2Q13 Institutional Presentation

Institutional Presentation

2nd Quarter of 2013

Institutional Presentation

2/31 Investor Relations | 2Q13 |

History and Profile

PINE

History

Business Strategy

Competitive Landscape

Focus on the Client

Corporate Credit

FICC

PINE Investimentos

Rating Upgrades

Highlights and Results

Corporate Governance and PINE4

Organizational Structure

Corporate Governance

Committees

PINE4

Social Investment and Responsibility

Summary

History and Profile


PINE Specialized in providing financial solutions for large clients…

Credit Portfolio by Annual Client Revenues

Profile

Focused on establishing long-term relationships

Profound knowledge and product penetration

Business is structured along three primary business lines:

• Corporate Credit: credit and financing products

• FICC: instruments for hedging and risk

management

• PINE Investimentos: Capital Markets, Financial

Advisory, Project & Structured Finance and

Research

June 30th, 2013

Over R$2 billion40%

R$500 million to

R$2 billion

38%

R$250million to R$500 million

14%

Up to R$250 million

7%


...with extensive knowledge of Brazil’s corporate credit cycle.

History

1997

Noberto and Nelson

Pinheiro sell their

stake in BMC and

found PINE

1939

Pinheiro Family

founds

Banco Central do

Nordeste

1975

Noberto Pinheiro

becomes one of

BMC’s controlling

shareholders

Devaluation

of the real Nasdaq Sept. 11 Brazilian

Elections

(Lula)

Subprime Asian

Crisis

Russian

Crisis European

Community

End of 2007

Focus on expanding the Corporate Banking franchise

Discontinuation of the payroll-deductible loan business

May, 2007

Creation of PINE Investimentos products line and

opening of the Cayman branch

2005

Noberto Pinheiro becomes PINE’s sole

shareholder

October, 2007

Beginning of the FICC Business

October, 2011 Subscription of PINE’s capital by DEG

August, 2012

Subscription of PINE’s capital by DEG, Proparco, Controlling Shareholder and Management

November, 2012

Opening of the broker dealer in New York, PINE Securities USA LLC

March, 2007

IPO May, 2013

16 years

155 184 222 341 521 620 755 663 761 1,214

2,854 3,105

4,192

5,763

6,963

7,912

8,976

18 62

121 126 140 136 152 171 209

335

801 827 825

867

1,015

1,220 1,259

Dec-9

7

Dec-9

8

Dec-9

9

Dec-0

0

Dec-0

1

Dec-0

2

Dec-0

3

Dec-0

4

Dec-0

5

Dec-0

6

Dec-0

7

Dec-0

8

Dec-0

9

Dec-1

0

Dec-1

1

Dec-1

2

Jun-1

3

Corporate Credit Portfolio (R$ Millions)

Shareholders' Equity (R$ Millions)

Business Strategy


Competitive Landscape PINE serves a niche market of companies with few options for banks.

100% focused on providing complete service

to companies, offering customized products

Corporate & SME

SME & Retail

Retail

100% Corporate

Large Multi-Services banks

Market

Consolidation of the banking sector has

decreased the supply of credit lines and financial

instruments for corporate

Foreign banks are in a deleveraging process

PINE

Full service Bank – Credit, Hedging, and

Investment Bank products – with room for

growth

~10 clients per officer

Competitive Advantages:

Focus

Fast response: Strong relationship with

clients, with the credit committee

meeting twice a week and response times

to clients of no more than one week

Specialized services

Tailor-made solutions

Product diversity

Foreign and

Investment Banks

http://www.banrisul.com.br/

http://www.ibefmg.com.br/?url=http://www.bicbanco.com.br/

http://www.daycoval.com.br/

http://www.sofisa.com.br/

http://www.bancobmg.com.br/novo_site_bmg/INHomeProduto.aspx

https://www.btgpactual.com/home/home.aspx/Index


Focus Always on the Client Strategy of product diversity, tailored to meet the needs of each individual client.

Working Capit

CDIs

Bank Guarantees

Exclusive Funds

Portfolio

Management

Swap NDFs Structured Swaps

BNDES Onlending

Bank Guarantees

Compror

ACC/ACE

Export Finance

Finimp

Letters of Credit

2,770 onlending

Overdraft Accounts

Syndicated and Structured Loans

Fixed Income

Currencies

Commodities

Equities

CDBs

CDs

RDBs

LCAs

LCIs

Debentures CRIs

CCBs

Eurobonds

Private Placements

Financial Letters

Clients

Treasury

Corporate Credit

FICC

PINE Investimentos

Distribution

Capital Markets

Financial Advisory

Local Currency

Foreign Currency

Fixed Income Currencies

Commodities

Pricing of Assets and Liabilities

Liquidity Management

Trading

Local Currency

Onlending

Foreign Currency

Trade Finance

Participation

Funds

Options

Working Capital Underwriting

Corporate &

Structured

Finance

M&A

Project Finance

Structured Finance

Private Credit

Funds

Real Estate Funds

Rural Credit

Aircraft

Financing

Investment

Management In addition to the

headquarters located in the

city of São Paulo, PINE has 12

branches throughout Brazil , in

the States of Ceará, Mato

Grosso, Minas Gerais, Paraná,

Pernambuco, Rio de Janeiro,

Rio Grande do Sul, Santa

Catarina and São Paulo. The

origination network also

counts with a Cayman branch

and a broker dealer in New

York (USA).


Corporate Credit

Actions Credit Committee

Strong track record and solid credit origination and approval process.

Credit Approval: Electronic Process

Origination Officers

Credit origination Credit analysis, visit to clients, data

updates, interaction with internal

research team

Credit Analysts

Regional Heads of

Origination and Credit

Analysis

Presentation to the Credit Committee

CRO, Executive

Directors and Analysts

of Credit

Centralized and unanimous

decision making process

CREDIT COMMITTEE

Meets twice a week – reviewing 20 proposals on average

Minimum quorum: 4 members - attendance of CEO or Chairman is mandatory

Members:

Chairman of the Board

CEO

Chief Operating Officer

Chief Administrative Officer

Chief Risk Officer

Participants:

FICC Executive Director

Credit Analysts

Other members of the Corporate Banking

origination team

Personalized and agile service, working closely with

clients and keeping a low client to account officer ratio: each officer handles ~10 economic groups

Geographic coverage of clients, providing the bank with

local and extremely up-to-date credit intelligence and information

Established long term relationships with more than 600

economic groups

Origination network is comprised of 12 branches divided into 14 origination platforms in Brazil’s major economic

centers

More than 30 credit analysts, assuring that analysis is fundamentally driven and based on industry-specific

intelligence

Efficient loan and collateral processes, documentation, and controls, which has resulted in a low NPL track record

Discussion on sizing, collateral,

structure etc.


June 30, 2013 R$ millions

Scenario on June, 30:

Duration: 210 days

Mark-To-Market : R$248 million

Stress Scenario (Dollar: +31% and Commodities Prices: -30%):

Stressed MTM: R$298 million

Fixed Income: Fixed, Floating, Inflation, Libor

Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar,

Australian Dollar

Commodities: Sugar, Soybean (Grain, Meal and Oil), Corn,

Cotton, Metals, Energy

1Source: Cetip Report, June 2013

FICC Proven trackrecord: 2nd in commodity derivatives1.

Client Notional Derivatives Portfolio by Market

Market Segments

Notional Value and MtM

Portfolio Profile

Commodities 17%

Fixed Income

15%

Currencies 68%

-

4,720 4,875 5,036 5,180 5,891

256 238 197 174

248

597 629

498

298 298

Jun-12 Sep-12 Dec-12 Mar-13 Jun-13

Notional valueMtMStressed MtM


Capital Markets: Structuring and Distribution of Fixed

Income Transactions.

Financial Advisory: Project & Structured Finance, M&A,

and hybrid capital transactions.

Research: Macro, Commodities, and Corporate

R$ millions

PINE Investimentos Consolidation, result of the focused effort through the years in the franchise.

Volume of Underwriting Transactions

Transactions

Revenues

12

34

18

1H11 1H12 1H13

R$ 50,000,000

January, 2013

Capital Increase

Coordinator

US$ 250,000,000

April, 2013

Senior Notes

Bookrunner

R$ 800,000,000

January, 2013

Debentures

Coordinator

R$ 50,000,000

Debentures

Coordinator

June, 2013

R$ millions

381

663

1,150

1H11 1H12 1H13


Rating Upgrades ...with market recognition and positive evaluation by rating agencies.

Moodys’s attributed this upgrade to PINE’s relative

stability of its financial metrics and particularly its

asset quality, profitability and capitalization, which

benefit from the business and earnings

diversification derived from the bank’s broader

franchise. The consolidation of the bank’s strategic

positioning has resulted in a track record of

profitability and asset quality.

The agency based its ratings on the strong asset-

quality, adequate liquidity, capital, and earnings.

S&P also emphasizes the gradual funding

diversification, through foreign issuances,

securitizations, and the recent capital increase

subscribed by DEG.

Fitch attributed this upgrade to PINE’s ability to

preserve and to enhance its credit profile in the

last several years. Also, the ratings reflect PINE’s

consistent performance, higher funding

diversification and sound asset quality, liquidity and

capitalization. According to Fitch, PINE has

managed carefully its growth in the corporate

segment with a strategy of revenue diversification

and cross-selling aiming to reduce the dependence

of revenues from lending and to increase the

participation of its FICC Business and PINE

Investimentos.

August 2011

Upgrade

S&P

December 2011

Upgrade

S&P

May 2012

Upgrade

Fitch

May 2010 Upgrade

Fitch

August 2012

Upgrade

Perspective

Moody’s

May 2013

Upgrade

Fitch

Long Term BB+ BB+ Ba1 -

Short Term B B - -

Long Term brAA AA-(bra) Aa2.br

Short Term - F1+(bra) Br-1

Fore

ign a

nd

Local

Curr

ency

Nati

onal

10.68

September 2013

Upgrade

Moody’s

http://www.standardandpoors.com/home/es/la

http://www.fitchratings.com.br/

Highlights and Results


Recurring results.

2Q13 Events and Highlights

Positive revenue contributions from all business lines in the first half: 63.1% from Corporate Credit, 29.4% from

FICC, 7.1% from PINE Investimentos, and 0.4% from Treasury.

Maintenance of the positive liquidity gap for over 12 quarters: 15 months for credit, versus 16 months for funding.

Liquid balance sheet, with cash position of R$1.5 billion, equivalent to 44% of time deposits.

PINE was ranked among the 16 largest players in derivative transactions and the second largest player in

commodity derivatives according to CETIP (Brazilian OTC Clearing House).

PINE is among the 15 largest banks offering credit to large corporates, and the sixth largest Brazillian controlled

private bank, according to the Melhores e Maiores ranking compiled by Exame magazine.

Also according to Exame magazine, Pine went up five positions in the ranking of largest banks by equity and today

holds the thirtieth place, being the thirteenth largest Brazilian controlled private bank.

In July 2013, PINE joined the Protocolo Verde – “Green Protocol”, an agreement between FEBRABAN and the

Ministry of the Environment to support development that does not compromise future generations.

On August 6, the Board of Directors approved a new share buyback program with a limit of up to 1,942,417

preferred shares and valid for one year.

1

2

3

4

5

6

7

8


R$ millions

1 Includes Stand-by Letters of Credit, Bank Guarantees, Credit Securities to be Received and Private Securities (bonds, CRIs, eurobonds and fund shares)

1H13 Financial Highlights The main performance indicators were within expectations in the quarter...

7,642 8,994

Jun - 12 Jun - 13

Total Credit Risk 1

17.7%

6,972 7,111

Jun - 12 Jun - 13

Total Funding

2.0%

1,053 1,259

Jun - 12 Jun - 13

Shareholders' Equity

19.6%

62 60

1H12 1H13

Fee Income

- 3.2% - 3.2%

92 84

1H12 1H13

Net Income

- 8.7%

18.6%

14.1%

1H12 1H13

ROAE

- 450 bps


Product and Revenue Diversification ... with contributions from all business lines, fruit of the strategy of complete service to clients.

Penetration Ratio – Clients with more than one product

Revenue Mix

Clients with more than one product

56% 62% 53%

44% 38% 47%

Jun - 11 Jun - 12 Jun - 13

More than 1 product

1 product

2.82.9 2.9

Jun-11 Jun-12 Jun-13

Corporate Credit58.4%

PINE Investimentos

10.3%

FICC19.8%

Treasury11.5%

1H12

Corporate Credit 63.1%

PINE Investimentos

7.1%

FICC 29.4%

Treasury 0.4%

1H13


Underperformed Treasury

Decline in SELIC rate

Marginal decrease in spreads

Return of provisions to 2012’s levels

Net Interest Margin

NIM Evolution Impacts in the Period

NIM Composition

NIM is within the guidance range.

5.5% 4.9%

1Q13 2Q13

- 60 bps

R$ millions

2Q13 1Q13 2Q12 1H13 1H12

Income from financial intermediation 83 102 134 184 256

Cayman branch overhedge effect 6 (2) 5 4 4

Income from financial intermediation desconsidering overhedge (A) 89 100 139 188 260

Provision for loan losses (29) (13) (30) (42) (41)

Income from financial intermediation after provision (B) 60 87 109 146 219


Expenses and Efficiency Ratio

Expenses

Efficiency Ratio

Rigorous management and control of expenses.

22 22 22

24 24

21

28.2%

37.7% 38.1%

-100.0%

-80.0%

-60.0%

-40.0%

-20.0%

0.0%

20.0%

40.0%

0

5

10

15

20

25

30

35

2Q12 1Q13 2Q13

Personnel Expenses

Other administrative expenses

Efficiency Ratio (%)

R$ millions

2Q13 1Q13 2Q12 1H13 1H12

Operating expenses 1 47 50 50 96 96

(-) Non-recurring expenses 2 1 2 3 3

Recurring Operating Expenses (A) 45 49 48 93 93

Revenues 2 (B) 118 130 170 248 322

Ratio (A/B) 38.1% 37.7% 28.2% 37.5% 28.9%

1 Other administrative expenses + tax expenses + personnel expenses

2 Gross Income from financial intermediation - provision for loan losses + fee income + overhedge effect


R$ millions

1 Includes Stand-by Letters of Credit, Bank Guarantees, Credit Securities to be Received and Private Securities (bonds, CRIs, eurobonds and fund shares)

Loan Portfolio1 The portfolio maintained its growth to reach R$9 billion in June...

3,175 3,329 3,289 3,389 3,332 3,274 3,377 3,550 3,717

122 251 322 367 670 683

787 670 549 912

881 883 884

821 800 853 826 844 1,372

1,534 1,687 1,684 1,599 1,699

2,114 2,501

2,807

772

756 782

1,021 1,154 942

781

832

1,059

190 124

102

81 65

47

36

26

18

Jun - 11 Sept - 11 Dec - 11 Mar - 12 Jun - 12 Sept - 12 Dec - 12 Mar - 13 Jun - 13

Individuals: 0.2%

Trade Finance: 11.8%

Bank Guarantees: 31.2%

Onlending : 9.4%

Private Securities +

Working Capital: 47.4%

6,875 7,065

7,426 7,642

7,444

7,948

8,405

8,994

6,545


Reduced exposure of the Sugar and Ethanol sector, from 19% to 14%;

Increased participation in other sectors such as Electric and Renewable Energy, and Construction;

Reshuffle of the 20 largest clients in approximately 20%;

20 largest clients represented less than 30% of total loan portfolio.

Continuous Loan Portfolio Management ...with sector diversification...

Sugar and Ethanol14%

Construction12%

Electric and Renewable Energy

11%

Infrastructure7%

Agriculture7%

Specialized Services6%

Transportation and Logistics

5%

Metallurgy5%

Foreign Trade4%

Chemicals4%

Vehicles and Parts3%

Telecom3%

Beverages and Tobacco

3%

Food Industry3%

Construction Material

2%

Meatpacking2%

Financial Institutions

2%Other

7%

2Q13

Sugar and Ethanol19%

Construction10%

Electric and Renewable Energy

9%

Agriculture9%

Infrastructure7%

Foreign Trade5%

Transportation and Logistics

5%

Specialized Services4%

Vehicles and Parts4%

Beverages and Tobacco

4%

Metallurgy3%

Food Industry3%

Chemicals3%

Financial Institutions

2%

Meatpacking2%

Telecom2%

Other9%

2Q12


June 30, 2013

Contracts Overdue: total amount of the contracts overdue for more than 90 days / Loan Portfolio

excluding Bank Guarantees and Stand-by Letters of Credit.

Installents Overdue: total amount of installments overdue for more than 90 days / Loan Portfolio

excluding Bank Guarantees and Stand-by Letters of Credit.

Credit Coverage: Provision / Loan Portfolio excluding Bank Guarantees and Stand-by Letters of

Credit.

Loan Portfolio Quality ... quality, collaterals, and adequate credit coverage.

Loan Portfolio Quality

Credit Coverage

Non Performing Loans > 90 days

Collaterals

0.6%

0.8%

1.2% 1.2% 1.1%

0.2%

0.4%

0.6% 0.6% 0.6%

Jun - 12 Sept - 12 Dec - 12 Mar - 13 Jun - 13

Contracts overdue

Installments overdue

3.7% 3.5% 3.3% 3.4% 3.4%


Products Pledge

36%

Receivables28%

Properties Pledge

32%

Investments3%

Guarantees1%

AA - A 51.5%

B 33.8%

C 8.6%

D - E 3.6%

F - H 2.6%


R$ millions

Funding Diversified sources of funding...

42% 41% 41% 34% 50% 38% 41% 42% 44% Cash over Deposits

1,844 1,965 2,130 2,128 2,153 2,056 2,245 2,186 2,320

1,287 1,253 1,196 1,186 1,228 1,177

1,174 972

1,013

212 228 250 281 223 213

146

126 119 210

165 106 161 194 176 121

110 110 52

66 112 31 33 33 30

126 19

946 924 934 938 890 840

903 870 862

247 266 312 314

593 640

901 796

975 205 237 246 233

295 260

409

402 435

267 310 353 276

234 156

152

78 80

84 86

250 125

118 180

173

171 181

548 757

686 771

1,011 1,073

808

752

997


Trade Finance: 14.0%

Private Placements: 2.5%

Multilateral Lines: 1.1%

International Capital Markets: 6.1%

Local Capital Markets: 13.7%

Onlending: 12.1%

Demand Deposits: 0.3%

Interbank Time Deposits: 1.5%

High Net Worth Individual Time Deposits: 1.7%

Corporate Time Deposits: 14.2%

Institutional Time Deposits: 32.6%

5,902

6,589 6,258

6,575 6,443

6,972 6,804 7,062 7,111


R$ millions

Asset & Liability Management ... keeping a positive gap between credit and funding.

Leverage

ALM – Average Maturity

Credit over Funding Ratio

Total Deposits over Total Funding

Leverage: Total Loan Portfolio / Shareholders’ Equity Credit over Funding ratio: Loan Portfolio excluding Bank Guarantees and Stand-by Letters of

Credit / Total Funding

months

16 16 17 17

16

13 14 14

15 15

Jun-12 Sept-12 Dec-12 Mar-13 Jun-13

Funding

Loan Portfolio

7.3x

6.1x 6.5x 6.7x

7.1x


55% 54% 53% 53% 50%

45% 46% 47% 47% 50%


Total Deposits Others

7,111 6,589 7,062 6,804 6,972

84% 83% 82%87% 85%

Jun-12 Sept-12 Dec-12 Mar-13 Jun-13


Capital Adequacy Ratio (BIS)

R$ millions Basel (%)

Tier I 14.7

Tier II 2.3

Reference Equity 17.0%

1,273

199

1,472

BIS ratio reached 17%.

13.2% 15.1% 14.3% 13.3% 12.6% 14.0% 13.4% 15.0% 14.7%

3.4%

4.5% 4.2%

3.1% 3.3%

3.0% 2.8%

2.1% 2.3%

16.6%

19.6% 18.5%

16.4% 15.9% 17.0%

16.2% 17.1% 17.0%


Tier I Tier II

Minimum Regulatory Capital (11%)

Corporate Governance and PINE4


Organizational Structure Non-bureaucratic, entrepreneurial, and meritocratic culture with a flat hierarchy.

CEO

Noberto Pinheiro Jr.

COO

Norberto Zaiet

CRO

Gabriela Chiste

CAO

Ulisses Alcantarilla

CFO

Susana Waldeck

Origination

Investment Banking

Sales & Trading

Research Macro/

Commodities/Corporate

International

Asset & Liabilities Back

Office

Legal

Collaterals Management

Special Situations

Middle Office

Controlling

Accounting

Tax Planning

IT

Accounts Payable

Office Management

Marketing

Investor Relations

Credit

Corporate Research

Compliance , Internal

Controls and IT Security

Credit, Market, Operational

and Liquidity Risks

Financial Modeling

INTERNAL AUDIT

Tikara Yoneya

COMPENSATION

COMMITTEE

AUDIT

COMMITTEE

EXTERNAL AUDIT

PWC

Noberto Pinheiro Noberto Pinheiro Jr. Maurizio Mauro Gustavo Junqueira Mailson da Nóbrega

Chairman Vice Chairman Independent

Director

External

Director

Independent

Director

HUMAN RESOURCES

Ivan Farber

BOARD


Corporate Governance PINE commits to best corporate governance practices…

Two Independent Members and one External Member on the Board of Directors

Mailson Ferreira da Nóbrega: Brazil’s Finance Minister from 1988 to 1990

Maurizio Mauro: Former CEO of Booz Allen Hamilton and Grupo Abril

Gustavo Junqueira: Former Head of PINE Investimentos, Member of the Board of Directors at

EZTEC, Financial Advisor at Arsenal Investimentos and CFO at Gradiente Eletrônica

São Paulo Stock Exchange (BM&FBovespa) Level 2 Corporate Governance

Audit and Compensation Committee reporting directly to the Board of Directors

100% tag along rights for all shareholders, including non-voting shares

Arbitration procedures for fast settlement of litigation cases

First Brazilian bank to release BR GAAP and IFRS quarterly


Committees …favoring collective decision making.

Main decisions are taken by committees.

Non-stop exchange of knowledge, ideas, and information.

Transparency.

CEO

Bi-annually Monthly

AUDIT

COMMITTEE

BOARD OF DIRECTORS

COMPENSATION

COMMITTEE

CREDIT ASSET & LIABILITY

COMMITTEE

ALCO EXECUTIVE

HUMAN

RESOURCES INVESTMENT

BANK

PERFORMANCE

EVALUATION IT ETHICS

INTERNAL

CONTROLS AND

COMPLIANCE RISK

Twice a week Weekly Monthly Every 2 months Weekly Monthly Quarterly On demand Every 2 months

45 days

45 days

COMMITTEES


967 1,036

509

216

642

191

558

1,373

758

543

1,069

909

1,222

Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week 10 Week 11 Week 12 Week 13

R$ thousands

PINE4

Price (R$) 10.50

P/BV 0.9x

P/E(1) 6.2x

PINE4 Increased ADTV and yields above average

Multiples Dividend Yield

Average Daily Traded Volume – 2Q13

Dividend Yield: Average daily closing prices of the stocks in 2Q13 / Dividends and Interest on Own

Capital of the last twelve months

(1) Considers the market consensus for the 2013 net income; source: Bloomberg

Average:

R$594

Average:

R$922

+ 55%

Hiring of Market Maker

8.7%

7.1% 7.8%

8.5%

3Q12 4Q12 1Q13 2Q13


Social Investment and Responsibility Focus on the short, medium and long term.

Social Investment Recognition

Partnership

Most Green Bank

Recognized by the International Finance Corporation (IFC), private

agency programs of the World Bank as the most "green" bank as a result

of its transactions under the Global Trade Finance Program (GTFP) and

its onlending to companies focused on renewable energy and ethanol

Efficiency Energy

Recognition by World Bank for support in the Energy Efficiency sector.

The UN initiative mobilizes the international business

community to adopt fundamental and internationally

accepted values in their business practices in the areas

of human rights, labor relations, environment and

combating corruption, which are reflected in ten

principles. Since October 2012

Responsible Credit

“Lists of Exceptions”: the Bank does not finance projects or those

organizations that damage the environment, are involved in illegal

labor practices or produce, sell or use products, substances or activities

considered prejudicial to society.

System of environmental monitoring, financed by the IADB and

coordinated by FGV, and internally-produced sustainability reports for

corporate loans

Principles applied to Project Finance transactions where

total project capital costs exceed US$10 million and are

based on International Finance Corporation Performance

Standards on social and environmental sustainability and

on the World Bank Group Environmental, Health, and

Safety Guidelines (EHS Guidelines). Since December/2012

Protocolo Verde – “Green Protocol”, an agreement

between FEBRABAN and the Ministry of the Environment

to support development that does not compromise future

generations.

Exhibition and sponsorship of Brazilian artists, for instance Paulo von Poser, in

addition to sponsoring and supporting films and documentaries such as

Quebrando o Tabu (Fernando Henrique Cardoso on the drug war), O Brasil deu

certo, e agora? (idealized by Mailson da Nóbrega), Além da Estrada (Charly

Braun) and others.


This report may contain forward-looking statements concerning the business prospects, projections of operating and financial results and growth outlook of PINE. These are merely

projections and as such are based solely on management’s expectations regarding the future of the business. These statements depend substantially on market conditions, the

performance of the sector and the Brazilian economy (political and economic changes, volatility in interest and exchange rates, technological changes, inflation, financial

disintermediation, competitive pressures on products and prices and changes in tax legislation) and therefore are subject to change without prior notice. .

Investor Relations

Noberto N. Pinheiro Jr.

CEO

Susana Waldeck Norberto Zaiet Junior

CFO / IRO COO

Raquel Varela

Head of Investor Relations

Alejandra Hidalgo

Investor Relations Manager

Luiz Maximo

Investor Relations Analyst

Ana Lopes

Investor Relations Analyst

Phone: +55-11-3372-5343

www.pine.com/ir

[email protected]

Economy & Finance

2Q13 Institutional Presentation