 891 11 090 11 148
8%
9%
5,036 5,180 5,891 11,090 11,148
Dec-12 Mar-13 Jun-13 Sept-13 Dec-13
Market Segments Portfolio Profile
Fixed Income: Fixed Floating Inflation Libor
Scenario December, on December 31:
Duration: 183 days
Mark-to-Market : R$327 million
Fixed, Floating, Inflation, Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar,
Australian Dollar
C dii S S b (G i M l d Oil) C
Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
Stressed MtM: (R$310 million)
Commodities: Sugar, Soybean Grain, Meal and Oil), Corn,
Cotton, Metals, Energy
1Source: Cetip Report, December 2013
Investor Relations | 4Q13 | 11/19

12. PINE Investimentos
Consolidation, result of the focused effort through the years in the franchise.
Capital Markets: Structuring and Distribution of Fixed
Selected Transactions
R$ 800,000,000
R$ 50,000,000 R$ 100,000,000
Income Transactions.
Financial Advisory: Project & Structured Finance, M&A,
Debentures Debentures Debentures
and hybrid capital transactions.
Research: Macro, Commodities, and Corporate.
Coordinator
January, 2013
Coordinator
June, 2013
Lead Coordinator
July, 2013
Volume of Underwriting Transactions
R$ million
R$ 483,000,000 US$ 400,000,000
Senior Notes
CRI
US$ 250,000,000
Bond
1 040
2,073
Coordinator Co-Manager Co-Manager
856
1,040
August, 2013 September, 2013 September, 2013
2011 2012 2013
Investor Relations | 4Q13 | 12/19

13. Funding
Diversified sources of funding...
R$ million
41% 34% 38% 41% 50% 42% 44% 39% 41% Cash over Deposits
8 383
113
6,443 , 429
459
1.3%
500
808
997
973
866
6,575
6 443
6,972 6,804
7,062
6,589
7,111
7,894
8,383
Trade Finance: 10.3%
Private Placements: 6.0%
Multilateral Lines: 1 3%
312 314 593
640
901
796 975
1,411
1,424
246 233
295
260
409
402
435
437
353 276
234
156
152
78
80
69
250 125
118
180
173
171
181
686
771
1.011
1.073
752
International Capital
Markets: 5.4%
Local Capital Markets: 17.0%
934 938 890 23
112 90 31 33
106 161 194 176 121 139
1,196 1,186 1,228 1,177
110 110 93
1,174 972 1,013 1,048
1,112
250 281 223 213 146
126
119 113
33 30
126 19 20
840 903
870 862 1,099
1,147
Onlending: 13.7%
Demand Deposits: 0.3%
Interbank Time Deposits:
2,130 2,28 2,153 2,056 2,245 2,186 2,320 2,203 2,511
1.1%
High Net Worth Individual
Time Deposits: 1.7%
Corporate Time Deposits:
13.2%
I tit ti l Ti D it
Dec-11 Mar-12 Jun-12 Sept-12 Dec-12 Mar-13 Jun-13 Sept-13 Dec-13
Institutional Time Deposits:
30.0%
Investor Relations | 4Q13 | 13/19

14. Asset & Liability Management
... keeping a positive gap between credit and funding.
Leverage Credit over Funding Ratio
7.5x 7.8x
7 1x 87% 85%
83%
10,0 Expanded Loan Portfolio
9,0
8,0
Loan Portfolio excluding Bank Guarantees
82%
7.1x
6.5x 6.7x 81% 4.8x 4.7x 4.9x 5.1x 5.5x
7,0
6,0
5,0
4,0
Dec-12 Mar-13 Jun-13 Sept-13 Dec-13
3,0
2,0
1,0
‐
Dec-12 Mar-13 Jun-13 Sept -13 Dec-13
Credit over Funding ratio: Loan Portfolio excluding Bank Guarantees and Stand-by Letters of
Credit / Total Funding
R$ million
Leverage: Expanded Loan Portfolio / Shareholders’ Equity
Expanded Loan Portfolio excluding Bank Guarantees and Stand-by Letters of Credit /
Shareholders’ Equity
ALM – Average Maturity Total Deposits over Total Funding
months Total Deposits Others
17 17
15
18
17
16
15
7,062 6,589 7,111 7,894 8,383
47% 47% 50% 56% 54%
13
14 14
Funding
Credit 53% 53% 50% 44% 46%
Dec-12 Mar-13 Jun-13 Sept-13 Dec-13
Dec-12 Mar-13 Jun-13 Sept-13 Dec-13
Investor Relations | 4Q13 | 14/19

15. Capital Adequacy Ratio (BIS), Basel III
BIS ratio reached 14.1%.
Tier II Tier I
Minimum Regulatory
4.2%
3 0% 2 1% 2 3%
18.5%
16.4% 15.9%
17.0%
16.2%
17.1% 17.0%
Capital (11%)
15.9%
3.1% 3.3%
3.0%
2.8%
2.1% 2.3%
2.2%
14.1%
2.1%
14.3% 13.3% 12.6% 14.0% 13.4% 15.0% 14.7% 13.7% 12.0%
Dec-11 Mar-12 Jun-12 Sept-12 Dec-12 Mar-13 Jun-13 Sept-13 Dec-13
R$ million BIS Ratio (%)
Tier I 1,220 12.0
Tier II 222 2.1
Reference Equity 1,442 14.1%
Investor Relations | 4Q13 | 15/19

16. PINE4
Increased ADTV and yields above average.
92 81 87 105 86 84
111
195 182
220
137
246
168 154
Volume (R$ million) and Number of Trades (quantity) – Daily Average
1,324 1,367
2,027
1.251
26 44 44 30 41 49 53 52 38 30
Number of Trades
Volume
Hiring of Market Maker
(R$)
161
871
435
267
1,004
607
407
947
309
564
716
634
762
935 1,000 1,023
932
1,093
584
426
jan/12 fev/12 mar/12 abr/12 mai/12 jun/12 jul/12 aug/12 sept/12 out/12 nov/12 dec/12 jan/13 fev/13 mar/13 abr/13 mai/13 jun/13 jul/13 aug/13 sept/13 out/13 nov/13 dec/13
Multiples Dividend Yield
10 9% 10 6%
PINE4 | As of December 31th
Price (R$) 10,53
P/BV 0 8
7.8%
8.5%
10.9% 10.6%
0.8x
P/E(1) 5.8x
1Q13 2Q13 3Q13 4Q13
Dividend Yield: Average daily closing prices of the stocks in 3Q13 / Dividends and Interest on Own
Capital of the last twelve months
(1) Considers the market consensus for the 2013 net income; source: Bloomberg
Investor Relations | 4Q13 | 16/19

17. Guidance 2013
Guidance Performed
Expanded Loan Portfolio 12% - 15% 24.9%
Personnel and Administrative Expenses 5% - 10% 3.1%
NIM 4.5% - 6.5% 4.7%
ROAE 15.0% - 17.0% 13.0%
Investor Relations | 4Q13 | 17/19

18. Guidance 2014
Assumption: 1.6% GDP growth.
Guidance
Expanded Loan Portfolio 8.0% – 12.0%
Personnel and Administrative Expenses 4.0% - 6.0%
NIM 4.0% - 5.0%
ROAE 13.0% - 15.0%
Investor Relations | 4Q13 | 18/19

19. Investor Relations
Noberto N. Pinheiro Junior
CEO
Susana Waldeck Norberto Zaiet Junior
CFO/IRO COO
Raquel Varela
Head of Investor Relations
Alejandra Hidalgo
Investor Relations Manager
Luiz Máximo
Investor Relations Analyst
Ana Lopes
Investor Relations Analyst
Fone: +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 | 4Q13 | 19/19