Earnings Presentation

2nd Quarter, 2013

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 June 30th, 2013. 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.

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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

Results continued to show gradual improvement Consistent revenue generation, lower ALL expenses in Consumer Finance, and greater efficiency

Executive summary – Message from the CEO

2Q13 results once again confirmed concrete advances in the Change Agenda:

• Maintenance of quality and scale in Auto Finance. Banco Votorantim has been originating quality auto finance

portfolios for 18+ months and confirmed its leading position in used auto finance, with a 22.5% market share in June/13

• Consistent drop in delinquency. Consolidated NPL 90¹ decreased to 5.7% in June/13, vs. 6.2% in Mar/13

• Reduced Cons. Finance allowance for loan losses (ALL) expenses. Cons. Finance‟s ALL expenses reduced 8.8% (or

R$64M) vs. 1Q13 – fifth consecutive quarterly reduction. If compared to 1H12, there was a 46.3% (or R$ 1.2B) reduction

• Efficiency gains. Non-interest expenses decreased 13.9% (or R$119M) vs. 1Q13, result of the initiatives for cost

reduction and efficiency gains adopted since 2012

These Change Agenda advances were once again accompanied by the consistent performance of our businesses.

Total revenues amounted to R$1.4B in 2Q13, practically stable vs. 1Q13

In 2Q13, the combination of (i) consistent revenue generation, (ii) decrease in Consumer Finance’s ALL expenses, and

(iii) reduction in the cost base (non-interest expenses), contributed to better consolidated results: R$-196M in 2Q13,

compared to R$-278M in 1Q13. In 1H13, results totaled R$-474M, vs. R$-1,101M in 1H12

As indicated to the market, 2Q13 results were impacted by the following factors:

• ALL expenses still high, due to the delinquency of auto finance portfolios originated between July/10 and Sept/11.

Specifically, 2Q13 results were also pressed by the R$134M increase in Wholesale ALL expenses, reflecting the economic

environment and BVs greater conservatism towards provisions

• Expenses with the early settlement of portfolios assigned with recourse until Dec/11, which already had their revenues

recognized by the time of the assignment

In this context of results, we maintained the conservatism regarding liquidity, funding, provisions and capital

In 2013, we will conclude the adjustment process in order to resume profitable growth in a sustainable way

Success already shown in the implementation of the Change Agenda indicates that 2013 results will be substantially

better, mainly in the second semester

1. Managed loan portfolio‟ past due over 90 days

3

63

104120

125

142

459

731

774965

Citibank BTG Pactual Votorantim

Safra HSBC

Santander

CEF

Bradesco Itaú Unibanco

Banco do Brasil 1,111

22

24

42

51

57187

269

317

383

501Banco do Brasil

Volkswagen

Banrisul

Safra

HSBC Votorantim²

Santander

Bradesco

Itaú Unibanco

CEF

Banco Votorantim is one of the leading players in Brazil...

Banco Votorantim is one of the largest

privately-held Brazilian banks in total assets...

...and is well-positioned to consolidate itself

as one of the largest banks in Brazil

Banco Votorantim – Overview

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

Diversified business portfolio

• Wholesale Banking

– “Top 8” in credit for large enterprises

• Consumer Finance

– Among the leaders in auto finance

– 7th largest player in payroll loans³

– ~ 4.9 million customers

• Wealth Management

– 9th largest asset manager by Anbima‟s managers‟

ranking: R$42.7B 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

Largest Financial Institutions in Mar/13 - Assets (R$B)¹

Largest Financial Institutions in Mar/13 – Loan Portfolio (R$B)¹

8th

6th

1. Excluding BNDES (state-owned development bank); 2. Considers BV‟s on balance loan portfolio (excluding off balance securitization); 3. Considers credit assignments with recourse to other Financial Institutions Source: Banco Votorantim; Bacen; Anbima

National privately-held

Foreign

State-owned

National privately-held

Foreign

State-owned

4

...and has a diversified business portfolio, internally

divided into Wholesale and Consumer Finance

Banco Votorantim – Corporate strategy

Shareholders

Pillars

1. Financial Institutions; 2. Includes guarantees provided and private securities, besides on balance loan portfolio according to Bacen‟s Res. 2,682

Cons. Finance Wholesale

Auto

Finance

Market leader in used auto finance

Ensure quality and profitability of new

vintages

Focus on used vehicles (multi-brand

dealers) for own portfolio

Partnership with BB in new auto financing (new car dealers)

Other

Businesses

Increase profitability

in payroll loans,

acting selectively with

focus on lucrative

agreements

Continue to grow in

credit cards

Expand insurance

brokerage revenues

(e.g. Auto and Credit)

Corporate &

IB (CIB)

Wealth

Management

Middle

Market

Grow with quality and profitability among

mid-sized companies (R$50M-R$600M annual revenues)

Increase efficiency and scale gains

Focus on relationship and operational agility

Strengthen product offering

Banco do Brasil Votorantim Group

9th largest Asset in the market, with

innovative products

Private focused on estate planning via

customized solutions and an open

architecture concept

Increase synergies with BB

Position itself as a relevant partner by building agile and

long-term relationships, as well as offering integrated financial solutions (IB,

derivatives, FX, structured products

and distribution), always suitable for each client‟s needs

+

R$37.1B R$40.5B

R$77.6B

X Expanded² credit portfolio

Off balance assets

R$6.5B

R$1.3B

Assigned to FI¹

Assigned to FIDC

5

Since 2011, the financial industry has faced important

changes in the economic-regulatory context

Slowdown in credit expansion Systemic increase of delinquency²

Reduction in interest rates and spreads Entry into force of Bacen’s Res. 3,533 in Jan/12

Economic-regulatory changes

Corporate

Auto finance

Individuals

June/13

3.5

6.1

7.2

Dec/12 June/12

3.6

7.2

8.1

Dec/11 June/11

3.3

4.5

6.7

NPL 90 for credit operations (%) – Bacen

Financial

Institutions

2.4

15.4

13.5

Dec/10

11.1

5.2 11.4

2.4

20.5

Dec/11

9.1 1.3

FIDC

6.5

June/13

7.8

Dec/12 Dec/09

6.1

4.9 1.2

Banco Votorantim – off balance credit assignments with

substantial risk retention before Resolution 3,533 (R$B)

23.4

17.9 15.9

June/11 Dec/11 June/12

3.4

June/13

Auto finance¹

Total²

-4.0

9.7

Dec/12

1. Consumer credit and Individuals‟ leasing; 2. Considers non-earmarked resources Sources: BACEN (“Sistema Gerenciador de Séries Temporais”), Banco Votorantim

Total credit annual growth (% YoY) – Bacen

Dec/11

Interest

rate

June/13

16.7 18.5

Dec/12 June/12

27.1

22.2

June/11

Spread

34.1

26.5

Spreads and interest rates in the credit market² (% p.y.) – Bacen

In this context, Banco Votorantim initiated an adjustment

process in Sept/11, led by a Change Agenda

6

Delinquency

reduction

NPL 90 reduction, driven by the increasing participation of post-Sept/11 vintages

• Consolidated NPL 90: 5.7% in June/13 (6.2% in Mar/13; 7.5% in June/12)

• Light vehicles NPL 90: 6.8% in June/13 (7.2% in Mar/13; 9.5% in June/12)

Efficiency

gains

Maintenance of strict control over Non-interest expenses...

• Non-interest expenses reduced 13.9% (or R$119M) in 2Q13 vs. 1Q13

Administrative and personnel expenses reduced 1.3% in 1H13 vs. 1H12

Reduction in

Consumer

Finance’s ALL

8.8% reduction in Consumer Finance’s ALL expenses in 2Q13 vs. 1Q13

• Compared to 1H12, Consumer Finance‟s ALL reduction was of 46% (or R$ 1.2B)

Coverage Ratio¹ increased to 111% in June/13 (Mar/13: 106%; June/12: 87%)

2Q13 results confirmed, once again, progress

in the implementation of our Change Agenda

Progress in the Change Agenda

Progress in the Change Agenda – highlights

2

3

4

Agenda

Progress

Auto finance

origination with

quality and scale

1

Origination of high quality auto finance

• Vintages from the last 18+ months registered low “Inad 30” (1st installment delinquency)

Maintenance of leading market position in used auto finance – BVF’s core business

BV will complete the adjustment process in 2013 and

resume its growth agenda profitably

1. Ratio between ALL balance and balance of operations past due by over 90 days

7

Production Banco Votorantim has been originating better

quality auto finance portfolios for the past 18+ months

1.1 1.0

2.1

Dec/12 Dec/11

1.0

Dec/10

1.1

June/11

1.5

Dec/09 June/10 June/12 June/13 June/09

1.8 1.6

0.8

Light vehicles – Origination by channel (R$B) and 1st installment delinquency¹ (%)

Vintages indicating lower quality

64% 71% Multi-brand dealers /

Total production

1st installment delinquency ("Inad 30")

New car dealers (R$B)

Multi-brand dealers (R$B)

1. % of each month‟s production with first installments past due over 30 days

79%

Change Agenda – quality of production 1

Vintages with

better quality

June09-

June10

average

Month of

concess.

8

Quality of recent vintages results from continuous

improvement in credit policies and processes

Auto finance vintages from

2012-2013 present great quality...

...as a result of greater conservatism and

the improvement of credit processes

1. “Down payment (%)” calculation was revised in 2Q13, and its history was adjusted accordingly; 2. FICO® Blaze Advisor® credit engine, which allows greater risk discrimination and speed in credit decision making. Note: since 4Q11, Banco Votorantim stopped originating “60 month, no down payment” auto finance portfolios Source: BVF, Bacen

26% 30% 35% 37%

44464952

2Q13 2Q12 2Q11 4Q10

Production

BV Financeira is the first large auto finance player in Brazil to have a

top notch credit engine² supplied by a foreign company (FICO®)

Change Agenda – quality of production

Automated

June/13

74%

57%

Jan/12

50%

28%

Manual

Auto finance – NPL 90 by vintage 4 months after concession (%) Auto finance – Down payment¹ (%) and Average tenor (months)

Auto finance – Credit decision up to 15 minutes (%)

Down

payment

Average tenor

0.5

Mar/13

0.6

June/12 Dec/11

0.6

2.7

Dec/10 Dec/09

0.6

Market BV Financeira

1

NPL 90 similar to the

market‟s, despite focus

on used vehicles

Month of

concession

9

June/13

23.9

8.00

June/12

24.5

8.50

June/11

28.5

12.25

Dec/10

24.6

10.75

Auto finance operations feature scale and attractive rates BVF increased origination by 22% in 1H13 x 1H12, and maintained the charged interest rates

Banco Votorantim increased by 22% auto

finance origination in 1H13 vs. 1H12...

...and managed to maintain the charged

interest rates in auto finance

Production

Change Agenda – quality of production

Above market

average: 19,5%

Auto finance origination interest rate and Selic rate² (% p.y.)

Selic² BVF rate

1

+22.0%

Used light

vehicles

Others¹

1H13

6.6

4.9

(74%)

1.8

2H12

6.0

4.2

1.8

1H12

5.4

3.6

1.9

Banco Votorantim is the market leader in used auto finance

(core business), with a 22.5%³ market share in June/13

1. Composed of trucks, motorcycles, vans and new light vehicles ; 2. Market‟s benchmark interest rate; 3. Source: Valor Econômico newspaper (Cetip and Fenabrave)

Auto finance origination (R$B)

Effective

“macroprudentials” ∆ 1H13/

1H12

37.0%

-6.4%

10

Delinquency Increased participation of better quality auto

finance vintages has contributed to reduce delinquency

Safras com melhor qualidade (pós-Set/11)

atingiram 44% da carteira...

22% 19% 15% 13% 11%

57%52%

47%43%

38%

21%29%

38%44%

52%

100%

Until

June/10

July/10 to

Sept/11

After

Sept/11

June/13 Mar/13 Dec/12 Sept/12 June/12

...contributing to the consistent reduction of

delinquency indicators

Managed¹ auto finance portfolio by vintage (%)

Mar/13 Dec/12

6.6% 7.2%

6.8% 6.2%

June/13

5.7%

Sept/12

7.7% 7.4%

9.1%

June/12

7.5%

9.5%

-270 bps

Managed¹ loan portfolio‟s NPL 90 (%)

Total

Light vehicles

Change Agenda– delinquency

Light vehicles delinquency decreased to 6.8% in June/13,

a 270 bps reduction in 12 months

1. Includes on balance loan portfolio according to Bacen‟s Res. 2,682, and off balance credits assigned with substantial risk retention until Dec/11, before entry in force of Bacen‟s Res. 3,533

Better quality vintages reached 62% of the

auto finance portfolio in June/13...

2

Fourth consecutive

quarterly reduction

11

Consumer Finance’s ALL reduced 46% in 1H13 vs. 1H12 In Wholesale, ALL increase is a result of the economic environment and greater conservatism

Change Agenda – ALL and coverage ratio

733 669

121

156 290

+7.9%

Consumer

Finance

Wholesale

2Q13

959

1Q13

889

2Q12

1,398

1,277

Sept

12

93.1

84.1

June

12

87.4

78.3

June

13

110.5

94.4

Mar

13

106.4

93.3

Dec

12

99.9

90.2

-35.2%

Consumer

Finance

Wholesale

1H13

1,848

1,402

446

1H12

2,854

2,608

246

Total

Consumer Finance

∆ 1H13/

1H12

-46.3%

81.7%

∆ 2Q13/

1Q13

-8.8%

85.9%

Consumer Finance: ALL expenses reduced 8.8% vs. 1Q13

and 46.3% (or R$1.2B) when comparing 1H13 to 1H12

Coverage: consolidated ratio

reached 111% in June/13

Allowance for loan losses expenses (R$M) Managed loan portfolio‟s Coverage Ratio¹ (%)

ALL and

coverage

3

1. Ratio between ALL balance and balance of operations past due over 90 days

Note: ALL expenses include expenses related to credit assignments with recourse (both on and off balance), as well as revenues from write-off recovery

12

Banco Votorantim has also advanced in cost management Non-interest expenses dropped 13.9% in 2Q13 vs. 1Q13

BV implemented a series of

cost initiatives...

...that have resulted in efficiency gains and in the

reduction of the cost base (non-interest expenses)

Non-interest expenses (R$M) Cost management initiatives

Staff revision

Integration of corporate areas

Adjustment in the commissions

paid to distribution channels

Implementation of a new

compensation policy

Rationalization of expenses with

rent, consulting, telephony, travel,

media, etc. 372 367 351

244 228 250

101229

110

2Q13

738

26

1Q13

857

33

2Q12

744

28

-13.9%

Administrative

Personnel

Operating²

Other Tax¹

1H13

1,595

718

478

340

59

1H12

1,528

734

479

254

61

∆ 1H13/

1H12

33.5%

-0.2%

-2.1%

Note: personnel expenses increased in 2Q13 vs. 1Q13 mainly due to expenses with labor indemnities and provisions for collective agreement

1. Other operating and other tax (Federal, state and local taxes (excludes ISS, PIS and Cofins)); 2. Includes expenses with provisions for civil and labor contingencies

Change Agenda – Non-interest expenses

Efficiency

4

1H13 administrative and personnel expenses

reduced 1.3% (or R$16M) in comparison to 1H12

-1.3%

13

...despite the 11% decrease in the

credit portfolio in the last 12 months

Advances in the Change Agenda were accompanied by

businesses consistent revenue generation

Consolidated results

279 275 279

1,388

+0.7%

Net

Interest

Income

Fees and others

2Q13

1,108

1Q13

1,398

1,123

2Q12

1,378

1,099

-11.1%

Wholesale¹

Consumer

Finance

Off balance

securitization

40.5

7.8

86.3

June/12

96.0

39.3

37.1 37.7

June/13 Mar/13

42.3

85.4

9.4

38.3

15.4

Banco Votorantim’s total revenues remained

practically stable vs. 2Q12 and 1Q13...

Total revenues (R$M) Expanded¹ managed credit portfolio (R$B)

12.0 6.5 Financial Institutions²

3.3 1.3 FIDC³

Off balance

securitization

7.7

1.7

1. Includes guarantees provided and private securities; 2. Off balance credit assignments to Financial Institutions; 3. Off balance credit assignments to FIDCs (Fundos de Investimento em Direitos Creditórios) of which Banco Votorantim owns 100% of the subordinated shares

14

Consumer finance: BV maintained its focus on used auto

finance and INSS payroll loans (retirees and pensioners)

Consumer Finance – Auto finance and payroll loans

On balance

Off balance¹

June/13

35.7

29.7

6.0

Mar/13

37.2

29.9

7.3

June/12

43.0

30.9

12.0

Managed auto finance loan portfolio (R$B)

Used/Total² 71% 68%

Managed payroll loan portfolio (R$B)

INSS/Total 59% 48%

On balance

Off balance¹

June/13

8.8

7.0

1.8

Mar/13

9.5

7.4

2.1

June/12

10.4

7.0

3.4

BVF is the leading player in the used auto finance market...

• National coverage through third-party distribution (~20k multi-

brand and new car dealers) and ~80 own stores

...and acts as an extension of Banco do Brasil (BB) in auto

finance outside its branch network

• Model for direct origination to BB under implementation,

focused on new car dealers and BB clients

Continuous improvement in credit processes

• Implementation of a new credit engine in 2Q13

• 57% automated credit decisions in June/13

Note: other Consumer Finance businesses (e.g. credit cards) totaled R$401M by the end of June/13

1. Credits assigned with substantial risk retention until Dec/11 (before Res. 3,533 came into force); 2. Considers only on balance loan portfolio; 3. Dec/12

Auto finance: R$29.7B on balance portfolio

in June/13, practically unchanged vs. Mar/13

Payroll loans: on balance

portfolio ended June/13 at R$7.0B

7th largest player in the payroll loan market³

Focus on INSS (retirees and pensioners)

• Presents better risk profile (lower delinquency)

Selective positioning towards both private and public

sectors

• Focus on partnerships with attractive profitability

Focus on refinancing portfolio’s contracts (vs. growth)

∆ June13/

Mar13

-0.6%

-17.5%

-3.9%

∆ June13/

Mar13

-5.0%

-15.2%

-7.3%

15

+3.1%

CIB

Middle

Market

June/13

40.5

31.5

8.9

Mar/13

39.3

29.9

9.4

June/12

42.3

32.7

9.6

Wholesale: expanded credit portfolio

increased 3.1% vs. Mar/13 CIB – Highlights

Wholesale – CIB and Middle Market

Wholesale‟s expanded¹ credit portfolio (R$B)

Middle Market – Highlights

Wholesale: CIB and Middle Market kept focus on

profitability and conservatism towards credit provisions

∆ June13/

Mar13

-4.6%

5.5%

Coverage Ratio² 217%

Serves clients with revenues above R$600M/year

Disciplined capital allocation (focus on profitability)

Increased relevance to its customers, through strengthening

the product platform

• Structured products, derivatives (hedge), FX and IB services,

as well as enhancing international distribution (NY and London)

1H13 highlights:

• ECM: Joint bookrunner in BB Securities‟ IPO (R$11.5B)

• Project Finance Magazine‟s “Deal of the Year 2012” award

224%

Focus on exploring opportunities related to infrastructure

investments and the growth of capital markets

1. Includes guarantees provided and private securities; 2. Ratio between ALL balance and balance of operations past due over 90 days

Serves clients with revenues between R$50M-R$600M/year

• Gradual withdrawal from the <R$50M/year segment

Disciplined capital allocation (focus on profitability)

Reduction in the cost base (efficiency gains)

Conservatism towards credit provisions

16

Private Bank – Highlights

VAM is the 9th largest asset manager

according to Anbima’s ranking Asset Management – Highlights

Wholesale – Wealth Management

Focus on high value-added and structured products

• Structured products: ended 1H13 with R$11.4B in assets

under management

Achievement of prominent positions in Anbima’s

managers’ rankings, such as

• Real estate funds: 3rd position (12.7% market share)

• FIDCs: 4th position (5.6% market share)

Continued expansion of synergies with BB – assets from

funds structured in partnership reached R$4.1B³

Focus on integrated estate planning, via customized and

differentiated solutions

ISO 9001:08 Certificate regarding Relationship, Wealth

Management and Advisory activities

VWM&S reached R$42.7B in assets under management Banco Votorantim enhanced its partnership with BB and maintained prominent market position

June/12

43.2

+4.0%

June/13

42.7

Mar/13

41.1

VWM&S assets under management² (R$B)

Managers‟ ranking – Anbima¹ 9º

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

managing high value-added products

1 Votorantim Asset Management „s(VAM) position in Anbima‟s managers‟ ranking ; 2. Includes Treasury, Brokerage and offshore products; 3. Shareholders‟ equity by the end of the period Source: Anbima

17

Results continued to show gradual improvement... Consistent revenue generation and reduction in both ALL expenses and cost base

Total revenues (Net interest income, Fee/Banking fee income and other op. revenues) Allowance for loan losses expenses – ALL

Non-interest expenses Net income and Net financial margin

R$ million

Consolidated results

-0.7%

2Q13

1,388

1Q13

1,398

2Q12

1,378

+0.1%

1H13

2,786

1H12

2,783

446

-35.2%

1H13

1,848

1,402

1H12

2,854

2,608

246

733 669

889 156

2Q12

1,398

1,277

121

+7.9%

Consumer

Finance

Wholesale

2Q13

959 290

1Q13

-196-278-505

149234

2Q13 1Q13 2Q12

-299

372 367

228

351

250244

229

-13.9%

2Q13

738

110 26

1Q13

857 33

2Q12

744

101 28

734 718

479 478

340254Operating²

Other tax¹

1H13

1,595 59

1H12

1,528 61

+4.4%

Administrative

Personnel

383

1H13

-474

1H12

-1,101

-619

Net financial margin (after provisions) Net income

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

18

7998

182151

1H13 2012 2011 2010

446

Consumer

Finance

Wholesale

1H13

1,848

1,402

2H12

2,238

1,937

301

1H12

2,854

2,608

246

2H11

2,244

1,968

277

1H11

1,263

1,124

140

...but were still impacted by expenses with ALL and

with early settlement of contracts assigned with recourse

ALL expenses Early settlement expenses

Delinquency and Coverage ratio Off balance credit assignments³

2

70% 80% 87% 100% 111%

Dec/12

6.6%

June/12

7.5%

Dec/11

5.8%

June/11

4.2%

June/13

5.7%

11.4

to FI

to FIDC

June/13

7.8

6.5

1.3

Dec/12

9.1

2.4

Dec/11

20.5

15.4

5.2

Dec/10

13.5

11.1

2.4

(R$B)

Consolidated results

1

Quarterly average

(R$B)

(R$M) Despite reduction,

still high ALL

%

NPL 90¹

Coverage

ratio²

1. Refers to the managed loan portfolio; 2. Ratio between ALL balance and balance of operations past due by over 90 days; 3. Includes credits assigned with

substantial risk retention until Dec/11 (before Res. 3,533)

19

Tier I

June/13

13.9%

9.5%

June/12

15.5%

10.2%

Tier II

Liquidity

In this context, Banco Votorantim kept its conservatism

regarding Liquidity, Provisions, Funding and Capital

Credit risk quality

Funding Capital

Basel Ratio Total Funding (R$B)

• Free cash remains at highly

conservative levels

– Above historic average

• R$~7B stand-by credit facility from

Banco do Brasil

– Important liquidity reserve

– Has never been tapped

• Slight contraction of the loan

portfolio reduced the need for

additional funding

• BV has successfully acted on

improving its funding profile

– Increasing the participation of

long-term instruments...

– ...and reducing deposits (CDBs)

• Basel Ratio of 13.9% in June/13

• Shareholders increased the Bank‟s

capital by R$2 billion in June/12...

• ...and keep committed to maintain

an adequate capital structure

– As set out in the Shareholders‟

Agreement

8%

9%

Debentures4

Financing

Bills3

Private

Securities

Securitiz.²

Others¹

CDBs

June/13

76.1

21%

18%

10%

14%

28%

June/12

81.1

20%

15%

34%

23%

Min. 11%

Coverage Ratio

June/13

111%

June/12

87%

ALL balance / NPL 90

1. Includes other deposits, other issuances (LCA, LCI and Debentures), borrowings, subordinated debt (CDs and subordinated notes); 2. Credits assigned with substantial risk

retention under Resolution 3,533 (i.e. does not include off balance credit assignments); 3. Includes Subordinated Financing Bills; 4. Linked to repo operations

20

Annex – financial highlights

21

Managerial Income Statement

1. Includes expenses with provisions for civil and labor contingencies; 2.Federal, state and local taxes; 3. Includes ISS, PIS and Cofins; 4. Especially results from the

disposal of Non-operating assets - Vehicles and the like

Financial highlights

2Q13/1Q13 Variation 1H13/1H12 Variation

R$ % R$ %

Net Interest Income (a) 1,099 1,123 1,108 2,235 2,231 (14) -1% (3) 0%

Allowance for Loan Losses (b) (1,398) (889) (959) (2,854) (1,848) (70) 8% 1,005 -35%

Consumer Finance (1,277) (733) (669) (2,608) (1,402) 64 -9% 1,206 -46%

Wholesale (121) (156) (290) (246) (446) (134) 86% (201) 82%

Net Financial Margin (a+b) (299) 234 149 (619) 383 (84) -36% 1,002 -162%

Fee Income/Banking Fees Income 249 239 253 492 491 14 6% (1) 0%

Non-Interest Expenses (744) (857) (738) (1,528) (1,595) 119 -14% (68) 4%

Personnel (244) (228) (250) (479) (478) (22) 10% 1 0%

Administrative (372) (367) (351) (734) (718) 16 -4% 16 -2%

Other Operating¹ (101) (229) (110) (254) (340) 119 -52% (85) 34%

Other Tax² (28) (33) (26) (61) (59) 6 -19% 1 -2%

Other Operating Income/Expenses (80) (48) (57) (150) (105) (8) 17% 45 -30%

Tax Expenses³ (83) (92) (106) (164) (198) (15) 16% (34) 20%

Other Operating Income 30 37 27 57 64 (10) -27% 7 13%

Equity in Income of Subsidiaries 16 24 20 30 44 (5) -19% 14 46%

Non-Operating Income4 (44) (18) 3 (72) (15) 21 -117% 57 -79%

Income Tax and Social Contribution 462 217 215 911 432 (2) -1% (478) -53%

Profit Sharing (93) (62) (18) (207) (80) 43 -70% 127 -61%

Net Income (505) (278) (196) (1,101) (474) 82 -30% 627 -57%

1H13INCOME STATEMENT

(R$ Million)2Q12 1Q13 2Q13 1H12

22

Financial highlights

Total revenues (Net interest income, Fee income and Other operating income) Allowance for loan losses expenses – ALL

Financial highlights

Non-interest expenses Net income and Net financial margin

R$ million

770 733 669

290181

-31.4% +7.9%

Consumer

Finance

Wholesale

2Q13

959

1Q13

889 156

4Q12

951

3Q12

1,286

1,167

119

2Q12

1,398

1,277

121

-196-278

-389-497-505

149234205

-299

2Q13 1Q13 4Q12 3Q12

-166

2Q12

+0.7% -0.7%

2Q13

1,388

1Q13

1,398

4Q12

1,552

3Q12

1,410

2Q12

1,378

372 395 443 367 351

244 221279

228 250

331

229194

-13.9% -0.8%

Administrative

Personnel

Operating²

Other tax¹

2Q13

738

110 26

1Q13

857 33

4Q12

1,073 20

3Q12

836 26

2Q12

744

101 28

Net financil margin (after provisions) Net income

1. Federal, state and local taxes (excludes ISS, PIS and Cofins); 2. Includes expenses with provisions for civil and labor contingencies Note: in 2Q13, we revised the

managerial reallocation of hedge effects over investments abroad, impacting the history of both Total revenues and Non-interest expenses

23

Financial highlights

Efficiency Ratio – ER (%)

Financial highlights

2Q13

4.3

1Q13

4.2

4Q12

4.4

3Q12

4.4

2Q12

4.2

Net Interest Margin – NIM (% p.y.)

51.0

46.4

2Q13 1Q13

49.9

51.3

4Q12

58.0

50.6

3Q12

49.9

51.3

2Q12

47.6

48.1

Quarterly

ER =

Administrative and Personnel Expenses

Net Int. Income, Fee/Banking Fee Income, Equity in Income

from Subsidiaries, and Other Operating Income/Expenses

NIM =

Net Interest Income

Average Interest Earning Assets (Interbank Funds Applied,

Securities, Loan Portfolio and Bacen‟s Compulsory Reserves)

12 months

24

Mar/13

41.1

Dec/12

47.3

June/13

42.7

Sept/12

45.6

June/12

43.2

Expanded¹ managed² credit portfolio

Total assets Assets under management

On balance loan portfolio

June/12 Mar/13

119.7

Dec/12

121.0

Sept/12

111.6 112.5

June/13

111.9

Financial highlights Off balance credit assignments with risk retention tend to zero due to Bacen‟s Res. 3,533

-1.1%

Expanded

credit

portfolio¹

Off balance

securitization²

June/13 Mar/13

7.8

77.6

85.4 86.3

76.9

9.4

Dec/12

90.1

78.6

11.4

Sept/12

92.6

79.2

13.4

June/12

95.7

80.3

15.4

-1.4%

June/13

55.7

Mar/13

56.5

Dec/12

57.0

Sept/12

58.1

June/12

58.8

Financial highlights

R$ billion

1. Includes guarantees provided and private securities; 2. Includes credits assigned with substantial risk retention until Dec/11 (before Res. 3,533)

25

Credit portfolio by segment

Expanded credit portfolio (Includes guarantees provided and private securities)

Expanded managed² credit portfolio (Expanded credit portfolio plus off balance securitization)

R$ billion

+1.0%

Corporate

Middle

Market

Auto

finance

Others¹

June/13

77.6

31.5

8.9

29.7

7.4

Mar/13

76.9

29.9

9.4

29.9

7.7

Dec/12

78.6

31.8

9.5

29.9

7.4

Sept/12

79.2

32.2

9.5

30.3

7.2

June/12

80.3

32.7

9.6

30.9

7.0

-1.0%

June/13

85.4

31.5

8.9

35.7

9.2

Mar/13

86.3

29.9

9.4

37.2

9.8

Dec/12

90.1

31.8

9.5

38.8

9.9

Sept/12

92.6

32.2

9.5

40.8

10.1

June/12

95.7

32.7

9.6

43.0

10.4

-6.0%

-3.9%

-4.6%

5.5%

∆June13

/Mar13

-3.4%

-0.6%

-4.6%

5.5%

∆June13

/Mar13

6.5 12.0 FI³ 7.7

Financial highlights

1.3 3.3 FIDC 1.7

1. Payroll loans, credit cards and individual loans; 2. Includes credits assigned with substantial risk retention until Dec/11 (before Res. 3,533); 3. Financial Institutions

Off balance

securitization

8.5 1.0 8.0 On balance

securitization

26

June/13

6.3%

3,996

Mar/13

6.5%

4,313

Dec/12

6.6%

4,518

Sept/12

6.9%

4,914

June/12

6.5%

4,842

June/13

110.5%

Mar/13

106.4%

Dec/12

99.9%

Sept/12

93.1%

June/12

87.4%

ALL balance² (R$M) Coverage ratio3 (%)

NPL 90 / Managed¹ loan portfolio (%) NPL 90 / On balance loan portfolio (%)

ALL balance/Managed loan portfolio¹ ALL balance (R$M)

Credit indicators Improvement in asset quality and loan portfolio coverage indicators

Financial highlights

1. Includes credits assigned with substantial risk retention until Dec/11 (before Res. 3,533); 2. Refers to managed loan portfolio; 3. Ratio between ALL balance and

balance of operations past due over 90 days

June/13

2.4%

5.7%

7.1%

Mar/13

2.3%

6.2%

7.7%

Dec/12

2.4%

6.6%

8.3%

Sept/12

2.4%

7.4%

9.4%

June/12

2.0%

7.5%

9.6%

Wholesale Total Consumer Finance

Sept/12

2.4% 2.4%

Dec/12 Mar/13

5.9%

7.6%

June/13

2.3%

6.4%

8.5%

2.4%

7.0%

9.4%

8.0%

11.0%

June/12

2.0%

8.4%

11.8%

Wholesale Total Consumer Finance

27

Funding sources Increased participation of long-term funding instruments (e.g. Financing Bills, Securitization)

Financing bills

10.3

11.7

8.5

-6.1%

Subordinated debt

June/13

On balance securitization¹

Issuances

Debentures²

9.7

Mar/13

11.5 Loans and onlendings

Others 0.9

June/12

81.1

16.2

23.0

10.1

11.0

7.8

11.3

0.1

82.5

20.3

12.5

11.7

9.7

6.7

10.9

9.7

Dec/12

80.7

20.2

15.5

11.0

10.2

7.0

11.9

3.5

Sept/12

79.0

19.8

76.1

9.8

10.2

8.0

10.3

7.0

-7.7%

Deposits

16.4

18.4

Funding evolution (R$B)

∆June13

/Mar13

Financial highlights

6.2%

-12.3%

4.8%

-22.6%

-19.6%

-

5.7%

1. Balance of credits assigned with substantial risk retention to FIDCs e to other FI, under Res. 3,533 (i.e. does not include off balance credit assignments); 2. Linked to

repo operations Note: International funding is 100% swapped for BRL

Additionally, Banco Votorantim has a stand-by credit

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

28

Basel Ratio and Capital

Tier I

Tier II

June/13

13.9%

9.5%

4.3%

Mar/13

13.6%

9.0%

4.6%

Dec/12

14.3%

9.3%

5.0%

Sept/12

15.2%

9.9%

5.3%

June/12

15.5%

10.2%

5.3%

Basel Ratio

Shareholders‟

Equity

June/13

10,769

7,130

Mar/13

11,430

7,671

Dec/12

12,111

8,210

Sept/12

13,002

8,829

June/12

13,624

9,117

Capital (R$M)

Financial highlights

29

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 National

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

Moody’s Local Currency Deposits Foreign Currency Deposits National

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

Standard & Poor's Local Currency Foreign Currency National

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