1. 4Q12 Institutional Presentation

2. Summary
History and Profile
PINE
History
Business Strategy
Competitive Landscape
Focus on the Client
Corporate Credit
FICC
PINE Investimentos
Pillars
Rating Upgrades
Highlights and Results
Corporate Governance and PINE4
Organizational Structure
Corporate Governance
Committees
Dividends and Interest on own Capital
Appendix
Investor Relations | 4Q12| 2/32

3. History and Profile

4. PINE
Specialized in providing financial solutions for wholesale clients…
Credit Portfolio by Annual Client Revenues
December 31th, 2012
Up to R$150
million
R$150 5%
million to
R$500
million
19%
Over R$1
billion
57%
R$500
million to
R$1 billion
19%
Profile
Focused on establishing long-term relationships Business is structured along four primary business lines:
Profound knowledge and product penetration • Corporate Credit: credit and financing products
• FICC: instruments for hedging and risk
management
• Capital Markets: Structuring and Distribution of
Fixed Income Transactions.
• Financial Advisory: Project & Structured Finance,
M&A, and hybrid capital transactions.
Investor Relations | 4Q12| 4/32

5. History
...with extensive knowledge of Brazil’s corporate credit cycle.
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
1939
Pinheiro Family October, 2011 1,220
founds Subscription of PINE’s capital by DEG
Banco Central do End of 2007
Nordeste Focus on expanding the Corporate Banking franchise 1,015
Discontinuation of the payroll-deductible loan business
867
October, 2007
Beginning of the FICC Business 827 825
801
May, 2007
Creation of PINE Investimentos products line and
opening of the Cayman branch
1975
Noberto Pinheiro 2005
becomes one of Noberto Pinheiro becomes PINE’s sole 7,948
BMC’s controlling shareholder
7,065
shareholders 335
Corporate Credit Portfolio (R$ Millions) 6,016
Shareholders' Equity (R$ Millions) 4,804
209
171 4,254
140 136 152
121 126
62 2,854
18
1,214
1997 155 184 222 341 521 620 755 663 761
Noberto and Nelson
Pinheiro sell their
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
stake in BMC and
found PINE
Asian Russian Devaluation Nasdaq Sept. 11 Brazilian Subprime European
Crisis Crisis of the real Elections Community
(Lula)
March, 2007 May, 2012
IPO 15 years
Investor Relations | 4Q12| 5/32

6. Business Strategy

7. Competitive Landscape
PINE serves a niche market of companies that lack adequate banking options, seeking a bank that fully
understands their needs.
Market
Consolidation of the banking sector has
decreased the supply of credit lines and financial
instruments for corporate
Large Multi-Services banks
Foreign banks are in a deleveraging process
100% Corporate
PINE
Foreign and Full service Bank – Credit, Hedging, and
Investment Banks 100% focused on providing complete service Investment Bank products – with room for
to companies, offering customized products growth
.
Corporate & SME
~10 clients per officer
Competitive Advantages:
SME & Retail
 Focus
 Fast response: Strong relationship with
clients, with the credit committee
meeting twice a week and response times
Retail to clients of no more than one week
 Specialized services
 Tailor-made solutions
 Product diversity
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8. Focus Always on the Client
The bank develops a strategy of product diversity, tailored to meet the needs of each client.
CDs
CDIs
LCIs
Pricing of Assets and
CCBs Private Liabilities
Placements
RDBs
Eurobonds
Liquidity
LCAs Management
Financial
CDBs Letters Fixed Income
Local Currency
Currencies
Trading
CRIs Debentures
Commodities
Foreign Currency
Equities
Underwriting Distribution Treasury Working Capital
Working Capital
Overdraft
Financial Advisory Capital Local Currency Accounts
Markets
M&A Onlending BNDES Onlending
Clients
Project Finance Corporate Foreign Currency Bank Guarantees
PINE
Corporate & Investimentos Credit Trade Finance Compror
Participation Structured Structured
Funds Finance Finance ACC/ACE
FICC Bank Export Finance
Private Credit
Investment Guarantees Finimp
Funds
Management
Aircraft Letters of Credit
Real Estate Funds Financing
2,770 onlending
Fixed Income Currencies
Exclusive Funds Rural Credit
Portfolio Commodities Syndicated and
Management Structured Loans
Swap NDFs
Structured Swaps
Options
Investor Relations | 4Q12| 8/32

9. Corporate Credit
Strong track record and solid credit origination and approval process.
Actions Credit Committee
Personalized and agile service, working closely with Meets twice a week – reviewing 20 proposals on average
clients and keeping a low client to account officer ratio:
each officer handles ~10 economic groups. Minimum quorum: 4 members - attendance of CEO or
Chairman is mandatory
Geographic coverage of clients, providing the bank with
local and extremely up-to-date credit intelligence and
information. Members:
Chairman of the Board
Established long term relationships with more than 600
economic groups CEO
Chief Operating Officer
Origination network is comprised of 11 branches divided Chief Administrative Officer
into 14 origination platforms in Brazil’s major economic Chief Risk Officer
centers
More than 30 credit analysts, assuring that analysis is Participants:
fundamentally driven and based on industry-specific FICC Executive Director
intelligence Credit Analysts
Efficient loan and collateral processes, documentation, Other members of the Corporate Banking
and controls, which has resulted in a low NPL track record origination team
Credit Approval: Electronic Process
Regional Heads of CRO, Executive
Origination Officers Credit Analysts Origination and Credit Directors and Analysts CREDIT COMMITTEE
Analysis of Credit
Credit origination Credit analysis, visit to clients, data Discussion on sizing, collateral, Presentation to the Credit Committee Centralized and unanimous
updates, interaction with internal structure, etc. decision making process
research team
Investor Relations | 4Q12| 9/32

10. FICC
Proven trackrecord: 2nd in commodity derivatives1.
Client Notional Derivatives Portfolio by Market Notional Value and MtM
December 31st, 2012 R$ millions
Notional value
MtM
Stressed MtM
597 629
Fixed 498
Income Currencies
15% 67% 354 354
256 238
197
157 126
Commodities 3,712 4,287 4,720 4,875 5,036
18%
Dec-11 Mar-12 Jun-12 Sept-12 Dec-12
Market Segments Portfolio Profile
Fixed Income: Fixed, Floating, Inflation, Libor Scenario on December 31st, 2012
Duration: 204 days
Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar,
Australian Dollar Mark-to-Market : R$197 million
Commodities: Sugar, Soybean (Grain, Meal and Oil), Corn,
Cotton, Metals, Energy
Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
Stressed MtM: R$498 million
1Source: Cetip Report, December 2012
Investor Relations | 4Q12| 10/32

11. PINE Investimentos
Consolidation of the Investment done through the year in the franchise.
Transactions
Capital Markets: Structuring and Distribution of Fixed
R$540,000,000 R$100,000,000 R$52,000,000
M&A Promissory Notes Project Finance
Income Transactions.
Exclusive Advisor Coordinator Financial Advisor
March, 2012 May, 2012 July, 2012
Financial Advisory: Project & Structured Finance, M&A,
and hybrid capital transactions. R$67,000,000 R$60,000,000 R$91,000,000
Promissory Notes Promissory Notes Debentures
Coordinator Coordinator Coordinator
June, 2012 October, 2012 October, 2012
Volume of Underwriting Transactions Revenues
R$ Millions R$ Millions
21.5% 306.7%
1,040 61
856
18
233 217 15
160 9
1
4Q11 3Q12 4Q12 2011 2012 4Q11 3Q12 4Q12 2011 2012
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12. Pillars
Strategy supported by solid fundamentals, built and achieved over the years…
Adequate capital structure Strong and motivated team
Capital Adequacy Ratio (BIS) of 16.2% Meritocracy
Regulatory Capital: R$1.5 billion Right incentives
Highly qualified team
Corporate clients Efficient funding structure
Longer average maturities: 17 months (Dec-12)
Strong relationship
Greater diversification of funding sources
Customized service
PINE issues the first Brazilian Huaso Bond in Chile,
In-depth knowledge of client needs
the transaction amounted to US$73 million with a
Product diversity 5-year term
Investor Relations | 4Q12| 12/32

13. Rating Upgrades
...with market recognition and positive evaluation by rating agencies.
On December 7th, 2011: On May 11th, 2012 On August 23rd, 2012:
PINE’s rating in global scale, to Foreign and Local Currency Long- PINE’s outlook upgraded to
BB+ from BB- (two notches) Term IDR to 'BB' from 'BB'- Positive
PINE’s rating in national scale, to National Long-Term Rating to
brAA from brA (three notches) 'A+(bra)' from 'A(bra)'
Viability rating upgraded to 'bb'
On August 23rd, 2011: from 'bb-'
Local currency rating, to brA from Banco Pine S.A. USD 125 million
brA- Subordinated notes to 'B+' from 'B'
Reaffirmed the Rating in foreign
currency in BB-
Revision from PINE’s outlook to
positive
The agency based its ratings on the strong Fitch attributed this upgrade to the Moody's explained that the positive outlook
asset-quality, adequate liquidity, capital, and diversification of PINE's funding profile and its reflects PINE’s profitability through a well-
earnings. S&P also emphasizes the gradual good assets and liabilities management, executed strategy, and which has ensured
funding diversification, through foreign provided by the adequate match of the credit earnings recurrence. The rating action also
issuances, securitizations, and the recent and funding books. In addition, the Agency captures the bank's improved funding
capital increase subscribed by DEG. considered that the positive liquidity gap diversification, well managed asset quality
allied with the good cash position evidences metrics and its good liquidity and capital
the Bank's overall solid financial strength. management.
According to the Agency, the Bank’s continued
increase in fee income, mainly due to higher
product penetration, is a good indicator of the
successful maintenance of profitability levels.
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14. Highlights and Results

15. 4Q12 Events and Highlights
Positive revenue contributions from all business lines in 2012: 62.8% from Corporate Credit, 16.7% from FICC,
10.2% from Treasury and 10.3% from PINE Investimentos, consolidating its strategy.
PINE issues the first Brazilian Huaso Bond in Chile. The transaction amounted to US$73 million with a 5-year
term and the 2nd Islamic format issuance in the amount of US$37.5 million, with a 1-year term.
As announced in August, 2012, Proparco subscribed in February 2013 to approximately R$27 million in PINE4
shares.
Positive liquidity gap maintained for over 10 quarters: 14 months for credit, versus 17 months for funding.
Liquid balance sheet, influenced by increased funding that raised the cash position to R$1.8 billion, equivalent
to 50% of time deposits.
On December 11, 2012, PINE adopted the Equator Principles.
Once again, PINE is one of the 15 largest players in derivative transactions and the 2nd largest in commodity
derivative according to Cetip (OTC Clearing House).
According to Anbima’s Fixed Income Origination ranking, PINE was 9th in origination by number of transactions
and 11th by financial volume.
9th in credit to large companies, 15th largest bank in Brazil offering corporate credit, and 5th in wealth
generated per employee, according to the “Maiores e Melhores” ranking compiled by Exame magazine.
Investor Relations | 4Q12| 15/32

16. 2012 Financial Highlights
The main performance indicators continued to show positive development in the period…
R$ Millions
Total Credit Risk1 Total Funding Shareholders' Equity
12.5% 7.9%
20.2%
7,062 1,220
7,948 6,544
7,065
1,015
Dec-11 Dec-12 Dec-11 Dec-12 Dec-11 Dec-12
Fee Income Net Income ROAE
15.4%
96.7%
70 bps
17.9% 2
120 187
162 17.2% 16.8%
61
2011 2012 2011 2012 2011 2012
1 Includes Letters of Credit to be used, Bank Guarantees, Credit Securities to be Received and Private Securities (bonds, CRIs, eurobonds and fund shares)
2 Excludes capital increase of R$139.6 million incorporated into shareholders´equity in September 2012
Investor Relations | 4Q12| 16/32

17. Product and Revenue Diversification
...with contributions from all business lines, fruits 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
41% 39% 3.0
2.9 2.8
53%
59% 61%
47%
Dec-10 Dec-11 Dec-12 Dec-10 Dec-11 Dec-12
Revenue Mix
2011 2012
PINE
Investimentos
10.3%
PINE Corporate
Investimentos Credit
3.0% 63.7%
Treasury
Treasury 10.2%
Corporate
8.6% Credit
62.8%
FICC
16.7%
FICC
24.7%
Investor Relations | 4Q12| 17/32

18. Loan Portfolio1
The portfolio resumed its growth to reach 12.5% in the year…
R$ millions
7,948
7,641 7,444 36 Individuals
7,426
7,065 64 47 781
81
6,875
102 1,154 942
6,495 124 1,021
190 782 Trade finance
6,016 6,053 756
230 772 2,114
269
520 622 1,684 1,599 1,699
1,534 1,687
1,372 Bank Guarantees
1,022 1,117 822 853
800
883 883
881
846 881 912 787
386 670 683
279 322
71 122 Onlending
3,358 3,132 3,126 3,300 3,289 3,370 3,332 3,274 3,377 Private Securities
Working Capital
Dec - 10 Mar - 11 Jun - 11 Sept - 11 Dec - 11 Mar - 12 Jun - 12 Sept - 12 Dec - 12
1 Includes Letters of Credit to be used, Bank Guarantees, Credit Securities to be Received and Private Securities (bonds, CRIs, eurobonds and fund shares)
Investor Relations | 4Q12| 18/32

19. Loan Portfolio Quality
... with quality, collaterals, and adequate credit coverage.
Loan Portfolio Quality Non Performing Loans > 90 days
December 31st, 2012
B
36.9%
Contracts overdue
1.2%
Installments overdue
0.8%
0.6% 0.7% 0.6%
C 0.6%
7.6%
0.4%
D- E 0.2% 0.2% 0.2%
1.4%
F- H
AA - A 3.1%
51.0%
Dec-11 Mar-12 Jun-12 Sept-12 Dec-12
Credit Coverage Collaterals
Products
Pledge
46%
Guarantees
2%
Investments
1%
3.4% 3.5% 3.3%
Properties
Pledge
23%
4Q11 3Q12 4Q12
Receivables
28%
Investor Relations | 4Q12| 19/32

20. Continuous Loan Portfolio Management
4Q12 4Q11
Financial Other
Institutions Other 11%
2% Metallurgy
Meatpacking 10%
Sugar and Ethanol 2%
2% Sugar and Ethanol
15%
Construction 18%
Chemicals
Material 2%
2% Beverages and
Telecom Tobacco
2% 3%
Chemicals Electric and
Vehicles and Parts
2% Renewable Energy
Metal and Mining 13% 3% Construction
2% Telecom 10%
3%
Vehicles and Parts
3% Financial
Institutions
Food Industry 3%
3% Infrastructure
Food Industry
Foreign Trade Construction 8%
3%
4% 12% Meatpacking
Metallurgy 4%
4% Electric and
Specialized Renewable Energy
Specialized Services Agriculture
4% 9%
Services 8%
Transportation Infrastructure Foreign Trade Agriculture
4% 5%
and Logistics 6% Transportation 7%
5% and Logistics
6%
Reduced exposure of the Sugar and Ethanol sector, from 18% to 15%;
Increased participation in other sectors such as Electric and Renewable Energy, Agriculture, and Construction;
Reshuffle of the 20 largest clients in approximately 25%;
20 largest clients represented 28% of the total portfolio.
Investor Relations | 4Q12| 20/32

21. Funding
Diversified sources of funding…
R$ millions
Trade Finance
7,062
6,933
6,804
6,544 Private Placements
6,421 808
6,248 1,089
5,902 686 1,073 173
841 152 Multilateral Lines
5,437 814 250 118
5,322 180 409
596 125 234
86 353 156
377 84 276 295 260 Intl Capital Markets
435 267 310 246
158 233 901
160 155 205 237 281 553 640
291
194 282 247 256
21 Local Capital Markets
185 934
33 868 813 903
829 898 867 840
112 31 33
867 66 194 33 30 Onlending
42 53 106 161 121
320 41 210 165 250 281 223 176 146
214 212 228 213
272
218 1,174 Demand Deposits
1,196 1,186 1,228
1,253 1,177
1,287
1,530 1,114 Interbank Time Deposits
High Net Worth Individual
2,130 2,128 2,153 2,056 2,245 Time Deposits
1,845 1,965
1,592 1,720
Corporate Time Deposits
Institutional Time
Dec - 10 Mar - 11 Jun - 11 Sept - 11 Dec - 11 Mar - 12 Jun - 12 Sept- 12 Dec - 12
Deposits
Investor Relations | 4Q12| 21/32

22. Asset & Liability Management
... presenting a positive gap between credit and funding.
Matching of Transactions
Loan / Total Funding
CREDIT FUNDING 82%
77% 76%
72% 71%
BNDES BNDES
Trade Finance Trade Finance
Deposits
Working Capital, Private
Financial Bills
Securities1 and Cash
Intl. Funding
1 Includes debentures, CRIs, eurobonds, and fund shares Dec-11 Mar-12 Jun-12 Sept-12 Dec-12
ALM Deposits vs. Total Funding
R$ Millions R$ Millions
6,544 6,804 7,062
3,256 Credit Funding
2,312 42% 46%
2,148 47%
2,017
1,628 Others
1,447
1,030 Total
Deposits
449
30 133 209 58%
- 54% 53%
No maturity Up to 3 From 3 to From 1 to From 3 to More than
months 12 months 3 years 5 years 5 years
(includes
Cash)
Dec-11 Sept-12 Dec-12
Investor Relations | 4Q12| 22/32

23. Capital Adequacy Ratio (BIS)
BIS ratio reached 16.2%.
Tier I Tier II
Minimum Regulatory
19,6% Capital (11%)
18,5%
17,4% 17,1% 17,0%
16,6% 16,4% 15,9% 16,2%
4,5%
3,6% 4,2% 3,0%
3,7% 3,4% 3,1% 2,8%
3,3%
13,8% 15,1% 14,3% 14,0%
13,4% 13,2% 13,3% 12,6% 13,4%
Dec-10 Mar-11 Jun-11 Sept-11 Dec-11 Mar-12 Jun-12 Sept-12 Dec-12
R$ millions BIS Ratio(%)
Tier I 1,220 13.4%
Tier II 257 2.8%
Total 1,477 16.2%
Investor Relations | 4Q12| 23/32

24. Capital Increase
Beginning of the subscription period.
On February 5, 2013 began the regulatory period of exercise of subscription rights and leftovers for the capital
increase by Proparco, who will subscribe a total of R$26,954,999.40 at a unit price of R$14.28. In the
regulatory period, shall be subscribed at least 1,887,605 shares and a maximum of 6,030,087 if all minority
choose to join the subscription.
Accordingly, the BIS ratio will increase in a minimum of 30 bps and a maximum of 60 bps.
With the approval of the Central Bank, Proparco will hold approximately 1.7% of PINE’s shares.
Investor Relations | 4Q12| 24/32

25. Corporate Governance and PINE4

26. Management Structure
Non-bureaucratic, entrepreneurial, and meritocratic culture with a flat hierarchy, speeding the decision
making process.
BOARD
Noberto Pinheiro Noberto N. Pinheiro Jr Maurizio Mauro Gustavo Junqueira Mailson da Nóbrega
Chairman Vice Chairman Independent External Independent
Director Director Director
EXTERNAL AUDIT INTERNAL AUDIT COMPENSATION AUDIT
PWC Tikara Yoneya COMMITTEE COMMITTEE
CEO
Noberto N. Pinheiro Jr
HUMAN RESOURCES
Sidney Vilhena
COO CRO CAO CFO
Norberto Zaiet Gabriela Chiste Ulisses Alcantarilla Susana Waldeck
Origination Credit and F.I. Research Asset & Liabilities Back Controlling
Investment Banking Compliance & Internal Office Accounting
Sales & Trading Controls Legal Tax Planning
Research Macro / Credit, Market ,and Collaterals Management IT
Commodities Liquidity Risks Special Situations Accounts Payable
International Middle Office Office Management
Marketing
Investor Relations
Investor Relations | 4Q12| 26/32

27. 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 (BM&FBovespa) 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 | 4Q12| 27/32

28. Committees
…favoring collective decision making.
Main decisions are taken by committees
Non-stop exchange of knowledge, ideas, and information
Transparency
45 days BOARD OF DIRECTORS
RISK COMPENSATION AUDIT
COMMITTEE COMMITTEE COMMITTEE
45 days Bi-annually Monthly
CEO
COMMITTEES
ASSET & LIABILITY INTERNAL
INVESTMENT HUMAN PERFORMANCE
EXECUTIVE CREDIT COMMITTEE LITIGATION CONTROLS AND IT ETHICS
ALCO BANK RESOURCES EVALUATION
COMPLIANCE
Monthly Twice a week Weekly Weekly Twice a month Every 2 months Monthly Every 2 months Quarterly On demand
Investor Relations | 4Q12| 28/32

29. Dividends and Interest on Own Capital
PINE has delivered an attractive dividend yield paying dividends/interest on own capital on a quarterly
basis.
R$ millions
60
55
45
40 40
35 35
33
30
25 25
2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12
Investor Relations | 4Q12| 29/32

30. Appendix

31. Social Investment and Responsibility
PINE supports and promotes the Brazilian culture and sports
Culture
Social
Paulo von Poser: exhibit of the painter Paulo von
Instituto Alfabetização Solidária Poser, who is one of Brazil’s most prominent artists
Instituto Casa da Providência Quebrando o Tabu: documentary based on the
analysis from the former President of Brazil,
Sports Fernando Henrique Cardoso, on the fight against
Minas Tênis Clube: training program for athletes drugs
Além da Estrada: motion picture, which received
the award for best director in the 2010 Rio Festival
Most Green Bank
Recognized by the International Finance Corporation
(IFC), private agency programs of the World Bank as Responsible Credit
the most "green" bank as a result of its transactions “Lists of Exceptions”: the Bank does not finance
under the Global Trade Finance Program (GTFP) and projects or those organizations that damage the
its onlending to companies focused on renewable environment, are involved in illegal labor practices
energy and ethanol 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.
Global Compact
PINE joined the Global Compact initiative in October
2012. The UN initiative mobilizes the international
business community to adopt fundamental and Equator Principles
internationally accepted values in their business
practices in the areas of human rights, labor On December 11, 2012, PINE adopted the Equator
relations, environment and combating corruption, Principles, which are principles applied to Project
which are reflected in ten principles. 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).
Investor Relations | 4Q12| 31/32

32. Investor Relations
Noberto N. Pinheiro Junior
CEO
Susana Waldeck Norberto Zaiet Junior
CFO / IRO COO
Raquel Varela
Head of Investor Relations
Alejandra Hidalgo
Investor Relations Manager
Eduardo Pinotti
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.
.
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