2009 Investors' Meeting Presentation - São Paulo

1. BancoPINE is specialized in financial services for companies
November2009

2. 2/40
Profile
Banco PINE
History of Banco PINE
Macroeconomic Scenario
Strategies for the New Scenario
New Business Opportunities
Companies‟ Profile
Agility in Granting Credit
Organizational Structure
Strategies for the New Scenario
PINE Investimentos
Marketing Plan
3Q09 Results
Corporate Governance and Shares
Corporate Governance
Main Committees
Shares
Dividends
PINE vs. Peers
Social Responsibility
Appendix
Agenda

3. 3/40
Profile
Banco PINE
History of Banco PINE
Macroeconomic Scenario
Strategies for the New Scenario
New Business Opportunities
Companies‟ Profile
Agility in Granting Credit
Organizational Structure
Strategies for the New Scenario
PINE Investimentos
Marketing Plan
3Q09 Results
Corporate Governance and Shares
Corporate Governance
Main Committees
Shares
Dividends
PINE vs. Peers
Social Responsibility
Appendix
Agenda

4. Profile

5. 5/40
HIGHLIGHTS – SEPTEMBER 2009
Loan Portfolio: R$4,113 million
ROAE: 11.3%
BIS Ratio: 17.2%
Efficiency Ratio: 44.0%
Clients‟ annual revenues: 87% of the Bank‟s
loan portfolio comprise companies with
revenues of more than R$150 million, while
67% include companies with annual
revenues superior to R$500 million
Banco PINE
Banco PINE's DNA is providing services to Companies
PROFILE
Complete range of services for Companies
Diversified and sophisticated products
Cross-selling opportunities
Financial health based on a prudent strategy
Operating efficiency and good controlling tools
Highly qualified team in all Bank‟s departments

6. 6/40
1997
Foundation of Banco
PINE
1939 - Pinheiro Family founds its firt bank in Brasil – Banco Central do Nordeste
1975 - Noberto Pinheiro becomes one of the contolling shareholder of Banco BMC
1997 - Noberto and Nelson Pinheiro sell their stake at BMC and found Banco PINE
2005 - Noberto Pinheiro becomes Banco PINE´s sole shareholder
2007 – IPO
History of Banco PINE
Founded in 1997, Banco PINE has been showing a track of resilient development and full use of all
business opportunities

7. 7/40
History of Banco PINE
Growth history boosted by the IPO. Banco PINE was the first Brazilian mid-size bank to go public
1997
Foundation of Banco
PINE
2004
Opportunity
identified in the
payroll loan
segment
2007
IPO
2005
Noberto
Pinheiro
becomes Banco
PINE‟s sole
shareholder
782
1,324
2,077
4,325
dec/04 dec/05 dec/06 dec/07
Total Loan Portfolio (R$ Million)
108%
421
553
853
1,951
dec/04 dec/05 dec/06 dec/07
Deposits (R$ Million)
129%
83%
62% 58%
66%
17%
38% 42%
34%
dec/04 dec/05 dec/06 dec/07
Loan Portfolio Breakdown
Payroll
Corporate
20%
36%
23%
29%
2004 2005 2006 2007
ROAE

8. 8/40
History of Banco PINE
Strategic decision of leaving the payroll-loan business
2008
Expanded
focus on the
Corporate
segment
PAYROLL-LOAN
Reduced margins
Increased competition
Excessive regulation
Scale need
Lack of cross-selling opportunities
Excessive lengthening of maturities
Others
CORPORATE
100% focused on the Bank‟s core business
Agile, complete and customized services for
Companies
Cross-Selling: diversified and sophisticated
products
3,067
3,533 3,534
3,070
Mar/08 Jun/08 Sep/08 Dec/08
Corporate Loan Portfolio (R$ Million)
253
127
21 3
1Q08 2Q08 3Q08 4Q08
Payroll Origination (R$ Million)
1997
Foundation of Banco
PINE
2004
Opportunity
identified in the
payroll loan
segment
2007
IPO
2005
Noberto
Pinheiro
becomes Banco
PINE‟s sole
shareholder

9. 9/40
History of Banco PINE
Agile and specialized management to overcome the crisis
Banco Pine’s strengths for managing the crisis:
Discontinuity of the payroll-loan business – no dependency upon long-term
funding
Discontinuity of the vehicle financing „pilot project‟ in early 2008
Strict policy of matching assets and liabilities
Agility and efficiency in managing cash position
Focus on robust companies
Close relationship with clients
Ability in credit analyses, structuring and monitoring of collaterized
operations
Strong risk controls and conservative strategy with very low risk exposure
(VaR of 0.26% of Shareholder‟s Equity in December 2008)
Lack of leveraged derivatives
2008
Global
Financial
Crisis
1997
Foundation of Banco
PINE
2004
Opportunity
identified in the
payroll loan
segment
2007
IPO
2005
Noberto
Pinheiro
becomes Banco
PINE‟s sole
shareholder
2008
Expanded
focus on the
Corporate
segment
31%
37%
33%
40%
51%
45% 47%
Mar/08 Jun/08 Sep/08 Dec/08 Mar/09 Jun/09 Sep/09
Cash x Time Deposits

10. 10/40
Macroeconomic Scenario
Challenge for the new scenario: economic growth and interest rate lower than historic rates.
Brazil: Main Economic Indicators - Banco Pine
ECONOMIC INDICATORS (basis scenario: 75% of probability) 2002 2003 2004 2005 2006 2007 2008 2009F 20102F011-15 (F)
Real GDP growth rate (%) 2.7% 1.1% 5.7% 3.2% 4.0% 5.4% 5.1% 0.2% 4.8% 4.7%
R$:US$ end of the period (nominal) 3.54 2.91 2.67 2.34 2.14 1.79 2.40 1.70 1.63 1.47
R$:US$ average (nominal) 2.99 3.06 2.92 2.44 2.18 1.95 1.84 1.99 1.79 1.54
BR inflation (IPC / IPCA) 12.5% 9.3% 7.6% 5.7% 3.1% 4.5% 5.9% 4.3% 4.7% 4.5%
BR inflation (IGP-M) 25.3% 8.7% 12.5% 1.3% 3.8% 7.7% 9.8% -1.5% 5.6% 6.5%
BR interest rate (Selic, end of the period) 25.0% 16.5% 17.8% 18.00% 13.25% 11.25% 13.75% 8.75% 11.75% 10.50%
BR interest rate (Selic, average) 19.5% 23.1% 16.4% 19.15% 15.06% 11.98% 12.54% 9.92% 10.23% 11.13%
Total external debt (US$bn) 196.0 200.0 185.0 154.0 156.0 166.0 170.0 169.9 174.5 188.0
Private(US$bn) 85.0 80.0 70.0 66.0 80.0 96.0 103.0 105.6 114.0 131.1
Public (US$bn) 111.0 120.0 115.0 88.0 76.0 70.0 67.0 64.3 60.5 56.8
External Reserves (US$bn) 38.0 49.0 53.0 54.0 86.0 180.0 207.0 250.0 322.0 502.0
Total external debt (% of reserves) 516% 408% 349% 285% 181% 92% 82% 68% 54% 37%
Private (% of reserves) 224% 163% 132% 122% 93% 53% 50% 42% 35% 26%
Public (% of reserves) 292% 245% 217% 163% 88% 39% 32% 26% 19% 11%
Commercial balance (US$bn) 13.2 24.8 33.8 44.8 46.2 40.0 25.0 33.0 21.5 15.0
Current Account (US$bn) -7.6 4.2 11.7 14.0 13.6 1.5 -35.0 -12.0 -25.0 -35.0
Current Account (% of GDP) -1.5% 0.8% 1.8% 1.6% 1.3% 0.1% -3.1% -1.2% -2.1% -2.6%
Primary Surplus (% of GDP) 3.5% 3.9% 4.2% 4.4% 3.9% 4.0% 4.3% 1.5% 2.0% 3.3%
Public sector net debt/GDP 55.5% 57.2% 51.8% 51.5% 45.0% 42.7% 37.0% 42.5% 39.0% 36.0%
Brazil Risk (bps, end of period) 1,439 463 383 311 194 221 450 200 150 80

11. 11/40
Profile
Banco PINE
History of Banco PINE
Macroeconomic Scenario
Strategies for the New Scenario
New Business Opportunities
Companies‟ Profile
Agility in Granting Credit
Organizational Structure
Strategies for the New Scenario
PINE Investimentos
Marketing Plan
3Q09 Results
Corporate Governance and Shares
Corporate Governance
Main Committees
Shares
Dividends
PINE vs. Peers
Social Responsibility
Appendix
Agenda

12. Strategies for the New Scenario

13. 13/40
New Business Opportunities
Banco PINE has the opportunity of getting into a segment poorly served in the local market,
expanding its operations
Large multiple banks
Wholesale
mid-sized banks
Poorly served segment
Focused on coporate loan, offering taylor-made
sophisticated products with tranparency and agility.
Mid-size banks
Foreign banks

14. 14/40
Companies‟ Profile
Banco PINE thoroughly understands the needs of its clients
Strong penetration in the Upper Middle
and Low Corporate segments (annual
revenues)
Present in the main
economic Sectors
30%
35% 37%
22%
28%
30%
29%
20%
20%
19% 17% 13%
Mar-09 Jun-09 Sep-09
Up to R$ 150 million
R$ 150 to R$ 500
million
R$ 500 million to R$
1 billion
> R$ 1 billion
Sugar and
Ethanol
17%
Infrastructure
15%
Vehicles and
Autoparts
11%
Specialized
Services
7%
Energy
7%
Agriculture
6%
Construction
6%
Financial
Institutions
4%
Logistics
3%
Meat Processing
3%
Food
2%
Construction
and
Decoration
Material
2%
Metallurgy
1%
Other
16%

15. 15/40
Agility in Granting Credit
72-hour process in average; credit analysis may be concluded within 1 business day in special cases
Reports on credit visits and loan
transactions structuring
Credit analysis, visits to
clients, data update,
interaction with internal
research team and issue of
opinion
Issue of opinion
Presentation of
proposals to the
Committee
Sales Officer
Credit Analyst
Platform and
Regional
Superintendents
Chief Credit Officer
and Credit Analysts
CREDIT COMMITTEE

16. 16/40
Organizational Structure
Simple structure and flat hierarchy
Internal Auditors
Tikara Yoneya
CEO
Noberto N. Pinheiro Junior
Board of Directors
Fiscal Council
Sidney Veneziani
Alcindo Itikawa
Peter Edward Wilson
External Auditors
Deloitte
Noberto Pinheiro
Chairman
Maurizio Mauro
Independent Member
Fernando Albino
External Member
Mailson da Nóbrega
Independent Member
Noberto Pinheiro Jr.
Vice-Chairman
Board of Directors
Credit
Gabriela Chiste*
Financial
Clive Botelho
Corporate
Commercial
Miguel Genovese
Control and Market/
Liquidity Risks
Susana Waldeck
Corporate
Operations
Ulisses Alcantarilla
PINE Investimentos
Rodrigo Boulos
As of September 30, 2009, Banco PINE had 245 employees
Operating Risk
& Compliance
* To be approved by the Brazilian Central Bank

17. 17/40
Strategies for the New Scenario
Criterious portfolio growth and cross-selling opportunities
Challenges for the New Scenario:
Interest rate reduction
Banking industry consolidation
Capital optimization:
Stronger leveraging
Cross-selling:
More products per client
Corporate
Loans
Loans
Overdraft accounts
Discounts
Compror/Vendor
Linked Collection
Foreign Exchange
/ Trade Finance
Exports
ACC/ACE
Letter of Credit
Documentary
Collection
Prepayment
Imports
Letter of Credit
Advance Payments
Documentary
Collection
Spot Foreign
Exchange
Foreign currency
loans and
investments
Loans (2,770)
Foreign Lending
Foreign
Investments
Onlending
FINAME
Automatic
Manufacturer
Agribusiness
Others
EXIM
Pre-shipping
Special Pre-shipping
Post-shipping
Automatic BNDES
FINEM
Guarantees
Bidding
Public tenders
Performance
Credit/Financial
Institutions
Treasury
Currencies
Interests
Commodities
Equities
Indexes
Macro Advisory
Investments
Local Currency
CDB/ RDB
Government Bonds
FIDC (Receivables
Investment Funds)
CDI (Interbank
Deposit
Certificate)
LCA (Agribusiness)
Credit Funds
Foreign Currency
CD -Certificate of
Deposit
Demand Deposit
Accounts
Eurobonds
Custody Account
Money Market
Accounts
Time Deposit
Private Equity
PINE
Investimentos
Financial Advisory
Strategic Advisory
Mergers &
Acquisitions
Underwriting and
Syndicated Loans
Private Equity
Credit Funds

18. 18/40
Third-parties Asset Management
Credit Funds
Private Equity Funds
Corporate Services
Mergers & Acquisitions
Financial Advisory
Credit Structuring
Syndicated Loans
PINE Investimentos
PINE Investimentos setup: creation of new values for clients and optimization of the Bank's capital
usage
Banco PINE’s current partnerships include:
Private Equity Fund in association with the American Global Emerging Market Fund (GEM)
Financial advisory services provided together with Pátria Investimentos
Exclusive credit funds

19. 19/40
Marketing Plan
Creation of a cross-selling culture
Positioning of our business:
“More than selling products, our mission is to understand the needs of our
clients in order to provide solutions for their businesses,
strengthening the relationship”
Client Selection
Business Analysis
Visits Strategies
Sharing of Information
Visits
Information Analysis
Planning of actions
and executions
Offer to Client

20. 20/40
Profile
Banco PINE
History of Banco PINE
Macroeconomic Scenario
Strategies for the New Scenario
New Business Opportunities
Companies‟ Profile
Agility in Granting Credit
Organizational Structure
Strategies for the New Scenario
PINE Investimentos
Marketing Plan
3Q09 Results
Corporate Governance and Shares
Corporate Governance
Main Committees
Shares
Dividends
PINE vs. Peers
Social Responsibility
Appendix
Agenda

21. 3Q09 Results

22. 22/40
Highlights
In light of the gradual improvement in the economic scenario, Banco PINE expanded its loan
portfolio and deposits.
17.1%
11.1%
11.3%
3Q08 2Q09 3Q09
ROAE
20 bps
-600 bps
1.0%
1.7%
1.3%
Sep-08 Jun-09 Sep-09
NON-PERFORMING LOANS
-40 bps
70 bps
47.1%
44.8%
44.0%
3Q08 2Q09 3Q09
EFFICIENCY RATIO
- 80 bps
- 230 bps
3,534
3,068
3,416
Sep-08 Jun-09 Sep-09
CORPORATE LOAN PORTFOLIO
(R$ Million)
-13.2% 11.3%
50,935
34,502
37,639
3Q08 2Q09 3Q09
OPERATING INCOME
(R$ Thousand)
9.1%
-32.3%
2,148
1,917
2,302
Sep-08 Jun-09 Sep-09
TOTAL DEPOSITS
(R$ Million)
-10.8% 20.1%

23. 23/40
Loan Portfolio
In the corporate loan portfolio, working capital loans recorded a 15.7% growth in the quarter.
4,885
3,922 4,113
Sep-08 Jun-09 Sep-09
Loan Portfolio (R$ Million)
-19.7%
4.9%
72% 78% 83%
28% 22% 17%
Sep-08 Jun-09 Sep-09
Portfolio Breakdown
Individuals
Corporate
2,709
1,940
2,244
486
836
822
339
292
350
Sep-08 Jun-09 Sep-09
Corporate Portfolio Breakdown (R$ Million)
Guarantees
Onlending and
Trade Finance
Working
Capital
3,534 -13.2%
3,068
11.3% 3,416
1,005
679
552
217
79
66
129
95
79
Sep-08 Jun-09 Sep-09
Individuals Portfolio Breakdown (R$ Million)
Third-parties
portfolio
Own portfolio
Off book
portfolio
-36.8%
1,351
854
697
-18.4%

24. 24/40
AA;
23.6%
A; 45.0%
B; 24.7%
C; 3.5%
D-E;
1.1%
F-H;
2.1%
Loan Portfolio Quality and NPL Historical Data
Strict quality control of the loan portfolio. The coverage of the D-H portfolio was 100.2% in
September.
Overdue D-H portfolio/Total Portfolio
0.00%
1.95%
0.30%
0.91%
0.11%
0.65%
0.96% 1.00%
0.60%
0.90%
1.69%
1.28%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Jun/09 Sep/09
Real
Devaluation
Nasdaq WTC Brazilian
Elections
Banco Santos
Liquidity Crisis
Global
Financial
Crisis
Loan Portfolio Quality

25. 25/40
Funding
Average funding maturity in 3Q09 was 10 months.
1,841 1,756
2,154
Sep-08 Jun-09 Sep-09
Time Deposits + Agribusiness Letter
of Credit (R$ Million)
-4.6% 22.7%
2,148 1,917
2,302
1,005
679
553
429
642
576
554
306
275
147
128
142
Sep-08 Jun-09 Sep-09
Funding Mix (R$ Million)
Borrowings and
Onlendings
Funds from
Acceptance and
Securities Issued
Trade Finance /
Cayman
Loan Assigments
Deposits
3,672 3,848
4,283
-14.3
4.8%
%
Medium Term Note
Joint Lead Managers
Public Offering - MTN
2008
Foreign Funding – Private Placements
US$ 33.6 Million
US$ 35.5 Million
US$ 52.8 Million
US$ 39.9 Million
US$ 150 Million

26. 26/40
Financial Margin
Financial Margin in 3Q09 would be 80 bps higher than the figure delivered excluding early
settlements in the payroll loan business.
Main factors impacting 3Q09 financial margin:
• Deleveraging of the loan portfolio, specially between September 2008 and March 2009, due to the
international financial crisis;
• Focus on large companies in 3Q09;
• No payroll loan assignments;
• Absorption of early settlements in the payroll loan business;
• Reduced interest rates in the quarter, leading to an impact if 10 bps on return on free capital.
3Q09 9M09
Margin before provision for
loan losses (excluding repo) 7.1% 7.4%
7.0% 7.1%
2Q09 3Q09
10 bps

27. 27/40
Profile
Banco PINE
History of Banco PINE
Macroeconomic Scenario
Strategies for the New Scenario
New Business Opportunities
Companies‟ Profile
Agility in Granting Credit
Organizational Structure
Strategies for the New Scenario
PINE Investimentos
Marketing Plan
3Q09 Results
Corporate Governance and Shares
Corporate Governance
Main Committees
Shares
Dividends
PINE vs. Peers
Social Responsibility
Appendix
Agenda

28. Corporate Governance and Shares

29. 29/40
Corporate Governance
Banco PINE adopts the best corporate governance practices
Clear Policies
Performance
Monitoring
Risk Management
Settlement of
Responsibilities
Alignment of
Internal Policies
Compliance with
Legislation and
interests
Three independent members in the Board of Directors
Mailson Ferreira da Nóbrega: Finance Minister of Brazil
from 1988 to 1990
Maurizio Mauro: CEO of Booz Allen Hamilton and Grupo
Abril
Fernando Albino de Oliveira: ex-director of CVM and
partner of Albino Advogados Associados
São Paulo Stock Exchange Level 1 of Corporate Governance
Fiscal Council
100% tag along rights for all shareholders, including non-voting
shares
Arbitration procedures for fast settlement of litigation

30. 30/40
Main decisions are taken by committees: Board of Directors and a structure of specific committees
Non-stop exchange of knowledge and information
Transparency
Main Committees
Banco PINE believes that the use of the best corporate governance practices substantially enhances
its business‟ outcome
Board of
Directors
Fiscal
Council Audit
Support
Committee
Treasury
Committee
(ALCO)
National and
Foreign Funding
Products
Committee
Credit
Committee
Retail
Committee
Delinquency
Committee
Compliance
and Basel Risk
Committee
Executive
Committee
Performance
Evaluation
Committee
Ethics
Committee
IT Committee
Human
Resources
Committee
PINE
Investimentos
Committee

31. 31/40
Shares
Shareholders' structure breakdown
2007
IPO
78.4%
8.7%
12.9%
13.8%
12.9%
20.4%
19.0%
20.6% 20.9% 20.9%
20.2% 19.6% 19.5% 20.1% 19.7% 19.6%
38.5%
41.7%
31.1%
37.2%
32.3%
38.3%
39.7%
41.9%
43.6%
44.9%
45.1%
43.6% 44.1%
47.7%
45.5%
48.5%
43.8%
47.1%
40.8%
39.4%
37.9%
36.7%
35.7%
34.8%
36.6% 36.3%
Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09
Institutional Investors
Individuals
Foreign
Investors

32. 32/40
Basis Price100: 08/01/08
Final Date: 10/31/09
Shares
Evolution of PINE4 and IBOVESPA (São Paulo Stock Exchange Index)
40
50
60
70
80
90
100
110
120
130
140
5/2008
6/2008
7/2008
8/2008
9/2008
10/2008
11/2008
12/2008
1/2009
2/2009
3/2009
4/2009
5/2009
6/2009
7/2009
8/2009
9/2009
10/2009
PINE4 IBOVESPA
09/15/08
Lehman Brothers
bankruptcy
D 14.8%
R$ 10.33
D 6.8%
61,545
R$ 9.00
57,630
Withdrawal of foreign
Investors

33. 33/40
Dividends and Interest on Own Capital
Dividends
Since 2008, Banco PINE pays dividends/interest on own capital on a quarterly basis
R$ Million R$
Gross Amount Total Amount Value per Share
1Q09 25.0 0.2955
2Q09 20.0 0.2391
3Q09 15.0 0.1800
Total paid in 9M09 60.0 0.7146
16
25 25
33
45
15
1H07 2H07 1H08 2H08 1H09 3Q09
Gross Dividend and Interest on Own
Capital (R$ million)

34. 34/40
11.3%
-5.0%
10.7%
12.4%
10.9% 11.8%
-6.8%
11.3%
-5.0%
10.7%
19.0%
10.9%
13.7%
-6.8%
ROAE Excluding PLL reverse Accounting ROAE
100%
70% 70%
53%
74%
53%
66%
PINE SOFISA DAYCOVAL BIC PARANÁ ABC INDUSVAL
96.8%
94.6%
89.0% 89.9%
93.5% 95.0%
87.6%
3.2%
5.4% 11.0% 10.1% 6.5% 5.0% 12.4%
PINE SOFISA DAYCOVAL BIC PARANÁ ABC INDUSVAL
AA-C D-H
-2,9%
0,6%
4,5%
4,8%
5,4%
8,8%
9,6%
INDUSVAL
PARANÁ
BIC
DAYCOVAL
SOFISA
PINE
ABC
PINE vs. Peers
Banco PINE posted strong 3Q09 results in relation to its peers.
Quality
ROAE D-H Coverage
Loan Portfolio – Balance Sheet (2Q09 x 3Q09)
A B C E F G
A B C E F G
A B C E F G
A
B
C
E
F
G

35. 35/40
Social
Casa Hope
Instituto Alfabetização Solidária.
Sports
Fortalecimento do Hipismo (Strengthening Equestrian
Sports): dissemination of equestrian sports as a healthy
activity that is accessible to various social segments.
Crianças e Jovens que Brilham (Children and Youth that
Shine): tennis training workshops in state and municipal
schools
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.
Social Responsibility
Banco PINE supports and promotes the Brazilian culture
Culture
Paisagem e Olhar: watercolor pictures showing the
biodiversity of the Atlantic Rainforest
Embarcações: historic record of typical Brazilian boats
Revoluções Brasileiras:
reports about the bravery
of Brazilian ancestors
Museus Brasileiros: a collection of
the country‟s leading museums
Anita Malfatti: retrospective of works
and biography
Green Building

36. 36/40
Profile
Banco PINE
History of Banco PINE
Macroeconomic Scenario
Strategies for the New Scenario
New Business Opportunities
Companies‟ Profile
Agility in granting Credit
Organizational Structure
Strategies for the New Scenario
PINE Investimentos
Marketing Plan
3Q09 Results
Corporate Governance and Shares
Corporate Governance
Main Committees
Shares
Dividends
PINE vs. Peers
Social Responsibility
Appendix
Agenda

37. Appendix

38. 38/40
Balance Sheet
Onbook loan portfolio increased 8.8% in the quarter.
R$ million
Sep-09 Jun-09 Sep-08
Assets 7,200 6,275 4,741
Securities and derivative financial instruments 3,578 2,791 542
Lending operations 3,210 2,951 3,541
(-) Allowance for loan losses (105) (107) (71)
Net lending operations 3,105 2,844 3,470
Other 517 640 729
Liabilities 6,385 5,464 3,910
Deposits 2,201 1,849 2,062
Money market funding 2,585 1,915 37
Funds from acceptance and securities issued 718 769 576
Other 881 931 1,235
Shareholders' equity 815 811 831
Liabilities and Shareholders' equity 7,200 6,275 4,741

39. 39/40
Results
The operating Income increased 9.1% in the quarter.
R$ thousand
3Q09 2Q09 3Q08
Gross income from financial intermediation 50,594 43,922 103,319
Fee Income 21,678 29,498 3,892
Personnel and Administrative Expenses (28,525) (30,021) (36,667)
Commissions (873) (1,050) (5,335)
Tax Expenses (6,286) (7,716) (12,190)
Other Operating (expenses) income 1,051 (131) (2,084)
Operating Income 37,639 34,502 50,935
Non-operating income (1) 886 (1,806)
Income before taxes 37,638 35,388 49,129
Income and social contribution taxes (9,566) (9,056) (10,667)
Profit Sharing (6,004) (4,532) (5,033)
Net Income 22,068 21,800 33,429
ROAE 11.3% 11.1% 17.1%

40. 40/40
Investor Relations
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.
Clive Botelho
CFO
Nira Bessler
Head of Investor Relations
Alejandra Hidalgo
Investor Relations Analyst
Phone: +55-11-3372-5553
www.bancopine.com.br/ir
ri@bancopine.com.br