Cc 1Q17_eng

1. 1Q17 Earnings Release
Conference Call
May, 09th 2017

2. 2/17Investor Relations | 1Q17 |
Highlights
 Liquid balance sheet with a cash position of R$1.1 bi, equivalent to 26% of time deposits.
 Excess capital, with a BIS ratio of 15.1%, being 14.7% in Tier I Capital.
 Loan portfolio coverage ratio of approximately 6% as a result of the significant increase in provisions in the previous periods.
 Retraction of 2.1% in personnel and administrative expenses in the quarter.
 Continuous liability management with a diversified portfolio and adequate terms.

3. 3/17Investor Relations | 1Q17 |
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
6,608 6,445 6,465
Mar-16 Dec-16 Mar-17
Total Loan Portfolio1
+ 0.3%
-2.2%
6,270
5,692 5,697
Mar-16 Dec-16 Mar-17
Total Funding
+ 0.1%
-9.1%
1,174 1,148 1,154
Mar-16 Dec-16 Mar-17
Shareholders' Equity
+ 0.5%
-1.7%
8
(9)
1
1Q16 4Q16 1Q17
-92.1%
+107.2%
2.0%
1.0%
3.4%
1Q16 4Q16 1Q17
NIM
+ 140 bps.
+ 240 bps.
2.9%
(3.1%)
0.2%
1Q16 4Q16 1Q17
ROAE
-270 bps.
+ 330 bps.

4. 4/17Investor Relations | 1Q17 |
Revenue Mix
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
Product and Revenue Diversification
Credit
66.3%
FICC
17.1%
Pine
Investimentos
8.0%
Treasury
8.6%
1Q17
Credit
73.7%
FICC
23.1%
Pine
Investimentos
3.2%
Treasury
0.0%
1Q16

5. 5/17Investor Relations | 1Q17 |
NIM and Efficiency Ratio
NIM
Expenses and Efficiency Ratio
20
22
21
16
18 18
81.6%
111.1%
61.2%
-200%
-150%
-100%
-50%
00%
50%
100%
150%
0
5
10
15
20
25
30
35
40
1Q16 4Q16 1Q17
Personnel Expenses
Other administrative
expenses
Recurring Efficiency
Ratio (%)
2.0%
1.0%
3.4%
1Q16 4Q16 1Q17
NIM
+ 140 bps.
+ 240 bps.

6. 6/17Investor Relations | 1Q17 |
3,172 3,139 3,275 3,468 3,673
747 659 520
437
370
2,250
2,122 2,104 2,120 2,022
438
351 339
419 399
Mar-16 Jun-16 Sept-16 Dec-16 Mar-17
Trade finance: 6.2%
Bank Guarantees: 31.3%
BNDES Onlending : 5.7%
Working Capital: 56.8%
6,271 6,238 6,445
6,608
6,465
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$6.5 billion...
1
-2.2%
+ 0.3%
2

7. 7/17Investor Relations | 1Q17 |
Continuous Loan Portfolio Management
Sectors Rebalance
...with improved sector diversification.
 Diversified growth (lower tickets and increased number of clients).
 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.
Real Estate
12%
Sugar and Ethanol
12%
Agriculture
11%
Energy
11%
Engineering
9%
Transportation
and Logistics
7%
Telecom
5%
Foreign Trade
4%
Retail
4%
Specialized
Services
3%
Metallurgy
2%
Construction
Material
2%
Mining
2%
Vehicles and Parts
2%
Meatpacking
2%
Food Industry
1%
Other
10%
38%37%39%40%39%
7%7%7%5%5%
9%10%8%8%7%
11%12%12%12%12%
11%10%10%10%8%
12%13%13%12%15%
12%12%12%13%11%
Mar-17Mar-16Mar-15Mar-14Mar-13
Real Estate
Sugar and Ethanol
Agriculture
Energy
Engineering
Transportation
and Logistics
Others

8. 8/17Investor Relations | 1Q17 |
10.5%
13.7%
15.5%
4.9%
5.9% 5.9%
00%
02%
04%
06%
08%
10%
12%
00%
02%
04%
06%
08%
10%
12%
14%
16%
18%
Mar-16 Dec-16 Mar-17
D-H Portfolio Coverage of Total Portfolio
1D-H Portfolio: D-H Portfolio / Loan Portfolio Res. 2,682
2Coverage of Total Portfolio: Provisions / Loan Portfolio Res. 2,682
March 31st, 2017
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
~85% 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
AA-A
26.6%
B
24.0%
C
34.0%D-E
9.5%
F-H
6.0%
Tangible
Movable
Property
32%
Receivables
7%
Real State
56%
Financial
Assets
5%
0.7%0.6%
1.5%1.3%
0.7%
1.7%
1.2%
1.8%
2.1%
Mar-17Dec-16Sept-16Jun-16Mar-16Dec-15Sept-15Jun-15Mar-15

9. 9/17Investor Relations | 1Q17 |
March 31st, 2017
 Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar,
Australian Dollar
 Commodities: Sugar, Soybean ( Grain, Meal and Oil), Corn,
Cotton, Metals, Energy
 Fixed income: Fixed, Floating, Inflation, Libor
R$ million
FICC
Solid trackrecord.
Client Notional Derivatives by Market
Market Segments
Notional Value and MtM
Portfolio Profile
 Scenario on March 31st, 2017:
 Duration: 179 days
 Mark-to-Market: R$55 million
 Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
 Stressed MtM : R$172 million
Commodities
15%
Fixed Income
5%
Currencies
80%
4,845 2,968 3,833 3,979 4,487
398
212
166
103
55(171 )
315
164
119
172
Mar-16 Jun-16 Sept-16 Dec-16 Mar-17
Notional Amount
MtM
Stressed MtM

10. 10/17Investor Relations | 1Q17 |
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.
4th player in volume of CRI’s origination and 5th in number of securitization transactions.
December, 2016
Mortage Backed
Securities
R$ 8,500,000
Lead Coordinator
December, 2016
CRI
R$ 50,000,000
Lead Coordinator
January, 2017
NCE
R$ 25,000,000
Lead Coordinator
January, 2017
Structure Credit
Facility
R$ 6,000,000
January, 2017
Structure Credit
Facility
R$ 15,000,000
Lead Coordinator Lead Coordinator
March, 2017
CCBI
R$ 15,000,000
Lead Coordinator
March, 2017
Promissory Note
R$ 35,000,000
Coordinator
March, 2017
CRI
R$ 47,000,000
Lead Coordinator
March, 2017
Structure Credit
Facility
R$ 90,000,000
Lead Coordinator
1
6 6
1Q16 4Q16 1Q17

11. 11/17Investor Relations | 1Q17 |
787 648 617 460 464
348
261 376
384 460
1,662 1,939
2,600 2,980
3,241
218 156
133
46
72
17 19
29 17
11
759 668
530
454
383
284 296
198 213
240
761 734
259 247
203244
216 206 204
86
838
718 698 448
386
352
270 262
239 150
6,270
5,925 5,908
5,692 5,697
Mar-16 Jun-16 Sept-16 Dec-16 Mar-17
Trade Finance: 2.6%
Multilateral Lines: 6.8%
International Capital Markets:
1.5%
Financial Letter : 3.6%
Local Capital Markets: 4.2%
Onlending: 6.7%
Demand Deposits: 0.2%
Interbank Time Deposits: 1.3%
High Net Worth Individual Time
Deposits: 56.9%
Corporate Time Deposits: 8.1%
Institutional Time Deposits:
8.1%
R$ million
Funding
Diversified sources of funding...

12. 12/17Investor Relations | 1Q17 |
48% 51%
64% 68%
75%
52% 49%
36% 32%
25%
Mar-16 Jun-16 Sept-16 Dec-16 Mar-17
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
5,6926,270 5,925 5,908 5,697
Asset and Liability Management (ALM)
1.2
1.2
5.2
0.0
0.5
0.6
Assets
0.1
0.5
4.0
3.2
0.4
0.6
Liabilities
8.7 8.7
Coverage
of 130%
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
5.6x 5.4x 5.4x 5.6x 5.6x
3.7x 3.6x 3.6x 3.8x 3.8x
-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
Mar-16 Jun-16 Sept-16 Dec-16 Mar-17
Expanded loan Porfolio
Loan Portfolio excluding
Bank Guarantees
69% 70% 70%
76% 78%
Mar-16 Jun-16 Sept-16 Dec-16 Mar-17

13. 13/17Investor Relations | 1Q17 |
Capital Adequacy Ratio (BIS), Basel III
BIS ratio of 15.1%, being 14.7% in Tier I Capital.
14.7% 15.4% 15.3% 15.0% 14.7%
0.4%
0.5% 0.5% 0.4% 0.4%
Mar-16 Jun-16 Sept-16 Dec-16 Mar-17
Tier II Tier I
Minimum Regulatory
Capital (10.5%)
15.1%15.4%
15.8%15.9%
15.1%

14. 14/17Investor Relations | 1Q17 |
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.
Norberto Zaiet Junior
CEO
João Brito
CFO
Raquel Varela Bastos
Head of Investor Relations, Local Funding and Communication
Luiz Maximo
Investor Relations Manager
Kianne Paganini
Investor Relations Analyst
Phone: (55 11) 3372-5343
ir.pine.com
ir@pine.com
Investor Relations