Pine is a Brazilian bank that specializes in providing financial solutions to large corporate clients. It has experienced steady growth since its founding in 1997 and focuses on establishing long-term client relationships. The bank operates through three primary business lines: corporate credit, fixed income currencies and commodities trading, and capital markets and financial advisory services. In recent years it has diversified its revenues, received several credit rating upgrades recognizing its strong financial position, and continued expanding its client base and range of financial products and services.

1. Institutional 2013
Presentation

2. Profile and History
Pine
History
Business Strategy
Competitive Landscape
Focus on the Client
Corporate Credit
FICC
Pine Investimentos
Summary
Rating Upgrades
Highlights and Results
Corporate Governance and PINE4
Organizational Structure
Corporate Governance
Committees
PINE4
Social Investment and Responsibility
Investor Relations | 2013 | 2/33

3. Profile and History

4. Pine
Specialized in providing financial solutions for large clients…
Credit Portfolio by Annual Client Revenues
December 31th, 2013
Over R$2
billion
41%
Up to R$250
million
7%
R$250million
to R$500
million
13%
R$500
million to
Profile
R$2 billion
39%
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
Investor Relations | 2013 | 4/33

5. November, 2012
Opening of the broker dealer in New York, Pine Securities USA LLC
August, 2012
Subscription of Pine’s capital by DEG, Proparco, Controlling Shareholder and Management
801
827 825
867
1,015
1,220 1,272
History
...with extensive knowledge of Brazil’s corporate credit cycle.
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
October, 2007
Beginning of the FICC Business
May, 2007
Creation of Pine Investimentos products line and
opening of the Cayman branch
October, 2011
Subscription of Pine’s capital by DEG
18
Noberto Pinheiro becomes Pine’s sole
62
2005
shareholder
Corporate Credit Portfolio (R$ Million)
Shareholders' Equity (R$ Million)
121 126 140 136 152 171
209
155 184 222 341 521 620 755 663 761
335
1,214
2,854 3,105
4,192
5,763
6,963
7,912
9,920
Dec-97
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
BMC’s controlling
shareholders
1997
Noberto and Nelson
Pinheiro sell their
stake in BMC and
found Pine
Devaluation
of the real
Nasdaq Sept. 11 Brazilian
Asian Subprime
Crisis
Elections
(Lula)
Russian
Crisis
European
Community
March, 2007
IPO
May, 2014
17 years
Investor Relations | 2013 | 5/33

6. Business Strategy

7. Competitive Landscape
Pine serves a niche market of companies with few options for banks.
Large Multi-Services banks
100% Corporate
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
100% focused on providing complete service
to companies, offering customized products
Corporate & SME
SME & Retail
Retail
Bank products – with room for growth
~10 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
Investor Relations | 2013 | 7/33

8. Focus Always on the Client
Strategy of product diversity, tailored to meet the needs of each individual client.
Working Capit
CDIs
Underwriting Working Capital
Overdraft
Accounts
Fixed Income
Currencies
Commodities
Equities
CDBs
CDs
RDBs
LCAs
LCIs
CRIs Debentures
CCBs
Eurobonds
Private
Placements
Financial
Letters
Distribution Treasury
Capital
Markets
Financial Advisory
Local Currency
Foreign Currency
Pricing of Assets and
Liabilities
Liquidity
Management
Trading
Local Currency
Onlending
Foreign Currency
Trade Finance
Structured
Finance
Bank
Guarantees
MA
Project Finance
Participation
Funds
Corporate
Structured
Finance
Private Credit
Funds
Real Estate Funds
Exclusive Funds
Investment
Management
Portfolio
Management
Clients
Corporate
Credit
FICC
Pine
Investimentos
Fixed Income Currencies
Commodities
Aircraft
Financing
Swap NDFs
Structured Swaps
BNDES Onlending
Bank Guarantees
Compror
ACC/ACE
Export Finance
Finimp
Letters of Credit
2,770 onlending
Rural Credit
Syndicated and
Structured Loans
Options
In addition to the
headquarters located in the
city of São Paulo, Pine has 11
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).
Investor Relations | 2013 | 8/33

9. Corporate Credit
Strong track record and solid credit origination and approval process.
Actions 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 Operating Officer
Chief Administrative Officer
Chief Risk Officer
Personalized and agile service, working closely with
clients and keeping a low client to account officer ratio:
each officer handles ~10 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 11 branches divided
into 14 origination platforms in Brazil’s major economic
centers
Participants:
FICC Executive Director
Credit Analysts
Other members of the Corporate Banking
origination team
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
Credit Approval: Electronic Process
OOrriiggiinnaattiioonn OOffffiicceerrss
CCrreeddiitt AAnnaallyyssttss
Credit origination Credit analysis, visit to clients, data
updates, interaction with internal
research team
Regional Heads of
Origination and Credit
Analysis
CRO, Executive
Directors and Analysts
of Credit
Presentation to the Credit Committee
CCRREEDDIITT CCOOMMMMIITTTTEEEE
Centralized and unanimous
decision making process
Discussion on sizing, collateral,
structure etc.
Investor Relations | 2013 | 9/33

10. December 31, 2013 R$ million
Notional value
MtM
Stressed MtM
498
298 298
197 174
248
530
327
(195)
(310)
5,036 5,180 5,891 11,090 11,148
FICC
Proven trackrecord: 2nd in commodity derivatives1.
Client Notional Derivatives by Market Notional Value and MtM
Fixed Income
9%
Commodities
Currencies
83%
-
Dec-12 Mar-13 Jun-13 Sept-13 Dec-13
Market Segments Portfolio Profile
Scenario on December, 31:
Duration: 183 days
Mark-to-Market : R$327 million
Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
Stressed MtM: (R$310 million)
8%
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
1Source: Cetip Report, December 2013
Investor Relations | 2013 | 10/33

11. Capital Markets: Structuring and Distribution of Fixed
Income Transactions.
Financial Advisory: Project Structured Finance, MA,
and hybrid capital transactions.
Research: Macro, Commodities, and Corporate.
R$ 800,000,000
Coordinator
January, 2013
Pine Investimentos
Selected Transactions
Consolidation, result of the focused effort through the years in the franchise.
Debentures
R$ 50,000,000
Debentures
Coordinator
June, 2013
R$ 100,000,000
Debentures
Lead Coordinator
July, 2013
R$ 25,000,000
Promissory Note
Volume of Underwriting Transactions
Lead Coordinator
December, 2013
R$ 483,000,000
CRI
Coordinator
August, 2013
US$ 400,000,000
Senior Notes
Co-Manager
September, 2013
R$ million
856
1,040
2,073
2011 2012 2013
Investor Relations | 2013 | 11/33

12. Rating Upgrades
...with market recognition and positive evaluation by rating agencies.
Moodys’s attributed this upgrade to Pine’s relative
stability of its financial metrics and particularly its
asset quality, profitability and capitalization, which
benefit from the business and earnings
diversification derived from the bank’s broader
franchise. The consolidation of the bank’s strategic
positioning has resulted in a track record of
profitability and asset quality.
Fitch attributed this upgrade to Pine’s ability to
preserve and to enhance its credit profile in the
August 2011
Upgrade
SP
December 2011
Upgrade
SP
May 2012
Upgrade
Fitch
May 2010
Upgrade
Fitch
August 2012
Upgrade
Perspective
Moody’s
May 2013
Upgrade
Fitch
September 2013
Upgrade
Moody’s
last several years. Also, the ratings reflect Pine’s
consistent performance, higher funding
diversification and sound asset quality, liquidity and
capitalization. According to Fitch, Pine has
managed carefully its growth in the corporate
segment with a strategy of revenue diversification
and cross-selling aiming to reduce the dependence
of revenues from lending and to increase the
participation of its FICC Business and Pine
Investimentos.
The agency based its ratings on the strong asset-quality,
adequate liquidity, capital, and earnings.
SP also emphasizes the gradual funding
diversification, through foreign issuances,
securitizations, and the recent capital increase
subscribed by DEG.
Long Term BB+ BB+ Ba1 -
Short Term B B
- -
Long Term brAA AA-(bra) Aa2.br
Short Term - F1+(bra) Br-1
Foreign and
Local
Currency
National
10.50
Investor Relations | 2013 | 12/33

13. Highlights and Results

14. 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.
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 SP.
Maintenance of positive liquidity gap over the past years.
Liquid balance sheet, fueled by higher funding, which increased the level of cash.
1
2
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.
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.
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.
5
6
7
Investor Relations | 2013 | 14/33

15. R$ million
2013 Financial Highlights
The main performance indicators presented adequate performance in the period...
Total Funding
18.7%
7,062 8,383
Total Loan Portfolio1
24.9%
7,948 9,930
Shareholders’ Equity
4.0%
1,220 1,272
Dec-12 Dec-13 Dec-12 Dec-13 Dec-12 Dec-13
120
118
Fee Income
-1.7%
2012 2013
Net Income
187
162
-13.4%
2012 2013
1 Includes Stand by LCs, Bank Guarantees, Credit Securities to be Received and Private Securities (bonds, CRIs, eurobonds and fund shares)
ROAE
-380 bps
16.8% 13.0%
2012 2013
Investor Relations | 2013 | 15/33

16. Product and Revenue Diversification
... with contributions from all business lines, fruit of the strategy of complete service to clients.
Revenue Mix
Corporate
Credit
62.8%
Treasury
10.2%
Pine
FICC
16.7%
Investimentos
2012
Corporate
Credit
62.9%
Pine
FICC
27.9%
Treasury
3.7%
2013
10.3%
Investimentos
5.5%
Clients with more than one product Penetration Ratio – Clients with more than one product
3.0
2.8
3.0
Dec-11 Dec-12 Dec-13
1 Product More than 1 product
59% 61% 62%
41% 39% 38%
Dec -11 Dec -12 Dec -13
Investor Relations | 2013 | 16/33

17. 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
a mix that favored unfunded products.
Average Selic benchmark interest rate, which affected returns on
cash investments.
Weak Treasury performance due to a reduction in risk taking.
Lower spreads.
Net Interest Margin
NIM is within the guidance range.
NIM Evolution Impacts in the Period
6.3%
4.7%
-160 bps
2012 2013
NIM Composition
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 | 2013 | 17/33

18. Expenses and Efficiency Ratio
Rigorous management and control of expenses, expanding below the guidance range.
Expenses
89
92
92
95
32.8%
39.8%
60,0%
40,0%
20,0%
0,0%
- 20,0%
- 40,0%
- 60,0%
- 80,0%
100
98
96
94
92
90
88
86
84
Personnel Expenses
Other administrative
expenses
Efficiency Ratio (%)
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 | 2013 | 18/33

19. R$ million
Loan Portfolio1
The portfolio reached R$9.9 billion...
2,807
3,073
2,909
782
1.021
1.154 942
781
832
1,059
965
843
102
81
65
47
36
26
18
13
10
7,065
7,426 7,642
7,444
7,948
8,405
8,994
9,537
9,930
Individuals: 0.1%
Trade finance: 8.4%
1,687 1,684 1,599 1,699
883 884
822 800
2,114
2,501
853 826 844
322 367 670 683 787 670 549
990
561
1,108
588
3,289 3,389 3,332 3,274 3,377 3,550 3,717 3,935 4,472
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)
Bank Guarantees:
29.3%
BNDES Onlending :
11.2%
Private Securities +
Working Capital: 51.0%
Investor Relations | 2013 | 19/33

20. Continuous Loan Portfolio Management
...with increased sector diversification...
Sugar and Ethanol
14%
Construction
14%
Retail
2%
Construction Material
2%
Beverages and Tobacco
2%
Chemicals
3%
Foreign Trade
3%
Telecom
4%
Vehicles and Parts
Food Industry
2%
Meatpacking
2% Other
6%
2013
Sugar and Ethanol
15%
Electric and Renewable
Energy
13%
Construction Material
Financial Institutions
Vehicles and Parts
3%
Food Industry
3%
Metals
2%
Chemicals
2%
Telecom
2%
2%
2%
Meatpacking
2%
2012
Other
9%
Electric and Renewable
Energy
9%
Agriculture
9%
Infrastructure
9%
Metallurgy
5%
4%
Specialized Services
Transportation
and Logistics
5%
5%
Foreign Trade
Metallurgy
4%
4%
Specialized Services
4%
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.
Construction
12%
Agriculture
Infrastructure 9%
7%
Investor Relations | 2013 | 20/33

21. December 31, 2013
Contracts Overdue
Installments Overdue
Contracts Overdue: total amount of the contracts overdue for more than 90 days / Loan Portfolio
excluding Bank Guarantees and Stand-by Letters of Credit.
Loan Portfolio Quality
... quality, collaterals, and adequate credit coverage.
Loan Portfolio Quality Non Performing Loans 90 days
AA-A
52.9%
B
33.7%
C
8.2%
D-E
3.4%
F-H
1.9%
1.2% 1.2%
1.1%
0.7%
0.1%
0.6% 0.6% 0.6%
0.1% 0.1%
2,0%
1,5%
1,0%
0,5%
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.
Credit Coverage Collaterals
3.3% 3.4% 3.4%
3.0%
2.7%
Dec-12 Mar -13 Jun-13 Sept-13 Dec-13
Credit Coverage: Provision / Loan Portfolio excluding Bank Guarantees and Stand-by Letters of
Credit.
Products
Pledge
34%
Receivables
Guarantees
1%
Investments
3%
Properties 23%
Pledge
39%
Investor Relations | 2013 | 21/33

22. R$ million
Funding
Diversified sources of funding...
41% 34% 38% 41% 50% 42% 44% 39% 41% Cash over Deposits
113
459
429
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%
1,424
1,147
686
250
771
125
353 276
246 233
1.011
118
234
295
312 314 593
1.073
180
156
260
640
173
152
409
901
752
171
78
402
796
181
80
435
975
69
437
1,411
934 938 23 890
840 903
870 862 1,099
112 31 33
33 30
90 126 19 20
106 161 194 139
176 121
250 281 223 213 146
1,196 1,186 1,228 1,177
1,174
110
126
972
110 93
119 113
1,013 1,048
2,130 2,128 2,153 2,056 2,245 2,186 2,320 2,203
1,112
2,511
Dec-11 Mar-12 Jun-12 Sept-12 Dec-12 Mar-13 Jun-13 Sept-13 Dec-13
International Capital
Markets: 5.4%
Local Capital Markets: 17.0%
Onlending: 13.7%
Demand Deposits: 0.3%
Interbank Time Deposits:
1.1%
High Net Worth Individual
Time Deposits: 1.7%
Corporate Time Deposits:
13.2%
Institutional Time Deposits:
30.0%
Investor Relations | 2013 | 22/33

23. Asset Liability Management
... keeping a positive gap between credit and funding.
Leverage Credit over Funding Ratio
82%
87% 85%
81% 83%
Dec-12 Mar-13 Jun-13 Sept-13 Dec-13
Expanded Loan Portfolio
Loan Portfolio excluding Bank Guarantees
6.5x 6.7x
7.1x
7.5x 7.8x
4.8x 4.7x 4.9x
5.1x
5.5x
10,0
9,0
8,0
7,0
6,0
5,0
4,0
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
17 17
15
18
17
13
14 14
16
15
Funding
Credit
Dec-12 Mar-13 Jun-13 Sept-13 Dec-13
Total Deposits Others
7,062 6,589 7,111 7,894 8,383
47% 47% 50%
53% 53% 50%
56% 54%
44% 46%
Dec-12 Mar-13 Jun-13 Sept-13 Dec-13
Investor Relations | 2013 | 23/33

24. Capital Adequacy Ratio (BIS), Basel III
BIS ratio reached 14.1%.
4.2%
3.1%
3.3%
3.0%
2.8%
2.1% 2.3%
Tier II Tier I
Minimum Regulatory
Capital (11%)
2.2%
2.1%
18.5%
16.4% 15.9%
17.0%
16.2%
17.1% 17.0%
15.9%
14.1%
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 | 2013 | 24/33

25. Balance Sheet
R$ million
2011 2012 2013
Assets 11,144 10,406 10,545
Cash 114 126 157
Interbank investments 496 405 668
Securities 5,125 4,261 2,515
Lending operations 4,980 5,038 6,382
(-) Provisions for loan losses (173) (190) (186)
Net lending operations 4,807 4,848 6,196
Property and equipments 10 31 104
Others 591 735 905
Liabilities 10,128 9,186 9,272
Deposits 3,484 3,319 3,156
Money market funding 3,190 1,833 509
Borrowings and onlendings 2,101 1,975 2,954
Other liabilities 523 588 641
Others 831 1,471 2,585
Shareholders' Equity 1,015 1,220 1,272
Liabilities and Shareholders' Equity 11,144 10,406 10,545
Investor Relations | 2013 | 25/33

26. Income Statement
R$ million
2011 2012 2013
Income from financial intermediation 1,401 1,237 1,182
Lending transactions 658 548 568
Others 742 689 614
Expenses with financial intermediation (1,067) (860) (912)
Funding transactions (700) (607) (608)
Borrowings and onlendings (278) (170) (203)
Provision for loan losses (89) (83) (101)
Gross income from financial intermediation 333 376 270
Other operating (expenses) income (49) (115) (50)
Fee income 61 120 118
Personnel expenses (71) (89) (92)
Other administrative expenses (102) (92) (95)
Tax expenses (37) (17) (17)
Other operating revenues/expenses 100 (37) 36
Operating income 285 261 220
Non-operating income 4 20 9
Income before taxes ad profit sharing 289 281 229
Income tax and social contribution (66) (58) (31)
Profit sharing (61) (36) (37)
Net income 162 187 162
Investor Relations | 2013 | 26/33

27. Corporate Governance and PINE4

28. Organizational Structure
Non-bureaucratic, entrepreneurial, and meritocratic culture with a flat hierarchy.
Noberto Pinheiro Noberto Pinheiro Jr. Maurizio Mauro Gustavo Junqueira Mailson da Nóbrega
Chairman Vice Chairman Independent
CEO
INTERNAL AUDIT
Tikara Yoneya
COMPENSATION
COMMITTEE
Noberto Pinheiro Jr.
AUDIT
COMMITTEE
EXTERNAL AUDIT
PWC
Director
External
Director
Independent
Director
BOARD
COO
Norberto Zaiet
CRO
Gabriela Chiste
HUMAN RESOURCES
Ivan Farber
CAO
Ulisses Alcantarilla
CFO
Susana Waldeck
Origination
Investment Banking
Sales Trading
Research Macro/
Commodities/Corporate
International
Asset Liabilities Back
Office
Legal
Collaterals Management
Special Situations
Middle Office
Controlling
Accounting
Tax Planning
IT
Accounts Payable
Office Management
Marketing
Investor Relations
Credit
Corporate Research
Compliance , Internal
Controls and IT Security
Credit, Market, Operational
and Liquidity Risks
Financial Modeling
Investor Relations | 2013 | 28/33

29. Corporate Governance
Pine commits to best corporate governance practices…
Two 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
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
São Paulo Stock Exchange (BMFBovespa) 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
First Brazilian bank to release BR GAAP and IFRS quarterly
Investor Relations | 2013 | 29/33

30. Committees
…favoring collective decision making.
Main decisions are taken by committees.
Non-stop exchange of knowledge, ideas, and information.
Transparency.
AUDIT
COMMITTEE
BOARD OF DIRECTORS
COMPENSATION
COMMITTEE
Monthly Bi-annually
45 days
CEO
CREDIT
ASSET LIABILITY
COMMITTEE
ALCO
EXECUTIVE
COMMITTEES
HUMAN
RESOURCES
INVESTMENT
BANK
INTERNAL
PERFORMANCE
EVALUATION CONTROLS AND
IT ETHICS
COMPLIANCE
RISK
Monthly Twice a week Weekly Weekly Every 2 months Monthly Every 2 months Quarterly On demand 45 days
Investor Relations | 2013 | 30/33

31. 161
871
435
267
1,004
607
407
947
1,324
309
1,367
2,027
1.251
564
716
634
762
935
1,000 1,023
Number of Trades
932
1,093
584
426
26 44 44 30 41 49 53 52 38 30
92 81 87
105
86 84
111
195 182
220
137
246
168 154
PINE4
Increased ADTV and yields above average.
Volume (R$ million) and Number of Trades (quantity) – Daily Average
Volume
Hiring of Market Maker
(R$)
jan/12 fev/12 mar/12 abr/12 mai/12 jun/12 jul/12 aug/12 sept/12 out/12 nov/12 dec/12 jan/13 fev/13 mar/13 abr/13 mai/13 jun/13 jul/13 aug/13 sept/13 out/13 nov/13 dec/13
Multiples Dividend Yield
PINE4 | As of December 31th
Price (R$) 10.53
P/BV 0.8x
P/E(1) 5.8x
7.8%
8.5%
10.9% 10.6%
1Q13 2Q13 3Q13 4Q13
Dividend Yield: Dividends and Interest on Own Capital of the last twelve months / Average daily
closing prices of the stocks in 4Q13
(1) Considers the market consensus for the 2013 net income; source: Bloomberg
Investor Relations | 2013 | 31/33

32. Social Investment and Responsibility
Focus on the short, medium and long term.
Partnership
The UN initiative mobilizes the international business
community to adopt fundamental and internationally
accepted values in their business practices in the areas
of human rights, labor relations, environment and
combating corruption, which are reflected in ten
principles. Since October 2012
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
Principles applied to Project Finance transactions where
total project capital costs exceed US$10 million and are
based on International Finance Corporation Performance
Standards on social and environmental sustainability and
on the World Bank Group Environmental, Health, and
Safety Guidelines (EHS Guidelines). Since December/2012
Protocolo Verde – “Green Protocol”, an agreement
between FEBRABAN and the Ministry of the Environment
to support development that does not compromise future
generations.
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, 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.
Investor Relations | 2013 | 32/33

33. Investor Relations
Noberto N. Pinheiro Jr.
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
Phone: +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 | 2013 | 33/33