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4Q11 Institutional Presentation
- 2. Investor Relations | 4Q11 | 2/34 History and Profile PINE History Business Strategy Competitive Landscape Focus on the Client Corporate Credit Hedging Desk PINE Investimentos and Distribution Pillars Rating Upgrades Highlights and Results Corporate Governance and PINE4 Organizational Structure Corporate Governance Committees Capital Increase, Split, and Shareholder Structure Dividends Appendix Summary
- 4. Investor Relations | 4Q11 | 4/34 PINE Specialized in providing financial solutions for corporates… Credit Portfolio by Annual Client Revenues Profile December 31st, 2011 Focused on establishing long-term relationships with clients PINE thoroughly understands the needs and strategies of its clients, offering a wide range of financial solutions in local and foreign currencies Close relationships and product penetration Business is structured along four primary business lines: • Corporate Credit: credit and financing products • Hedging Desk: instruments for hedging and risk management • PINE Investimentos: Investment Banking and Investment/Wealth Management • Distribution: Funding and investment solutions for foreign and local investors Over R$1 billion 52% R$500 million to R$1 billion 17% R$150 million to R$500 million 16% Up to R$150 million 15%
- 5. Investor Relations | 4Q11 | 5/34 184 222 341 521 620 755 663 761 1,214 2,854 3,070 4,118 5,747 6,921 62 121 126 140 136 152 171 209 335 801 827 825 867 1,015 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Corporate Credit Portfolio (R$ Million) Shareholders' Equity (R$ Million) History ...with extensive knowledge of Brazil’s corporate credit cycle. 1997 Noberto and Nelson Pinheiro sell their stake in BMC and found PINE March, 2007 IPO 1939 Pinheiro Family founds Banco Central do Nordeste 1975 Noberto Pinheiro becomes one of BMC’s controlling shareholders 2005 Noberto Pinheiro becomes PINE’s sole shareholder May, 2007 Creation of PINE Investimentos product line October, 2007 Creation of the Hedging Desk End of 2007 Focus on expanding the Corporate Banking franchise Discontinuation of the payroll-deductible loan business
- 7. Investor Relations | 4Q11 | 7/34 Competitive Landscape PINE serves a niche market of companies that lack adequate banking options, seeking a bank that fully understands their needs. 100% focused on providing complete service to companies, offering customized products . Corporate & SME SME & Retail Retail 100% Corporate Large Multi-Services banks Foreing banks Market Consolidation of the banking sector has decreased the supply of credit lines and financial instruments for corporates Foreign banks are in a deleveraging process PINE Full service Bank – Credit, Hedging, and Investment Bank products – with room for growth 10 to 12 clients per officer Competitive Advantages: Focus Fast response: Strong relationship with clients, with credit committee twice a week and answer to clients in up to one week Specialized services Tailor-made solutions Product diversity
- 8. Investor Relations | 4Q11 | 8/34 Focus on the Client The bank develops a strategy of product diversity, tailored to meet the needs of each client. Working Capital CDIs Bank Guarantees Fixed Income Funds Portfolio Management Swap NDFs Structured Swaps BNDES Onlending Bank Guarantees Compror/Vendor ACC/ACE Export Finance Finimp Letters of Credit 2,770 onlending Overdraft Accounts Syndicated and Structured Loans Fixed Income Currencies Commodities Equities CDBs CDs RDBs LCAs LCIs CRIs Debentures CCBs Eurobonds Private Placements Financial Letters Clients Treasury Corporate Credit Hedging Desk PINE Investimentos Distribution Capital Markets Advisory Local Currency Foreign Currency Fixed Income Currencies Commodities Pricing of Assets and Liabilities Liquidity Management Trading Local Currency Onlending Foreign Currency Trade Finance Credit Funds Options Working Capital Underwriting Advisory Investment/ Wealth Management Structured/ Project Finance Private Placements Structured/ Project Finance Structured Finance
- 9. Investor Relations | 4Q11 | 9/34 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 Vice President and Analysts of Credit Centralized and unanimous decision making process CREDIT COMMITTEE Meets twice 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 Operations Officer Chief Administrative Officer Chief Credit Officer Participants: Executive Director of the Hedging Desk Treasurer Credit Analysts Other members of the Corporate Banking origination team Personalized, agile service, working closely with clients and keeping a low client to account officer ratio: each officer handles 10 to 12 economic groups on average. Geographic coverage of clients, providing the bank with local and extremely up-to-date credit intelligence and information. Established long term relationship with more than 600 economic groups Origination network is comprised of 11 branches divided into 14 origination platforms in Brazil’s major economic centers More than 30 credit analysts, 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. Investor Relations | 4Q11 | 10/34 Hedging Desk PINE is the 2nd largest provider of commodities NDFs for clients* with a strong franchise in hedging… Portfolio Profile Client Notional Derivatives Portfolio by Industry *Source: Cetip Report of December. Fixed Income: Fixed vs. Floating, Inflation, Libor Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar, Australian Dollar, Spot Commodities: Sugar, Soybean (Grain, Meal, and Oil), Corn, Cotton, Metals, Energy, Coffee Agriculture 21% Sugar and Ethanol 19% Foreign Trade 12% Transportation and Logistics 10% Beverages and Tobacco 9% Metal and Mining 8% Textile and Apparel 5% Electric and Renewable Energy 5% Construction 2% Meatpacking 2% Infrastructure 1% Other 6% Commodities 8% Fixed Income 31% Currencies 61% Notional Notional: R$3.7 billion Duration: 273 days December 31st, 2011 R$ Million Stress Scenario*: Counterparty MtM credit risk stress test: R$333 million * Dollar: +20% and Commodities Prices: -30% 91 106 84 178 157 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Counterparty MtM Credit Risk Portfolio by Market
- 11. Investor Relations | 4Q11 | 11/34 PINE Investimentos and Distribution ...adding value for clients, while optimizing the use of the Bank's capital. Capital Markets: Structuring and Placement of Securities Advisory: M&A, Project Finance, Mezzanine Loans Asset Management: Credit and Fixed Income Funds Wealth Management: Asset Allocation Market Segments Selected Transactions Family Offices Foreign Investors High Net Worth Individuals Corporates Asset Managers Financial Institutions Pension Funds Local and Foreign Investors Distribution Desk R$ 25,000,000 June 2011 Coordinator R$ 242,400,000 June 2011 Lead Coordinator R$ 80,000,000 June 2011 Debentures Lead Coordinator May 2011 Co-Manager US$ 75,000,000 11.50% Senior Secured Notes due 2016 US$ 300,000,000 Global Medium Term Note Program Bond Convertible Debentures Debentures R$ 30,000,000 December 2011 Debentures Lead Coordinator R$540,000,000 March 2012 M&A Sole Advisor
- 12. Investor Relations | 4Q11 | 12/34 Pillars A strategy supported by solid fundamentals, built and achieved over the years… Strong and motivated team Meritocracy Right incentives Highly qualified team Adequate capital structure Capital Adequacy Ratio (BIS) of 18.5% Regulatory Capital: R$1.3 billion DEG and PINE partnership US$125 million subordinated debt, qualified as Tier II capital Corporate clients Strong relationship Customized service In-depth knowledge of client needs Product diversity Efficient funding structure Longer average maturities: 18 months (Dec/11) Greater diversification of funding sources USD25 million 10 year funding with Proparco USD37.5 million funding uptake in Islamic format with the Saudi bank Al Rajhi USD106 million A/B Loan (Jan/11) with the IIC
- 13. Investor Relations | 4Q11 | 13/34 Rating Upgrades ...with market recognition and positive evaluation by rating agencies. On December 7th, 2011: PINE’s rating in global scale, to BB+ from BB- (two notches) PINE’s rating in national scale, to brAA from brA (three notches) On August 23rd 2011: Local currency rating, to brA from brA-Reaffirmed the Rating in foreign currency in BB-Revision from PINE’s outlook to positive On May 24th 2010 Foreign and Local Currency Long- Term IDR to BB- from 'B+ National Long-Term Rating to A(bra) from A-(bra) National Short-Term Rating to F1(bra) from F2(bra) Individual Rating to 'C/D' from D According to the agency, since the second half of 2009, PINE resumed growth in its corporate portfolio, also increasing the revenues derived from cross-selling with the hedging desk and other financial services. The agency based its ratings on the strong asset-quality, adequate liquidity, capital, and earnings. S&P also emphasizes the gradual funding diversification, through foreign issuances, securitizations, and the recent capital increase subscribed by DEG
- 15. Investor Relations | 4Q11 | 15/34 2011 Key Figures Strong performance and growth in every dimension of the balance sheet… (*) Includes private securities 14.0% 17.2% 2010 2011 ROAE 320 bps 5,747 6,921 Dec-10 Dec-11 Expanded Corporate Credit Portfolio* (R$ Million) 20.4% 5,589 6,600 2010 2011 Total Funding (R$ Million) 18.1% 2.5% 3.6% Dec-10 Dec-11 Corporate Credit Coverage 110 bps 118.3 161.5 2010 2011 Net Income (R$ Million) 36.6% 867 1,015 Dec-10 Dec-11 Shareholders' Equity (R$ Million) 17.1%
- 16. Investor Relations | 4Q11 | 16/34 Product and Revenue Diversification ...with contributions from all business lines, as a result of the efficient use of the Bank’s capital through the cross sell strategy. Clients with more than one Product Penetration Ratio – Clients with more than one Product Corporate Revenues Breakdown 35% 47% 59% 65% 53% 41% Dec-09 Dec-10 Dec-11 More than 1 product 1 product 2.4 2.9 3.0 Dec-09 Dec-10 Dec-11 Corporate Credit 67.0% Hedging Desk 22.9% Treasury 7.3% PINE Investimentos 2.9% 2010 Corporate Credit 63.7% Hedging Desk 24.7% Treasury 8.6% PINE Investimentos 3.0% 2011
- 17. Investor Relations | 4Q11 | 17/34 Credit Portfolio Corporate credit portfolio expanded 20.4% in 12 months (*) Includes debentures, CRIs and funds Credit portfolio continues to expand... 2,703 2,821 2,792 3,251 3,358 3,132 3,126 3,300 3,286 - - - - - 71 122 251 297 176 242 455 629 833 871 902 872 873 511 634 842 827 1,022 1,117 1,372 1,534 1,687 728 764 705 558 534 601 751 746 778 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Corporate Credit Breakdown (R$ Million) Trade finance Bank Guarantees Onlendings Private Securities* Working Capital 4,118 4,462 4,794 5,265 5,747 5,792 6,273 6,703 6,921
- 18. Investor Relations | 4Q11 | 18/34 Credit Portfolio Diversification ...with allocation to sectors and regions with strong growth potential... Credit Portfolio by Industry Geographic Distribution Sugar and Ethanol 19% Infrastructure 10% Construction 9% Electric and Renewable Energy 8% Agriculture 7% Foreign Trade 6% Transportation and Logistics 6% Meatpacking 4% Food Industry 3% Telecom 3% Specialized Services 3% Metal and Mining 3% Vehicles and Parts 3% Beverages and Tobacco 2% Financial Institutions 2% Chemicals 2% Other 10% Southeast 78% South 6% Northeast 5% MidWest 10% North 1%
- 19. Investor Relations | 4Q11 | 19/34 Credit Portfolio Quality Credit Portfolio Quality – December 2011 Total Credit Coverage Non Performing Loans > 60 days Collaterals ...which leads to strong credit quality. 2.5% 2.9% 3.6% Dec-10 Sep-11 Dec-11 110 bps 70 bps AA-A 59.0% B 28.6% C 8.5% D-E 1.4% F-H 2.5% Products Pledge 46% Receivables 31% Property Pledge 18% Investments 3% Guarantees 2% 0.7% 0.7% 0.5% 1.1% 1.0% 0.1% 0.4% 0.2% 0.5% 0.4% Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Contracts Overdue Installments Overdue
- 20. Investor Relations | 4Q11 | 20/34 Funding Funding is expanding with quality and diversification... Islamic Funding (December, 2011) US$37.5 Million 1 year tenor Multilateral Loan (December, 2011) US$25.0 Million 10 years tenor 1,570 1,566 1,646 1,654 1,592 1,720 1,845 1,965 2,130 1,123 1,064 1,124 1,463 1,530 1,114 1,287 1,253 91 85 1,196 175 198 214 218 212 228 250 206 248 201 224 320 272 210 165 106 39 50 36 46 42 41 53 66 112 - - - - 21 33 247 256 281 75 276 203 194 194 201 220 237 246 230 239 227 200 160 282 267 310 353 77 87 151 166 158 172 102 86 250 525 448 405 413 377 435 596 814 753 176 242 453 626 829 867 898 867 867 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Funding Mix (R$ Million) BNDES Trade Finance Private Placements / Others Multilateral Lines International Capital Markets Local Capital Markets Demand Deposits Interbank Time Deposits High Net Worth Individual Time Deposits Corporate Time Deposits Institutional Time Deposits 5,182 5,437 4,622 4,112 4,304 5,355 5,936 6,248 6,544
- 21. Investor Relations | 4Q11 | 21/34 - 3,193 1,510 1,521 383 119 112 1,943 1,790 1,547 764 388 No maturity Up to 3 months (includes Cash) From 3 to 12 months From 1 to 3 years From 3 to 5 years More than 5 years Credit Funding CREDIT FUNDING BNDES BNDES Trade Finance Trade Finance Time Deposits Working Capital, Private Local Capital Markets Securities*, and Cash International Capital Markets Private Placements Multilateral Lines Average Maturity Credit: 14 months Funding: 18 months R$ million Asset Liability Management ALM ALM Credit Exposure to Total Funding Ratio Deposits vs. Total Funding ...with a 4-month positive gap between credit and funding maturities... 89% 88% 82% 80% 76% Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Credit to Total Funding Ratio * Includes Debentures, CRIs, Eurobonds, and Funds R$ million 73.7% 68.0% 58.0% 26.3% 32.0% 42.0% Dec-09 Dec-10 Dec-11 Other Deposits 4,112 5,437 6,544
- 22. Investor Relations | 4Q11 | 22/34 Capital Ratios BIS Ratio Exercise BIS ratio with postulated Basel 3 effects ...and strong capitalization ratios. R$ thousand BIS Ratio Tier I 1,016,629 14(.%3%) Tier II 297,045 4.2% Total 1,313,674 18.5% 14.3% 14.0% 1.3% 1.6% 4.2% BIS - Dec/11 Government Securities Repo Buffer Deferred Tax Credit Core Capital Tier II Tier I 18.5% 14.0% 15.1% 14.4% 14.6% 14.8% 13.8% 13.4% 13.2% 15.1% 14.3% 0.5% 0.5% 3.9% 3.6% 3.6% 3.7% 3.4% 4.5% 4.2% Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Tier II Tier I 15.6% 14.9% 18.5% 18.4% 17.4% 17.1% 16.6% 11% Minimum Regulatory Capital 19.6% 18.5%
- 23. Investor Relations | 4Q11 | 23/34 Balance Sheet Strength Cash / Time Deposits In summary, PINE has buffers of liquidity, capital, and provisions to escalate its business and balance sheet consistently. Positive Liquidity Gap Capital Credit Coverage Ratio 18 18 19 18 18 15 16 15 15 14 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Funding Average Maturity (months) Credit Average Maturity (months) 2.5% 2.7% 2.7% 2.9% 3.6% Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 43% 42% 42% 41% 41% Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 17.4% 17.1% 16.6% 19.6% 18.5% Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Regulatory Capital 11% Minimum Regulatory Capital
- 24. Investor Relations | 4Q11 | 24/34 Guidance 2012 PINE is ready to expand its client driven business, also maintaining the focus on managing the balance sheet, and on an adequate risk return profile. Guidance Corporate Credit Portfolio 17% - 22% Personnel and Administrative Expenses 8% - 12% NIM 5.5% - 7.5% ROAE 17% - 20%
- 25. Corporate Governance and PINE4
- 26. Investor Relations | 4Q11 | 26/34 Management Structure Non-bureaucratic, entrepreneurial, and meritocratic culture with a flat hierarchy, speeding the decision making process. CEO Noberto Pinheiro Jr COO Norberto Zaiet ASSET MANAGEMENT Dan Cohen CRO Gabriela Chiste CAO Ulisses Alcantarilla CFO Susana Waldeck HUMAN RESOURCES Sidney Vilhena International Origination Investments Sales & Trading Research Macro / Commodities Cash Flow Management Asset & Liabilities Back Office Legal Collaterals Management Special Assets Middle Office Controlling Accounting Tax Planning IT Accounts Payable Office Management Marketing Investor Relations Credit Compliance & Internal Controls Risks INTERNAL AUDIT Tikara Yoneya COMPENSATION COMMITTEE AUDIT COMMITTEE EXTERNAL AUDIT PWC Noberto Pinheiro Noberto Pinheiro Jr Maurizio Mauro Gustavo Junqueira Mailson da Nóbrega Antonio Hermann Chairman Vice Chairman Independent Member External Member Independent Member Independent Member From April 2012 on
- 27. Investor Relations | 4Q11 | 27/34 Corporate Governance PINE has the best corporate governance practices… Three independent members and one external member on the Board of Directors Mailson Ferreira da Nóbrega: Brazil’s Finance Minister from 1988 to 1990 Maurizio Mauro: Former CEO of Booz Allen Hamilton and Grupo Abril Antonio Hermann: Former CEO of Banco Itamarati, Director at FEBRABAN and elected Director of Brazilian Banking Association Gustavo Junqueira: Former Head of PINE Investimentos, Member of the Board of Directors at EZTEC, Financial Advisor at Arsenal Investimentos and CFO at Gradiente Eletronica São Paulo Stock Exchange (BM&FBovespa) Level 2 Corporate Governance Audit Committee to be installed in April 2012 100% tag along rights for all shareholders, including non-voting shares Arbitration procedures for fast settlement of litigation cases First Brazilian bank to release BR GAAP and IFRS simultaneously and quarterly
- 28. Investor Relations | 4Q11 | 28/34 Committees …favoring collective decision making. Main decisions are taken by committees: Board of Directors and a structure of specific committees Non-stop exchange of knowledge, ideas, and information Transparency CEO Monthly Bi-weekly Weekly Weekly Bi-monthly Every 2 months Monthly 45 days Quarterly On demand 45 days Bi-annually Monthly 45 days RISK COMMITTEE AUDIT COMMITTEE BOARD OF DIRECTORS COMPENSATION COMMITTEE COMMITTEES CREDIT TREASURY COMMITTEE ALCO EXECUTIVE LITIGATION HUMAN RESOURCES INVESTMENT BANK PERFORMANCE EVALUATION IT ETHICS INTERNAL CONTROLS AND COMPLIANCE From April 2012 on
- 29. Investor Relations | 4Q11 | 29/34 Capital Increase, Split, and Shareholder Structure Successful capital increase done in September and approved by the Central Bank in December. The first and only equity investment by DEG in a Brazilian bank. The agreement will expand the collaboration between the two institutions. Split adjusted price per share: R$15.06 Total shares: 2,904,228 preferred shares Total amount: R$43,749,988.80 Ownership structure: Approximately 14% split on February 27th. Split ratio: 14.18 New shares issued: 12,274,766 Base 03/13/12 Common Preferred Total % Controlling Shareholder 51,886,766 15,595,863 67,482,629 68.3% Management - 5,117,431 5,117,431 5.2% Free Float - 26,252,714 26,252,714 26.6% Individuals - 3,769,922 3,769,922 3.8% Local Institutional Investors - 10,359,447 10,359,447 10.5% Foreign Investors - 12,123,345 12,123,345 12.3% Total 51,886,766 46,966,008 98,852,774
- 30. Investor Relations | 4Q11 | 30/34 Dividends PINE has delivered an attractive dividend yield paying dividends/interest on own capital on a quarterly basis. 16 25 25 33 45 30 35 40 35 55 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 Dividends and Interest on Own Capital Total Amount (R$ Million)
- 31. Appendix
- 32. Investor Relations | 4Q11 | 32/34 Social Instituto Alfabetização Solidária Instituto Casa da Providência Sports Minas Tênis Clube: training program for athletes Most Green Bank Social Investment and Responsibility PINE supports and promotes the Brazilian culture and sports Culture Paulo von Poser: exhibit of the painter Paulo von Poser, who is one of Brazil’s most prominent artists Quebrando o Tabu: documentary based on the analysis from the former President of Brazil, Fernando Henrique Cardoso, on the fight against drugs Além da Estrada: motion picture, which received the award for best director in the 2010 Rio Festival 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. 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 on lending to companies focused on renewable energy and ethanol.
- 33. Investor Relations | 4Q11 | 33/34 Key Performance Indicators 4Q11 3Q11 4Q10 2011 2010 Earnings and Returns Net Income (R$ thousand) 55,919 38,061 14,898 161,514 118,270 Annualized ROAE 24.4% 17.3% 7.0% 17.2% 14.0% Annualized ROAAw1 3.5% 2.5% 1.1% 2.6% 2.3% Annualized financial margin before provision 7.3% 6.0% 8.5% 6.4% 7.4% Annualized financial mergin after provision 4.3% 5.2% 4.8% 5.1% 6.0% Balance Sheet (R$ thousand) Total assets 11,143,527 10,173,058 9,150,547 11,143,527 9,150,547 Total credit portfolio2 7,020,528 6,827,490 6,015,846 7,020,528 6,015,846 Expanded corporate credit portfolio3 6,920,526 6,703,028 5,746,649 6,920,526 5,746,649 Risk weighted assets 6,913,560 6,214,582 5,473,250 6,913,560 5,473,250 Total deposits4 3,794,166 3,676,446 3,698,360 3,794,166 3,698,360 Total funding 6,600,375 6,318,742 5,588,883 6,600,375 5,588,883 Shareholders' equity 1,015,081 981,779 867,132 1,015,081 867,132 Credit portfolio quality Non performing loans - 15 days 0.4% 0.7% 0.3% 0.4% 0.3% Non performing Loans - 60 days 0.4% 0.5% 0.1% 0.4% 0.1% Non performing loans - 90 days 0.3% 0.3% 0.1% 0.3% 0.1% Credit coverage 3.6% 2.9% 2.5% 3.6% 2.5% Performance BIS ratio 18.5% 19.6% 17.4% 18.5% 17.4% Efficiency ratio 38.6% 38.3% 30.9% 37.2% 32.4% Earnings per share (R$) 0.65 0.44 0.18 1.87 1.41 Book value per share (R$) 11.72 11.34 10.33 11.72 10.33 (1) Risk weighted assets. (2) Includes bank guarantees, private securities and the remaining retail portfolio . (3) Includes bank guarantees and private securities. (4) Includes Agribusiness and Real Estate Letters of Credit.
- 34. Investor Relations | 4Q11 | 34/34 Investor Relations Noberto Pinheiro Jr. CEO Norberto Zaiet Junior COO Raquel Varela Head of Investor Relations Alejandra Hidalgo Investor Relations Manager Phone: +55-11-3372-5553 www.pine.com.br/ir ir@pine.com.br This presentation contains forward-looking statements related to business prospects, estimates for operating and financial results, and estimates related to prospects for growth at 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, and 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.