Earnings Conference Call 2Q15 - Pine

1. 2Q15 Earnings Release Conference Call
August 13th, 2015

2. Agenda
2Q15 Events and Highlights 3
2Q15 Financial Highlights 4
Net Interest Margin 5
Expenses and Efficiency Ratio 6
Loan Portfolio 7Loan Portfolio 7
Continuous Loan Portfolio Management 8
Main Sectors – Energy | Real Estate | Sugar and Ethanol 9
(cont) Main Sectors – Agriculture | Engineering 10
Loan Portfolio Quality 11
FICC 12
Pine Investimentos 13
Funding 14
Asset & Liability Management 15
Capital Adequacy Ratio (BIS), Basel III 16
Guidance 2015 - Review 17
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3. 2Q15 Events and Highlights
1.Sound positive liquidity gap in the past years, with 385 days for loan portfolio versus 501 days for funding.
2.Liquid balance sheet, with a cash position of R$1.2 billion, equivalent to 47% of time deposits.
3.Active and constant liability management generates benefits both in cost and terms of funding.
4.Loan portfolio coverage ratio above 4% as a result of a preemptive increase in provisions in the last twelve months.
5.Further reduction of personnel and administrative expenses, as a result of the diligence and anticipation of an adverse market inp p , g p
2015.
6.16tth largest bank in derivative transactions and the 4th largest in commodity derivatives according to CETIP – OTC Clearing House.
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4. 2Q15 Financial Highlights
The main performance indicators were within expectations in the period.
Shareholders' Equity
-2.9%
Total Loan Portfolio1
-10.7%
Total Funding
-9.6%
R$ million
1,244 1,2089,657 8,6218,367 7,564 , ,
M 15 J 15M 15 J 15M 15 J 15 Mar-15 Jun-15Mar-15 Jun-15Mar-15 Jun-15
ROAE
NIM Evolution
-70 bps
Net Income
p
3.3% 3.3%
4.0%
3.3%
10 10
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1 Includes Stand by LCs, Bank Guarantees, Credit Securities to be Received and Securities (bonds, CRIs, eurobonds and fund shares)
1Q15 2Q151Q15 2Q151Q15 2Q15

5. Net Interest Margin
NIM Evolution Main Impacts
Lower transactions in FICC business;
-70 bps
No revenue generation in Treasury;
Smaller proportion of the loan portfolio over total assets;
Prudential adjustments (Resolution 4277); and
Marginal increase in spreads.
4.0%
3.3%
NIM Breakdown
1Q15 2Q15
R$ million
2Q15 1Q15 2Q14 1H15 1H14
Financial MarginFinancial Margin
Income from financial intermediation 80 54 96 134 205
Overhedge effect (10) 34 (3) 24 (6)
Income from financial intermediation ex overhedge 70 88 93 158 199
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6. Expenses and Efficiency Ratio
Rigorous cost control.
37.1% 39.1%
44.9%
4 0 . 0 %
6 0 . 0 %
4 0
4 5
5 0
38.7% 41.8%
4 0 . 0 %
6 0 . 0 %
1 2 0
1 4 0
Expenses
22 23 22
20
18
- 2 0 . 0 %
0 . 0 %
2 0 . 0 %
2 5
3 0
3 5
- 2 0 . 0 %
0 . 0 %
2 0 . 0 %
6 0
8 0
1 0 0
Personnel
Expenses
Other
administrative
18
17
- 8 0 . 0 %
- 6 0 . 0 %
- 4 0 . 0 %
5
1 0
1 5
2 0
46 4446
35
- 8 0 . 0 %
- 6 0 . 0 %
- 4 0 . 0 %
2 0
4 0
expenses
Recurring
Efficiency Ratio
(%)
- 1 0 0 . 0 %0
2Q14 1Q15 2Q15
- 1 0 0 . 0 %0
1H14 1H15
Efficiency Ratio
R$ million
2Q15 1Q15 2Q14 1H15 1H14
Operating expenses1
48 45 45 93 97
(-) Non-recurring expenses (4) (1) (1) (5) (5)
R i O i E (A) 44 43 43 87 92Recurring Operating Expenses (A) 44 43 43 87 92
Recurring Revenues2
(B) 98 110 116 208 238
Recurring Efficiency Ratio (A/B) 44.9% 39.1% 37.1% 41.8% 38.7%
1 Other administrative expenses +tax expenses +personnel expenses
2 Gross Income from financial intermediation - provision for loan losses +fee income +overhedge effect - hedge impact - prudential adjustment according to
Resolution 4277
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Resolution 4277.

7. Loan Portfolio
The portfolio amounted to R$8.6 billion...
R$ million
-14.1%
903 989 1,116 924 826
9,6579,537
9,930
10,090 10,032
9,800 9,826
-10.7%
3 073
2,909 2,905
2,941 2,896 2,969
3,191
1,059
965
903 1,116 924 826
909
585
Trade finance: 6.8%8,621
8,994 1
844
990
1,068 1,103
1,071 1,248 1,302
1,118
1 074
2,807
3,073
2,896 Bank Guarantees:
33.6%
4 284 4,509
5,050 5,093 4,904 4,731 4,730 4,440
1,074
BNDES Onlending :
12.5%
4,284 4,509 4,440
4,066
J 13 S 13 D 13 M 14 J 14 S 14 D 14 M 15 J 15
Working Capital: 47.2%
2
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Jun-13 Sept-13 Dec-13 Mar-14 Jun-14 Sept-14 Dec-14 Mar-15 Jun-15
1 Includes Stand by LC
2 Includes debentures, CRIs, Hedge Fund Shares, Eurobonds, Credit Portfolio acquired from financial institutions with recourse and Individuals

8. Continuous Loan Portfolio Management
...with improved sector diversification.
12.4%12%12%11%8%
EnergyEnergy
12%
Construction
Material
2% Food Industry
Other
7%
Sectors Rebalance
9 7%10%10%7%8%
12.2%13%12%14%
20%
12.3%12%13%12%
9%
12.4%12%%
Real Estate
Sugar and Ethanol
12%
Real Estate
12%Vehicles and Parts
3%
Retail
3%
Meatpacking
2%
y
1%
6.7%7%5%
5%5%
8.5%8%8%
7%8%
9.7%10%10%7%8%
Agriculture
Engineering
Transportation
Sugar and Ethanol
12%Telecom
4%
Specialized
Services
4%
Metallurgy
3%
38.2%38%40%44%42%
Jun‐15Mar‐15Jun‐14Jun‐13Mar‐12
and Logistics
Others
Agriculture
10%
Engineering
9%
Transportation
and Logistics
7%
Chemicals
5%
Foreign Trade
4%
4%
The composition of the portfolio of the 20 largest clients changed by over 20% in the past twelve months;
The share of wallet of the 20 largest clients remained below 30%, in line with market peers.
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9. Main Sectors
Energy| Real Estate | Agriculture
Mall
Energy (12.4%) Real Estate (12.3%)
Exposure by Product Exposure by Segment Exposure by Product Exposure by Segment
BNDES UTE
Warehouse
15%
7%
Commercial
6%
Guarantees
23%
Working
Capital
17%
BNDES
Onlending
9%
UTE
14%
Distributors
10%
Transmitting
9%
Equipment
S li
Residential
37%
Residential
Lots
35%
Working
Capital
77%Guarantees
74%
Wind Energy
57%
Supplier
6%
SHPs UHEs
3%
Sugar and Ethanol (12.2%)
Exposure by Product Exposure by State
BNDES
Onlending
11%
Trade
Finance
9%
PR
GO
2%
Exposure by Product Exposure by State
Working
Guarantees
26% SP
73%
MG
19%
7%
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g
Capital
55%

10. Main Sectors
Agriculture| Engineering
BNDES Trade
Agriculture (9.7%) Engineering (8.5%)
Exposure by Product Exposure by Product
Guarantees
12%
BNDES
Onlending
4%
BNDES
Onlending
17%
Trade
Finance
12%
Guarantees
1%
Working
Capital
Working
Capital
71%
p
84%
Exposure by SegmentExposure by State
MT
31%
Others
8%
Concession
35% Transportation
32%
SP
37%
PR
BA
11%
MS
3%
Oil and Gas
Energy
1%
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PR
10%
Industrial
24%
Oil and Gas
9%

11. Loan Portfolio Quality
93.4% of loan portfolio classified between AA-C ratings.
B
38.3%
June 30th, 2015
Loan Portfolio Quality – Res. 2,682 Non Performing Loans > 90 days (Total Contract)
1.1% 0.7%
0.1%
0.7%
0.3% 0.3%
1.1%
2.1% 1.8%
C
17.0%
Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15AA-A
38.1%
D-E
4.0%
F-H
2.6% Contracts Overdue: total amount of the contracts overdue for more than 90 days / Loan Portfolio
12 0%10 0% 162% 161% 172%250%
450%
650%
2.6%
Products
Contracts Overdue: total amount of the contracts overdue for more than 90 days / Loan Portfolio
excluding Bank Guarantees and Stand-by Letters of Credit.
Credit Coverage Collaterals
5.0%
6.4% 6.6%
4.1% 4.1%
6.0%
8.0%
10.0%
12.0%
4 0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0% 162% 161% 172%
50%
250% Products
Pledge
39%
Investments
3%
2.9%
4.1% 4.1%
0.0%
2.0%
4.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Dec-14 Mar-15 Jun-15 Receivables
20%
Properties
Pledge
39%1
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D-H Portfolio Coverage ofTotal Portfolio Coverage ofD-H Overdue Portfolio
20%39%
1D-H Portfolio: D-H Portfolio / Loan Portfolio Res. 2,682
2Coverage of Total Portfolio: Provisions / Loan Portfolio Res. 2,682
3Coverage D-H Overdue Portfolio: Provisions / D-H Overdue Portfolio
1 2 3

12. FICC
Proven trackrecord: 4th biggest bank in commodity derivatives1.
Notional Amount
MtM
June 30th, 2015 R$ million
Client Notional Derivatives by Market Notional Value and MtM
Fi d I
Currencies
83% 354
288
221
349 366
(47)
(103)
33
Stressed MtM
Commodities
10%
Fixed Income
7%
14,382 8,376 7,703 7,482 7,948
(532)
(365)
(103)
10%
Jun-14 Sept-14 Dec-14 Mar-15 Jun-15
Scenario on June 30th 2015:
Market Segments Portfolio Profile
Scenario on June 30th,2015:
Duration: 153 days
Mark-to-Market: R$366 million
Fixed Income: Fixed, Floating, Inflation, Libor
Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar,
Australian Dollar
Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
Stressed MtM : R$33 million
Commodities: Sugar, Soybean (Grain, Meal and Oil), Corn,
Cotton, Metals, Energy
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1Source: Cetip Report, June 2015

13. Pine Investimentos
R$30,000,000R$24,000,000R$20,000,000
Selected Transactions
Capital Markets: Structuring and Distribution of Fixed
Income Transactions
Project Finance
Lead Coordinator
Structuring CRP
Lead Coordinator
CRI
Lead Coordinator
Income Transactions.
Financial Advisory: Project & Structured Finance, M&A,
and hybrid capital transactions.
Debentures
R$50,000,000R$45,200,000
DebenturesBNDES Onlending
R$630,000,000
February, 2015March, 2015
Lead CoordinatorLead Coordinator
June, 2015
Lead Coordinatory p
Research: Macro and Commodities.
S t b 2014
Lead Coordinator
November 2014
Lead Coordinator
D b 2014
Coordinator
R$ million
Fee Generation
Export Prepayment
FinanceLong Term Loan
US$58,000,000US$25,000,000
September, 2014November, 2014December, 2014
Project Finance
R$391,459,000
3
2
6 6
August, 2014
Structuring Agent
August, 2014
Financial Advisor
July, 2014
Financial Advisor
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1Q15 2Q15 1H14 1H15

14. Funding
Diversified sources of funding...
R$ million
58% 48% 48%44% 41%39% 41% 35% 47% Cash over Deposits
8 797 8 638
Trade Finance: 8%
-11.6%
8.0%
459
434
323
113
364
346
388
687
429
500
478
473
531 430
773
973
871
834
1,064
819 839
929
605
8,367
7,564
7,111
7,894
8,383
8,797
8,559 8,638 8,500
Private Placements: 9.7%
Multilateral Lines: 10.8%
International Capital Markets:
1 141
1,174 1,086286
649
632
582 594 709
635
509
689
762
792
833
508 892
747
796
787
435
437
459
427
323
347
338
272
80
69
346
837
819
181
429 735997
International Capital Markets:
3.6%
Financial Letter : 10.4%
Local Capital Markets: 6.3%
Onlending: 14 4%
1,013
1,048
1,112 1,022
761
731
254 372
475
659
908
920
1,122
110 93
90
76 80
98
69
157
197
19 20
23
27 41
30
27
24 18
862 1,099
1,141
,
1,292
1,333
1,161
1,091
509
476
Onlending: 14.4%
Demand Deposits: 0.2%
Interbank Time Deposits: 2.6%
Hi h N W h I di id l Ti
2,185 1,944 2,175 2,314 2,271
1,905 1,720
1,209 951
731
545
361
291
1,273
1,322
High Net Worth Individual Time
Deposits: 17.5%
Corporate Time Deposits: 3.8%
Institutional Time Deposits:
12.6%
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Jun-13 Sept-13 Dec-13 Mar-14 Jun-14 Sept-14 Dec-14 Mar-15 Jun-15

15. Asset & Liability Management
... keeping a positive gap between credit and funding.
7 9x 7 7 7 8x 7 8
9 . 0
1 0 . 0
Expanded loan Porfolio
Loan Portfolio excluding
Bank Guarantees 83%
80% 80%
77% 76%
Leverage Credit over Funding Ratio
7.9x 7.7x 7.8x 7.8x
7.1x
5.6x 5.4x 5.4x 5.2x
4.7x
4 . 0
5 . 0
6 . 0
7 . 0
8 . 0
77% 76%
‐
1 . 0
2 . 0
3 . 0
Jun-14 Sept-14 Dec-14 Mar-15 Jun-15 Jun-14 Sept-14 Dec-14 Mar-15 Jun-15Jun 14 Sept 14 Dec 14 Mar 15 Jun 15
TotalDeposits Others
Leverage: Expanded Loan Portfolio / Shareholders’ Equity
Expanded Loan Portfolio excluding Bank Guarantees and Stand-by Letters of Credit /
Shareholders’ Equity
Credit over Funding ratio: Loan Portfolio excluding Bank Guarantees and Stand-by Letters of
Credit / Total Funding
ALM – Average Maturity Total Deposits over Total Funding
R$ milliondays
53% 57% 59%
TotalDeposits Others
8,638 8,367 7,5648,559 8,500
GAP: +116 days
488 472
498 514 501
47% 43% 41%
57% 59% 64% 63%
y
410 398
371
362
385
Funding
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47% 43% 41% 36% 37%
Jun-14 Sept-14 Dec-14 Mar-15 Jun-15
Jun-14 Sept-14 Dec-14 Mar-15 Jun-15
Credit

16. Capital Adequacy Ratio (BIS), Basel III
BIS ratio reached 13.1%
Tier II Tier I
2.3%
2.2%
13 0% 13 1%
17.0%
15.9%
14.1% 13.7% 13.7% 13.8% 13.9%
Minimum Regulatory
Capital (11%)
14 7%
13 7%
2.1% 1.5% 1.5% 1.4% 1.4%
0.8% 0.8%
13.0% 13.1%
14.7%
13.7%
12.0% 12.2% 12.2% 12.4% 12.4% 12.2% 12.3%
Jun-13 Sept-13 Dec-13 Mar-14 Jun-14 Sept-14 Dec-14 Mar-15 Jun-15
R$ Milion BIS Ratio (%)
Tier I 1,174 12.3%
Tier II 75 0.8%
Total 1,248 13.1%
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17. Guidance 2015 - Review
Market1 GDP(E) 2015: -1.8%
Published Amended
Expanded Loan Portfolio -5% to +5% -15% to -5%
NIM 4% to 5% 3.5% to 4.5%
Personal and Administrative Expenses -10% to -5% -15% to -10%
ROAE 7% to 10% 5% to 8%
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1Source: Report Focus, July 7, 2015

18. Investor Relations
Noberto N. Pinheiro Junior
CEO/IRO
João Brito
CFO
Raquel Varela Bastos
Head of Investor Relations, Marketing & PressHead of Investor Relations, Marketing & Press
Luiz Maximo
Investor Relations Specialist
Ana Lopes
Investor Relations AnalystInvestor Relations Analyst
Gabriel Netto
Investor Relations Analyst
Phone: (55 11) 3372-5343
ri.pine.com
ri@pine.com
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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.