Institutional presentation 3_q15

Institutional PresentationInstitutional Presentation 3Q15

2/32Investor Relations | 3Q15 |

Profile and History PineHistory

Business StrategyCompetitive LandscapeFocus Always on the ClientCorporate CreditFICCPine Investimentos

Highlights and Results

Corporate GovernanceCorporate GovernanceCommitteesSocial Investment and Responsibility

Summary

Profile and History


Over R$2 billion36%

R$500 million to R$2 billion

34%

Up to R$500 million30%

PineSpecialized 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

September 30th, 2015


184 222 341 521 620 755 663 761 1,2142,854 3,105

4,1925,763

6,9637,912

9,920 9,826

7,691

62121 126 140 136 152 171 209

335

801 827 825 867

1,015

1,220 1,272 1,2561,181

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

sept

/15

Corporate Credit Portfolio (R$ Million)Shareholders' Equity (R$ Million)

...with extensive knowledge of Brazil’s corporate credit cycle. History

1997Noberto and

Nelson Pinheiro sell their stake in BMC and found

Pine

1939Pinheiro Family

foundsBanco Central do

Nordeste

1975Noberto Pinheiro becomes one of

BMC’s controlling shareholders

Devaluationof the real

Nasdaq Sept. 11 Brazilian Elections

(Lula)

SubprimeAsian Crisis

Russian Crisis

European Community

End of 2007Focus on expanding the Corporate Banking franchise

Discontinuation of the payroll-deductible loan business

May, 2007Creation of Pine Investimentos products line and

opening of the Cayman branch 2005

Noberto Pinheiro becomes Pine’s sole shareholder

October, 2007Beginning of the FICC Business

October, 2011Subscription of Pine’s capital by DEG

August, 2012 Subscription of Pine’s capital by DEG, Proparco, Controlling Shareholder and Management

November, 2012Opening of the broker dealer in New York, Pine Securities USA LLC

March, 2007IPO

May, 201518

years

Business Strategy


Competitive LandscapePine serves a niche market of companies with few options for banks.

100% focused on providing complete service to companies, offering

customized productsCorporate & 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

http://www.banrisul.com.br/

http://www.ibefmg.com.br/?url=http://www.bicbanco.com.br/

http://www.daycoval.com.br/

http://www.sofisa.com.br/

http://www.bancobmg.com.br/novo_site_bmg/INHomeProduto.aspx

https://www.btgpactual.com/home/home.aspx/Index


Focus Always on the ClientProducts tailored to meet the needs of each individual client.

Working Capit

CDIs

BankGuarantees

Exclusive Funds Portfolio

Management

Swap NDFsStructured Swaps

BNDESOnlendingBankGuarantees

ComprorACC/ACE

ExportFinanceFinimp

LettersofCredit3,884 Onlending

OverdraftAccounts

SyndicatedandStructuredLoans

Fixed Income

CurrenciesCommodities

Equities

CDBs

CDs

RDBs

LCAs

LCIs

DebenturesCRIs

Eurobonds

PrivatePlacements

Financial Letters

Clients

Treasury

CorporateCredit

FICC

PineInvestimentos

DistributionCapital MarketsFinancial Advisory

Local Currency

Foreign Currency

FixedIncome Currencies

Commodities

Pricing of Assets and Liabilities

LiquidityManagement

Trading

Local Currency Onlending

Foreign Currency Trade Finance

ParticipationFunds

Options

Working CapitalUnderwriting

Corporate & Structured

Finance

M&AProjectFinance

StructuredFinance

Private Credit Funds

Real Estate Funds

Rural Credits

AircraftFinancing

Investment Management

In additionto theheadquarterslocatedin thecity ofSão Paulo, Pine has7 branchesthroughoutBrazil, in theStates ofCeará, Mato Grosso, Paraná, Pernambuco, Rio de Janeiro, Rio Grande do Sul, and São Paulo. The originationnetwork also counts with aCayman Branch and a brokerdealerin New York (USA).


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 AnalystsRegional 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 BoardCEOChief Risk OfficerChief Financial Officer

Participants:FICC Executive Director Credit Analysts TeamOther 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 600 economic groups

Origination network is comprised of 10 branches divided into 14 origination platforms in Brazil’s major economic centers

Pine has approximentely 25 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.


Commodities13%

Fixed Income15% Currencies

72%


Scenario on September 30th, 2015:

Duration: 220 days

Mark-to-Market: R$560 million

Stress Scenario (Dollar: +31% and Commodities Prices: -30%):

Stressed MtM : R$894 million

R$ million

FICCSolid trackrecord

Client Notional Derivatives by Market

Market Segments

Notional Value and MtM

Portfolio Profile

FixedIncome: Fixed, Floating, Inflation, Libor

Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar,Australian Dollar

Commodities: Sugar, Soybean (Grain, Meal and Oil), Corn,Cotton, Metals, Energy

8,376 7,703 7,482 7,948 3,270 6,045

288 221349 366

560 514

-47

-365

-10333

894

239

Sept-14 Dec-14 Mar-15 J un-15 Sept-15 Oct-15

Notional AmountMtMStressed MtM


September, 2015

Infrastructure Debentures

Lead Coordinator

September, 2015

Debentures

Coordinator

R$10,300,000R$500,000,000

J uly, 2015

Project Finance

R$104,000,000

Coordinator

R$45,200,000

November, 2014

Debentures

Lead Coordinator

December, 2014

BNDES Onlending

R$630,000,000

Coordinator

J uly, 2015

February, 2015

March, 2015

Project Finance

R$78,000,000

Coordnator

Project Finance

R$30,000,000

Lead Coordinator

Structuring CRP

R$24,000,000

Lead Coordinator

R$20,000,000

J une, 2015

CRI

Lead Coordinator

2

5

2Q15 3Q15

11 10

9M14 9M15

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.

Highlights and Results


3Q15 Events and Highlights

1.Positive liquidity gap in the past years, with 401 days for credit versus 486 days for funding.

2.Liquid balance sheet with a cash position equivalent to 41% of time deposits.

3.Deeper deleveraging strategy in the loan portfolio, given the worsening of the economic scenario.

4.Voluntary pre-payment of the FIDC AGRO senior quotas amounting to R$340 million, in line with the Bank’s constant and active liability management.

5.Loan portfolio coverage ratio above 4% as a result of preventive provision increases in the last fifteen months.

6.Further reduction of expenses, as a result of the diligence and anticipation of an adverse market in 2015.


3Q15 Financial Highlights

1 Includes Stand by LCs, Bank Guarantees, Credit Securities to be Received and Securities (bonds, CRIs, eurobonds and fund shares)

R$ million

The main performance indicators were within expectations in the period.

3.3% 2.9%

2Q15 3Q15

NIM Evolution

-40 bps

10 10

2Q15 3Q15

Net Income

3.3% 3.5%

2Q15 3Q15

ROAE

+20 bps

1,208 1,181

Jun-15 Sept-15

Shareholders' Equity

-2.2%

8,621 7,691

Jun-15 Sept-15

Total Loan Portfolio1

-10.8%

7,564 7,409

Jun-15 Sept-15

Total Funding-2.0%


R$ million3Q15 2Q15 3Q14 9M15 9M14

Financial MarginIncome from financial intermediation 1 80 92 135 297

Overhedge effect 55 (10) 4 79 (2)Income from financial intermediation ex overhedge 56 70 96 214 296

Net Interest Margin

NIM Evolution Main Impacts

NIM Breakdown

Lower participation in revenues from FICC business

and Treasury;

Mark to market of securities and derivatives according

to 4.277 Resolution of the Central Bank of Brazil;

Voluntary pre-payment of the FIDC senior quotas; and

Marginal increase in spreads.

3.3% 2.9%

2Q15 3Q15

-40 bps


2422 2222

1720

35.4%44.9% 50.6%

-100%

-80%

-60%

-40%

-20%

00%

20%

40%

60%

0

5

10

15

20

25

30

35

40

45

50

3Q14 2Q15 3Q15

70 666855

37.5%44.3%

-100%

-80%

-60%

-40%

-20%

00%

20%

40%

60%

0

20

40

60

80

100

120

140

9M14 9M15

PersonnelExpenses

OtheradministrativeexpensesRecurringEfficiency Ratio(%)

Expenses and Efficiency Ratio

Expenses

Efficiency Ratio

Rigorous cost control.

R$ million3Q15 2Q15 3Q14 9M15 9M14

Operating expenses1 44 48 49 137 146 (-) Non-recurring expenses (4) (4) (4) (9) (9)

Recurring Operating Expenses (A) 41 44 45 128 137 Recurring Revenues2 (B) 81 98 127 289 365 Recurring Efficiency Ratio (A/B) 50.6% 44.9% 35.4% 44.3% 37.5%1 Other administrative expenses + tax expenses + personnel expenses2 Gross Income from financial intermediation - provision for loan losses + fee income + overhedge effect - hedge impact


1 Includes Stand by LC2 Includes debentures, CRIs, Hedge Fund Shares, Eurobonds, Credit Portfolio acquired from financial institutions with recourse and Individuals

R$ million

Loan PortfolioThe portfolio amounted to R$7.7 billion...

-21.5%

-10.8%

1

24,509

5,050 5,093 4,904 4,731 4,730 4,440 4,066 3,650

9901,068 1,103 1,071 1,248 1,302

1,1181,074

924

3,0732,909 2,905 2,941 2,896 2,969

3,1912,896

2,492

965903 989 1,116 924 826 909

585

626

Sept-13 Dec-13 Mar-14 Jun-14 Sept-14 Dec-14 Mar-15 Jun-15 Sept-15

Trade finance: 8.1%

Bank Guarantees:32.4%

BNDES Onlending : 12.0%

Working Capital: 47.5%

9,657

8,621

7,691

9,5379,930 10,090 10,032 9,800 9,826


38%38%40%41%41%

7%7%6%5%6%9%9%8%9%6%

10%10%11%8%9%

12%12%14%14%16%

12%12%12%14%12%

12%12%9%9%10%

Sept-15Jun-15Sept-14Sept-13Sept-12

Energy

Real Estate

Sugar andEthanol

Agriculture

Engineering

Transportationand Logistics

Others

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 below 30%, in line with market peers.

Energy12%

Real Estate12%

Sugar and Ethanol12%

Agriculture10%

Engineering9%

Transportation and Logistics

7%

Specialized Services

4%

Telecom4%

Chemicals4%

Foreign Trade3%

Metallurgy3%

Retail3%

Vehicles and Parts3%

Construction Material

2%

Meatpacking2%

Food Industry1%

Other9%


SP68%

MG22%

PR8%

GO2%

Working Capital48%

Guarantees31%

BNDES Onlending

12%Trade

Finance9%

Working Capital77%

Guarantees23%

Residential Lots39%

Residential37%

Warehouse12%

Mall8%

Commercial4%

Guarantees59%

Working Capital

31%

BNDES Onlending

10%

Wind Power67%

UTE1%

Distributors13%

Transmitting9%

Equipment Supplier

6%SHPs UHEs

4%

Main SectorsEnergy| Real Estate | Agriculture

Energy (12%) Real Estate (12%)

Sugar and Ethanol (12%)

Exposure by Product Exposure by Segment Exposure by Product Exposure by Segment

Exposure by Product Exposure by State


MT31%

SP29%

BA11%

PR10%

MG8%

Others11%

Concession33%

Transporta-tion33%

Industrial25%

Oil and Gas7%

Energy2%

Working Capital64%

BNDES Onlending

19%

Trade Finance

15%

Guarantees1%

Working Capital83%

Guarantees13%

BNDES Onlending

4%

Main SectorsAgriculture| Engineering

Agriculture (10%) Engineering (9%)

Exposure by Product Exposure by Product

Exposure by Segment

Exposure by State


AA-A37.7%

B29.5%

C25.1%

D-E4.3%

F-H3.4%

1.1% 0.7% 0.1% 0.7% 0.3% 0.3%1.1%

2.1% 1.8%

J un-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15


Contracts Overdue: total amount of the contracts overdue for more than 90 days / Loan Portfolio excluding Bank Guarantees and Stand-by Letters of Credit.

1D-H Portfolio: D-H Portfolio / Loan Portfolio Res. 2,6822Coverage of Total Portfolio: Provisions / Loan Portfolio Res. 2,682 3Coverage D-H Overdue Portfolio: Provisions / D-H Overdue Portfolio

Loan Portfolio Quality92.3% 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

0.7% 0.1% 0.7% 0.3% 0.3%1.1%

2.1% 1.8%1.2%

set-13 dez-13 mar-14 jun-14 set-14 dez-14 mar-15 jun-15 set-15Sept-13 Dec-13 Mar-14 Jun-13 Sept-14 Dec-14 Mar-15 Jun-15 Sept-15

Products Pledge41%

Receivables15%

Properties Pledge41%

Investments3%

1,628%

172% 127%50%

1.050%

2.050%

4.2%

6.6%7.7%

2.1%

4.1% 4.1%

00%

02%

04%

06%

08%

10%

12%

00%

01%

02%

03%

04%

05%

06%

07%

08%

09%

10%

Sept-14 Jun-15 Sept-15D-H Portfolio Coverage of Total Portfolio Coverage of D-H Overdue Portfolio


-2.0%

R$ million

FundingDiversified sources of funding...

58%

48%

48%

47%

41%

39%

41%

35%

41% Cash over Deposits

-14.2%

1,944 2,175 2,314 2,271 1,905 1,720 1,209 951 853

1,048 1,112 1,022 761731

545361

291 343

372475 659 908

9201,122

1,2731,322 1,321

9390 76 80

98 69157 197 359

2023 27 41

30 2724 18 33

1,0991,141 1,174 1,086

1,292 1,3331,161

1,091 952

649632 582 594 709 635

509476 207

762792 833

508 892747

796787

764

437459 434

427323

347

338272

318

69113

364346 388 687

837819 1,022

429500

478473

531 430773

735 545

973871

8341,064 819 839 929

605 692

8,367

7,564 7,4097,894

8,3838,797 8,559 8,638 8,500

Sept-13 Dec-13 Mar-14 Jun-14 Sept-14 Dec-14 Mar-15 Jun-15 Sept-15

Trade Finance: 9.3%

Private Placements: 7.4%

Multilateral Lines: 13.8%

International Capital Markets:4.3%

Financial Letter : 10.3%

Local Capital Markets: 2.8%

Onlending: 12.8%

Demand Deposits: 0.4%

Interbank Time Deposits: 4.8%

High Net Worth Individual TimeDeposits: 17.8%

Corporate Time Deposits: 4.6%

Institutional Time Deposits:11.5%


43% 41% 36% 37% 39%

57% 59% 64% 63% 61%

Sept-14 Dec-14 Mar-15 J un-15 Sept-15

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 ofCredit / Total Funding

Asset & Liability Management... keeping a positive gap between credit and funding.

Leverage

ALM – Average Maturity

Credit over Funding Ratio

Total Deposits over Total FundingR$ milliondays

8,638 8,367 7,564 7,4098,500

GAP: +3 months

472 498 514

501 486

398 371362

385 401

Sept-14 Dec-14 Mar-15 J un-15 Sept-15

Funding

Credit

7.7x 7.8x 7.8x7.1x

6.5x5.4x 5.4x 5.2x 4.7x 4.4x

-

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

Sept-14 Dec-14 Mar-15 Jun-15 Sept-15

Expanded loan PorfolioLoan Portfolio excludingBank Guarantees 80% 80% 77% 76% 70%

Sept-14 Dec-14 Mar-15 Jun-15 Sept-15


Capital Adequacy Ratio (BIS), Basel III BIS ratio maintained at 13.1%

+80 bps13.7%12.0% 12.2% 12.2% 12.4% 12.4% 12.2% 12.3% 12.2% 12.9%

2.2%2.1% 1.5% 1.5% 1.4% 1.4% 0.8% 0.8% 0.9% 1.0%

15.9%14.1% 13.7% 13.7% 13.8% 13.9%

13.0% 13.1% 13.1%13.9%

Sept-13 Dec-13 Mar-14 J un-14 Sept-14 Dec-14 Mar-15 J un-15 Sept-15 Sept-15*

Tier II Tier IMinimum Regulatory Capital (11%)

* Capital Simulation: It considers the new capital allocation weighting of 50% for transactions with guarantees for judicial or administrative proceedings involving tax matters, pursuant to Circular Letter 3.770 of the Brazilian Central Bank.


Rating

Long term BB BB Ba3 -

Short Term B B - -

Long term brA+ A+(bra) A3.br

Short Term - F1+(bra) Br-2

Loca

l Cur

renc

y

And

Fore

ign

Curr

ency

Nat

iona

l

10,70


R$ millionSept-15 Jun-15 Sept-14

Assets 9,920 10,031 10,885 Cash 123 272 71 Interbank investments 445 327 1,529 Securities 3,451 3,061 2,041 Interbank accounts 1 1 1 Lending operations 4,775 5,281 6,374 (-) Provisions for loan losses (198) (217) (132) Net lending operations 4,577 5,064 6,243 Other receivables 1,310 1,291 876 Property and equipments 13 14 125

Investments - - 105 Property and equipment in use 12 13 19 Intangible 1 1 1

Liabilities 8,739 8,823 9,612 Deposits 1,846 1,539 2,744 Money market funding 756 432 624 Funds from acceptance and securities issued 2,036 2,182 1,960 Interbank and Interbranch accounts 13 9 9 Borrowings and onlendings 3,040 3,118 2,913 Derivative financial instruments 264 182 165 Other liabilities 719 1,291 1,120 Deferred Results 65 70 78

Shareholders' equity 1,181 1,208 1,273

Liabilities and shareholders' equity 9,920 10,031 10,885

Balance Sheet


Managerial Income Statement(overhedge effect and provisions reclassified)

R$ million

3Q15 2Q15 1Q15 4Q14 3Q14 9M15 9M14

Income from financial intermediation 758 180 633 402 437 1,570 957

Lending transactions 178 176 201 198 222 555 584 Securities transactions 81 83 68 79 78 232 245 Derivative financial instruments 488 (64) 285 107 92 709 102 Foreign exchange transactions 11 (14) 79 19 45 75 26

Expenses with financial intermediation (758) (153) (600) (363) (378) (1,510) (725)

Funding transactions (322) (134) (257) (201) (208) (713) (488)Borrowings and onlendings (380) 24 (288) (108) (133) (644) (174)Provision for loan losses (56) (42) (55) (54) (38) (154) (64)

Gross income from financial intermediation (0) 27 33 39 59 60 232

Other operating (expenses) income (53) (34) (34) (43) (36) (121) (109)

Fee income 26 25 21 23 26 72 70 Personnel expenses (22) (22) (23) (27) (24) (66) (70)Other administrative expenses (20) (17) (18) (22) (22) (55) (68)Tax expenses (2) (10) (4) (3) (3) (16) (8)Other operating income 2 1 11 4 5 14 21 Other operating expenses (36) (12) (22) (17) (17) (70) (54)

Operating income (53) (7) (1) (3) 23 (61) 123

Non-operating income (1) 1 4 (1) 4 5 16

Income before taxes and profit sharing (53) (6) 3 (4) 28 (56) 139

Income tax and social contribution 73 17 20 15 3 111 (15)Profit sharing (10) (2) (13) (6) (12) (24) (35)Net income 10 10 10 5 19 31 89


R$ million3Q15 2Q15 3Q14 9M15 9M14

Income from financial intermediation 703 190 433 1,491 959 Lending transactions 178 176 222 555 584 Securities transactions 81 83 78 232 245 Derivative financial instruments 433 (54) 87 629 104 Foreign exchange transactions 11 (14) 45 75 26

Expenses with financial intermediation (758) (86) (319) (1,443) (666)

Funding transactions (322) (134) (208) (713) (488)Borrowings and onlendings (380) 24 (133) (644) (174)Provision for loan losses (56) 24 22 (87) (4)

Gross income from financial intermediation (55) 104 114 48 293

Other operating (expenses) income (53) (101) (95) (188) (168)

Fee income 26 25 26 72 70 Personnel expenses (22) (22) (24) (66) (70)Other administrative expenses (20) (17) (22) (55) (68)Tax expenses (2) (10) (3) (16) (8)Other operating income 2 1 5 14 21 Other operating expenses (36) (79) (77) (137) (114)

Operating income (108) 3 19 (140) 125

Non-operating income (1) 1 4 5 16

Income before taxes and profit sharing (108) 5 23 (135) 140

Income tax and social contribution 128 7 7 190 (16)Profit sharing (10) (2) (12) (24) (35)Net income 10 10 19 31 89

Income Statement

Corporate Governance


Corporate GovernancePine is committed to best corporate governance practices

Two Independent Members and one External Member on the Board of DirectorsMailson Ferreira da Nóbrega: Brazil’s Finance Minister from 1988 to 1990Gustavo 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 ResponsibilityFocus 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

Sixth consecutive year disclosing the Sustainability Report in the GRI standard. The 2014 report, with its high level of clarity, transparency and quality was recognized with the second 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.

Noberto N. Pinheiro JuniorCEO/IRO

João BritoCFO

Raquel Varela BastosHead of Investor Relations, Marketing & Press

Luiz MaximoInvestor Relations Specialist

Gabriel NettoInvestor Relations Analyst

Phone: (55 11) 3372-5343

[email protected]

Investor Relations