Earnings Presentation

4th Quarter, 2015

Disclaimer: This presentation may include references and statements on expectations, planned synergies, growth estimates, projections of results, and future strategies for Banco

Votorantim, it’s associated and affiliated companies, and subsidiaries. Although these references and statements reflect the management’s belief, they also involve imprecision and

risks that are highly difficult to be foreseen. Consequently, they may conduct to different results from those anticipated and discussed here. These expectations are highly dependent on

market conditions, on Brazil’s economic and banking system performances, as well as on international market conditions. Banco Votorantim is not responsible for bringing up to date

any estimate in this presentation.

2

Net Income of R$ 482M in 2015 Strengthening of the balance sheet in view of the uncertainties of the macroeconomic scenario

Executive summary

1. Gain obtained from the sale, in the 1Q14, of shares from tax incentives (FINOR – Fundo de Investimento do Nordeste) to Votorantim Cimentos SA 2. The IPCA price index reached10.7% in the last 12 months.

Net Income

of R$482M

in 2015

Net Income of R$ 482M in 2015, compared to R$ 502M in 2014. Disregarding net non-operating income

of R$ 89M¹ verified in 1Q14, the Net Income of 2015 would have increased by 16.7% compared to 2014

Net income of R$ 77M in 4Q15, compared to R$ 137M in 3Q15 and R$ 75M in 4Q14

Conservative

approach

to credit

Expanded credit portfolio decreased 4.6% in the last 12 months and 1.0% in the last quarter

Income from Services and Insurance amounted to R$ 1.2B in 2015, stable compared to 2014...

...but the NII decreased, reflecting the conservative approach to credit, moderation of demand for credit

and the increase of Selic (higher funding cost)

Delinquency

under control

90-day NPL of 5.7% in Dec/15, stable in comparison to Dec/14

• Wholesale: 90-day NPL of 5.8% (Dec/14: 6.2%)

• Consumer Finance: 90-day NPL of 5.7% (Dec/14: 5.5%). Vehicles’ dropped to 5.3% (Dec/14: 5.5%)

Additional

strengthening of

the balance sheet

Prudential strengthening of credit provisions – in view of the uncertainties of the macroeconomic

scenario – increased 90-day Coverage Ratio to 150% in Dec/15 (Dec/14: 134%)

In Consumer Finance, the Coverage Ratio increased to 123% in Dec/15 (Dec/14: 116%), despite

the reduction of 19.5% in ALL expenses in 2015/2014, reflecting the delinquency reduction

Effective cost

management

Personnel and administrative expenses decreased 3.7% in 2015/2014, in spite of the inflation²

Efficiency Ratio for the last 12 months remains below 40% (Dec/15: 39.5%)

Highlights of 2015 results

3

89

63

77

137146

122

75

135140

4Q15 4Q14 3Q15 2Q15 1Q15 3Q14 2Q14 1Q14

152

Change agenda Earnings growth agenda

• Profitability

• Operational Efficiency

• Synergies with Banco do Brasil

Net Income of R$ 482M in 2015 Disregarding non-operating income of 1Q14, Net Income of 2015 would have grown16.7% over 2014

89

-4.1%

482

+16.7%

2015 2014

502

413

Non-operating

Income¹

1. Gain obtained from the sale, in the 1Q14, of shares from tax incentives (FINOR – Fundo de Investimento do Nordeste) to Votorantim Cimentos SA.

Net Income evolution (R$M)

Consolidated results

4

Net Interest Income (A) 1,222 1,134 1,098 -3.2% 5,114 4,702 -8.1%

ALL expenses¹ (B) (505) (1,075) (453) -57.8% (2,193) (2,394) 9.2%

Net Financial Margin (A+B) 717 59 645 - 2,921 2,308 -21.0%

Operating Income/Expenses (688) (555) (543) -2.1% (2,464) (2,276) -7.6%

Income from Services and Banking Fees 276 232 266 14.5% 975 961 -1.4%

Personnel and Administrative expenses (619) (561) (607) 8.2% (2,430) (2,339) -3.7%

Tax expenses (104) (102) (88) -13.1% (442) (417) -5.8%

Equity in Income of Associated Companies and Subsidiaries 37 39 40 1.2% 148 156 5.4%

Other Operating Income/Expenses (278) (163) (153) -6.3% (714) (637) -10.8%

Operating Income (Loss) 29 (496) 102 - 457 32 -93.0%

Non-Operating Income (Loss) (8) (9) (2) -79.2% 106 (29) -

Income Tax and Profit Sharing 20 642 (23) - (61) 479 -

-

Net Income 75 137 77 -43.8% 502 482 -4.1%

(R$ million) 4Q14 2015Var. 2015

/20143Q15 4Q15

Var. 4Q15

/3Q152014

Highlights of Results Consistent net income, with nominal reduction of the cost base and strengthening of the balance sheet

Note: "Prudential provisions" refers to provisions made in 3Q15 for allowance for loan losses and to restructuring expenses.

1. Allowance for Loan Losses (ALL), net of revenues from recovery of written-off loans.

Tax credit increase

(Social Contribution Rate of 20%)

Includes prudential provisions

Managerial Income Statement (R$M)

Consolidated results

5

Disregarding prudential provisions, ALL expenses would

have reduced and the Operating Income increased in 2015

455

2015

2,394

2014

2,193

+9.2% -11.6%

2015’

1,939

Prudential

Provisions2

620

651

32

-93.0% +42.5%

2015’ Total

Prudential

Provisions3

2015 2014

457

Disregarding prudential provisions,

ALL would have reduced 11.6% in 2015/2014...

...and the Operating Income would have grown

42.5%, reaching R$ 651M

ALL Expenses¹ (R$M)

For conservatism, prudential provisions were formed in the

3Q15 on the uncertainties of the macroeconomic scenario

1. Allowance for Loan Losses (ALL), net of revenues from recovery of written-off loans; 2. Refers to provisions made in 3Q15 for allowance for loan losses; 3. Refers to total

provisions made in 3Q15 for allowance for loan losses and to restructuring expenses.

Operating Income (Loss) (R$M)

Consolidated results

6

Consistent revenue generation from services and insurance NII reduction reflects the conservative approach to credit and the increase of Selic

NII decreased 8.1% in the 2015/2014, reflecting

the portfolio retraction and higher Selic

Income from Services and Insurance summed

up R$ 1.2B in 2015 – stable compared to 2014

95.9 98.0

5455

+12.1%

4Q15

321

266

3Q15

286

232

-3.2%

4Q15

1,098

3Q15

1,134

4.8% 4.6%

+0.1%

2015

1,175

961

214

2014

1,174

975

199

-8.1%

2015

4,702

2014

5,114

95.3

4.9%

92.2

5.5%

Net Interest Income

Net Interest Income (NII) (R$M) Income from Services, Fees and Insurance³ (R$M)

Insurance

(Commission)

Services and

Fees

Grew due to the

impact of exchange

rate variation

Average

interest-earning

assets¹ (R$B)

NIM² (% p.y.)

1. Sum of reserve requirements, interbank transactions, securities and loan portfolio; 2. Ratio between Net Interest Income and Average Interest-Earning Assets; 3. Result of the

stake in Votorantim Corretora de Seguros (insurance brokerage) is recognized using the equity method.

7

-4.6% -1.0%

Corporate &

Investment

Banking (CIB)

Auto Finance

Payroll

Credit Cards

Dec/15

65.5

31.9

27.7

4.6 1.3

Sept/15

66.2

32.0

28.2

4.7 1.1

Dec/14

68.7

32.7

29.4

5.4 1.0

Maintenance of the conservative approach to credit Credit portfolio retraction is a result of the focus on profitability, and moderation of demand for credit

-0.3%

-1.8%

∆Dec15

/Sept15

-3.4%

10.4%

-2.5%

-5.8%

∆Dec15

/Dec14

-15.3%

22.4%

Expanded credit portfolio (R$B) (includes guarantees provided and private securities)

Focus on profitability (vs. asset growth)

Credit portfolio by segment

8

293 402 285

212

672

168

4Q15

453

3Q15

1,075

4Q14

505

2015

2,394

1,316

1,077

2014

2,193

1,635

558

150%

134%

Dec/15

2,923

4,387

Dec/14

3,154

4,227

90-day NPL balance (R$M)

Allowance for Loan Losses balance (R$M)

Coverage ratio reached 150% in Dec/15 Additional strengthening of the balance sheet in view of the uncertainties of the macroeconomic scenario

Credit provision expenses in Consumer

Finance reduced 19.5% in the 2015/2014 90-day CR reached 150%, reflecting the increase

in the ALL balance and the delinquency reduction

∆2015

/2014

-19.5%

93.2%

1. Allowance for Loan Losses, net of income from recovery of written-off loans; 2. Ratio between the balance of ALL and the balance of loans past due over 90 days.

Considers balance of R$ 235M of “generic” credit provisions recognized as Liabilities in the "Other“ line (see Note #19d of 4Q15 Financial Statements)

9.2%

78% in

Sept/11

Credit indicators – ALL and 90-day Coverage

90-day

Coverage ratio

Credit provision expenses – ALL¹ (R$M)

Prudential

strengthening of ALL

Consumer

Finance

Wholesale

90-day Coverage Ratio² (%) – Managed portfolio

ALL elevation was prudential,

since delinquency is under control

9

5.3%

5.7%

5.3%

5.4%

5.3%

5.4%

5.3%

5.3%

5.5%

5.5%

Total

90-day NPL of 5.7% in Dec/15, stable in comparison to Dec/14 Vehicles’ and Wholesale’s delinquency declined in relation to Dec/14

Wholesale

5.7% 5.3%

5.2%

6.5%

5.7%

Dec/15

5.8%

Sept/15

5.0%

Jun/15

4.8%

Mar/15

9.0%

Dec/14

6.2%

Vehicles Consumer

Finance

1. National Financial System. 90-day NPL obtained in the historical series released on the Central Bank website.

90-day NPL / Managed loan portfolio (%)

Consumer

Finance

Credit indicators – Delinquency

90-day NPL of the market¹

increased 20 bps in 2015

10

1.1

1.6%

Jun/15 Dec/14 Dec/15

1.3

Jun/14 Dec/13

1.3

Jun/13 Dec/12

1.1

Jun/12 Dec/11

1.0

Jun/11 Dec/10

2.1

Jun/10 Dec/09

1.5

Auto finance: maintenance of quality in auto finance

origination, focusing on used cars

Inad 30¹ (by vintage)

Used car dealers

New car dealers Lower quality vintages /

Managed auto finance portfolio²

2%11%

27%

48%

Dec/15 Dec/14 Dec/13 Dec/12

Lower quality vintages

Auto Finance – Origination by channel (R$B) and first payment default by vintage – Inad 30¹ (%)

June09-

June10

average

Origination with better quality has contributed

to the favorable trend in ALL and delinquency

Consumer Finance – Auto Finance

1. First payment default, or % of each month’s production with first installment past due over 30 days; 2. Includes securitization with substantial risk retention before Res. 3,533

11

Used

Cars

Other

Vehicles¹

4Q15

3.1

2.6

(82%)

0.6

4Q14

3.9

3.2

(80%)

0.8

4Q10

7.8

4.1

(52%)

3.7

26%40% 41%

444552

4Q15 4Q14 4Q10

Auto finance: greater focus on used cars and maintenance

of tight credit origination standards

Greater focus on used cars Maintenance of conservatism in lending

-12%

2015

12.4

10.3

(83%)

2.2

2014

14.2

11.4

(80%)

2.8

D Market:

• New cars: -30%

• Used cars: -10%

Dec/15

14.25

29.3

Dec/14

11.75

26.7

Dec/10

10.75

24.6

Auto finance interest rate x Selic² rate (% p.y.)

Selic

BV Financeira -9.7%

-23.0%

Consumer Finance – Auto Finance

Origination of auto loans (R$B) Down payment (%) and Average term (months)

Average term

Down payment

Banco Votorantim is one of the leading players

in the auto financing market

1. New cars, trucks and motorcycles; 2. Benchmark interest rate (Central Bank). Note: In Dec/15, the average ticket size was R$ 18,000, and the average vehicle age was 4.7 years (portfolio)

12

912 916

406 294

-3.7%

2015

2,339

1,129

2014

2,430

1,112

298 286 302

233 237 226

89 79

Administrative

Other

Labor

Claims¹

4Q15

607

3Q15

561

38

4Q14

619

Effective cost management Personnel and administrative expenses showed a nominal reduction by 3.7% in 2015/2014

1.6%

0.4%

-27.7%

Personnel

∆ 4Q15/3Q15

5.6%

-4.6%

∆ 2015/2014

106.2%

-8.2%

10.8%

Efficiency ratio –

last 12 months² (%) 39.5 36.7 39.5

Personnel and administrative expenses (R$M)

Note: The IPCA price index reached10.7% in the last 12 months. Excluding labor claims, personnel and administrative expenses increased 1.1% in 2015/2014.

1. Include indemnities and provisions for labor contingencies, mainly linked to the restructuring process ended in 2014; 2. Excludes expenses with labor lawsuits.

Personnel and administrative expenses

13

77137

214

645618717

4Q15 3Q15

59

4Q14

Net Interest Income (NII)

Summary: Net Income of R$ 482M in 2015 Highlight for the reduction of Consumer Finance’s ALL expenses and control of the cost base

1,0981,1341,222

4Q15 3Q15 4Q14

-8.1%

2015

4,702

2014

5,114

298 286 302

321 275 305

Admin.

Personnel

4Q15

607

3Q15

561

4Q14

619

-3.7%

2015

2,339

1,129

1,210

2014

2,430

1,112

1,318

2015

2,867

2,308

482

2014

2,921

502

402212

672

285293

4Q15

453

168

3Q15

1,075

4Q14

505

+9.2%

2015

2,394

1,316

1,077

2014

2,193

1,635

558

-19.5%

93.2%

Net Margin without prudential provisions

Net Margin

Net income

Consolidated results

Credit provision expenses – ALL

Personnel and Administrative expenses Net Income and Net Margin (post provisions)

R$ million

Wholesale

Consumer

Finance

14

Funding profile improved over the last years Bills and Credit Assignments accounted for 42% (R$ 32.9B) out of the total funding sources

Funding

+7.9%

Bills (LF, LCA and LCI)

Loans securitized to

Banco do Brasil

Debentures

(BV Leasing)

Securities abroad

Loans and onlendings

Sub debt

Time deposits (CD)

Other¹

Dec/15

78.0

17.2

(22%)

15.7

(20%)

17.9

8.1

7.9

6.9 2.2 2.0

Dec/14

72.3

16.3

15.2

17.4

6.6

6.7

6.2 2.4 1.4

Dec/13

75.6

15.7

12.8

16.1

6.9

6.7

7.4

5.8 4.3

Dec/12

80.7

13.3

(16%)

3.5 (4%)

20.2

8.0

10.2

7.0

12.8

5.7

LF: R$13.6B

LCA and LCI: R$3.6B

Funding evolution (R$ billions)

Expanded credit portfolio²/

Total Funding 81% 78% 80% 72%

4Q15: +R$ 1.9B

Contributed to grow

Cash to record level in Dec / 15

Additionally, Banco Votorantim has a stand-by credit

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

1. Includes cash and interbank deposits and Structured finance certificates (“COEs”); 2. Excludes guarantees provided.

Note: International funding is 100% hedged for BRL

15

Basel Ratio of 15.2% in Dec/15 Tier I Capital of 9.5%, entirely composed of Common Equity

Capital structure

Total Capital 11,276 10,866 10,742

Tier I Capital 7,159 6,828 6,686

Common Equity Tier I 7,159 6,828 6,686

Additional Tier I 0.0% 0.0% -

Tier II Capital 4,117 4,038 4,056

Risk Weighted Assets (RWA) 75,375 75,457 70,549

Credit risk 67,932 67,384 62,926

Market risk 3,255 3,294 2,843

Operational risk 4,188 4,780 4,780

Minimum Capital Requirement 8,291 8,300 7,760

Basel Ratio (Capital/RWA) 15.0% 14.4% 15.2%

Tier I Capital Ratio 9.5% 9.0% 9.5%

Common Equity Tier I Ratio 9.5% 9.0% 9.5%

Additional Tier I Ratio - - -

Tier II Capital Ratio 5.5% 5.4% 5.8%

Dec.15Sept.14Dec.14BASEL RATIO

(R$ Million)

16

Appendix

17

111145

180

284708

885

938

Votorantim Safra

HSBC

BTG Pactual Santander Bradesco

BNDES

CEF 1,156 Itaú 1,264

Banco do Brasil 1,435

State-owned

Foreign

National privately-held

52

55

71

74

261384

434

558

659

693

Votorantim

Safra

HSBC

BTG Pactual Santander

BNDES

Bradesco

Itaú

CEF

Banco do Brasil

National privately-held

Foreign

State-owned

Banco Votorantim is one of the leading banks in Brazil “Top 10” in total assets, with strong shareholders and shared governance

Banco Votorantim is one of the largest

privately-held Brazilian banks in total assets...

...and also in terms of loan portfolio

10 largest Banks in Sept/15 – Loan Portfolio¹ (R$B)

10 largest Banks in Sept/15 - Total Assets (R$B)

10th

Shareholder

50% Total

Banco Votorantim - Overview

Equal

representation

of each

shareholder

Board of

Directors

Executive board

Fiscal

Council

Audit

Committee

Compensation

& HR

Committee

Products &

Marketing

Committee

Finance

Committee

Total: 50.00%

Voting: 49.99%

Non-voting: 50.01%

Total: 50.00%

Voting: 50.01%

Non-voting: 49.99%

Votorantim Group Banco do Brasil

Ownership Structure

Corporate Governance Structure

1.On-balance loan portfolio according to Bacen’s Resolution 2,682

10th

18

Banco do Brasil Grupo Votorantim +

R$ 65.5B

Consumer Finance

Auto

Finance

To originate portfolios with quality, scale and profitability

To focus on used auto finance (multi-brand dealers), where BV has a history of leadership and expertise

Other

Businesses

Payroll loans: to focus on

INSS (portfolio refinancing)

and Private (portfolio growth)

Credit cards, insurance,

individual loans and

CrediCasa (home equity): to

leverage the existing client

base

Other synergies with BB: BV

Promotora, mortgage, etc.

R$ 33.6B

R$ 27.7B R$ 5.9B

Wealth

Mgmt. & BVEP

Asset: 9th largest in the market, with innovative products and growing synergies with BB

R$ 47.4B in AuM¹

Private: focus on estate management through taylor-made solutions

BVEP: investment in real estate projects

Wealth Mgmt.

Corporate &

IB (CIB)

To be the best wholesale bank to our target clients, focused on:

• Long-term relationships

• Capturing synergies in the origination and structuring of financial solutions

• Efficient capital management

Wholesale R$ 31.9B

Diversified business portfolio Focus on increasing business profitability, operating efficiency and synergies with BB

Strategy

1. Assets under management 2. Includes guarantees provided by the Bank and private securities Note: In Dec/15, the outstanding volume of loans (off-balance) securitized with recourse prior to Resolution 3,533 totaled R$ 0.3B (versus R$ 0.5B in Sept/15)

Shareholders

Pillars

Expanded² credit portfolio

19

Consumer Finance: increased focus on used auto

finance and INSS payroll loans (retirees and pensioners)

Payroll Loans Auto Finance

Loan portfolio (R$B) Loan portfolio (R$B)

Among market leaders in auto financing, with the following

advantages:

• Capillarity: presence in ~13,000 car dealerships nationwide

• Agility: 84% of proposals with automatic credit decision

• Expertise: continuous improvement of management tools

(pricing, credit, collection etc.)

• Long-term relationship: first access to customer record

Used

New

Dec/15

27.7

23.7

4.1

Sept/15

28.2

23.8

4.4

Dec/14

29.4

23.7

5.7

Focus on refinancing the INSS payroll loan portfolio

(retirees and pensioners)…

...and on increasing the private payroll loan portfolio

Selective operation in public payroll agreements

Continuous improvement of management tools

(pricing, credit, collection etc.)

INSS

Private

Public

Dec/15

4.6

3.1

0.8

0.7

(15%)

Sept/15

4.7

3.2

0.8

0.8

Dec/14

5.4

3.5

0.8

1.1

(20%) States: 40%

Cars: 95%

Consumer Finance businesses

Consumer Finance Businesses

20

Highlights and strategy Corporate & Investment Bank (CIB)

Wholesale: continued focus on improving return on capital

and on strengthening the product portfolio

Wholesale Business

Expanded credit portfolio (R$B e %)

1. Includes debentures and promissory notes; 2. Includes export credit notes, working capital and Loan Offshore; 3. Rural Financing e Advances on Exchange Contracts; 4. Ranking published by the Brazilian Central Bank. Only considers Primary Market.

Disciplined approach to capital usage

• Credit selectivity

• Focus on services and products with low capital

consumption (FX, IB, Derivatives, Broker dealers)

• Active management of the credit portfolio with continuous

identification of opportunities and risks

Increased relevance of BV to its target clients

• Long-term relationship with sectorial service and agile

solutions

• Diverse product base, with team specialized in

management, development and structuring of products

Focus on capturing synergies in the origination and

structuring of Credit, IB, Derivatives and FX

2015 2014

22.1 16.4

FX Ranking4 – Traded Volume (US$ B)

17th 12th

11.1 (35%)

9.5 (30%)

5.1 (16%)

3.6 (11%)

1.4 1.2

Loans2

Onlending

Financing export / import Other3

Guarantees provided

Private

securities1

Total expanded

credit portfolio

R$ 31.9B

Diversified portfolio of

wholesale products

Wholesale business

21

Balance Sheet

Balance Sheet

Dec.15/Sept.15 Dec.15/Dec.14

CURRENT AND LONG-TERM ASSETS 98,227 109,839 109,698 (0.1) 11.7

Cash and cash equivalents 190 224 180 (19.7) (5.4)

Interbank funds applied 7,374 16,190 17,187 6.2 133.1

Securities and derivative financial instruments 29,133 30,091 30,424 1.1 4.4

Derivative financial instruments 1,505 3,199 2,550 (20.3) 69.4

Interbank accounts or relations 77 90 72 (19.5) (5.9)

Loan Operations, Leases and Others receivables 52,817 51,276 51,138 (0.3) (3.2)

Alowance for loan losses (4,034) (4,200) (4,152) (1.1) 2.9

Tax credit 6,657 7,773 7,833 0.8 17.7

Others 4,508 5,196 4,466 (14.1) (0.9)

NON-CURRENTS 455 472 522 10.4 14.7

Investments 300 285 324 13.9 8.3

Fixed assets 94 102 97 (5.2) 3.8

Intangible and deferred charges 62 85 100 17.7 62.3

TOTAL ASSETS 98,682 110,313 110,222 (0.1) 11.7

Dec.15/Sept.15 Dec.15/Dec.14

CURRENT AND LONG-TERM LIABILITIES 91,096 102,495 102,556 0.1 12.6

Deposits 3,811 4,826 4,206 (12.9) 10.4

Money market borrowings 27,986 30,087 32,800 9.0 17.2

Acceptances and endorsements 22,914 24,912 25,323 1.7 10.5

Interbank accounts 36 222 83 (62.5) 130.1

Borrowings and onlendings 6,662 8,111 7,893 (2.7) 18.5

Derivative financial instruments 1,674 3,785 2,914 (23.0) 74.1

Others obligations 28,013 30,553 29,337 (4.0) 4.7

Subordinated debts 6,240 6,797 6,928 1.9 11.0

Credit transactions subject to assignment 15,250 16,163 15,677 (3.0) 2.8

Others obligations 6,524 7,593 6,732 (11.3) 3.2

DEFERRED INCOME 32 40 48 20.8 48.6

SHAREHOLDERS’ EQUITY 7,554 7,778 7,617 (2.1) 0.8

TOTAL LIABILITIES 98,682 110,313 110,221 (0.1) 11.7

BALANCE SHEET | Assets

(R$ Million)Dec.14 Sept.15 Dec.15

Variation %

BALANCE SHEET | Liabilities

(R$ Million)Dec.14 Sept.15 Dec.15

Variation %

22

Dec/15

47.4

Sept/15

46.6

Jun/15

43.8

Mar/15

41.3

Dec/14

40.6

Dec/15

110.2

Sept/15

110.3

Jun/15

103.3

Mar/15

105.5

Dec/14

98.7

Financial highlights

Consumer

Finance

CIB

Dec/15

51.0

33.6

17.4

Sept/15

51.1

34.2

17.0

Jun/15

51.8

35.1

16.7

Mar/15

54.3

35.8

18.5

Dec/14

53.5

36.0

17.5

1. Includes onshore funds (ANBIMA criteria) and private clients resources. Note: Shareholders' Equity already includes the destination of dividends (R$ 114 million)

Dec/15

7.62

Sept/15

7.78

Jun/15

7.85

Mar/15

7.68

Dec/14

7.55

R$ billion

Total Assets Assets under Management¹

On-balance loan portfolio Shareholders’ Equity

Financial highlights

23

Net Interest Margin (NIM)

Financial highlights – NIM

Net Interest Income (A) 1,222 1,134 1,098 -3.2% 5,114 4,702 -8.1%

Average Interest-Earning Assets (B) 89,774 95,883 98,020 2.2% 92,222 95,350 3.4%

Compulsory Reserves (Bacen) 52 36 24 -33.2% 71 38 -46.9%

Interbanks Funds Applied 9,295 17,199 16,689 -3.0% 9,774 14,740 50.8%

Securities 27,046 27,210 30,258 11.2% 28,389 28,243 -0.5%

Loan Portfolio 53,381 51,438 51,049 -0.8% 53,988 52,329 -3.1%

NIM (A/B) 5.6% 4.8% 4.6% -0.2 p.p. 5.5% 4.9% -0.6 p.p.

NET INTEREST MARGIN (NIM)

(R$ million)4Q14

Var. 4Q15

/3Q1520152014

Var. 2015

/20144Q153Q15

24

Total Personnel¹ and Administrative expenses (A) 530 523 528 1.0% 2,024 2,046 1.1%

Total Revenues (B) 1,257 1,242 1,251 0.7% 5,522 5,181 -6.2%

Net Interest Income (NII) 1,222 1,134 1,098 -3.2% 5,114 4,702 -8.1%

Fee/Banking Fee Income 276 232 266 14.5% 975 961 -1.4%

Equity in Income of Associated Companies and Subsidiaries 37 39 40 1.2% 148 156 5.4%

Other Operating Income/Expenses (278) (163) (153) -6.3% (714) (637) -10.8%

Efficiency Ratio (A/B) - period 42.2% 42.1% 42.2% 0.1 p.p. 36.7% 39.5% 2.8 p.p.

Efficiency Ratio - last 12 months 36.7% 39.5% 39.5% 0.0 p.p. 36.7% 39.5% 2.8 p.p.

4Q14EFFICIENCY RATIO (ER)

(R$ million)3Q15

Var.

4Q15/3Q15

Var. 2015

/20142014 20154Q15

Efficiency Ratio

1. Excludes expenses with labor lawsuits

Financial highlights - ER

25

Dec/15

4,387

8.6%

4,152

235

Sept/15

4,425

8.6%

4,200

225

Jun/15

3,979

7.6%

3,824

155

Mar/15

4,232

7.6%

4,144

87

Dec/14

4,227

7.7%

4,034

194

ALL balance / Managed loan portfolio

Specific + Additional

Generic2

Credit quality indicators

AA-C

D-H

Dec/15

88.8%

11.2%

Sept/15

89.7%

10.3%

Jun/15

89.8%

10.2%

Mar/15

89.5%

10.5%

Dec/14

89.6%

10.4%

157 166 151 170 197

693838834

578666

4Q15 3Q15 2Q15 1Q15 4Q14

508 412683 669

495

4Q15

3.9%

3Q15

5.3%

2Q15

5.3%

1Q15

3.0%

4Q14

3.7%

Net Loss/Managed loan portfolio Net loss Write-off Credit Recovery

ALL Balance (R$M) Managed loan portfolio rated by risk level¹ (%)

Credit portfolio

1. According to Bacen’s Resolution 2,682; 2. Considers balance of R$ 235M of “generic” credit provisions recognized as Liabilities in the "Other“ line (see Note #19d of

4Q15 Financial Statements)

Net Loss (R$M) Credit Recovery (R$M)

26

1.75%1.57%

-0.12%

1.90%

0.98%0.67%

1.64%

2.24%

1.04%1.36%

1.00%0.95% 0.94%

4Q15

0.69 0.90

3Q15

0.84 0.82

2Q15

0.83

-0.07

1Q15

0.58

1.05

0.67

4Q14

0.55

3Q14

0.77

0.38

2Q14

0.86 0.96

1Q14

0.87

1.36

4Q13

0.87

0.58

3Q13

0.90 0.66

2Q13

1.34

0.90

1Q13

1.15

0.68

4Q12

1.43

0.68

New NPL rate

Write-off (R$B)

New NPL (R$B)

1. Variation in the balance of NPL 90 + loans written-off to loss in the quarter, divided by loan portfolio by the end of the immediately preceding quarter

Credit portfolio

New NPL

rate

Managed Loan Portfolio (A) 68,169 65,923 63,546 61,281 60,539 58,281 56,806 55,712 55,231 55,422 52,505 51,576 51,250

90-day NPL Balance 4,520 4,056 3,616 3,373 3,081 3,563 3,662 3,273 3,154 3,628 2,727 2,712 2,923

90-day NPL Quarterly Variation (B) (756) (465) (439) (244) (292) 482 99 (388) (119) 474 (902) (14) 211

Write-off (C) 1,439 1,144 1,339 902 869 874 857 771 666 578 834 838 693

New NPL (D=B+C) 683 680 900 659 578 1,356 955 383 547 1,052 (67) 823 903

New NPL Rate¹ (D/A) 0.95% 1.00% 1.36% 1.04% 0.94% 2.24% 1.64% 0.67% 0.98% 1.90% -0.12% 1.57% 1.75%

NEW NPL

(R$ Million)4Q12 3Q151Q14 2Q14 3Q14 4Q14 1Q15 2Q151Q13 2Q13 3Q13 4Q13 4Q15

27

Wholesale has a diversified credit portfolio Top 20 sectors account from 81% of the Wholesale credit exposure

Credit portfolio

1. Numbers exclude private securities and are net of credit provisions. Note: As of Dec/15 considers application of Credit Conversion Factor of 50% in transactions

relating to some specific guarantees provided. The historical basis was not adjusted.

R$M Part.(%) R$M Part.(%) R$M Part.(%)

Financial Institutions 4,201 16.0% 4,697 19.3% 3,108 14.6%

Sugar and Ethanol 2,160 8.2% 2,331 9.6% 2,140 10.1%

Petrochemical 1,078 4.1% 1,570 6.4% 1,607 7.6%

Retail 1,208 4.6% 834 3.4% 1,201 5.7%

Telecom 2,066 7.9% 1,761 7.2% 1,064 5.0%

Agribusiness 1,323 5.1% 1,041 4.3% 1,001 4.7%

Pulp and Paper 700 2.7% 771 3.2% 755 3.6%

Railw ays 731 2.8% 671 2.8% 750 3.5%

Mining 867 3.3% 1,006 4.1% 721 3.4%

Government 524 2.0% 705 2.9% 705 3.3%

Eletricity Generation 828 3.2% 684 2.8% 683 3.2%

Road Cargo Transportation 663 2.5% 503 2.1% 533 2.5%

Residential Construction 707 2.7% 632 2.6% 522 2.5%

Heavy Construction 640 2.4% 482 2.0% 472 2.2%

Services 665 2.5% 471 1.9% 412 1.9%

Oil & Gas 525 2.0% 201 0.8% 401 1.9%

Automotive 503 1.9% 545 2.2% 399 1.9%

Slaughterhouses 446 1.7% 292 1.2% 284 1.3%

Agro Trading 984 3.8% 303 1.2% 256 1.2%

Metallurgy 472 1.8% 269 1.1% 101 0.5%

Other sectors 4,895 18.7% 4,582 18.8% 4,131 19.4%

Total¹ 26,185 100.0% 24,351 100.0% 21,248 100.0%

Sept/15Wholesale - Sectoral concentration

Dec/14 Dec/15

28

Banco Votorantim’s main ratings

Ratings

RATING AGENCIES Fitch Ratings Moody’s Standard & Poor's

International

Long-term BB Ba1 BB

Short-term B NP B

National

Long-term AA+(bra) Aa2.br brAA-

Short-term F1+(bra) BR-1 brA-1

Note: International includes local and foreign currency