Banco PINE reported its financial results for the fourth quarter and full year of 2009. In 2009, the bank showed strong fundamentals through efficient cash management and cost structure adjustments. For 4Q09, total deposits grew 31.6% compared to the previous quarter and the corporate loan portfolio increased 20.6%. Non-performing loans declined to 0.7% of total loans. The bank reported net income growth of 10.7% for 4Q09 and reversed loan loss provisions due to improved credit quality. In February 2010, the bank issued $125 million in subordinated notes to boost its BIS ratio to a projected 19.6%.

1. Earnings Release
4Q09 and 2009

2. Content
ƒ Highlights 2009 3
ƒ Highlights 4Q09 4
ƒ Balance Sheet 5
ƒ Results 6
ƒ Loan Portfolio 7
ƒ Loan Portfolio – Corporate 8
ƒ Loan Portfolio Quality 9
ƒ NPL – Historical Data 10
ƒ Provisions for Loan Losses 11
ƒ Loan Portfolio - Individuals 12
ƒ Funding 13
ƒ Financial Margin 14
ƒƒ Issuance of Subordinated Notes 15
ƒ BIS Ratio 16
ƒ Dividends 17
ƒ Shares 18
ƒ Investor Relations 19
Investor Relations | 4Q09 Earnings 2/19

3. 2009 Highlights
During 2009, PINE showed the strength of its fundamentals
Efficient cash management and strict match of assets and liabilities: buyback of own shares and bonds
Cost structure adjustments brought forward
Local and foreign credit growth
Better credit quality (0.7% NPL on December 31, 2009)
No payroll loans assignments and anticipation of expenses related to this business
Strong risk controls and low exposure to market risk (VaR equivalent to 0.09% of equity in 4Q09)
Revenue increase through Cross Selling: Credit products, Treasury /Dealing Desk and PINE Investimentos
Deposits posted the highest level ever in the Bank history, above R$ 3 billion
p p g y, $
Investor Relations | 4Q09 Earnings 3/19

4. 4Q09 Highlights
Banco PINE continued to grow its deposits and its loan portfolio, with better quality
Corporate Credit (R$ Million) Non-Performing Loans Provisions for Loan Losses (R$ Thousand)
(excludes additional and reversal)
1 3%
Δ QoQ Δ YoY
600 bps -200 bps
Δ QoQ Δ YoY
20.6% 34.1%
4 118
25 947
Δ QoQ Δ YoY
-65.0% -72.6%
-60 bps -20 bps
0.9%
1.3%
0.7%
Dec-08 Sep-09 Dec-09
3,070 3,416
4,118
Dec-08 Sep-09 Dec-09
25,947
20,298
7,097
4Q08 3Q09 4Q09
Total Deposits (R$ Million) Operating Income (R$ Thousand)
Including
Agribusiness
Letter of Credit
Δ QoQ Δ YoY
31.6% 107.2%
3 029
Δ QoQ Δ YoY
1.6% 28.6%
1,462
2,302
3,029
Dec Dec-08 Sep Sep-09 Dec Dec-09
Q08 Q09
29,728
37,639 38,223
4Q08 3Q09 4Q09
Investor Relations | 4Q09 Earnings 4/19

5. Balance Sheet
The on-book loan portfolio posted a 18.4% increase in the quarter
R$ million
Dec-09 Sep-09 Dec-08
Assets 6,984 7,200 6,176
Securities and derivative financial instruments 2,761 3,578 2,788
Lending operations 3,802 3,210 3,030
(-) Allowance for loan losses (76) (105) (95)
Net lending operations 3,726 3,105 2,935
Other 497 517 453
Liabilities 6,159 6,385 5,349
Deposits 2,784 2,201 1,423
Money market funding 1,600 2,585 2,119
Borrowings and onlendings 815 718 819
Other 960 881 988
Shareholders' equity 825 815 827
Liabilities and Shareholders' equity 6,984 7,200 6,176
Investor Relations | 4Q09 Earnings 5/19

6. Results
Operating Income grew 28.6% in 12 months
R$ million
4Q09 3Q09 4Q08
Gross income from financial intermediation 132,343 50,594 63,246
Fee Income 20,590 21,678 10,888
Other administrative expenses and personnel expenses (31,494) (28,525) (36,703)
Payroll loan commissions - expenses (890) (873) (5,949)
Tax expenses (6,752) (6,286) (5,921)
Other operating income / expenses (75,574) 1,051 4,167
Operating Income 38,223 37,639 29,728
Non-operating income (512) (1) (1,099)
Income before taxes and profit sharing 37,711 37,638 28,629
Income and social contribution taxes (15,355) (9,566) (5,977)
Profit sharing (1,208) (6,004) (2,831)
Net income 21,148 22,068 19,821
Annualized ROAE 10.7% 11.3% 9.9%
Investor Relations | 4Q09 Earnings 6/19

7. Loan Portfolio
In the corporate loan portfolio, working capital loans recorded a 14.4% growth in 4Q09 and 22.2% in
2009
Loan Portfolio Mix
Total Loan Portfolio (R$ Million)
85% 89%
26%
15% 11%
Individuals
11.4%
Δ QoQ
14.4%
Δ YoY
74%
Dec-Sep-Dec-Dec Sep Dec Dec-08 Sep-09 Dec-09
Corporate
4,144 4,034
4,615
Dec 08 Sep 09 Dec 09
Corporate Loan Portfolio Mix (R$ Million)
Δ QoQ
20 6%
Δ YoY
4,118 34 1%
844
276
350
511
Guarantees
Trade Finance
20.6% 34.1%
3,070
3,416
,
2,099 2,244
2,566
85
87
176
66
32
21
544
703
Resolution
2770
BNDES
onlendings
Working
Dec-08 Sep-09 Dec-09
Capital
Investor Relations | 4Q09 Earnings 7/19

8. Loan Portfolio - Corporate
Banco PINE offers a complete range of loan products in both local and foreign currency. 114% of the
corporate loan portfolio is covered by guarantees
Loan Portfolio by Product
BNDES
onlendings
Operations in Major Sectors of
Economy
Financial
Working
Capital
62%
4%
Resolution
2770
1%
Agriculture
7%
Specialized
Services
6%
Institutions
6%
Vehicles and
Autoparts
6%
Trade
Finance
21%
Guarantees
Energy
11%
Construction
5%
Logistics
4% Product
Fiduciary
Guarantees
12%
Infrastructure
13%
Meat Processing
3%
Metallurgy
3%
Alienation
24%
Investments
7%
Property
Fiduciary
Alienation
Sugar and
Ethanol
16%
Trade Finance
3%
Other
17% Receivables
9%
Promissory
33%
y
Notes
22%
Payroll
5%
Investor Relations | 4Q09 Earnings 8/19

9. Loan Portfolio - Quality
Loan portfolio strict quality control. The coverage of the D-H portfolio was 94.1% in December
S 09
D 09
AA-C,
96.8%
Sep-AA-C,
97.9%
Dec-D-H,
3.2%
D-H,
2.1%
A, 50.1%
B, 19.4%
C C, 3 7%
3.7%
D-E,
0.6%
AA,
24.7%
F-H,
1.5%
Investor Relations | 4Q09 Earnings 9/19

10. NPL - Historical Data
Banco PINE’s Non-Performing Loans stood below 2%, with a peak in June
1.95% D-H Overdue Portfolio/ Total Portfolio
0.91% 0.96% 1.00%
0.90%
1.28%
0.30%
0.11%
0.65% 0.60%
0.71%
0.00%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Sep-09 Dec-09
Real
Devaluation
Nasdaq WTC Brazilian
Elections
Banco Santos
Liquidity Crisis
Global
Financial Crisis
Investor Relations | 4Q09 Earnings 10/19

11. Provisions for Loan Losses
Due to better quality of the portfolio, the Bank decided to reverse part of the additional provision
recognized in 4Q08
R$ thousand
Provisions for Loan Losses
4Q09 3Q09 4Q08 2009 2008
Accounting provisions 7,203 (20,298) (46,547) (49,325) (97,187)
Additional provisions - - 20,600 - 20,600
Reversal (14,300) - - (17,100) -
Total provisions for loan losses (7,097) ( 20,298) ( 25,947) ( 66,425) (76,587)
Investor Relations | 4Q09 Earnings 11/19

12. Loan Portfolio - Individuals
Above 50% reduction of individuals loan portfolio in a year, in line with the strategy of
discontinuing payroll loans
I di id l L P tf li Mi EXIT FROM THE PAYROLL BUSINESS
Margin reduction
Increase on competitors
Individuals Loan Portfolio Mix (R$ Million)
114
Δ QoQ Δ YoY
1,073
-19.6% -53,7% p
Excessive regulation
Scale necessity
No cross-selling opportunities
66
-14.1% -50.7%
959
Excessive lengthening of terms
56
618
497
,
End of pre payment fee
Others
552
441
On book
Off book
-20.3% -54.1%
Dec-08 Sep-09 Dec-09
THE EXIT STRATEGY OF THE PAYROLL LOAN BUSINESS IS NEARING A CONCLUSION
Investor Relations | 4Q09 Earnings 12/19

13. Funding
Total deposits posted the highest level ever in the Bank history. The average weighted term of total
funding was 14 months
Time Deposits + Agribusiness Letter of
Credit (R$ Million)
Funding Mix (R$ Million)
Δ QoQ Δ YoY
Δ QoQ Δ YoY
29.3% 124.0%
586
576 441
496
275
242
157 142
229
Borrowings and
onlendings
Funds from
Acceptance and
17.6% 21.1%
3,737
4,527
3,848
1,243
2,154
2,784
2,302
3,029
959
553
663
Securities Issued
Trade Finance /
Cayman
Loan Assignments
Dec-08 Sep-09 Dec-09
1,462
Dec-08 Sep-09 Dec-09
Total Deposits
Foreign Funding - Private Issuances
US$ 33.6 Million US$ 39.9 Million
US$ 35.5 Million US$ 10 Million US$ 52.8 Million
Investor Relations | 4Q09 Earnings 13/19

14. Financial Margin
Financial Margin growth in the quarter
4Q09 2009
Financial Margin Before
Provisions (excluiding repo) 11.3% 7.8%
Main factors impacting 4Q09 financial margin
Local and foreign credit increase
Reduction in funding cost
Proprietary treasury revenue increase, which includes sell of Cetip’s stocks (maintaining VaR
equivalent to 0.09% of equity in December, 2009) and
Dealing Desk (which serves companies) performance
Investor Relations | 4Q09 Earnings 14/19

15. Issuance of Subordinated Notes
In February, 2010, Banco PINE concluded with successful the issuance of subordinated notes
Public Offering
2010
Subordinated Notes
Joint Bookrunners
US$ 125 Million
Issuer Banco PINE S.A.
Type of issue Subordinated note to be incorporated into Banco Pine’s Reference Equity – Tier II
Format Rule 144A/Regulation S
Rating Ba3 (Moody’s)
Size US$125 million
Maturity January-17
Interest rate 8.75% p.a. to be paid semi-annually
Joint Lead Managers HSBC Securities (USA) and Credit Suisse Securities (USA)
Joint Bookrunners
HSBC Securities (USA) Inc, Credit Suisse Securities (USA) LLC and Banco Espirito
Santo de Investimentos Investimentos, S S.A
A.
Investor Relations | 4Q09 Earnings 15/19

16. BIS Ratio
BIS ratio was 15.6%. Including the new issuance, this ratio would be 19.6%
Equity R$ thousand Basel Ratio (%)
Tier I 824,794 15.1%
Tier II 30,024 0.5%
Total 854,818 15.6%
Tier II (new issuance) (1) 217,550 4.0%
BIS (including new issuance) (1) 1,072,368 19.6%
(1) The issuance of subordinated notes occured on February 2, 2010.
Waiting for authorization of the Brazilian Central Bank to be incorporated into Banco PINE’s Tier II.
Investor Relations | 4Q09 Earnings 16/19

17. Dividends
In 2009, the total amount of R$ 75.0 million in interest on own capital and dividends were paid to
shareholders
R$ Million R$
Gross Value Total Value Value per Share
1Q09 25.0 0.2955
2Q09 20.0 0.2391
3Q09 15.0 0.1800
4Q09 15.0 0.1800
Total paid in 2009 75.0 0.8946
Total Gross Interest on Own Capital and Dividends Paid
R$ million
57 2
31.1% 75.0
57.2
2008 2009
Investor Relations | 4Q09 Earnings 17/19

18. Shares
The Price/Book Value ratio was 1.11 on February 24, 2010
PINE4
262%
IBOVESPA
75%
12/30/08 02/28/09 04/29/09 06/28/09 08/27/09 10/26/09 12/25/09 0022//2243//1100
Investor Relations | 4Q09 Earnings 18/19

19. Investor Relations
Clive Botelho
CFO
Nira Bessler
Head of Investor Relations
Alejandra Hidalgo
Investor Relations Analyst
Phone: +55-11-3372-5552
www.bancopine.com.br/ir
ir@bancopine.com.br
This presentation contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Banco Pine. These are
merely projections and, as such, are based exclusively on the expectations of Banco Pine’s management concerning the future of the business and its continued access to capital to fund the Company’s
business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the
industry, among other factors and risks disclosed in Banco Pine’s filed disclosure documents and are, therefore, subject to change without prior notice.
Investor Relations | 4Q09 Earnings 19/19