Cc 4 t15 eng

1. 4Q15 Earnings Release
Conference Call
February, 19th 2016

2. 2/19Investor Relations | 4Q15 |
Highlights
 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 15.0%, being 14.1% in Tier I Capital.
 Loan portfolio coverage ratio above 5% as a result of a significant increase in provisions.
 Relevant improvement in the operating income results QoQ.
 Retraction of 12.6% in personnel and administrative expenses, even in an inflationary scenario.
 Deleverage of the loan portfolio given the continuous worsening of the economic scenario.
 Continuous liability management with a diversified portfolio and adequate terms.

3. 3/19Investor Relations | 4Q15 |
1,256 1,181 1,163
Dec-14 Sept-15 Dec-15
Shareholders' Equity
-1.5%
-7.4%
8,500
7,409
6,859
Dec-14 Sept-15 Dec-15
Total Funding
-7.4%
-19.3%
9,826 7,691 6,933
Dec-14 Sept-15 Dec-15
Total Loan Portfolio1
-9.9%
-29.4%
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
The main performance indicators were within expectations in the period…
10 10
3Q15 4Q15
2.9% 3.2%
3Q15 4Q15
33 bps
3.5% 3.6%
3Q15 4Q15
11 bps
94
41
2014 2015
-56.5%
4.3%
3.4%
2014 2015
-95 bps
7.5%
3.4%
2014 2015
-410 bps

4. 4/19Investor Relations | 4Q15 |
Credit
61.4%
Bank Guarantees
17.7%
FICC
14.5%
Pine
Investimentos
3.8%
Treasury
2.6%
2015
Credit
63.2%Bank Guarantees
11.2%
FICC
19.4%
Pine
Investimentos
3.3%
Treasury
2.9%
2014
Revenue Mix
Participations by Business
 Flat credit revenue, in line with the conservative strategy adopted by the Bank;
 Lower volume of transactions in the FICC Business
 Pine Investimentos remains active in structuring operations.
Product and Revenue Diversification
...with contributions from all business lines.

5. 5/19Investor Relations | 4Q15 |
R$ million
4Q15 3Q15 4Q14 2015 2014
Financial Margin
Income from financial intermediation 73 1 83 207 380
Overhedge effect (15) 55 10 64 9
Income from financial intermediation 58 56 93 272 389
2.9% 3.2%
3Q15 4Q15
33 bps
4.3%
3.4%
2014 2015
-95 bps
Net Interest Margin
NIM Evolution Main Impacts
NIM Breakdown
 Lower revenue contribution from FICC;
 Mark to market of securities and derivatives according to
4.277 Resolution of the Central Bank of Brazil;
 Pre-payment of the FIDC senior quotas; and
 Higher level of cash as a proportion of assets during the
year.

6. 6/19Investor Relations | 4Q15 |
Expenses and Efficiency Ratio
Personnel and Administrative Expenses
Expenses and Efficiency Ratio
Rigorous cost control.
27
22
23
22
20 19
42.2%
50.6%
60.0%
-100%
-80%
-60%
-40%
-20%
00%
20%
40%
60%
0
5
10
15
20
25
30
35
40
45
50
4Q14 3Q15 4Q15
97
8990
74
38.7%
47.5%
-100%
-80%
-60%
-40%
-20%
00%
20%
40%
60%
0
20
40
60
80
100
120
140
2014 2015
Personnel
Expenses
Other
administrative
expenses
Recurring
Efficiency Ratio
(%)
R$ million
4Q15 3Q15 QoQ 4Q14 YoY 2015 2014 YoY
Personnel expenses 23 22 7.5% 27 -12.1% 89 97 -7.4%
Other administrative expenses 19 20 -5.7% 22 -14.1% 74 90 -18.1%
Subtotal 42 42 1.2% 49 -13.0% 163 187 -12.6%
Non-recurring expenses (4) (4) 6.5% (3) 37.4% (11) (12) -5.7%
Total 38 38 0.7% 47 -18.0% 152 174 -12.5%
Employees1
361 375 -3.7% 409 -11.7% 361 409 -11.7%
1
Including outsourced ones

7. 7/19Investor Relations | 4Q15 |
4,730 4,440
4,066
3,650
3,282
1,302
1,118
1,074
924
794
2,969
3,191
2,896
2,492
2,373
826
909
585
626
485
Dec-14 Mar-15 Jun-15 Sept-15 Dec-15
Trade finance: 7%
Bank Guarantees:
34.2%
BNDES Onlending :
11.4%
Working Capital: 47.3%
8,621
7,691
6,933
9,657
9,826
7.0%
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$6.9 billion...
1
2
-29.4%
-9.9%

8. 8/19Investor Relations | 4Q15 |
36%40%40%39%
6%
6%5%5%
10%
8%9%7%
10%10%9%9%
12%12%14%
12%
13%14%14%
15%
13%10%9%13%
Dec-15Dec-14Dec-13Dec-12
Energy
Sugar and
Ethanol
Real Estate
Agriculture
Engineering
Transportation
and 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 25% in the past twelve months;
 The share of wallet of the 20 largest clients remained at around 30%, in line with market peers.
Energy
13%
Sugar and Ethanol
13%
Real Estate
12%
Agriculture
10%Engineering
10%
Transportation
and Logistics
6%
Telecom
4%
Foreign Trade
3%
Metallurgy
3%
Retail
3%
Vehicles and Parts
3%
Chemicals
3%
Specialized
Services
3%
Construction
Material
2%
Meatpacking
2%
Food Industry
1%
Other
9%

9. 9/19Investor Relations | 4Q15 |
Wind
Power
72%
UTE
1%
Distributors
8%
Transmitting
9%
Equip.
Supplier
6%
SHPs UHEs
4%
Guarantees
62%
Working
Capital
28%
BNDES
Onlending
10%
Working
Capital
80%
Guarantees
20%
Residential
Lots
43%
Residential
34%
Warehouse
12%
Mall
9%
Commercial
2%
Main Sectors
Energy| Sugar and Ethanol | Real Estate
Energy (13%) Sugar and Ethanol(13%)
Real State (12%)
Exposure by Product Exposure by Segment Exposure by Product Exposure by State
Exposure by Product Exposure by Segment
Working
Capital
51%
Guarantees
32%
BNDES
Onlending
11%
Trade
Finance
7%
SP
68%
MG
22%
PR
8%
GO
2%

10. 10/19Investor Relations | 4Q15 |
Concession
34%
Transporta
-tion
33%
Industrial
27%
Oil and Gas
5%
Energy
2%
Working
Capital
83%
Guarantees
14%
BNDES
Onlending
3%
Working
Capital
74%
BNDES
Onlending
13%
Trade
Finance
11%
Guarantees
1%
MT
33%
SP
31%
BA
11%
PR
9%
MG
8%
Others
8%
Main Sectors
Agriculture| Engineering
Agriculture (10%) Engineering (10%)
Exposure by Product Exposure by Product
Exposure by SegmentExposure by State

11. 11/19Investor Relations | 4Q15 |
5.0%
7.7%
9.3%
2.9%
4.1%
5.1%
00%
02%
04%
06%
08%
10%
12%
00%
01%
02%
03%
04%
05%
06%
07%
08%
09%
10%
Dec-14 Sept-15 Dec-15
D-H Portfolio Coverage of Total Portfolio Coverage of D-H Overdue Portfolio
162% 127%
80%
50.0%
250.0%
450.0%
650.0%
AA-A
35.2%
B
28.9%
C
26.6%
D-E
4.5%
F-H
4.8%
Products
Pledge
40%
Receivables
16%
Properties
Pledge
42%
Investments
3%
December 31st, 2015
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. 2,682
2Coverage of Total Portfolio: Provisions / Loan Portfolio Res. 2,682
3Coverage D-H Overdue Portfolio: Provisions / D-H Overdue Portfolio
Loan Portfolio Quality
90.7% 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
0.1%
0.7%
0.3% 0.3%
0.1%
2.1% 1.8%
1.2%
1.7%
Dec-13 Mar-14 Jun-14 Sept-14 Dec-14 Mar-15 Jun-15 Sept-15 Dec-15

12. 12/19Investor Relations | 4Q15 |
7,703 7,482 7,948 3,270 4,941
221
349 366
560
479
(365 )
(103 )
33
894
160
Dec-14 Mar-15 Jun-15 Sept-15 Dec-15
Notional Amount
MtM
Stressed MtM
Commodities
11%
Fixed Income
8%
Currencies
81%
December 31st, 2015
 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 December 31st, 2015:
 Duration: 281 days
 Mark-to-Market: R$479 million
 Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
 Stressed MtM : R$160 million

13. 13/19Investor Relations | 4Q15 |
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$10,300,000
5
1
3Q15 4Q15
14
12
2014 2015
R$ 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

14. 14/19Investor Relations | 4Q15 |
1,720
1,209 951 853 841
545
361
291 343 324
1,122
1,273
1,322 1,321 1,570
69
157
197 359
336
27
24
18 33
18
1,333
1,161
1,091 952 806
635
509
476
207 295
747
796
787
764 751
347
338
272
318 279
687
837
819
1,022 1,029
430
773
735
545
113
839
929
605
692
497
8,367
7,564
7,409
6,859
8,500
Dec-14 Mar-15 Jun-15 Sept Dec-15
Trade Finance: 7.2%
Private Placements: 1.7%
Multilateral Lines: 15%
International Capital Markets:
4.1%
Financial Letter : 10.9%
Local Capital Markets: 4.3%
Onlending: 11.8%
Demand Deposits: 0.3%
Interbank Time Deposits: 4.9%
High Net Worth Individual Time
Deposits: 22.9%
Corporate Time Deposits: 4.7%
Institutional Time Deposits:
12.3%
R$ million
Funding
Diversified sources of funding...
48% 47% 41%48% 53% Cash over Deposits

15. 15/19Investor Relations | 4Q15 |
41% 36% 37% 39% 45%
59% 64% 63% 61% 55%
Dec-14 Mar-15 Jun-15 Sept-15 Dec-15
Total Deposits Others
80%
77% 76%
70%
66%
Dec-14 Mar-15 Jun-15 Sept-15 Dec-15
7.8x 7.8x
7.1x
6.5x
6.0x
5.4x 5.2x
4.7x
4.4x
3.9x
-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
Dec-14 Mar-15 Jun-15 Sept-15 Dec-15
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$ millionmonths
6,8598,367 7,564 7,4098,500
Asset and Liability Management (ALM)
1.2
0.3
5.5
0.0
1.3
0.5
Obrigações por operações com
compromisso derecompra (REPO)
Financiamentoatravés de títulos e
valores mobiliários
Depósitos à vista
Financiamentopor depósitos, títulos
emitidos,empréstimos erepasses
Outras Obrigações
PL
Assets
0.1
0.9
4.1
2.7
0.5
0.6
Disponibilidades e Equivalentes
Ativos vinculados a compromissos
de recompra (REPO)
Ativos Financeiros
Carteira de Crédito
Outros Ativos
Ativos Ilíquidos
Liabilities
8.9 8.9
Equity
Demand deposits
REPO financing
Secured funding
Unsecured funding
Other liabilities
Other assets
Illiquid assets
Credit Portfolio
Trading portfolio assets
Assets financed through REPOs
Cash and cash equivalents
Coverage
of 134%

16. 16/19Investor Relations | 4Q15 |
12.4% 12.2% 12.3% 12.2%
14.1%
1.4%
0.8% 0.8% 0.9%
0.9%
13.9%
13.0% 13.1% 13.1%
15.0%
Dec-14 Mar-15 Jun-15 Sept-15 Dec-15
Tier II Tier I
Minimum Regulatory
Capital (11%)
Capital Adequacy Ratio (BIS), Basel III
BIS ratio reached 15.0%, due to the deleveraging of the Loan Portfolio

17. 17/19Investor Relations | 4Q15 |
2015 Performed
Expanded Loan Portfolio -15% to -5% -29.4%
NIM 3.5% to 4.5% 3.4%
Personnel and Administratve Expenses -15% to -10% -12.6%
ROAE 5% to 8% 3.4%
Guidance 2015
Estimated versus Performed
 Guidance 2015 based on GDP estimated of -1.5%
 2015 real GDP of -3.5 to -4.0%

18. 18/19Investor Relations | 4Q15 |
Guidance 2016
Expanded Loan Portfolio -5% to 0%
NIM 3% to 4%
Personnel and Administratve Expenses -10% to -5%
ROAE 4% to 8%
Guidance 2016
Pine GDP (E) 2016: -3.5%

19. 19/19Investor Relations | 4Q15 |
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 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
Investor Relations