Banco Votorantim S.A. · This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without the ... 3Q12

Banco Votorantim S.A. Earnings Presentation

3rd Quarter, 2012

1

Disclaimer

Disclaimer

“Certain statements made in this presentation may not be based on historical information or facts. This presentation therefore contains, or may be deemed to

contain, “forward looking statements” (within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the Securities

Exchange Act of 1934, as amended), including those relating to the general business plans and strategy, future financial condition and results and growth

prospects of Banco Votorantim S.A. (“Banco Votorantim” or the “Company”), and future developments in its industry and its competitive and regulatory

environment. By their nature, forward‐looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or

may not occur in the future and are based on assumptions, data or methods which, although considered reasonable by the company at the time, may turn out to

be incorrect or imprecise, or may not be possible to realize. Accordingly, actual results may differ materially from these forward‐looking statements due to a

number of factors, including future changes or developments in the Company‟s business, its competitive environment, technology developments and political,

economic, legal and social conditions in Brazil.

Forward looking information is not merely based on historical fact but also reflects management‟s objectives and expectations. The Company can give no

assurance that expectations disclosed in this presentation will be confirmed. The words “estimate”, “believe”, "anticipate", “wish", "expect", “foresee", “intend",

"plan“, "predict", “forecast", “aim" and similar words, written and/or spoken, are intended to identify affirmations which, necessarily, involve known and unknown

risks. Known risks include uncertainties which include, but are not limited to, interest rates, product competition, market acceptance of products, the actions of

competitors, regulatory approval, currency type and fluctuations, monetary policy, among others.

This presentation is based on events up to September 30th, 2012. The Company or any of its affiliates take no responsibility or liability to update the contents of

this presentation in the light of new information and/or future events.

Banco Votorantim and/or any of its affiliates do not accept and take no responsibility, whatsoever, direct or indirect, for transactions or investment decisions

made on the basis of information contained in this presentation.

Banco Votorantim may alter, modify or otherwise change in any manner the contents of this presentation, without the obligation to notify any person of such

revision or changes.

This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor

anything contained herein shall form the basis of any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents of this

summary as legal, tax or investment advice and recipients should consult their own advisors in this regard.

The market and competitive position data, including market forecasts, used throughout this presentation were obtained from internal surveys, market research,

publicly available information and industry publications. Although the Company has no reason to believe that any of this information or these reports are

inaccurate in any material respect, the Company has not independently verified the competitive position, market share, market size, market growth or other data

provided by third parties or by industry or other publications and therefore does not make any representation as to the accuracy of such information.

This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without the Company‟s

prior written consent.”

2

Executive summary (I) 3Q12 results were impacted by the new economic-regulatory scenario and the adjustment process

Executive summary

Since 2011, the financial industry has been impacted by economic and regulatory changes, such as the slowdown of

economic activity, rising delinquency, macroprudential measures, Bacen’s Resolution 3,533, and others

For institutions focused on consumer finance, two changes were particularly striking:

• Systemic increase of delinquency : in the auto finance market, in which we have a strong presence through BV Financeira,

delinquency doubled in 2011 (Dec.10: 2.5%; Dec.11: 5.0%) and reached 6.0% in Sept.12; and

• Taking effect of Bacen Resolution 3,533: defined new rules for the accounting method of credit assignments with recourse

as of Jan.12, producing an impact on the securitization market and on the income/loss of the banks operating in it

In view of this new economic-regulatory scenario, we started a prudential adjustment process in 4Q11, with broad

support from the shareholders. In 2012, we continue advancing in the implementation of our Change Agenda

• After a period of strong growth, the current focus lies on increasing the medium-term return on capital

As informed in the latest earnings disclosures, our consolidated results were once again impacted by four main

factors – all related to Consumer Finance:

• Delinquency: expenses with credit provisions¹ in Consumer Finance amounted to R$1,167M in 3Q12 (R$1,279M in 2Q12),

still impacted by the delinquency of auto finance portfolios originated between Jul.10 and Sept.11

• Resolution 3,533/Bacen: In view of this regulatory change, it was decided not to perform further credit assignments with

recourse, impacting BV Financeira‟s revenues

• Reduction of production: reduction of approximately 50% in the volume originated by Consumer Finance in 9M12

compared to the same period of 2011, in order to guarantee the quality and profitability of the new financings; and

• Gradual rise in the Coverage Ratio: the coverage ratio of Consumer Finance s managed loan portfolio², which includes

credit assignments with risk retention, was raised to 98% in Sept.12 (95% in Dec.11)

Besides the abovementioned factors, in 3Q12 there was an increase in expenses with provisions for contingencies,

reflecting the restructuring process commenced in 4Q11 1. Includes Expenses with credit provisions related to credit assignments with recourse, and Income from the recovery of write-offs to loss; 2. Includes credit assignments with recourse and credit assignments for FIDCs (of which Banco Votorantim owns 100% of the subordinated quotas)

3

Executive summary (II) Credit provisions presented further reduction, and expenses remained stable

Even when faced with these factors, consolidated results exhibited a slight improvement in comparison to the

previous quarter (R$-497M in 3Q12; R$-536M in 2Q12), mainly because of the R$112M reduction in expenses with credit

provisions (R$1,286M in 3Q12; R$1,398M in 2Q12)

It is worth emphasizing two additional points related to results:

• Wholesale Businesses (Corporate & Investment Banking, Middle Market, Asset Management, Private Bank and Treasury)

maintained a good performance, with consistent generation of revenues

• Personnel and administrative expenses amounted to R$615M in 3Q12, stable in relation to the R$616M recorded in 2Q12.

Personnel expenses decreased R$23M (or 9.4%) in the quarter, already reflecting efficiency gains associated with the

integration of corporate areas of Wholesale and Consumer Finance and with the adaptation of the organizational structures

to the new origination levels of Consumer Finance

In this context of results, we continue to strengthen the quality of Banco Votorantim’s credit risk profile:

• Liquidity: we kept free cash at a conservative level – above the historical threshold. In addition, we have a credit facility of

approximately R$7B with Banco do Brasil (BB), which was never used

• Funding: we reduced the maturity mismatch between assets and liabilities to very conservative and historically low levels.

Moreover, the greater focus on return on capital (vs. growth) substantially reduced the need for additional funding. This

favorable context has allowed us to focus on the reduction of our funding cost

• Coverage ratio for loans: we maintained the Wholesale coverage ratio at conservative levels (177% in Sept.12) and

gradually raised the coverage ratio of Consumer Finance‟s managed loan portfolio in 2012 (Sept.12: 98%; Dec.11: 95%);

and

• Capital: Basel Ratio ended Sept.12 at 15.2% (15.5% in Jun.12). BB and Votorantim Finanças are committed to keep the

capitalization of Banco Votorantim at appropriate levels, as set out in the Shareholders‟ Agreement

Executive summary

4

Executive summary (III) Banco Votorantim keeps moving forward on its prudential adjustment process, started in 4Q11

To resume growth with profitability, we continue progressing in the implementation of the Change Agenda, which has

three main fronts:

• Production quality: since Sept.11, the enhancement of the credit policies, processes and models, as well as the greater

focus on return on capital (vs. growth), have resulted in the improvement of the risk level of recent vintages. The auto

financings originated in 2012 present the lowest level of the indicator of 1st installment delinquency in the history of BV

Financeira, contributing to keep the delinquency of vehicles at 8.7% – stable in relation to Jun.12

• Handling of the stock originated between Jul.10 and Sept.11: review and intensification of the credit collection processes,

with a more segmented performance towards clients. In addition, we have promoted a gradual increase in the coverage ratio

over 2012; and

• Efficiency and Governance: besides hiring experienced market professionals and adapting the organizational structures to

the new production levels of Consumer Finance, we continue working on the refinement of internal controls and on the

implementation of operational improvements in Consumer Finance

The progress in the Change Agenda creates the conditions for Banco Votorantim to resume growth with profitability

over the medium-term. However, as anticipated to the market, short-term results will continue impacted by four factors

related to Consumer Finance:

• Delinquency above the historical average of the auto finance portfolios originated by BV Financeira between Jul.10 and

Sept.11, still representing about half of the managed loan portfolio

• Resolution 3,533 – reduction of revenues with credit assignments with recourse until the consolidation of the “BV Financeira

Originadora” model along with BB

• Adequacy of the origination volumes to levels that ensure the quality of the new vintages; and

• Gradual increase of the coverage ratio of Consumer Finance loans

Summarizing, the strategies and initiatives adopted, whose effects are evident both in maintaining the good

performance of Wholesale, and in the generation of good and profitable new businesses in Consumer Finance, will

allow us to resume our path of sustainable growth with profitability in the medium-term

Executive summary

5

Banco Votorantim and the implications of the economic-regulatory context

Change Agenda developments

Recent results

Appendix – Financial highlights

Agenda

6

Banco Votorantim is one of the leading players in Brazil... 3rd largest privately-held Brazilian bank in total assets and loan portfolio

Banco Votorantim is the 3rd largest privately-

held Brazilian bank in total assets...

...and is well-positioned to consolidate itself

as one of the largest banks in Brazil

Banco Votorantim – Overview

Largest Financial Institutions - Assets (R$B)¹

...and also in terms of loan portfolio...

62

82

91

112

148448

596

723

838

998

CEF

Bradesco

Itaú Unibanco

Banco do Brasil

Citibank

BTG Pactual

Safra Votorantim

HSBC Santander

Largest Financial Institutions – Loan Portfolio (R$B)¹

State-owned

Foreign

National privately-held

20

22

42

47

58181

249

298

305

429

Volkswagen

Banrisul

Safra

HSBC Votorantim²

Santander

Bradesco

CEF

Itaú Unibanco

Banco do Brasil

State-owned

Foreign

National privately-held

1. Excluding BNDES (state-owned development bank); figures as of June/12, except for Banco Votorantim (Sept/12); 2. Considers BV‟s own portfolio (excluding securitization); 3. Includes credit assignments with recourse, as of June/12 Source: Banco Votorantim; Bacen; Anbima

Diversified business portfolio

• Wholesale Banking

– “Top 5” in credit for large enterprises

• Consumer Finance

– Among the leaders in used auto finance

– 6th largest player in payroll loans³

– ~ 5.6 million customers

• Wealth Management

– 8th largest asset manager by Anbima‟s managers‟

ranking: R$45.6B in AuM

Strategic partnership with Banco do Brasil, the largest

financial institution in Latin America

Strong and committed shareholder base

• Banco do Brasil and Votorantim Group

Low fixed-cost business model

• Extensive third-party distribution network in Consumer

Finance (vs. branches)

+

Shareholder

50% total

7

...and has a diversified business portfolio, internally

divided into Wholesale and Consumer Finance

BV – Corporate strategy

1. Includes guarantees provided and private securities; 2.Consumer Finance‟s own loan portfolio totaled R$37.8B in Sept/12, besides R$13.4B in credit assignments (including R$10.5B with recourse and R$2.9B in FIDCs‟ of which Banco Votorantim owns 100% of subordinated shares) Note: Middle Market segment refers to enterprises with annual sales between R$20M and R$400M

Banco Votorantim is focused on increasing the return on

capital of all business lines in the medium-term

Shareholders

Pillars

Cons. Finance² Wholesale

Auto

Finance

Among the top players

in the market,

enhancing partnership

with BB

Focus on used auto

finance

(multi-brand dealers)

Partner with BB in new

auto finance

(new car dealers)

Other

businesses Increase profitability in

individual loans, with

focus on INSS

payroll loans

Continue to grow in

credit cards

Expand insurance

brokerage revenues

(e.g. Auto)

Corporate &

IB (CIB)

Wealth

Management

Middle

Market

Continue to grow with

quality in this segment

of mid-sized

companies, gaining

scale and efficiency

Focus on

relationships and

operational agility

Enhance product

offering

8th largest asset

manager, with

innovative products

Private Bank focused

on estate planning,

offering customized

solutions, with an

open architecture

Continuously expand

synergies with BB

Position CIB as a relevant partner, by building agile and

long-term relationships, as well as offering integrated

financial solutions (IB, derivatives,

structured products and distribution), suitable for each

client

Banco do Brasil Votorantim Group +

Expanded¹

loan portfolio

R$41.7B

R$79.5B

R$79.5B

R$37.8B

8

The auto finance managed loan portfolio more

than doubled between 2008 and 2011...

1. Includes credit assignments with recourse and credit assignments for FIDCs; excludes guarantees provided; 2. Considers individual loans and credit cards; 3. Estimate based on BV‟s managed loan portfolio (excluding FIDCs) Source: Banco Votorantim; Bacen; Abel

Banco Votorantim – Auto finance managed loan

portfolio¹ (R$B)

In the post-2008 crisis period, Banco Votorantim rapidly

expanded its auto finance loan portfolio

BV – Auto finance expansion

…expanding its share in BV’s consolidated

managed loan portfolio to ~60%

Banco Votorantim – managed loan portfolio¹

(excluding guarantees provided) (R$B)

41% 47% 45% 39%

7%8% 14% 21%

52%46% 41% 40%

48.6

2008

41.7

Auto finance

(loan portfolio)

Auto finance

(securitization)¹

Wholesale and

payroll loans²

2011

79.3

2010

70.4

2009

+33%

16.3

Auto finance

(loan portfolio)

Auto finance

(securitization)¹

2011 2010

41.6

47.5

31.3 32.0

9.6

2009

26.4

22.6

3.8

2008

20.0

17.2

(86%)

2.8

12% Market

share³ 21%

9

S

12

Total

Individuals

Vehicles 6.0

7.9

5.9

J

12

6.1

7.9

M

12

D

11

5.0

7.4

S

11

J

11

M

11

D

10

2.5

5.7

S

10

J

10

3.5

6.5

Systemic increase in auto finance

delinquency levels

Since 2011, economic-regulatory shifts have impacted

the banking industry

Taking effect of Bacen’s Res. 3,533² impacted

the model of credit assignment with recourse

Individuals‟ credit market – Delinquency

Market delinquency¹ (%) – Bacen Balance of BV‟s credit assignments with

recourse (R$B)

2.2

S

12

D

11

10.5

15.4

-32%

D

09

11.1

D

10

D

08

4.9

In Sept/11, Banco Votorantim initiated a process of prudential

adjustment with broad support from the shareholders

BV starts

adjustment

process

1. Past due by over 90 days, informed by Bacen; 2. Changed rules for recording credit assignments with recourse, impacting the securitization market and the results of banks that operated in it Source: Banco Votorantim; Bacen

With Res. 3,533, BV decided

not to execute new credit

assignments with recourse

Examples of economic-regulatory shifts

Bacen adopts

macro-prudential

measures

Historical

record

Res.

3,533²

comes

into effect

10

In Sept/11, Banco Votorantim initiated a process of

prudential adjustment, guided by a Change Agenda

Diagnosis – Change Agenda

The adjustment process, has continued in 2012 and will allow Banco

Votorantim to resume growth with profitability in the medium-term

Change Agenda – Strategic initiatives that will further strengthen Banco

Votorantim‟s position as one of Brazil‟s leading banks

• Pursuit of greater efficiency in cost management and rationalization of capital use

• Redefinition of the organizational structure, in order to operate in a more efficient and integrated way

• Maintenance of BV‟s Basel Ratio at adequate levels

• Progress in the development of BV Financeira‟s new

asset origination model, enhancing partnership with

Banco do Brasil

• More conservative approach to credit concession,

focusing on profitability

• Intensification of credit collection processes

• Gradual increase in the Coverage Ratio

Consumer Finance

• Intensification of delivery of integrated financial

solutions for

– Credit,

– Structured products, and

– Investment banking services

• Focus on increasing Banco Votorantim‟s relevance

for its customers

Wholesale Banking

Corporate Initiatives – examples

11



Recent results


Agenda

12

Developments in Consumer Finance’s Change Agenda Three main fronts: Production Quality, Handling of the Stock, and Efficiency and Governance

Change

Agenda

Production

Quality

Profitability:

• Focus on clients with better risk profiles, as well as adequacy of origination volumes

• Reduction in the commissions paid to correspondent banks

• Maintenance of the good profitability of recent vintages, despite the drop in market rates

Credit: improvement of policies, processes and credit models

• Refinement of credit models (e.g.: incorporation of BB‟s internal ratings)

• Increase in the % of automated credit decisions

Operating model:

• Origination to BV: intensified focus on multi-brand dealers (used vehicles)

• Origination to BB: progress in the structuring of the model of origination directly to BB (“BV Originadora”)

Handling of

the Stock

Credit collection: revision of collection processes, acting in a more segmented way towards customers

• Revision of the negotiation policy (e.g.: greater incentive to the full payment of past due installments)

• Implementation of a settlement policy based on the restated value of the asset vs. amount of debt

Coverage ratio: gradual increase in the balance of provisions over the past due loan portfolio

Efficiency

and

Governance

Structure: adaptation of organizational structures to the new origination levels

Compensation: revision of the internal compensation model and of incentives to distribution channels

Talents: aggregation of 20+ senior professionals in credit, modeling and collection

Processes and control: new improvements in internal controls and processes (e.g.: downgrading initial

ratings for auto finance and refining manual drag rules)

Developments in Consumer Finance’s Change Agenda

Change Agenda – Consumer Finance

13

64% 77% 90% 83%

Light vehicles1 – Origination by channel (R$B) and first installment delinquency2 (%)

1. Includes CDC – vehicles and vans (excludes leasing); 2. % of each month‟s production with first installments past due by over 30 days

Multi-brand

dealers/

light vehicle prod.

Focus on

multi-brand

dealers

Initiatives resulted in consistent improvement of the risk

level of auto finance operations originated since Sept/11


Quality of origination has been addressed since 4Q11, but

vintages originated until Sept/11 should keep impacting results

0.8

Sept/12

0.9

Mar/12 Sept/11 Mar/11

2.6

Sept/10 Mar/10 Sept/09 Mar/09

0.9

Vintages indicating lower quality Multi-brand dealers (R$B)

1st installment delinquency ("Inad 30")

New car dealers (R$B)

“Inad 30” returned to

its historical quality

levels since 4Q11

Production

14

Sept/12

24.1

June/12

24.5

Mar/12

26.8

Dec/11

26.4

Sept/11

27.5

Better quality of origination derives from improvements

and greater conservatism towards credit concession

NPL 90 days by vintage, 4 months after

concession – Auto finance (%) Auto production average interest rate (%p.y.)

Auto production – tenor and down payment Auto finance origination – by payment plan

1. From 1Q12 the criteria for calculating the down payment % was revised; 2. National Financial System (“Sistema Financeiro Nacional”) Source: Banco Votorantim; Bacen

Higher than the SFN²:

20.9% in Sept/12

76% 84%100% 100% 100%

16%24%

4Q11

3Q11 3Q12

2Q12

1Q12

Other plans 60 months, no down payment

34% 38% 41% 41% 44%

4446464749

3Q12

2Q12

1Q12¹ 4Q11

3Q11

Average tenor (months) Down payment %


M

Month of

concession A M

12

F J

12

D

11

S J M

11

2.7

D

10

S J M

10

D

09

0.5 0.4

J

Production

15

Progress in the definition of the model of auto finance

origination directly to BB – “BVO”


Commercial

“BVO” model will join Banco Votorantim’s asset origination

capacity to Banco do Brasil’s broad funding base

Sales force

Operational

Responsibilities

Web portal for entry of proposals

Credit policies and analysis

Funding and pricing

Initial accounting record

Post-sale and credit collection

New operating model for joint action in auto finance – current view

BVO model

(BV Originadora)

BB clients

Multi-brand

dealers Non-BB clients

New car dealers

Production

16

Vintages of better quality already represent 32% of the loan

portfolio, helping stabilize the auto finance delinquency

Vintages of better quality already represent

32% of the light vehicle loan porfolio

1. Considers own loan portfolio and credit assignments with recourse, excludes credit assignments for FIDCs; 2. Past due by over 90 days, according to Bacen‟s Res. 2,682 criteria


23% 20% 19% 15%

67%

62%56%

53%

10%17%

25%32%

Dec/11 Mar/12

100% After Sept/11

July/10-

Sept/11

Sept/12

Until June/10

June/12

Managed loan portfolio delinquency

8.7%

Sept/12 Mar/12

Vehicles 8.7%

June/12

7.8%

Light vehicles loan porfolio¹ by vintage (%) Non-performing loans² – 90 days (%)

Non-performing loans² – 15 to 90 days (%)

Vehicles

June/12

12.1%

Sept/12

8.9% 9.4%

Mar/12

Stock

17

Efficiency initiatives start showing results Personnel expenses reduced 9.4% in the 3Q12 QoQ

Change Agenda

Several initiatives were implemented in order

to improve operational efficiency…

...with tangible results already reached,

specially regarding personnel expenses

Unification of the corporate areas that serve

both Wholesale and Consumer Finance

businesses

E.g.: Finance, Legal, Marketing, HR, etc.

Adjustment of staff to the new origination

levels in Consumer Finance

Creation of a specific committee (CAAD) for

analysis and approval of expenses

Revision of expenses with advisory, telephony,

media, events, travel and sponsorships

Rationalization of rent expenses, e.g.:

• Clearance of floors on Rochaverá, Berrini and

Paulista locations

415 433362 372 395

235 209

235 244 221Personnel

Admin.

-5.2%

3Q12

615

2Q12

616

1Q12

597

4Q11

642

3Q11

649

Administrative and personnel expenses (R$M)

Note: expenses above include the ones related to the restructuring process (e.g.: labor provisions) 1. QoQ expansion explained mainly by timely expenses in the period, such as the remittance of the annual debt settlement letter to clients, as well as the intensification of credit collection processes in Consumer Finance

-9.4%

6.1%¹

∆3Q12

/2Q12

Efficiency

18



Recent results


Agenda

19

Total revenues (Gross Financial Margin, Fee Income and Other Revenues) Allowance for loan losses expenses – ALL

820Consumer

Finance

Wholesale

3Q12

1,286

1,167

119

2Q12

1,398

1,279

119

1Q12

1,456

1,332

124

4Q11

1,294

1,147

146

3Q11

950

130

-8%

Non-interest expenses (Personnel, Administrative, Operating and Other Tax¹) Net income

415 433 362 372 395

235 209 235 244 221

18313912218151

67

Administrative

Personnel

Contingencies²

Others

3Q12

829

30

2Q12

773

18

1Q12

742

23

4Q11

829

7

3Q11

768

-497-536-597

-656

-85

3Q12 2Q12 1Q12 4Q11 3Q11

R$ million

∆ 3Q12/

2Q12

3Q12

1,403 1,365

1Q12

1,354

2Q12 4Q11

1,152

3Q11

1,709

-

-9%

Consolidated results still impacted by credit provisions However, ALL expenses registered a new reduction in the 3Q12 (-8% QoQ)

Consolidated results

Note: from 3Q12, income from the recovery of write-offs to loss started being allocated as part of “ALL expenses”, therefore both ALL and Total revenues previous figures were adjusted

1. Federal, state and local taxes (excludes ISS, PIS and Cofins); 2. Expenses with provisions for civil and labor contingencies

20

Consumer Finance results were impacted by four factors Auto finance delinquency, higher coverage ratio, Res. 3,533 and lower origination volumes

Cov. Ratio² - Cons. Finance

2

Delinquency - Auto finance¹

1

Gross results from credit

assignments³

Bacen Resolution 3,533

3

Fee income4- Cons. Finance

Auto finance origination

4

• Effective since Jan/12

• Changed the rules for recording

credit assignments with recourse

– Revenues cannot be recognized

by the time of the assignment

• BV decided not to execute any

credit assignment with recourse

• Expenses with early settlements of

credit assignments kept on being

recognized (3Q12: R$93M; 2Q12:

R$80M)

1610

827

615

3Q12 2Q12 1Q12 4Q11 3Q11

(R$B)

(R$M) (R$M)

Allowance for Loan Losses expenses - Consumer Finance

820

-9%

3Q12

1,167

2Q12

1,279

1Q12

1,332

4Q11

1,148

3Q11

Sept

12

98%

Dec

11

95%

139137126149

228

3Q12 2Q12 1Q12 4Q11 3Q11

Sept

12

8.7%

Mar

12

8.7%

June

12

7.8%

5.9%

Sept

11

4.7%

Dec

11

(R$M)

1. Considers managed loan portfolio (with credit assignments); past due by over 90 days (Bacen Res. 2,682 criteria); 2. Ratio between ALL balance and balance of operations past due by over

90 days; 3. Impact of Gross financial margin before early settlements expenses and credit provisions; 4. Includes banking fees

Consumer Finance results

Reduced ALL expenses in the

3Q12 because of:

• Lower impact of vintages

originated between July/10 and

Sept/11

• Improved quality of the vintages

originated since Sept/11

• Intensified credit collection

processes

2.8

3Q12 2Q12

2.7

1Q12

2.7

4Q11

3.6

3Q11

6.2 Focus on

quality

Assignments for

FIDC and BB

21

Still, Wholesale businesses maintained their good

performance in 3Q12, with consistent income generation

1. Net of credit recovery; 2. Includes banking fee income

Wholesale results

117112117

3Q12 2Q12 1Q12

Wholesale kept the good standard of its net

margin, and registered R$294M in 3Q12... ...with consistent fee income generation

268 298 294

124119 119

3Q12

ALL

expenses¹

Net

margin

413

2Q12

416

1Q12

392

Wholesale – Gross financial margin (R$M) Wholesale – Fee income² (R$M)

Wholesale shall keep reporting good results in all its

businesses (CIB, Middle Market, AM e PB) in 2012

22

Focus on exploring opportunities related to infrastructure

investments and the growth of capital markets

Wholesale: expanded¹ loan portfolio

reached R$41.7B in Sept/12 Corporate & IB (CIB) recent developments

1. Includes guarantees provided and private securities; 2. Ratio between ALL balance and balance of operations past due by over 90 days (Bacen Resolution 2,682 criteria); 3. Past due by over 90 days (Bacen‟s Res. 2,682 criteria)

Wholesale – CIB and Middle Market – recent developments

Corporate

(CIB)

Middle

Market

Sept/12

41.7

32.2

9.5

Sept/11

40.6

31.8

8.8

2011

39.2

30.2

9.0

2010

37.2

31.3

5.9

2009

35.6

33.4

2.1

2008

35.6

33.9

1.7

Middle Market recent developments

CIB and Middle Market have increased their focus on

profitability, and kept the conservatism in credit provisions

∆

Sept.12/

Sept.11

3%

8%

1%

Coverage ratio² 177%

More disciplined capital allocation (focus on profitability)

• Assessment of operations via Business Committee (weekly)

• Specific business plans for each client

Improved relevance to customers, through strengthening of

the product platform. 9M12 highlights:

• Derivatives (hedge): “Top 10” in CETIP‟s ranking

• Investment Bank: 50 Fixed Income ; 2 Equities operations,

besides the announcement of 5 M& A operations

• Project Finance: R$2.3B in concluded operations

“One-stop-shop Project Structuring factory”

• Financing and advisory throughout the project cycle

Focus on profitability (vs. growth)

• Cautious loan portfolio expansion

• Delinquency³ levels below market average (3.3% in Sept/12)

Scale and efficiency gains 190%

Wholesale expanded¹ loan portfolio (R$B)

23

Private Bank developments

VWM&S reached R$45.6B in assets under management

Wealth Management (VWM&S) expands 18% in 12

months and VAM is now the 8th largest Asset¹ Asset Management developments

1 Votorantim Asset Management „s(VAM) position in Anbima‟s managers‟ ranking ; 2. Includes Treasury, Brokerage and offshore products; 3. Total assets by the end of Sept/12 Source: Banco Votorantim; Anbima

Enhanced synergies with BB: assets from funds

structured in partnership reach R$3.7B³

Highlighted in major 3Q12 rankings

• Star Ranking by Valor Investe , Guide of Personal

Investments by Exame magazine and Excellent Funds

Edition of the Investidor Institucional magazine

• Commitment to a consistent performance

45.6

+18%

Sept/12 Sept/11

38.6

2011

43.0

2010

31.4

2009

22.9

2008

19.1

13th Anbima¹

ranking 9th 8th

12% growth in assets under management (AuM) in

the last 12 months

ISO 9001:2008 Certificate for the scope of Relationship,

Wealth Management and Advisory regarding Brazilian

clients, by Bureau Veritas

Focus on estate planning via customized solutions,

with an open architecture concept

Wholesale – Wealth Management – developments

VWM&S aims at being one of the best in structuring and

managing high value-added products

VWM&S assets under management²(R$B)

24

In 3Q12, Banco Votorantim kept on strengthening its credit

risk quality

Banco Votorantim – credit risk quality

Liquidity

Free cash continue at conservative levels – above historic levels

Additionally, BV has a stand-by credit facility of ~R$7B from Banco do Brasil, which

has never been tapped

Funding

After successfully extending the average funding tenor, with reduction of the maturity

mismatch between assets and liabilities, moderation in the loan portfolio’s growth

rate substantially reduced the need for additional funding

• Favorable context allows greater focus on the reduction of funding costs

Coverage

Ratio¹

Wholesale: Coverage Ratio maintained at higher levels (Sept/12: 177%)

Consumer Finance: gradual Coverage Ratio increase in 2012 (Sept/12: 98%; Dec/11: 95%)

Capital

Basel Ratio of 15.2% in Sept/12 (15.5% in June/12), with a 9.9% Tier I ratio

Maintenance of Banco Votorantim’s capital structure at adequate levels, as set out in

the Shareholders’ Agreement

Strengthening of Banco Votorantim‟s credit risk quality – examples

1. Ratio between ALL balance and balance of operations past due by over 90 days (Bacen‟s Res. 2,682 criteria)

25



Recent results


Agenda

26

Financial highlights


Note: from 3Q12, the income from the recovery of write-offs to loss started to be allocated as part of “ALL Expenses”, adjusting both ALL and Total Revenues previous figures

1. Federal, state and local taxes (excludes ISS, PIS and Cofins); 2. Expenses with provisions for civil and labor contingencies

Total revenues (Gross Financial Margin, Fee Income and Other Operating Income) Allowance for loan losses expenses

Non-interest expenses (Personnel, Administrative, Operating and Other Tax¹) Net income

R$ million

∆ 3Q12/

2Q12

-

-9%

820

-8%

Consumer

Finance

Wholesale

3Q12

1,286

1,167

119

2Q12

1,398

1,279

119

1Q12

1,456

1,332

124

4Q11

1,294

1,147

146

3Q11

950 130

-497-536-597

-656

-85

3Q12 2Q12 1Q12 4Q11 3Q11

3Q12

1,403

2Q12

1,354

1Q12

1,365

4Q11

1,152

3Q11

1,709

415 433 362 372 395

235 209235 244 221

183139122181

3Q11

768

51 67

7

Personnel

Contingencies²

Others

Administrative

742 30

2Q12

773

23

4Q11

829

18

1Q12 3Q12

829

27



Net Interest Margin – NIM (% p.y.) Efficiency Ratio¹ (%) – last 12 months

1.Ratio between (a) the sum of Personnel and Other administrative expenses and (b) the sum of Gross income from financial intermediation before Allowance for Loan Losses (ALL), Fee

income, Other operating income/expenses, and Fiscal hedge adjustment

Sept/12

39.0

45.6

54.3

Sept/11

42.6

Dec/11 June/12 Mar/12

50.4

3Q11

3.3

4.2

1Q12

4.7

4Q11 2Q12

4.3

3Q12

4.4

ER impacted by the reduction in

Income from credit assignments

28

Expanded¹ managed² loan portfolio

Total assets Assets under management

Loan portfolio

1. Includes guarantees provided and private securities, 2. Includes credit assignments with recourse and credit assignments for FIDCs (of which Banco Votorantim owns 100% of the subordinated quotas)



R$ billion

Sept/12

45.6

June/12

43.2

Mar/12

44.6

Dec/11

43.0

Sept/11

38.6

Sept/12

111.6

June/12

113.6

Mar/12

113.5

Dec/11

112.4

Sept/11

124.3

Expanded

loan portfolio¹

Securitization

Sept/12

92.6

79.2

13.4

June/12

95.7

80.3

15.4

Mar/12

97.6

79.6

18.0

Dec/11

97.4

76.8

20.5

Sept/11

99.4

82.8

16.6

Sept/12

58.1

June/12

58.8

Mar/12

58.8

Dec/11

58.7

Sept/11

64.0

29

Expanded managed loan portfolio by segment

Expanded loan portfolio (Includes guarantees provided and private securities)

Expanded managed loan portfolio (Expanded loan portfolio, plus credit assignments and FIDCs)

R$ billion

7.0

Mar/12

79.6

32.4

9.1

31.4

6.7

Dec/11

76.8

30.2

9.0

31.3

6.4

Sept/11

82.8

31.8

36.0

6.2

-1%

Corporate

Middle

market

Auto

finance

Others¹

Sept/12

79.2

32.2

9.5

30.3

7.2

June/12

80.3

32.7

9.6

30.9

8.8

47.5

10.6

Sept/11

99.4

31.8

8.8

48.4

10.4

9.0

92.6

Sept/12

-3%

32.2

9.5

10.1

June/12

95.7

32.7

9.6

43.0

10.4

Mar/12

97.6

32.4

9.1

45.6

10.5

Dec/11

97.4

30.2

40.8

-2.8%

-5,1%

-0.3%

-1.8%

∆Sept12

/June12

2.0%

-2.2%

-0.3%

-1.8%

∆Sept12

/June12

10.5 13.5 Credit assignments

with recourse (R$B) 12.0


2.9 3.5 Credit assignments

for FIDCs² (R$B) 3.3

1. Payroll loans, CDC, credit cards and individual loans; 2. Refers to off-balance resources

30

Sept/12

106.3%

June/12

108.1%

Mar/12

102.0%

Dec/11

103.9%

Sept/11

103.9%

Allowance for loan losses balance Coverage Ratio¹ (%)

Non-performing loans - 90 days¹ (%) Non-performing loans - 15 to 90 days¹ (%)

Credit indicators

Financial highlights – Credit indicators

Note: the methodology for calculation of the Coverage ratio was revised from Sept/12

1. Considers credit assignments with recourse and credit assignments for FIDCs ; past due loans according to Bacen‟s Res. 2,682 criteria

Sept/12

6.9%

4,914

June/12

6.9%

5,091

Mar/12

5.9%

4,536

Dec/11

4.6%

3,675

Sept/11

3.7%

2,992

ALL balance/managed loan portfolio¹

ALL balance (R$M)

Sept/12

8.1%

2.5%

6.5%

June/12

8.0%

2.1%

6.3%

Mar/12

7.1%

2.0%

5.8%

Dec/11

5.5%

1.7%

4.5%

Sept/11

4.4%

1.3%

3.6%

Sept/12

7.8%

0.9%

5.8%

June/12

8.1%

0.7%

6.0%

Mar/12

8.7%

1.2%

6.7%

Dec/11

8.1%

0.8%

6.2%

Sept/11

7.6%

1.1%

5.9%

Cons. Finance Wholesale Total

31

Funding sources

Repos³

Deposits

-3.6%

Issuance of securities²

Subordinated debt

Onlendings

Loans and

others1

Sept/12

78.1

18.4

19.8

20.1

8.0

5.2

6.5

June/12

81.0

23.0

16.2

21.4

7.8

5.6

7.0

Mar/12

86.6

25.6

20.7

19.1

7.5

6.0

7.7

Dec/11

85.8

25.6

20.7

17.9

7.4

6.3

8.0

Sept/11

86.1

25.0

20.6

17.9

6.7

7.3

8.6

Financing

Bills4(R$B) 8.1

1. Includes Option Box and NCE repo; 2. Includes Eurobonds, Debentures, Financing bills and LCA; 3. Private securities (excludes government securities); 4.Includes subordinates financing

bills Note: International funding is 100% swapped for BRL; the above graph does not consider sources from credit assignments

Funding evolution (R$B)

12.2

Financial highlights – Funding sources

12.0

∆Sept12

/June12

-6.1%

-7.3%

2.8%

-6.1%

22.4%

-20.0%

Additionally, Banco Votorantim has a stand-by credit

facility of ~R$7B from BB, which has never been tapped

32

Basel Ratio and Shareholders’ Equity

Tier I

Tier II

Sept/12

15.2%

9.9% 10.2%

5.3%

Mar/12

13.0%

8.7%

4.4%

Dec/11

14.1%

9.5%

4.7% 5.3%

Sept/11

4.2%

8.5%

12.7%

15.5%

June/12

Basel Ratio

Sept/12

8,829

June/12

9,304

Mar/12

7,566

Dec/11

8,041

Sept/11

8,718

Shareholders’ Equity (R$M)

Financial highlights – Capital and liquidity

R$2B capital increase

in June/12

33

Banco Votorantim’s main ratings

Ratings

Banco Votorantim is an Investment Grade bank by Fitch, Moody’s and S&P

RATING

AGENCIES

International National

Long-Term Short-Term Long-Term Short-Term Long-Term Short-Term

Fitch Ratings Local Currency Foreign Currency Nacional

BBB- F3 BBB- F3 AA+(bra) F1+(bra)

Moody’s Local Currency Deposits Foreign Currency Deposits Nacional

Baa2 P-2 Baa2 P-2 Aaa.Br BR-1

Standard & Poor's Local Currency Foreign Currency Nacional

BBB- A-3 BBB- A-3 brAAA brA-1

34

Conciliation between Managerial and Accounting Results

Managerial x Accounting results

Income from Financial Intermediation 3,214 (1) (46) 3,167

Loans 2,232 - (46) 2,186

Derivative Financial Instruments (264) (1) - (265)

Expenses from Financial Intermediation (2,046) - - (2,046)

Gross Financial Margin 1,168 (1) (46) 1,120

Allow ance for Loan Losses (1,332) - 46 (1,286)

Net Income from Financial Intermediation (164) (1) - (166)

Other Operating Income/Expenses (626) (2) - (628)

Tax Expenses (127) 0 - (126)

Equity in income of associated companies and subsidiaries 18 - - 18

Other Operating Income/Expenses (158) (3) - (161)

Operating Income (790) (4) - (794)

Non-operating Income (43) - - (43)

Income before Taxation and Profit Sharing (834) (4) - (838)

Provision for Income Tax and Social Contribution 373 4 - 377

Net Income (Loss) (497) - - (497)

Managerial

3Q12

1. Foreign exhange variation of overseas investments, accounted in Other Operating Income (Expenses), as w ell as f iscal and tax

effects from the foreign investments hedge strategy, accounted in Tax Espenses (PIS/Cofins) and IT/SC, w ere relocated to Income

from Derivative Financial Instruments;

2. Expenses w ith credit provisions related to credit assignments w ith recourse, and Income from the recovery of w rite-offs to

loss, both accounted in Income from Loans and relocated to Allow ance for Loan Losses.

INCOME STATEMENT SUMMARY

(R$ Million)

Accounting

3Q12Hedge¹

ALL Credit

Assignments²

Documents

Banco Votorantim S.A. · This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without the ... 3Q12