Institutional presentation 1_q16

1Q16 Institutional
Presentation

2/33Investor Relations | 1Q16 |
 Profile and History
 Pine
 History
 Business Strategy
 Competitive Landscape
 Focus Always on the Client
 Corporate Credit
 FICC
 Pine Investimentos
 Highlights and Results
 Corporate Governance
 Corporate Governance
 Social Investment and Responsibility
Summary

Pine
Specialized in providing financial solutions for corporate clients…
Credit Portfolio by Annual Client Revenues
Profile
 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
December 31st, 2015
Over R$2
billion
35%
R$500 million
to R$2 billion
34%
Up to R$500
million
31%

155 184 222 341 521 620 755 663 761
1,214
2,854 3,108
4,195
5,763
6,963
7,911
9,920 9,826
6,933
6,608
18
62
121 126 140 136 152 171
209
335
801
827 825
867
1,015
1,220
1,272 1,256
1,163 1,174
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
Dec-14
Dec-15
Mar-16
Corporate Credit Portfolio (R$ Million)
Shareholders' Equity (R$ Million)
...with extensive knowledge of Brazil’s corporate credit cycle.
History
1997
Noberto and Nelson
Pinheiro sell their
stake in BMC and
found Pine
1939
Pinheiro Family
founds
Banco Central do
Nordeste
1975
Noberto Pinheiro
becomes one of
BMC’s controlling
shareholders
Devaluati-
on of the
real
Nasdaq Sept. 11 Brazilian
Elections
(Lula)
SubprimeRussian
Crisis
European
Community
End of 2007
Focus on expanding the Corporate Banking franchise
Discontinuation of the payroll-deductible loan business
May, 2007
Creation of Pine Investimentos products line and
opening of the Cayman branch
2005
Noberto Pinheiro becomes Pine’s sole
shareholder
October, 2007
Beginning of the FICC Business
October, 2011
Subscription of Pine’s capital by DEG
August, 2012
Subscription of Pine’s capital by DEG, Proparco, Controlling Shareholder and Management
November, 2012
Opening of the broker dealer in New York, Pine Securities USA LLC
March, 2007
IPO
May, 2015
18 years

Competitive Landscape
Pine serves a niche market of companies with few options for banks.
100% focused on providing complete service
to companies, offering customized products
Corporate & SME
SME & Retail
Retail
100% Corporate
Large Multi-Services banks
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
Bank products – with room for growth
 ~15 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

Focus Always on the Client
Products tailored to meet the needs of each individual client.
In addition to the
headquarters located in the
city of São Paulo, Pine has 6
branches throughout Brazil, in
the States of Mato
Grosso, Paraná,
Pernambuco, Rio de Janeiro,
Rio Grande do Sul, and
São Paulo. The origination
network also counts with a
Cayman Branch.

Corporate Credit
Actions Credit Committee
Strong track record and solid credit origination and approval process.
Credit Approval: Electronic Process
Origination Officers
Credit origination Credit analysis, visit to clients, data
updates, interaction with internal
research team
Credit Analysts
Regional Heads of
Origination and Credit
Analysis
Presentation to the Credit Committee
CRO, Executive
Directors and Analysts
of Credit
Centralized and unanimous
decision making process
CREDIT COMMITTEE
 Meets once 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 Risk Officer
 Chief Financial Officer
 Chief Administrative Officer
 Credit Director
 Corporate Banking Director
 Investment Banking Director
Participants:
 FICC Executive Director
 Credit Analysts Team
 Other members of the Corporate Banking origination
team
 Personalized and agile service, working closely with clients and
keeping a low client to account officer ratio: each officer
handles ~15 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 500
economic groups
 Pine has approximentely 20 professionals in the credit analysis
area, 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
Discussion on sizing, collateral,
structure etc.

Commodities
12%
Fixed Income
9%
Currencies
79%
7,482 7,948 3,270 4,941 4,845
349 366
560
479
398
(103 )
33
894
160
(171 )
Mar-15 Jun-15 Sept-15 Dec-15 Mar-16
Notional Amount
MtM
Stressed MtM
March 31st, 2016
 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
R$ million
FICC
Solid trackrecord.
Client Notional Derivatives by Market
Market Segments
Notional Value and MtM
Portfolio Profile
 Scenario on March 31st, 2016:
 Duration: 176 days
 Mark-to-Market: R$398 million
 Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
 Stressed MtM : R$-171 million

R$25,000,000
October, 2015
Promissory note
Lead Coordinator
July, 2015
Project Finance
R$104,000,000
Coordinator
September, 2015
Infratructure
Debentures
Lead Coordinator
R$10,300,000
R$ million
Pine Investimentos
Fee Generation
Selected Transactions
 Capital Markets: Structuring and Distribution of Fixed
Income Transactions.
 Financial Advisory: Project & Structured Finance, M&A,
and hybrid capital transactions.
 Research: Macro and Commodities.
December, 2015
CRI
R$21,300,000
Lead Coordinator
December, 2015
Bridge Loan
R$18,000,000
Coordinator
Lead Coordinator
October, 2015
Project Finance
R$7,500,000
July, 2015
Project Finance
R$78,000,000
Coordinator
September, 2015
Debentures
Coordinator
R$500,000,000
R$20,000,000
June, 2015
CRI
Lead Coordinator
1 1
4Q15 1Q16
6th biggest bank in fixed income market, and the 2nd player in short-term transactions.

Highlights
 The Bank’s leverage reached its turning point and the loan portfolio tends to maintain its current levels and, depending on a
favorable political and economic environment, could potentially expand.
 Liquid balance sheet with a cash position of R$1.5 billion, equivalent to 53% of time deposits.
 Excess capital, with a BIS ratio of 15.1%, being 14.7% in Tier I Capital.
 Loan portfolio coverage ratio at around 5% as a result of a significant increase in provisions in the periods.
 Retraction of 14.9% in personnel and administrative expenses, even in an inflationary scenario.
 Continuous liability management with a diversified portfolio and adequate terms.

4.0%
3.2%
2.0%
1Q15 4Q15 1Q16
NIM
-120 bps.
-200 bps.
3.3% 3.6%
2.9%
1Q15 4Q15 1Q16
ROAE
-40 bps.
-70 bps.
10 10 8
1Q15 4Q15 1Q16
Net Income
-17.5%
-20.9%
1,244 1,163 1,174
Mar-15 Dec-15 Mar-16
Shareholders' Equity
+1.0%
-5.6%
8,367
6,859
6,270
Total Funding
-8.6%
-25.1%
7,409 6,859
Sept-15 Dec-15
Total Funding
-7.4%
7,691 6,933
Sept-15 Dec-15
Total Loan Portfolio
1
-9.9%
1,181 1,163
Sept-15 Dec-15
Shareholders' Equity
-1.5%
3.5% 3.6%
3Q15 4Q15
ROAE
0.1 p.p
2.9% 3.2%
3Q15 4Q15
NIM Evolution
0.33 p.p.
10 10
3Q15 4Q15
Net Income
Financial Highlights
1 Includes Stand by LCs, Bank Guarantees, Credit Securities to be Received and Securities (bonds, CRIs, eurobonds and fund shares)
R$ million
9,657 6,933 6,608
Total Loan Portfolio
1
-4.7%
-31.6%

Credit
52.4%
Bank Guarantees
21.3%
FICC
23.1%
Pine
Investimentos
3.2%
Treasury
0%
1Q16
Credit
72.4%
Bank Guarantees
13.9%
FICC
10.3%
Pine
Investimentos
3.4%
Treasury
0%
1Q15
Revenue Mix
Product and Revenue Diversification
Business Lines

4.0%
3.2%
2.0%
1Q15 4Q15 1Q16
NIM
-120 bps.
-200 bps.
Net Interest Margin
NIM Main Impacts
NIM Breakdown
R$ million
1Q16 4Q15 1Q15
Financial Margin
Income from financial intermediation 71 73 54
Overhedge effect (38) (15) 34
 QoQ: Lower revenue contribution from treasury.
 YoY: Lower revenues with credit recoveries.

23 23
20
18 19
16
39.1%
60.0%
81.6%
-200%
-150%
-100%
-50%
00%
50%
100%
0
5
10
15
20
25
30
35
40
1Q15 4Q15 1Q16
Personnel Expenses
Other administrative
expenses
Recurring Efficiency
Ratio (%)
Expenses and Efficiency Ratio
Personnel and Administrative Expenses
Expenses and Efficiency Ratio
Rigorous cost control.
R$ million
1Q16 4Q15 1Q15 QoQ YoY
Personnel expenses 20 23 23 -13.7% -10.5%
Other administrative expenses 16 19 18 -16.6% -12.9%
Subtotal 36 42 41 -14.9% -11.6%
Non-recurring expenses (2) (4) (1) -42.3% 51.8%
Total 34 38 39 -12.1% -14.0%
Employees1
344 361 413 -4.7% -16.7%
1
Including outsourced ones

1 Includes Stand by LC
2 Includes debentures, CRIs, Hedge Fund Shares, Eurobonds, Credit Portfolio acquired from financial institutions with recourse and Individuals
R$ million
Loan Portfolio
The portfolio amounted to R$6.6 billion...
1
-31.6%
-4.7%
48.0%
2
4,440
4,066
3,650
3,282 3,172
1,118
1,074
924
794 747
3,191
2,896
2,492
2,373
2,250
909
585
626
485
438
Trade finance: 6.6%
Bank Guarantees: 34.1%
BNDES Onlending : 11.3%
Working Capital:
8,621
7,691
6,933
9,657
6,608

36%36%38%40%43%42%
7%6%
7%5%
5%5%
10%10%
10%10%8%8%
10%10%8%8%7%8%
12%12%12%13%11%9%
12%13%12%12%
12%
8%
13%13%13%12%15%
20%
Mar-16Dec-15Mar-15Mar-14Mar-13Mar-12
Sugar and
Ethanol
Energy
Real Estate
Engineering
Agriculture
Transportation
and Logistics
Others
Sugar and Ethanol
13%
Energy
12%
Real Estate
12%
Engineering
10%
Agriculture
10%
Transportation
and Logistics
7%
Telecom
4%
Foreign Trade
4%
Metallurgy
3%
Chemicals
3%
Retail
3%
Specialized
Services
3%
Vehicles and Parts
2%
Construction
Material
2%
Meatpacking
2%
Food Industry
1%
Other
9%
Continuous Loan Portfolio Management
Sectors Rebalance
...with improved sector diversification.
 The composition of the portfolio of the 20 largest clients changed by over 25% in the past twelve months;
 The share of wallet of the 20 largest clients remained at around 30%, in line with market peers.

Guarantees
60%
Working
Capital
29%
BNDES
Onlending
11%
Working
Capital
79%
Guarantees
21%
Residential
Lots
44%
Residential
30%
Warehouse
12%
Mall
10%
Commercial
4%
Wind
Power
72%
Transmitting
9%
Distributors
8%
Equip.
Supplier
7%
SHPs UHEs
4%
SP
66%
MG
23%
PR
8%
GO
3%
Working
Capital
59%
Guarantees
26%
BNDES
Onlending
11%
Trade
Finance
4%
Main Sectors
Sugar and Ethanol | Energy| Real Estate
Sugar and Ethanol (13%) Energy (12%)
Real Estate (12%)
Exposure by Product Exposure by State Exposure by Product Exposure by Segment
Exposure by Product Exposure by Segment

MT
33%
SP
32%
BA
11%
PR
9%
MS
6%
Others
9%
Working
Capital
76%
BNDES
Onlending
16%
Trade
Finance
7%
Guarantees
1%
Concession
34%
Transporta
-tion
32%
Industrial
27%
Oil and Gas
4%
Energy
3%
Working
Capital
83%
Guarantees
14%
BNDES
Onlending
3%
Main Sectors
Engineering | Agriculture
Engineering (10%) Agriculture (10%)
Exposure by Product Exposure by Product
Exposure by StateExposure by Segment

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
AA-A
31.6%
B
29.1%
C
28.8%
D-E
5.9%
F-H
4.6%
6.4%
9.3%
10.5%
4.1%
5.1% 4.9%
00%
02%
04%
06%
08%
10%
12%
-01%
01%
03%
05%
07%
09%
11%
Mar-15 Dez-15 Mar-16
D-H Portfolio Coverage of Total Portfolio Coverage of D-H Overdue Portfolio
161%
80%
546%
50.0%
550.0%
1050.0%
Products
Pledge
40%
Receivables
15%
Properties
Pledge
42%
Investments
3%
March 31st, 2016
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
~90% of the loan portfolio is classified between AA-C ratings.
Loan Portfolio Quality – Res. 2,682
Credit Coverage
Non Performing Loans > 90 days (Total Contract)
Collaterals
1 2 3
0.7% 0.3% 0.3%
1.1%
2.1% 1.8%
1.2%
1.7%
0.7%
Mar-14 Jun-14 Sept-14 Dec-14 Mar-15 Jun-15 Sept-15 Dec-15 Mar-16

1,209 951 853 841 787
361
291 343 324 348
1,273
1,322 1,321 1,570 1,662
157
197 359
336 218
24
18 33
18 17
1,161
1,091 952 806 759
509
476
207 295 284
796
787
764 751 761
338
272
318 279 244
837
819
1,022 1,029
777
773
735
545
113
61
929
605
692
497
352
8,367
7,564
7,409
6,859
6,270
Mar-15 Jun-15 Sept Dec-15 Mar-16
Trade Finance: 5.6%
Private Placements: 1%
Multilateral Lines: 12.4%
International Capital Markets:
3.9%
Financial Letter : 12.1%
Local Capital Markets: 4.5%
Onlending: 12.1%
Demand Deposits: 0.3%
Interbank Time Deposits: 3.5%
High Net Worth Individual Time
Deposits: 26.5%
Corporate Time Deposits: 5.5%
Institutional Time Deposits:
12.6%
R$ million
Funding
Diversified sources of funding...
48% 47% 41% 53% 53% Cash over Deposits
1.0%

1.2
0.4
5.0
0.0
1.3
0.6
Assets
0.2
0.1
4.0
2.9
0.6
0.7
Liabilities
8.5 8.5
Coverage
of 126%
Cash and cash equivalents
Assets financed through REPOs
Other assets
Credit Portfolio
Trading portfolio assets
Illiquid assets
Secured funding
Other liabilities
Unsecured funding
Demand deposits
Equity
REPO Financing
77% 76%
70%
66%
69%
36% 37% 39% 45% 48%
64% 63% 61% 55% 52%
Total Deposits Others
7.8x
7.1x
6.5x
6.0x
5.6x
5.2x
4.7x
4.4x
3.9x 3.7x
-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
Expanded loan Porfolio
Loan Portfolio excluding
Bank Guarantees
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
Asset & Liability Management
... matching assets’ and liabilities’ duration.
Leverage Credit over Funding Ratio
Total Deposits over Total Funding
R$ millionR$ billion
6,8598,367 7,564 7,409 6,270
Asset and Liability Management (ALM)

12.2% 12.3% 12.2%
14.1% 14.7%
0.8% 0.8% 0.9%
0.9% 0.4%
13.0% 13.1% 13.1%
15.0% 15.1%
Tier II Tier I
Minimum Regulatory
Capital (11%)
Capital Adequacy Ratio (BIS), Basel III
BIS ratio surpassed 15%.

Rating
Foreignand
LocalCurrency
Long Term BB- BB B1 -
National
Long Term A- A+ Baa1 9,92

R$ million
Assets 8.507 8.860 10.680
Cash 87 93 234
Interbank investments 632 505 205
Securities 2.866 3.159 3.489
Interbank accounts 1 1 1
Lending operations 3.967 4.121 5.981
(-) Provisions for loan losses (196) (210) (246)
Net lending operations 3.771 3.910 5.735
Other receivables 961 1.073 1.001
Property and equipments 190 120 15
Investments 178 108 -
Property and equipment in use 11 11 14
Intangible 1 1 1
Liabilities 7.333 7.697 9.436
Deposits 1.913 1.970 1.716
Money market funding 635 500 392
Funds from acceptance and securities issued 2.054 2.070 2.275
Interbank and Interbranch accounts 0 8 1
Borrowings and onlendings 1.805 2.283 3.558
Derivative financial instruments 336 281 420
Other liabilities 515 507 994
Deferred Results 75 78 80
Shareholders' equity 1.174 1.163 1.244
Liabilities and shareholders' equity 8.507 8.860 10.680
Balance Sheet

Managerial Income Statement
(overhedge effect and provisions reclassified)
R$ million
1Q16 4Q15 3Q15 2Q15 1Q15
Income from financial intermediation 94 215 758 180 633
Lending transactions 122 146 178 176 201
Securities transactions 77 93 81 83 68
Derivative financial instruments (72) (18) 488 (64) 285
Foreign exchange transactions (33) (7) 11 (14) 79
Expenses with financial intermediation (87) (183) (758) (153) (600)
Funding transactions (111) (163) (322) (134) (257)
Borrowings and onlendings 50 6 (380) 24 (288)
Provision for loan losses (26) (26) (56) (42) (55)
Gross income from financial intermediation 6 32 (0) 27 33
Other operating (expenses) income (24) (37) (53) (34) (34)
Fee income 16 18 26 25 21
Personnel expenses (20) (23) (22) (22) (23)
Other administrative expenses (16) (19) (20) (17) (18)
Tax expenses (7) (6) (2) (10) (4)
Other operating income 10 2 2 1 11
Other operating expenses (8) (7) (36) (12) (22)
Operating income (17) (5) (53) (7) (1)
Non-operating income 9 3 (1) 1 4
Income before taxes and profit sharing (9) (2) (53) (6) 3
Income tax and social contribution 22 22 73 17 20
Profit sharing (5) (9) (10) (2) (13)
Net income 8 10 10 10 10

Income Statement
R$ million
1Q16 4Q15 1Q15
Lending transactions 122 146 201
Securities transactions 77 93 68
Derivative financial instruments (33) (3) 250
Foreign exchange transactions (33) (7) 79
Expenses with financial intermediation (87) (183) (600)
Funding transactions (111) (163) (257)
Borrowings and onlendings 50 6 (288)
Provision for loan losses (26) (26) (55)
Gross income from financial intermediation 45 46 (1)
Other operating (expenses) income (24) (37) (34)
Fee income 16 18 21
Personnel expenses (20) (23) (23)
Other administrative expenses (16) (19) (18)
Tax expenses (7) (6) (4)
Other operating income 10 2 11
Other operating expenses (8) (7) (22)
Operating income 21 10 (36)
Non-operating income 9 3 4
Income before taxes and profit sharing 30 12 (32)
Income tax and social contribution (16) 7 54
Profit sharing (5) (9) (13)
Net income 8 10 10

Corporate Governance
Pine is committed 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
 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
 Harumi Susana Ueta Waldeck: Former CFO of Pine, with over 17 years of experience at the company. She brings
the day-to-day experience to the Board.
 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

Social Investment and Responsibility
Focus on the short, medium and long term.
Social Investment Recognition
Partnerships
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.
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
Protocolo Verde – “Green Protocol”, an agreement
between FEBRABAN and the Ministry of the Environment
to support development that does not compromise future
generations.
Exhibition and sponsorship of Brazilian artists, for instance Paulo von Poser and
Miguel Rio Branco, 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.
Sustainability Annual Report
Seventh consecutive year disclosing the
Sustainability Report in the GRI
standard. The 2015 report, with its high
level of clarity, transparency and quality
was recognized with the fourth place in
the Abrasca Annual Report Award,
considering its category of companies
with net income to R$3 billion.

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
Norberto Zaiet Junior
CEO
João Brito
CFO
Raquel Varela Bastos
Head of Investor Relations, Funding & Distribution, Marketing & Press
Luiz Maximo
Investor Relations Coordinator
Gabriel Netto
Investor Relations Analyst
Phone: (55 11) 3372-5343
ir.pine.com
ir@pine.com

Institutional presentation 1_q16

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Institutional presentation 1_q16