1q12 institutional presentation
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Institutional Presentation1Q121Q12
Summary
History and ProfilePINEHistory
Business StrategyCompetitive LandscapeFocus on the ClientCorporate CreditCorporate CreditHedging DeskPINE Investimentos and DistributionPillarsRating Upgrades
Highlights and Results
Corporate Governance and PINE4Organizational Structure Organizational Structure Corporate GovernanceCommitteesCapital Increase, Split, and Shareholder StructureDividends and Interest on own Capitalp
Appendix
2/32Investor Relations | 1Q12 |
History and Profile
PINESpecialized in providing financial solutions for large corporates…
Credit Portfolio by Annual Client RevenuesMarch 31st, 2012Up to R$150
million15%
Over R$1 billion52%
R$150 million to
R$500 million
R$500 million to $
million16%
Profile
Focused on establishing long-term relationships with Business is structured along four primary business lines:
R$1 billion17%
g g plarge corporates
Close relationships and product penetration
g p y
• Corporate Credit: credit and financing products• Hedging Desk: instruments for hedging and risk
management• PINE I ti t I t t B ki d• PINE Investimentos: Investment Banking and
Investment/Wealth Management• Distribution: Funding and investment solutions
for foreign and local investors
4/32Investor Relations | 1Q12 |
History...with extensive knowledge of Brazil’s corporate credit cycle.
1939Pinheiro Family
founds
End of 2007Focus on expanding the Corporate Banking franchise
Di ti ti f th ll d d tibl l b i
October, 2011Subscription of PINE`s capital by DEG 1,015 1,029
foundsBanco Central do
Nordeste
May, 2007
October, 2007Creation of the Hedging Desk
Discontinuation of the payroll-deductible loan business
801 827 825
867
1975Noberto Pinheiro
2005Noberto Pinheiro becomes
PINE’s sole shareholder
May, 2007Creation of PINE Investimentos product line
and start up of Cayman branch
Noberto Pinheiro becomes one of
BMC’s controlling shareholders
PINE’s sole shareholder
4,118
5,747
6,921 7,300
121 126 140 136 152 171 209
335 Corporate Credit Portfolio (R$ Millions)
Shareholders' Equity (R$ Millions)
1997155 184 222 341 521 620 755 663 761
1,214
2,854 3,070
18 62
121 126 140 136
Noberto and Nelson Pinheiro sell their stake in BMC and
found PINE
Devaluation Nasdaq Sept 11 Brazilian Banco Santos SubprimeAsian Russian Banco European
Dec
-97
Dec
-98
Dec
-99
Dec
-00
Dec
-01
Dec
-02
Dec
-03
Dec
-04
Dec
-05
Dec
-06
Dec
-07
Dec
-08
Dec
-09
Dec
-10
Dec
-11
Mar
-12
5/32Investor Relations | 1Q12 |
March, 2007IPO
Devaluationof the real
Nasdaq Sept. 11 Brazilian Elections
(Lula)
Banco Santos liquidity crisis
SubprimeAsian Crisis
Russian Crisis
Banco Panamericano
European Community
May, 201215 years
Business Strategy
Competitive LandscapePINE serves a niche market of companies that lack adequate banking options, seeking a bank that fully understands their needs…understands their needs…
Market
Consolidation of the banking sector has
Large Multi-Services banks
Consolidation of the banking sector hasdecreased the supply of credit lines and financialinstruments for corporates
Foreign banks are in a deleveraging process
100% Corporate
g g g p
PINE
100% focused on providing complete service to companies, offering customized products
.
Corporate & SME
Foreing banks
Full service Bank – Credit, Hedging, andInvestment Bank products – with room forgrowth
Corporate & SME
SME & Retail
~10 clients per officer
Competitive Advantages: Focus
Retail
Fast response: Strong relationship withclients, with credit committee twice aweek and answer to clients in up to oneweek
S i li d i
7/32Investor Relations | 1Q12 |
Specialized services Tailor-made solutions Product diversity
Focus Always on the ClientThe bank develops a strategy of product diversity, tailored to meet the needs of each client.
CDIsCDs
LCIs
CCBs PrivatePricing of Assets and
Liabilities
Fixed Income
Currencies
CDBs
RDBs
LCAs
Eurobonds
PrivatePlacements
Financial Letters
Local Currency
Liabilities
LiquidityManagement
Working Capital
Overdraft
Currencies
Commodities
Equities
DebenturesCRIs
TreasuryDistribution
Foreign Currency
Trading
Working CapitalUnderwriting
BNDES Onlending
Bank Guarantees
Compror
ACC/ACE
OverdraftAccounts
ClientsCorporate
Credit PINE
Investimentos
Capital Markets
Advisory
Local Currency
Onlending
Foreign Currency
Trade Finance
g
Advisory
Investment/Wealth
Private Placements
Structured/
BankGuarantees
Fixed Income Funds
ACC/ACE
Export Finance
Finimp
Letters of Credit
2,770 onlending
Hedging Desk
Fixed Income Currencies
Credit Funds
Wealth Management
Structured/ProjectFinance
Structured/ ProjectFinance
StructuredFinance
Funds
Portfolio Management
Swap NDFsStructured Swaps
Syndicated andStructured LoansCommodities
8/32Investor Relations | 1Q12 |
Options
Corporate CreditStrong track record and solid credit origination and approval process.
Actions Credit Committee
Meets twice a week – reviewing 20 proposals on average
Minimum quorum: 4 members - attendance of CEO or
Personalized, agile service, working closely with clientsand keeping a low client to account officer ratio: eachofficer handles ~10 economic groups on average. q
Chairman is mandatory
Members:Chairman of the Board
officer handles 10 economic groups on average.
Geographic coverage of clients, providing the bank withlocal and extremely up-to-date credit intelligence andinformation.
Chairman of the BoardCEOChief Operations OfficerChief Administrative OfficerChief Credit Officer
Established long term relationship with more than 600economic groups
Origination network is comprised of 11 branches dividedinto 14 origination platforms in Brazil’s major economiccenters
Participants:Executive Director of the Hedging DeskTreasurer
centers
More than 30 credit analysts, assuring that analysis isfundamentally driven and based on industry-specificintelligence
Credit Approval: Electronic Process
Credit AnalystsOther members of the Corporate Banking origination team
Efficient loan and collateral processes, documentation,and controls, which has resulted in a low NPL track record
pp
Origination OfficersOrigination Officers
Credit origination Credit analysis visit to clients data
Credit AnalystsCredit AnalystsRegional Heads of
Origination and Credit Analysis
Regional Heads of Origination and Credit
Analysis
Presentation to the Credit Committee
Vice President and Analysts of CreditVice President and Analysts of Credit
Centralized and unanimous
CREDIT COMMITTEE CREDIT COMMITTEE
Discussion on sizing collateral
9/32Investor Relations | 1Q12 |
Credit origination Credit analysis, visit to clients, data updates, interaction with internal
research team
Presentation to the Credit Committee Centralized and unanimous decision making process
Discussion on sizing, collateral, structure, etc.
Hedging DeskPINE is the 1st player in terms of commodities to clients¹.
Client Notional Derivatives Portfolio by Market Notional Value and (MtM)March 31st, 2012
R$ Millions
358 354 354
Notional Value
MtMMtM Stressed
Fixed Income
30%
Currency62%
106 84
178 157 126
236 224
Commodities8% 3 428 3 457 3 709 3 712 4 287 8%
Market Segments Portfolio Profile
Notional: R$4.3 billion
Scenario on March 31stFixed Income: Fixed Floating Inflation Libor
3,428 3,457 3,709 3,712 4,287
Mar-11 Jun-11 Sept -11 Dec-11 Mar -12
Scenario on March, 31st
Duration: 198 days
Mark-To-Market : R$126 million
Fixed Income: Fixed, Floating, Inflation, Libor
Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar,Australian Dollar
Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
Stressed MTM: R$354 million
Commodities: Sugar, Soybean (Grain, Meal and Oil), Corn,Cotton, Metals, Energy
10/32Investor Relations | 1Q12 |
*Source: Cetip Report, March 2012.
PINE Investimentos and Distribution...adding value for clients, while optimizing the use of the Bank's capital.
PINE INVESTIMENTOS
Market Segments
Capital Markets:16
Volume of Underwriting Transactions Revenues
Capital Markets:
Structuring and Distribution of Fixed
Income Transactions317
Financial Advisory
Project Finance
M&A
Hybrid capital transactions
233
Hybrid capital transactions
Assets under Management
Fixed Income
-
1Q11 4Q11 1Q12
0 1
1Q11 4Q11 1Q12
Distribution Desk
Credit Funds
Exclusive Mandates
Portfolio Management
Foreign InvestorsFamily Offices Corporates Financial Institutions
Local and Foreign Investors
11/32Investor Relations | 1Q12 |
High Net Worth Individuals Asset Managers Pension Funds
PillarsStrategy supported by solid fundamentals, built and achieved over the years…
Strong and motivated teamAdequate capital structureCapital Adequacy Ratio (BIS) of 16 4% Meritocracy
Right incentivesHighly qualified team
Capital Adequacy Ratio (BIS) of 16.4%Regulatory Capital: R$1.3 billionDEG and PINE partnershipR$ 237 million subordinated debt, qualified as Tier II capital
Corporate clientsStrong relationshipCustomized service
Efficient funding structureLonger average maturities: 17 months (Mar/12)Greater diversification of funding sources
In-depth knowledge of client needsProduct diversity
USD25 million 10 year funding with ProparcoUSD37.5 million funding uptake in Islamic format with the Saudi bank Al RajhiUSD106 million A/B Loan (Jan/11) with the IIC
12/32Investor Relations | 1Q12 |
Rating Upgrades...with market recognition and positive evaluation by rating agencies.
On December 7th, 2011:PINE’s rating in global scale, toBB+ from BB- (two notches)
On May 14th, 2012Foreign and Local Currency Long-Term IDR to 'BB' from 'BB'-
PINE’s rating in national scale, tobrAA from brA (three notches)
On August 23rd, 2011:Local currency rating, to brA from
National Long-Term Rating to'A+(bra)' from 'A(bra)'Viability rating upgraded to 'bb'from 'bb-'Banco Pine S.A. USD 125 millionLocal currency rating, to brA from
brA-Reaffirmed the Rating in foreigncurrency in BB-Revision from PINE’s outlook topositive
Subordinated notes to 'B+' from 'B'
positive
Fitch attributed this upgrade to the diversification ofPINE's funding profile and its good assets andliabilities management, provided by the adequate
h f h di d f di b k ddi i
The agency based its ratings on the strong asset-quality, adequate liquidity, capital, and earnings.S&P also emphasizes the gradual fundingdi ifi i h h f i i match of the credit and funding books. In addition,
the Agency considered that the positive liquidity gapallied with the good cash position evidences theBank's overall solid financial strength. According tothe Agency, the Bank’s continued increase in feeincome mainly due to higher product penetration is
diversification, through foreign issuances,securitizations, and the recent capital increasesubscribed by DEG
13/32Investor Relations | 1Q12 |
income, mainly due to higher product penetration, isa good indicator of the successful maintenance ofprofitability levels.
Highlights and Results
1Q12 Key FiguresThe main indicators showed improvement in the period…
R$ Millions
Expanded CorporateCredit Portfolio1
25.4 %
Total Funding
20.7%
Corporate CreditCoverage
80 bps
5 823 7,300 5,322 6,421 2.7% 3.5%5,823
Mar 11 Mar 12 M 11 M 12M 11 M 12Mar -11 Mar -121 Includes guarantees and private securities
Mar-11 Mar-12
Shareholders´ Equity Net Income ROAE
Mar-11 Mar-12
17.1 %51.6%
430 bps
879 1,029 31 47 15.2% 19.5%
15/32Investor Relations | 1Q12 |
Mar-11 Mar-12 1Q11 1Q12 1Q11 1Q12
Product and Revenue Diversification ...with contributions from all business lines, as a result of the strategy of complete service to clients.
Clients with more than one Product Penetration Ratio – Clients with more than one Product
3.0
More than 1 product 1 product
2.760% 56% 42%
2.5
40% 44% 58%
Corporate Revenues BreakdownMar -10 Mar -11 Mar -12Mar-10 Mar-11 Mar-12
1Q11 1Q12
Corporate Credit69.0%
Treasury3.4%
PINE Investimentos
0.5%
Corporate
PINE Investimentos
10 2%
Hedging Desk
Credit57.3%
Treasury8.2%
10.2%
16/32Investor Relations | 1Q12 |
Hedging Desk27.1%
Hedging Desk24.3%
Credit PortfolioThe portfolio continued to grow, +5.3% QoQ and +25.4% YoY…
R$ Millions
6 9357,300
Expanded Corporate Credit Portfolio1
547 622 782
765 782
1.021 Trade finance
5 2925,773 5,823
6,3146,732
6,935
881 883 883 827 1.022 1.117
1.372 1.534 1.687 1.684
840 722
569
547 622 Guarantees
BNDES Onlending
4,5564,828
5,292
71 122 251 297 342
261 472
644 846 881 912
881
634 842 BNDES Onlending
Private Securities
2,821 2,792 3,251 3,358 3,132 3,126 3,300 3,286 3,370
Working Capital
¹ Includes debentures, CRIs, and hedge fund shares
Mar-10 Jun-10 Sept-10 Dec-10 Mar-11 Jun-11 Sept-11 Dec-11 Mar-12
17/32Investor Relations | 1Q12 |
Credit Portfolio Profile... growing in a diversified manner…
Credit Portfolio by Industry Segments Geographic Distribution
Midwest
North2%
Electric and Renewable
Energy8%
Foreingn Trade5%
Transportation and Logistics
5%Food Industry
4%Specialized
Services
Northeast5%
Midwest10%
Agriculture
Infrastructure8%
Services4%
Meatpacking3%
South7%
8% Metal and Mining3%
Beverages and Tobacco
3%
Southeast76%
Construction9%
3%
Vehicles and Parts3%
Chemicals2%
Sugar and Ethanol20%
2%
Telecom2%
Financial Instituions
2%Materials of Constrution and
D ti
Others9%
18/32Investor Relations | 1Q12 |
Decoration2%
Credit Portfolio Quality... with quality, collaterals, and adequate credit coverage.
Credit Portfolio Quality – March 2012 Non Performing Loans > 90 days
B32.7%
0.7% 0.7%
Contracts Overdue
Installments Overdue
C
0.6%
0.5% 0.5%
0 3% 0 3% 0 3%
AA A
C11.1%
D-E1.5%
F-H
0.3%
0.2%
0.3% 0.3%
0.2%
Total Credit Coverage Collaterals
80 b
AA-A52.7%
F-H2.0% Mar-11 Jun-11 Sept-11 Dec-11 Mar-12
80 bps -10 bps Products
Pledge44%Guarantees
2%
2.7% 3.6% 3.5%
Investments3%
19/32Investor Relations | 1Q12 |
Mar-11 Dec-11 Mar-12 Receivables31%
Properties Pledge
20%
FundingDiverse sources of funding…
R$ MillionsR$ Millions
Trade Finance6,248
6,544 6,421
220 237 246 233 267 310 353 276
158 102 86
250 125
413 377 435
596 814
753 841 Private Placements
Multilateral Lines5,182
4 622
5,437 5,322
5,936
250 281 224 320 210 165 106 161 46 42 53 66 112 31
453
626 829
867 898 867 867 868
-
-21
33
247 256 281 291
203
194 194
201
220 237
239 227
200 160
282
87 151
166 158
172
448 405
413 International Capital Markets
Local Capital Markets
4,6224,304
1 064 1,124 1,463 1,530 1,114
1,287 1,253 1,196 1,186 85 175
198 214 218
212 228 250 281
248 201
224 320 272
210 165
50 36
46 41
53
242 453
-276 BNDES
Demand Deposits
I t b k Ti D it
1,566 1,646 1,654 1,592 1,720 1,845 1,965 2,130 2,128
1,064 Interbank Time Deposits
High Net Worth Individual Time Deposits
Corporate Time Deposits
Mar-10 Jun-10 Sept-10 Dec-10 Mar-11 Jun-11 Sept-11 Dec-11 Mar-12
Corporate Time Deposits
Institutional Time Deposits
20/32Investor Relations | 1Q12 |
Asset & Liability Management... presenting a positive gap of 3 months between the credit and funding portfolios.
Matching of Transactions
CREDIT FUNDING
88%82%
Credit Exposure to Total Funding Ratio
BNDES BNDES
Trade Finance Trade Finance
82% 80%76%
81%
Deposits
Working Capital, PrivateSecurities* And Cash Letras Financeiras
Off h F di* I l d d b CRI b d d h d f d h
5,3224,304 6,421
ALM Deposits vs. Total Funding
Offshore Funding* Includes debentures, CRIs, eurobonds, and hedge fund shares
Mar-11 Jun-11 Sept-11 Dec-11 Mar-12
R$ MillionsR$ Millions
30%37% 41%
Others
, 6,421
2,668
1,969
1,594 1,608
2,336
1 432
Credit Funding
70% 63% 59%
Others
Deposits
-
,
435
109 31
1,432
915
144
21/32Investor Relations | 1Q12 |
Mar-10 Mar-11 Mar-12
No maturity Up to 3 months
(includes Cash)
From 3 to 12 months
From 1 to 3 years
From 3 to 5 years
More than 5 years
Capital Adequacy Ratio (BIS)...and strong capitalization ratios.
Tier II Tier I
Minimum Regulatory Capital (11%)
3.9% 3.6%3.6% 3.7% 3.4%
4.5%4.2%
3 1%14.9%
18.5% 18.4%17.4% 17.1% 16.6%
19.6%18.5%
16.4%
0.5%3.6% 3.7% 3.4% 3.1%
14.4% 14.6% 14.8% 13.8% 13.4% 13.2% 15.1% 14.3% 13.3%
Mar -10 Jun -10 Sept -10 Dec -10 Mar -11 Jun -11 Sept-11 Dec -11 Mar -12
R$ millions Bis Ratio(%)Tier I 1,025 13.3%Tier II 237 3.1%Total 1,262 16.4%
22/32Investor Relations | 1Q12 |
Total 1,262 16.4%
Guidance 2012PINE is ready to capture 2012's business opportunities, and reaffirms the guidance for 2012.
Guidance
Expanded Corporate Credit Portfolio 17% - 22%
P l d Ad i i i 8% 2%Personnel and Administrative Expenses 8% - 12%
NIM 5.5% - 7.5%
ROAE 17% - 20%
23/32Investor Relations | 1Q12 |
Corporate Governance and PINE4
Management StructureNon-bureaucratic, entrepreneurial, and meritocratic culture with a flat hierarchy, speeding the decision making process.making process.
Noberto Pinheiro Noberto Pinheiro Jr Maurizio Mauro Gustavo Junqueira Mailson da Nóbrega Antonio Hermann
INTERNAL AUDIT COMPENSATION AUDIT COMMITTEEEXTERNAL AUDIT
Noberto Pinheiro Noberto Pinheiro Jr Maurizio Mauro Gustavo Junqueira Mailson da Nóbrega Antonio Hermann
Chairman Vice Chairman IndependentMember
External Member IndependentMember
IndependentMember
CEONoberto Pinheiro Jr
Tikara Yoneya COMMITTEE AUDIT COMMITTEEPWC
ASSET MANAGEMENTDan Cohen
HUMAN RESOURCESSidney Vilhena
COO Norberto Zaiet
CROGabriela Chiste
CAOUlisses Alcantarilla
CFOSusana Waldeck
InternationalOriginationInvestments
Cash Flow ManagementAsset & Liabilities BackOffice
ControllingAccountingTax Planning
CreditCompliance & InternalControls
Sales & TradingResearch Macro / Commodities
LegalCollaterals ManagementSpecial AssetsMiddle Office
gITAccounts PayableOffice ManagementMarketingInvestor Relations
Risks
25/32Investor Relations | 1Q12 |
From April 2012 on
Corporate GovernancePINE has the best corporate governance practices…
Three independent members and one external member on the Board of DirectorsThree independent members and one external member on the Board of DirectorsMailson Ferreira da Nóbrega: Brazil’s Finance Minister from 1988 to 1990Maurizio Mauro: Former CEO of Booz Allen Hamilton and Grupo AbrilAntonio Hermann: Former CEO of Banco Itamarati, Director at FEBRABAN and elected Director ofBrazilian Banking AssociationBrazilian Banking AssociationGustavo Junqueira: Former Head of PINE Investimentos, Member of the Board of Directors atEZTEC, Financial Advisor at Arsenal Investimentos and CFO at Gradiente Eletronica
São Paulo Stock Exchange (BM&FBovespa) Level 2 Corporate GovernanceSão 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 shares100% 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 quarterlyFirst Brazilian bank to release BR GAAP and IFRS quarterly
26/32Investor Relations | 1Q12 |
Committees…favoring collective decision making.
Main decisions are taken by committees: Board of Directors and a structure of specific committeesNon-stop exchange of knowledge, ideas, and informationTransparencyp y
45 days BOARD OF DIRECTORS
RISK COMMITTEE
AUDIT COMMITTEE
COMPENSATION COMMITTEE
CEO
Bi-annually Monthly45 days
COMMITTEES
Twice a week WeeklyMonthly Bi-monthly Every 2 monthsWeekly Monthly Quarterly On demand45 days
CREDITTREASURY
COMMITTEE ALCO
EXECUTIVE LITIGATIONHUMAN
RESOURCESINVESTMENT
BANKPERFORMANCE EVALUATION IT ETHICS
INTERNAL CONTROLS AND
COMPLIANCE
27/32Investor Relations | 1Q12 |
From April 2012 on
Capital Increase, Split, and Shareholder StructureSuccessful capital increase done in September and approved by the Central Bank in December.
The first and only equity investment by DEG in a Brazilian bank. The agreement will expand the collaboration between the two institutionsthe two institutions.
Split adjusted price per share: R$15.06 Total shares: 2,904,228 preferred sharesTotal amount: R$43,749,988.80
Approximately 14% split on February 27th.
Split ratio: 14.18New shares issued: 12,274,766
Ownership structure:As of March 31, 2012
Common Preferred Total %
Controlling Shareholder 51.886.766 15.595.863 67.482.629 68,3%
M g t 5 155 650 5 155 650 5 2%Management - 5.155.650 5.155.650 5,2%
Free Float - 26.214.495 26.214.495 26,5%
Individuals - 3.608.935 3.608.935 3,7%
Institutional Investors - 10.445.307 10.445.307 10,6%
Foreign Investors - 12.160.253 12.160.253 12,3%
28/32Investor Relations | 1Q12 |
Total 51.886.766 46.966.008 98.852.774
Dividends and Interest on Own CapitalPINE has delivered an attractive dividend yield paying dividends/interest on own capital on a quarterly basis.basis.
55
33
45
30 35
40 35
16
25 25 30
15
1S07 2S07 1S08 2S08 1S09 2S09 1S10 2S10 1S11 2S11 1Q12
29/32Investor Relations | 1Q12 |
Appendix
Social Investment and ResponsibilityPINE supports and promotes the Brazilian culture and sports
Social
Instituto Alfabetização Solidária
CulturePaulo von Poser: exhibit of the painter Paulovon Poser, who is one of Brazil’s most prominentartists
Instituto Casa da Providência Quebrando o Tabu: documentary based on theanalysis from the former President of Brazil,Fernando Henrique Cardoso, on the fight againstdrugsAlém da Estrada: motion picture, whichreceived the award for best director in the 2010
SportsMinas Tênis Clube: training program forathletes
received the award for best director in the 2010Rio Festival
Responsible Credit
“Li f E i ” h B k d fi
Most Green Bank
“Lists of Exceptions”: the Bank does not financeprojects or those organizations that damage theenvironment, are involved in illegal laborpractices or produce, sell or use products,substances or activities considered prejudicial tosociety.y
System of environmental monitoring, financed bythe IADB and coordinated by FGV, and internally-produced sustainability reports for corporateloans.
Recognized by the International Finance Corporation(IFC), private agency programs of the World Bank as themost "green" bank as a result of its transactions underthe Global Trade Finance Program (GTFP) and its on
31/32Investor Relations | 1Q12 |
the Global Trade Finance Program (GTFP) and its onlending to companies focused on renewable energy andethanol.
Investor Relations
Noberto Pinheiro Jr.
CEOCEO
Susana Waldeck Norberto Zaiet Jr.
CFO COO
Raquel Varela
Head of Investor Relations
Alejandra Hidalgo
Investor Relations Manager
Phone: +55-11-3372-5343
www.pine.com.br/ir
ir@pine.com.br
32/32Investor Relations | 1Q12 |
This presentation contains forward-looking statements related to business prospects, estimates for operating and financial results, and estimates related to prospects for growth at Banco Pine. These aremerely projections and as such are based exclusively on the expectations of Banco Pine’s management concerning the future of the business and its continued access to capital to fund the Company’sbusiness plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, and the performance of the Brazilian economy andthe industry, among other factors and risks disclosed in Banco Pine’s filed disclosure documents, and are, therefore, subject to change without prior notice.
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