This document summarizes PINE Bank's 2011 earnings conference call. In 2011, PINE saw credit portfolio expansion of 20.4%, funding growth of 18.1%, and ROAE of 17.5%. The bank strengthened its balance sheet through extraordinary revenues from a successful lawsuit. For 2012, PINE provides guidance of 17-22% credit portfolio growth, 8-12% expense growth, maintaining a NIM of 5.5-7.5% and ROAE of 17-20%.

1. Earnings Conference Call
4Q11 and 2011

2. Content
2011 Events and Highlights Page 3
2011 Key Figures Page 4
Extraordinary Revenues Page 5
Product and Revenue Diversification Page 6
Credit Portfolio Page 7
Credit Portfolio Profile Page 8
Credit Portfolio Quality Page 9
Hedging Desk Page 10
PINE Investimentos Page 11
Funding Page 12
Funding and Credit Portfolio Maturities Page 13
Capital Adequacy Ratio (BIS) Page 14
Solid Balance Sheet Page 15
2011 Guidance Page 16
2012 Guidance Page 17
Investor Relations | 2011 | 2/18

3. 2011 Events and Highlights
Market Recognition.
Two-notch upgrade on global scale by S&P to BB+.
Four-notch upgrade on national scale by S&P to brAA.
Capital increase: German bank DEG buys a 2.9% stake in PINE’s capital.
US$ 25-million, 10-year funding transaction with Proparco in December 2011.
First financial institution controlled by Brazilian shareholders to raise funding in Islamic format, in the
amount of US$ 37.5 million from Saudi Arabia-based Al Rajhi Bank, booked in 1Q12.
Syndicated A/B Loan, globally coordinated by IIC, in January, 2011, amounting to US$106 million.
High credit coverage, liquidity and capital ratios, as well as a positive liquidity gap.
Ranked 2nd largest commodities NDF provider for clients and 13th largest derivatives provider in Cetip’s
ranking.
13th largest credit provider to companies and 12th largest credit provider to large companies based on
Exame magazine’s “Maiores e Melhores” guide.
“Most green bank” in Latin America and Caribbean according to International Finance Corporation
(IFC).
Investor Relations | 2011 | 3/18

4. 2011 Key Figures
Improvement in KPIs in the period…
Expanded Corporate
Credit Portfolio*
(*) Includes private securities
5,747
6,921
(R$ Million)
20.4%
Dec-10 Dec-11
5,589
Total Funding
6,600
(R$ Million)
18.1%
2010 2011
Corporate Credit Coverage
2.5%
3.6%
110 bps
Dec-10 Dec-11
Shareholders' Equity
17.1%
867.1
1,015.1
(R$ Million)
Dec-10 Dec-11
320 bps
14.0%
17.2%
ROAE
2010 2011
118.3
161.5
Net Income
(R$ Million)
36.6%
2010 2011
Investor Relations | 2011 | 4/18

5. Extraordinary Revenues
...with extraordinary revenues directed to the strengthening of the balance sheet...
Successful outcome in lawsuit questioning the Cofins tax calculation base.
PINE used the bulk of these funds to create extraordinary and additional provisions in various lines of its
balance sheet, making it even more solid.
Future Impacts:
Cofins tax calculation base is now smaller, yielding quarterly gross savings of around R$ 3.0 million.
Positive effect on the net working capital (current assets – current liabilities)
Investor Relations | 2011 | 5/18

6. Product and Revenue Diversification
...with contributions from all business lines, as a result of the strategy of complete service to clients.
Clients with more than one Product Penetration Ratio – Clients with more than one Product
More than 1 product 1 product
35%
47%
59%
65%
53%
41%
2.4
2.9 3.0
Dec-09 Dec-10 Dec-11 Dec-09 Dec-10 Dec-11
Corporate Revenues Breakdown
Corporate
Credit
67.0%
PINE
Investimentos
2.9%
Treasury
7.3%
Hedging Desk
22.9%
2010
Corporate
Credit
63.7%
PINE
Investimentos
3.0%
Treasury
8.6%
Hedging Desk
24.7%
2011
Investor Relations | 2011 | 6/18

7. Credit Portfolio
Corporate credit
portfolio expanded 20.4%
in 12 months
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
777
Corporate Credit Breakdown
(R$ Million)
Trade finance
Bank Guarantees
Onlendings
Private Securities*
4,118
4,462
4,794
5,265
5,747
5,792
6,273
6,703
6,920
Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11
(*) Includes debentures, CRIs and hedge fund shares
Corporate loan portfolio
increases its share of the
total credit portfolio to
98.9%
Working Capital
Total Credit Portfolio **
4,731
(R$ Million)
4,960
5,188
5,601
6,016
6,022
6,464
6,829
Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11
(**) Includes credit to companies, Debentures, remaining retail portfolio and acquired portfolio from financial istitutions
7,021
Investor Relations | 2011 | 7/18

8. Credit Portfolio Profile
... growing in a diversified manner, both in sectors and products...
Credit Portfolio by Industry Geographic Distribution
Electric and
Renewable
Energy
8%
Construction
9%
Agriculture
7%
Foreign Trade
6%
Transportation
and Logistics
6%
Meatpacking
4%
Food Industry
3%
Telecom
3%
MidWest
10%
Northeast
5%
South
6%
North
1%
Infrastructure
Sugar and Ethanol
19%
10%
Specialized Services
3%
Metal and Mining
3%
Vehicles and
Parts
3%
Beverages and
Tobacco
2%
Financial
Institutions
2%
Chemicals
2%
Other
10%
Southeast
78%
Investor Relations | 2011 | 8/18

9. Credit Portfolio Quality
... with quality, collateral and increased credit coverage.
Credit Portfolio Quality – December 2011 Non Performing Loans 60 days
AA-A
59.0%
B
28.6%
C
8.5%
D-E
1.4%
F-H
2.5%
0.7%
0.7%
0.5%
1.1%
1.0%
0.1%
0.4%
0.2%
0.5%
0.4%
Contracts Overdue
Installments Overdue
Dec-10 Mar-11 Jun-11 Sep-11 Dec-11
Total Credit Coverage Collaterals
2.5%
110 bps
2.9%
3.6%
70 bps
Dec-10 Sep-11 Dec-11
Products
Pledge
46%
Receivables
31%
Guarantees
2%
Investments
3%
Property
Pledge
18%
Investor Relations | 2011 | 9/18

10. Hedging Desk
PINE is the 2nd largest provider of commodities NDFs for clients*.
Client Notional Derivatives Portfolio by Market Client Notional Derivatives Portfolio by Industry
December 31st, 2011
Fixed
Income
31%
Commodities
8%
Currencies
61%
Foreign Trade
12%
Sugar and
Ethanol
19%
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%
Notional: R$3.7 billion
Agriculture
21%
Market Segments Portfolio Profile
Scenario on December, 31st :
Duration: 273 days
Mark-To-Market : R$157 million
Stress Scenario (Dollar: +20% and Commodities Prices: -30%):
Stressed MTM: R$333 million
Fixed Income: Fixed, Floating, Inflation, Libor
Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar,
Australian Dollar, Spot
Commodities: Sugar, Soybean (Grain, Meal and Oil), Corn,
Cotton, Metals, Energy
*Source: Cetip Report of December.
Investor Relations | 2011 | 10/18

11. PINE Investimentos
Creating value to clients and optimizing the Bank's use of capital
Market Segments Revenues (R$ Million)
Capital Markets: Structuring, securities placements,
structured operations
Advisory
Investment Management: Fixed Income, Credit Hedge
Funds, Exclusive Mandates, Portfolio Management 12,771
14,927
16.9%
2010 2011
Selected Transactions in 2011
Debentures and
Subscription Bonus
R$25,000,000.00
Coordinator
June
Debentures and
ICVM 476
Issuer
R$242,400,000.00
Leader Coordinator
June
US$ 75,000,000
11.50% Senior Secured Notes due 2016
US$300,000,000.00
Global Medium Term Note Program
Co-Manager
May
Debentures
Issuer
R$80,000,000.00
Leader Coordinator
June
Debentures and
ICVM 476
Issuer
R$ 30,000,000.00
December
Investor Relations | 2011 | 11/18

12. Funding
Funding is growing with quality and diversity...
91 85 1,196
1,463 1,530 1,114
1,287
1,253
175
198 214
218
212 228
250
39 50
36
46 42
41
53 66
112
206 248
201
224 320
272
210 165
106
- -
-
-
21
33
247 256
281
176 242
453
626
829
867
898 867
867
419 330
249
192
152
125
92 71
56
525 448
405
413
377
435
596
814 753
230
239
227
200
160
282
267
310 353
77 87
151
166
158
172
102
86
250
75 276
203
194
194
201
220
237
246
Funding Mix (R$ Million)
International Capital
Market
Private Placements /
Others
Multilateral Lines
Trade Finance
Loan Assignments
BNDES
Local Capital Markets
Interbank deposits
5,375 5,589
4,871
4,531 4,634
5,480
6,027
6,319
6,600
1,123 1,064 1,124
1,570 1,566 1,646 1,654 1,592 1,720 1,845 1,965 2,130
Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11
Islamic Funding
(December, 2011)
US$37.5 Million
1 year tenor
Multilateral Loan
(December, 2011)
US$25.0 Million
10 years tenor
Demand deposits
Individuals
Corporate Clients
Institutional
Investor Relations | 2011 | 12/18

13. Asset Liability Management
... posting a 4-month positive gap between credit and funding maturities...
Matching of Transactions
CREDIT FUNDING
BNDES BNDES
Trade Finance Trade Finance
Deposits
Working Capital, Private
Securities* And Cash
Letras Financeiras
Offshore Funding
89%
88%
82%
80%
76%
Credit to Total Funding
Ratio
ALM
Dec-10 Mar-11 Jun-11 Sep-11 Dec-11
Average Maturity
Credit: 14 months
Funding: 18 months
* Includes debentures, CRIs, eurobonds and hedge fund shares
R$ million
-
3,193
1,510
1,521
383
Credit Funding
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
Investor Relations | 2011 | 13/18

14. Capital Adequacy Ratio (BIS)
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%
BIS
Tier II Tier I
15.6%
14.9%
18.5% 18.4% 17.4%
17.1% 16.6%
11% Minimum
Regulatoty Capital
19.6%
18.5%
...with the BIS ratio ending the period at 18.5%
Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11
R$ thousand BIS Ratio
Tier I 1,016,629 14(.%3%)
Tier II 297,045 4.2%
Total 1,313,674 18.5%
Investor Relations | 2011 | 14/18

15. Balance Sheet Strength
In summary, PINE has buffers of liquidity, capital and credit portfolio coverage to escalate its business and
balance sheet consistently
Positive Credit Coverage Ratio Liquidity Gap
18 18
19
18 18
15
16
15 15
14
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
Dec-10 Mar-11 Jun-11 Sep-11 Dec-11
Capital Cash / Time Deposits
Regulatoty Capital 11% Minimum Regulatoty Capital
17.4%
17.1%
16.6%
19.6%
18.5%
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
Investor Relations | 2011 | 15/18

16. Guidance 2011
Guidance Actual
PINE achieved its key guidance targets for 2011...
Corporate Credit Portfolio 20% - 25% 20.4%
Personnel and Administrative Expenses 5% - 10% 22.6%
NIM 5.5% - 7.5% 6.4%
Corporate ROAE 17% - 20% 17.5%
Investor Relations | 2011 | 16/18

17. Guidance 2012
PINE is ready to capture 2012's opportunities, maintaining the focus on an adequate risk return
balance.
Guidance
Corporate Credit Portfolio 17% - 22%
Personnel and Administrative Expenses 8% - 12%
NIM 5.5% - 7.5%
Corporate ROAE 17% - 20%
Investor Relations | 2011 | 17/18

18. Investor Relations
Norberto Zaiet Junior
CFO
Nira Bessler
Head of Investor Relations
Alejandra Hidalgo
Investor Relations Manager
Alexandre Cavalcanti
Investor Relations Manager
Phone: +55-11-3372-5553
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 PINE. These are
merely projections and, as such, are based exclusively on the expectations of 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 PINE’s filed disclosure documents and are, therefore, subject to change without prior notice.
Investor Relations | 2011 | 18/18