Institutional presentation 4Q16

4Q16 Institutional
Presentation

2/37Investor Relations | 4Q16 |
 Profile and History
 Pine
 History
 Business Strategy
 Competitive Landscape
 Focus Always on the Client
 Corporate Credit
 FICC
 Pine Investimentos
 Strategic Partnership
 Corporate Governance
 Organizational Structure
 Corporate Governance
 Social Investment and Responsibility
 Economic Overview
 Macroeconomic
 Credit Growth
 Expectations
 Highlights and Results
Summary

Profile and History

Pine
Specialized in providing financial solutions for corporate clients…
Credit Portfolio by Annual Client Revenues Customer Profile
Bank Profile
 Focused on establishing long-term relationships
 Fast response | Specialized services
 Customized products | Product diversity
 R$ 6,445 million in Loan Portfolio
 R$ 1,148 million in Shareholders’ Equity
 Long-term National Rating at A by Fitch
 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
Large Corporate (> R$ 2.000 millions)
Corporate (R$ 500 - R$ 2.000 millions)
Companies (R$ 50 - R$ 500 millions)
Retail (PFs e small companies)
 Balance sheets audited by third parties, corporate governance,
well defined hedging policies, and the lower risk profileOver R$2
billion
38%
R$500 million
to R$2 billion
25%
Up to R$500
million
36%

...with extensive knowledge of Brazil’s corporate credit cycle.
History
1997
Noberto Pinheiro sell
his 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)
Subprime
Russian
Crisis European
Community
2007
Discontinuation of the payroll-deductible loan
business, with changes in the corporate business
strategy. Hence, there was a creation of Pine
Investimentos, besides the opening of the Cayman
branch
October, 2011
Subscription of Pine’s capital by DEG
August, 2012
Subscription of Pine’s capital by DEG, Proparco, Controlling Shareholder and Management
2015
Portfolio deleveraging strategy due to an political and economic scenario
March, 2007
IPO
May, 2016
19 years
2005
Noberto Pinheiro
became Pine’s
controller
2H2016
The turning point of the Bank’s portfolio
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
6,445
18
62
121 126 140 136 152 171
209
335
801
827 825
867
1,015
1,220
1,272 1,256
1,163 1,148
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
Dec-16
Corporate Credit Portfolio (R$ Million)
Shareholders' Equity (R$ Million)

Business Strategy

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
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
once a week ensures rapid return to customer
needs
 Specialized services
 Tailor-made solutions
 Product diversity
Foreign and
Investment Banks
SME & Retail
Corporate e SME
Retail

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, especially for
Trade Finance transactions.

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
Directors and
Analysts of Credit
Centralized and
unanimous decision
making process
CREDIT
COMMITTEE
 Meets once a week – reviewing on ~ 20 proposals
 Minimum quorum: 4 members - attendance of CEO or
Chairman is mandatory
Committee Members:
 CEO
 Chief Financial Officer
 Chief Administrative Officer
 Credit Director
 Corporate and Investment Banking Director
Superior Committee Members:
 Two members of the Board
Participants:
 FICC 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 approximately 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.
Superior
Committee
Approval
Tickets over R$ 15 MM

September 30rd, 2016
 Currencies (74%): Dollar, Euro, Yen, Pound, Canadian
Dollar, Australian Dollar
 Commodities (17%): Sugar, Soybean ( Grain, Meal and Oil),
Corn, Cotton, Metals, Energy
 Fixed income (9%): Fixed, Floating, Inflation, Libor
FICC
Solid trackrecord.
Market Segments Competitive Advantages
 One Stop Shop: credit and risk mitigation
 Every transaction demands prior credit approval
 Collaterals surpass approved derivative’s limits
 Agility| Client Focused| Diversification
 Average of 30 days to close a derivative transaction
(domestic large banks average - 90 days)
Sample Transaction
Trader prices the
transaction, including spread
Treasury hedges the
transaction
Transaction closed
Treasury informs the spot
price
Global Derivatives
Agreement
(ISDA Master Agreement)
• Limits
• Types of Derivatives
• Collaterals
• Market Risk: 100% Hedged
• Limits
PINE
Credit Analysis
Process
FICC
• Credit Analysis
• Collaterals
• Cross-selling opportunity
• Credit Committee Approval
Client
1st
2nd
Margin Calls ManagementDerivatives

Pine Investimentos
9th place in volume of short-term fixed income transactions, being the 7th player in the number of CRI’s operations
Operating Model
Selected Transactions
Pine Investimentos
Financial AdvisoryCapital Markets
Project
Finance
 Fixed Income (CRIs, CRAs)
 Infrastructure Debentures
 Equities
 Securitization
 Hybrid capital
transactions
 Project & Structured
Finance
Investidores
 Family Offices
 Individuals
 Companies
 Asset Managers
 Financial Institutions
 Pension Funds
 Foreign Investors
 Hedge Funds
September, 2016
Structure Credit
Facility
R$ 10,000,000
Lead Coordinator
September, 2016
Mortage Backed
Securities
R$ 10,000,000
Lead Coordinator
September, 2016
Bond
R$ 469,000,000
October, 2016
NCE
R$ 30,000,000
Coordinator
October, 2016
Mortage Backed
Securities
R$ 50,000,000
Lead Coordinator
November, 2016
Promissory Note
R$ 20,000,000
November, 2016
CRI
R$ 47,400,000
Lead Coordinator
December, 2016
Mortage Backed
Securities
R$ 8,500,000
Lead Coordinator
December, 2016
CRI
R$ 50,000,000
Lead Coordinator

Strategic Partnerships
About DEG
About PROPARCO
Group Structure
Group Structure
DEG and PROPARCO
 Founded in 1962 in Germany, DEG is one of the largest
institutions in Europe that contribute to growth and
development of private companies in emerging market
 It belongs to the KFW Bankengruppe, Germany's largest public
development bank
 Promotes development of private enterprises in emerging
markets through long-term financing
Consolidated Assets
EUR 7.6 billion
May, 2015
 Founded in 1977 in Paris, started it´s activities in Brazil in
2006
 Proparco is the subsidiary of Agence Francaise de
Dévelopement ( AFD)
 Focused on emergence of a strong and innovative private
sector with aim of supporting growth and sustainability in
Emerging Market
Consolidated Assets
EUR 3.72 billion
May, 2015
57%
French
Financial
Institutions
International
Financial
Organisations
French
Companies
Investment
funds &
Foundations
26% 13% 3% 1%

Corporate Governance

Organizational Structure
Non-bureaucratic Culture, entrepreneurial and meritocratic with a flat hierarchy
CEO
Norberto Zaiet Jr.
INTERNAL AUDIT
COMPENSATION
COMMITTEE
AUDIT COMMITTEE
EXTERNAL AUDIT
PWC
Noberto N. Pinheiro Jr. Rodrigo Pinheiro Igor Pinheiro Noberto Pinheiro Norberto Zaiet Gustavo Junqueira
Mailson de
Nóbrega
Susana Waldeck
President Vice-President Vice-President Member Member
Independent
Member
Independent
Member
External
Member
BOARD OF DIRECTORS
RISKS COMMITTEE
Corporate & IB
Mauro Sanchez
Finances
Welinton Gesteira
Operations
Ulisses Alcantarilla
Business
João Brito
Structuring- DCM
Investment Banking
Corporate Banking
Assets and Liabilities
Back-office
Legal
Compliance, Internal
Control and Security of
Information
Collaterals Management
Management Special
Assets
Middle Office
Exchange
Services
Sales & Trading
International
Research Macro /
Commodities/ Companies
Funding & Distribution
Marketing
Investor Relations
Structured Products
ALM e FLOW
Accounting and Tax
Planning
Market and Liquidity
Risks
Strategic Planning and
P&L
Commercial Planning and
Valuation
Credit
Marcelo Camargo
Credit
Register
RH
Camilla Suave
IT

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.

Economic Overview

17.617.5
19.2
23.5
16.4
19.1
15.3
12.0
12.5 10.19.9
11.8
8.6 8.3 11.0
13.5
14.1
10.9
9.5 9.8
10.0
5
10
15
20
25
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Forecast
Selic (interest rate, average) Média móvel 4 anos
Macroeconomic
Real GDP
SELIC
IPCA (CPI)
Gross Government Debt
Due to the challenging economic scenario...
Moving Avarage 4 years
4.4
1.4
3.1
1.1
5.8
3.2
4.0
6.1
5.1
-0.1
7.5
3.9
1.9
3.0
0.1
-3.8-3.5
0.5
3.0
1.5
1.5
-6
-4
-2
0
2
4
6
8
10
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Forecast
Real GDP growth rate (%) Média móvel 4 anosMoving Avarage 4 years
6.0
7.7
12.5
9.3
7.6
5.7
3.1
4.5
5.9
4.3
5.9
6.5
5.8 5.9
6.4
10.7
6.3
4.5 4.5 4.5 4.5
3
5
7
9
11
13
15
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Forecast
IPCA (CPI)
67
76
72
68 67
55
57 56
59
52
51
54
52
57
67
70
77
79
82
85
50
60
70
80
90
2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
Forecast
Gross government debt (% GDP)

0
10
20
30
40
50
60
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Total credit/GDP (%)
Credit Growth
Corporate and Households
Credit/GDP
Public Banks, National and Internacional Privates Banks
Interest and Spread
... the credit environment is directly affected...
49.3
-20
-10
0
10
20
30
40
50
2008 2009 2010 2011 2012 2013 2014 2015 2016
Credit growth (% YoY, nominal)
Corporate Households
-9.5
3.2
-20
-10
0
10
20
30
40
50
2008 2009 2010 2011 2012 2013 2014 2015 2016
Credit growth (% YoY, nominal)
Public banks National private banks International private banks
-3.7
3.2
-16.1
0
5
10
15
20
25
30
35
2011 2012 2013 2014 2015 2016
Interest and Spread - Corporate (% YoY)
Investment Funding Spread
28.2
11.3
16.9

Expectations
...however, we expect that this scenario has a slight improvement in 2017.
Source: Pine Bank, December 2016
Brazil: Key Economic Indicators - PINE
INDICATORS 2011 2012 2013 2014 2015 2016E 2017E 2018E
Real GDP growth rate (%) 3.9% 1.9% 3.0% 0.1% -3.9% -3.5% 0.5% 3.1%
BRLUSD (eop) 1.83 2.08 2.35 2.65 3.87 3.35 3.40 3.60
BRLUSD (average) 1.67 1.95 2.16 2.35 3.33 3.49 3.30 3.50
IPCA (CPI) 6.5% 5.8% 5.9% 6.4% 10.7% 6.3% 4.5% 4.5%
IGP-M (PPI) 5.1% 7.8% 5.5% 3.5% 10.5% 7.2% 3.7% 5.0%
Selic (interest rate, eop) 11.00% 7.25% 10.00% 11.75% 14.25% 13.75% 9.50% 9.50%
Selic (interest, average) 11.71% 8.46% 8.44% 11.02% 13.58% 14.15% 10.92% 9.50%
Trade balance (USD bn) 29.8 19.4 2.6 -3.9 19.7 47.7 55.0 35.0
Current account (USD bn) -73.2 -78.4 -83.0 -103.6 -58.9 -23.5 -30.0 -45.0
Current account (% GDP) -2.8% -3.5% -3.8% -4.8% -3.3% -1.3% -1.5% -2.2%
FDI (US$bn) 101 87 69 97 75 78.9 80.0 90.0
Primary surplus (% GDP) 2.9% 2.2% 1.7% -0.6% -1.9% -2.5% -2.1% -1.5%
Gross government debt (% GDP) 51.3% 54.8% 53.3% 58.9% 66.4% 69.5% 76.5% 78.7%

Highlights and Results

Highlights
 Liquid balance sheet with a cash position of R$ 1.8 bi, equivalent to 50% of time deposits.
 Excess capital, with a BIS ratio of 15.8%, being 15.3% in Tier I Capital.
 Loan portfolio coverage ratio surpassed 6% as a result of relevant provisions over the past quarters.
 Retraction of approximately 8% in personnel and administrative expenses in the accumulated of 9 months.
 Continuous liability management with a diversified portfolio and adequate terms.

7,409 6,859
Sept-15 Dec-15
Total Funding
-7.4%
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
7,691 6,933
Sept-15 Dec-15
Total Loan Portfolio
1
-9.9%
3.2%
2.0%
1.0%
4Q15 3Q16 4Q16
NIM
-220 bps.
-100 bps.
3.4%
1.7%
2015 2016
NIM Evolution
-170 bps
-7
-9
5 3Q16 4Q16
-190.0%
-37.2%
3.6%
-2.3%
-3.1%
4Q15 3Q16 4Q16
ROAE
-670 bps.
-80 bps.
3.4%
-1.2%
2015 2016
ROAE
-460 bps
41
-14
2015 2016
Net Income
-134.9%
6,933
6,238 6,445
Dec-15 Sept-16 Dec-16
Total Loan Portfolio1
3.3%
-7.0%
6,859
5,908 5,692
Total Funding
-3.7%
-17.0%
1,163 1,152 1,148
Shareholders' Equity
-0.3%
-1.3%

Revenue Mix
Product and Revenue Diversification
Business Lines
Credit
64.4%
FICC
22.0%
Pine
Investimentos
8.9%
Treasury
4.7%
2016
Credit
79.1%
FICC
14.5%
Pine
Investimentos
3.8%
Treasury
2.6%
2015

NIM and Efficiency Ratio
NIM
Expenses and Efficiency Ratio
Rigorous cost control.
23
21 22
19
17
18
60.0%
77.6%
111.1%
-200%
-150%
-100%
-50%
00%
50%
100%
150%
0
5
10
15
20
25
30
35
40
4Q15 3Q16 4Q16
Personnel Expenses
Other administrative
expenses
Recurring Efficiency
Ratio (%)
3.2%
2.0%
1.0%
4Q15 3Q16 4Q16
NIM
-220 bps.
-100 bps.
3.4%
1.7%
2015 2016
NIM Evolution
-170 bps

3,282 3,172 3,139 3,275 3,468
794
747 659 520
437
2,373
2,250
2,122 2,104 2,120
485
438
351 339
419
Dec-15 Mar-16 Jun-16 Sept-16 Dec-16
Trade finance: 6.5%
Bank Guarantees: 32.9%
BNDES Onlending : 6.8%
Working Capital: 53.8%
6,608
6,271 6,238
6,933
6,445
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$6.4 billion...
1
-7.0%
3.3%
2

Continuous Loan Portfolio Management
Sectors Rebalance
...with improved sector diversification...
 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 at around 30%, in line with market peers.
39%36%40%40%39%
6%
6%
6%5%5%
9%10%
8%9%7%
10%13%
14%14%15%
11%10%
10%9%9%
12%12%
12%14%
12%
13%13%10%9%13%
Dec-16Dec-15Dec-14Dec-13Dec-12
Energy
Real Estate
Agriculture
Sugar and Ethanol
Engineering
Transportation
and Logistics
Others
Energy
13%
Real Estate
12%
Agriculture
11%
Sugar and Ethanol
10%
Engineering
9%
Transportation
and Logistics
6%
Telecom
5%
Foreign Trade
4%
Specialized
Services
4%
Retail
3%
Metallurgy
3%
Construction
Material
2%
Mining
2%
Vehicles and Parts
2%
Meatpacking
2%
Food Industry
1%
Other
10%

Portfolio strategy
Active Groups Average Ticket per Group
...with the entry of new and active customers and a reduction of the average ticket...
 The continuity of the current economic recovery process tends to support a diversified growth strategy focused on the cross-sell
of products and services
25,196
20,513
18,062
4Q14 4Q15 4Q16
390
338
359
4Q14 4Q15 4Q16

AA-A
22.6%
B
23.5%
C
40.2%D-E
7.8%
F-H
5.8%
9.3%
15.1%
13.7%
5.1%
6.1% 5.9%
00%
02%
04%
06%
08%
10%
12%
-01%
01%
03%
05%
07%
09%
11%
13%
15%
17%
D-H Portfolio Coverage of Total Portfolio
80%
193%
426%
50.0%
250.0%
450.0%
650.0%
Coverage of D-H Overdue Portfolio
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
December 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
86.3% 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
Products
Pledge
37%
Receivables
14%
Properties
Pledge
46%
Investments
3%
1.1%
2.1%
1.8%
1.2%
1.7%
0.7%
1.3% 1.5%
0.6%
Dec-14 Mar-15 Jun-15 Sept-15 Dec-15 Mar-16 Jun-16 Sept-16 Dec-16

R$ million
Funding
Diversified sources of funding...
53% 53% 52% 50% 31% Cash over Deposits
841 787 648 617 460
324 348
261 376
384
1,570 1,662 1,939
2,600 2,980
336 218 156
133
46
18 17 19
29
17
806 759 668
530 454
295 284 296
198 213751 761 734
259 247
279 244
216 206 204
1,029
777
680 665 416
113
61
39 33
33
497
352
270 262
239
6,859
6,270
5,925 5,908
5,692
Trade Finance: 4.2%
Private Placements: 0.6%
Multilateral Lines: 7.3%
International Capital Markets:
3.6%
Financial Letter : 4.3%
Local Capital Markets: 3.7%
Onlending: 8%
Demand Deposits: 0.3%
Interbank Time Deposits: 0.8%
High Net Worth Individual Time
Deposits: 52.4%
Corporate Time Deposits: 6.7%
Institutional Time Deposits:
8.1%

45% 48% 51%
64% 68%
55% 52% 49%
36% 32%
Total Deposits 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
Asset & Liability Management
... matching assets’ and liabilities’ duration.
Leverage Credit over Funding Ratio
Total Deposits over Total Funding
R$ millionR$ billion
5,9086,859 6,270 5,925 5,692
Asset and Liability Management (ALM)
66%
69% 70% 70%
76%
6.0x
5.6x 5.4x 5.4x 5.6x
3.9x 3.7x 3.6x 3.6x 3.8x
-
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
1.1
0.7
5.0
0.0
0.7
0.6
Assets
0.1
0.4
3.8
2.7
0.4
0.7
Liabilities
8.2 8.2
Coverage
of 131%
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

Capital Adequacy Ratio (BIS), Basel III
BIS ratio of 15.4%, being 15.0% in Tier I Capital.
14.1% 14.7% 15.4% 15.3% 15.0%
0.9% 0.4%
0.5% 0.5% 0.4%
Tier II Tier I
Minimum Regulatory
Capital (10.5%)
15.0% 15.1%
15.9% 15.8% 15.4%

Rating
Foreign
andLocal
Currency
Long Term B+ BB- B1 -
National
Long Term BBB- A Baa2 9.09

Balance Sheet
R$ million
Assets 8,150 8,323 8,860
Cash 77 70 93
Interbank investments 587 865 505
Securities 2,745 2,867 3,159
Interbank accounts 1 0 1
Lending operations 3,830 3,655 4,121
(-) Provisions for loan losses (227) (223) (210)
Net lending operations 3,603 3,432 3,910
Other receivables 1,019 971 1,073
Property and equipments 118 118 120
Investments 108 108 108
Property and equipment in use 10 10 11
Intangible 0 1 1
Liabilities 7,002 7,171 7,697
Deposits 2,598 2,641 1,970
Money market funding 484 478 500
Funds from acceptance and securities issued 1,571 1,398 2,070
Interbank and Interbranch accounts 4 27 8
Borrowings and onlendings 1,141 1,487 2,283
Derivative financial instruments 866 813 281
Other liabilities 254 261 507
Deferred Results 84 66 78
Shareholders' equity 1,148 1,152 1,163
Liabilities and shareholders' equity 8,150 8,323 8,860

Managerial Income Statement
(overhedge effect and provisions reclassified)
R$ million
4Q16 3Q16 4Q15 2016 2015
Income from financial intermediation 208 236 215 609 1,785
Lending transactions 101 116 146 453 701
Securities transactions 76 99 93 331 325
Derivative financial instruments 15 12 (18) (112) 691
Foreign exchange transactions 15 10 (7) (63) 68
Expenses with financial intermediation (205) (224) (183) (590) (1,693)
Funding transactions (163) (180) (163) (554) (876)
Borrowings and onlendings (32) (26) 6 52 (638)
Provision for loan losses (11) (17) (26) (88) (180)
Gross income from financial intermediation 3 13 32 19 92
Other operating (expenses) income (19) (25) (37) (90) (158)
Fee income 22 19 18 72 90
Personnel expenses (22) (21) (23) (85) (89)
Other administrative expenses (18) (17) (19) (67) (74)
Tax expenses (4) (3) (6) (19) (23)
Other operating income 8 3 2 36 16
Other operating expenses (5) (6) (7) (29) (78)
Operating income (16) (12) (5) (72) (66)
Non-operating income 4 3 3 19 8
Income before taxes and profit sharing (12) (10) (2) (53) (59)
Income tax and social contribution 6 7 22 53 133
Profit sharing (4) (4) (9) (15) (33)
Net income (9) (7) 10 (14) 41

Income Statement
R$ million
4Q16 3Q16 4Q15 2016 2015
Income from financial intermediation 211 239 230 674 1,721
Lending transactions 101 116 146 453 701
Securities transactions 76 99 93 331 325
Derivative financial instruments 18 14 (3) (47) 627
Foreign exchange transactions 15 10 (7) (63) 68
Expenses with financial intermediation (205) (224) (183) (590) (1,627)
Funding transactions (163) (180) (163) (554) (876)
Borrowings and onlendings (32) (26) 6 52 (638)
Provision for loan losses (11) (17) (26) (88) (113)
Gross income from financial intermediation 6 15 46 84 94
Other operating (expenses) income (19) (25) (37) (90) (225)
Fee income 22 19 18 72 90
Personnel expenses (22) (21) (23) (85) (89)
Other administrative expenses (18) (17) (19) (67) (74)
Tax expenses (4) (3) (6) (19) (23)
Other operating income 8 3 2 36 16
Other operating expenses (5) (6) (7) (29) (145)
Operating income (13) (10) 10 (6) (131)
Non-operating income 4 3 3 19 8
Income before taxes and profit sharing (9) (7) 12 13 (123)
Income tax and social contribution 3 4 7 (12) 197
Profit sharing (4) (4) (9) (15) (33)
Net income (9) (7) 10 (14) 41

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, Local Funding and Communication
Luiz Maximo
Investor Relations Coordinator
Kianne Paganini
Investor Relations Analyst
Phone: (55 11) 3372-5343
ir.pine.com
ir@pine.com

Institutional presentation 4Q16

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Institutional presentation 4Q16