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BI&P- Indusval - 4Q13 Results Presentation

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Information about BI&P- Indusval - 4Q13 Results Presentation
Investor Relations

Published on February 27, 2014

Author: indusval

Source: slideshare.net

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Banco BI&P Results Presentation - 4th Quarter 2013
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Expanded Credit Portfolio of R$3.9 billion, 15.3% up in 4Q13, with the merger of Banco Intercap Launch of Guide Investimentos completes BI&P restructuring cycle 99% of fresh loans granted by BI&P in the period rated between AA and B Managerial ALL Expense (annualized) lower than 1% of the expanded portfolio, reflecting the healthy credit portfolio Highlights IDVL4: R$4.45 per share Closing: February 26, 2014 Outstanding Shares: 88,800,610 Market Cap: R$395.2 million Price/Book Value: 0.59 Conference Call / Webcasts February 27, 2014 In English 10 a.m. (US EST) / 1 p.m. (Brasília) Connections Brazil: +55 11 4688-6361 EUA: +1 786 924-6977 Code: Banco BI&P In Portuguese 9 a.m. (US EST) / 12 p.m. (Brasília) Number: +55 11 4688-6361 Code: Banco BI&P Website www.bip.b.br/ir  Expanded Credit Portfolio of R$3.9 billion, with organic and inorganic growth of 15.3% in the quarter and 26.1% in relation to December 2012. Organic portfolio growth, considering only the loans originated by BI&P, was 9.0% in the quarter and 19.2% in the year.  Loans rated between AA and B, after consolidating the balance sheet of Banco Intercap, totaled 87.1% of the expanded credit portfolio (81.4% in December 2012). 99% of the loans granted in the quarter were rated between AA and B.  Emerging Companies and Corporate segments accounted for 47.0% and 52.2%, respectively, of the expanded credit portfolio.  Managerial Expense with Allowance for Loan Losses (ALL) (annualized) in 4Q13 was 0.95% of the expanded credit portfolio (0.75% in 3Q13), in line with the conservative lending policy adopted by the Bank and lower than Management’s expectations.  Funding totaled R$3.9 billion and Free Cash totaled R$758.0 million at the end of 4Q13, keeping step with credit portfolio growth.  Income from Services Rendered and Tariffs totaled R$9.9 million in the quarter, slightly lower than in the previous quarter but 42.8% higher than in 4Q12.  Result in the quarter was a loss of R$10.0 million, mainly due to the following: (i) the more conservative approach to lending, (ii) the negative impact, with no cash effect, of the discontinuance of the designation of hedge accounting of operations to protect cash flows, which continue to be protected by hedge operations, and (iii) the ALL expense of Banco Intercap in 4Q13, that reached the limit of R$6.0 million established by the shareholders of both banks for the first year after the merger, concentrating this expense in a single quarter and generating an accounting loss of R$2.3 million for Intercap in 4Q13, further consolidated to the financial statements of Banco BI&P.  In November 2013, we announced the launch of the project to transform our brokerage arm, Guide Investimentos, which, besides continuing to serve our institutional customers, will now also provide asset management services for high income individuals through an innovative investment platform. With the announcement, in February 2014, of the strategic alliance with Omar Camargo Corretora de Valores, the biggest and most traditional company in the sector in the state of Paraná, apart from expanding its customer base, Guide is also embarking on geographical and operational expansion across all states in Southern Brazil. The creation of Guide is strategically important for the Bank, both in terms of distribution of the products developed by our investment banking team and in the diversification of the Bank’s funding sources. BI&P - Banco Indusval & Partners is a commercial bank with more than 45 years of experience in the financial market, focusing on local and foreign currency, fixed income and corporate finance for companies. BI&P relies on a network of 11 branches strategically located in economically relevant Brazilian regions, including an offshore branch in Cayman Islands, its brokerage firm operating at the São Paulo Stock, Commodities and Futures Exchange - BM&FBOVESPA and Serglobal Cereais, acquired in April 2011, which originates agricultural bonds. 1/20

Summary Message from Management ................................................................................................. 3 Macroeconomic Scenario ..................................................................................................... 4 Key Indicators ................................................................................................................... 5 Operating Performance ....................................................................................................... 6 Credit Portfolio .................................................................................................................. 9 Funding .......................................................................................................................... 14 Free Cash ....................................................................................................................... 15 Capital Adequacy ............................................................................................................. 15 Credit Ratings.................................................................................................................. 15 Capital Markets ................................................................................................................ 16 Balance Statement ........................................................................................................... 18 Income Statement ........................................................................................................... 20 2/20

Message from the Management In 4Q13, we concluded the second phase of the strategic restructuring program we launched in April 2011. In this second phase, the focus was on strengthening the investment banking area, gaining scale and diversifying the funding structure. During the course of 2013, these objectives were attained through:  The joint venture C&BI Agro Partners between Banco BI&P and Ceagro Agrícola Ltda to focus on originating agro bonds. With this merger, we positioned ourselves as a major partner in Brazil’s agro business market: the agro bonds portfolio, which totaled R$327.1 million at the end of 2012, ended 2013 at R$758.8 million, growing 132% in the period.  The acquisition of Voga Empreendimentos e Participações Ltda, expanding our operation into fixed income securities, long-term funding, mergers and acquisitions, and structured operations.  Additional allowance for loan losses in the amount of R$110.7 million for loans granted before April 2011, to prevent contamination of the Bank’s future results, and the subsequent capital increase of R$90.0 million to which Warburg Pincus, a private equity fund, the controlling shareholders and a few other shareholders of the Company subscribed.  The merger of Banco BI&P with Banco Intercap, expanding our capital base and strengthening the controlling group and the Board of Directors of BI&P with the entry of Messrs. Afonso Antônio Hennel and Roberto de Rezende Barbosa, former controlling shareholders of Banco Intercap.  The launch of the project to transform our brokerage Guide Investimentos, which provides wealth management services for high income individuals, thereby expanding our capacity for distribution of investment products, diversification of funding sources and broadening our fee revenue sources. As a result of the initiatives taken in 2013, we closed the quarter with a significant growth in the expanded credit portfolio, which totaled R$3.9 billion, up 15.3% in the quarter (9.0% organic growth) and 26.1% in the year (19.2% organic). Loans to the Corporate segment corresponded to 52.2% and loans to the Emerging Companies segment accounted for 47.0% of the expanded credit portfolio. We maintained the high quality of the expanded credit portfolio, which closed 4Q13 with 87.1% of the loans rated between AA and B (81.4% in 4Q12). The managerial allowance for loan losses (annualized) was 0.95% in the quarter, which is in line with the credit risk profile drawn up by the management. Funding volume kept in step with credit portfolio growth, ending the quarter at R$3.9 billion, for growth of 26.3% from 3Q13 and 29.8% in twelve months. It is worth highlighting the funds raised through time deposits (bank deposit certificates (CDB) and time deposits with special guarantee (DPGE)), agribusiness letters of credit (LCA), real estate letters of credit (LCI) and bank notes (LF), which reached the historic mark of R$3.0 billion in this quarter, and the increase in the number of customers, which increased from 2,538 in September 2013 to 3,973 in December 2013, especially through the distribution of our funding products in the retail segment through brokers and distributors. Result in the quarter was a loss of R$10.0 million, mainly due to the following: (i) the more conservative approach to lending, (ii) the negative impact, with no cash effect, of the discontinuance of the designation of hedge accounting of operations to protect cash flows, which continue to be protected by hedge operations, and (iii) the ALL expense of Banco Intercap in 4Q13, that reached the limit of R$6.0 million established by the shareholders of both banks for the first year after the merger, concentrating this expense in a single quarter and generating an accounting loss of R$2.3 million for Intercap in 4Q13, further consolidated to the financial statements of Banco BI&P. The expected profitability will come with scale gains, that is, with the expansion of the credit portfolio and increase in service fees. For this, we rely on well-structured teams that are committed to our institutional values and are already executing the strategies drawn up. Today we have a robust Bank that is prepared for both growth and new business. In 2013 we sowed the seeds and in 2014 we expect to reap the fruits of executing our strategic plan. 3/20

Macroeconomic Scenario The last quarter of the year was marked by growing market concerns about the deteriorating public finances in Brazil and the possible downgrade of the country’s rating by international rating agencies. Though the Brazilian government’s primary surplus in 2013 was higher than its committed target, a sizable portion of these funds came from extra revenues, further increasing the market’s apprehensions about the state of public finances in 2014 - an election year. With regard to economic activity, the industrial sector continued its weak performance in October, November and December, forcing a downward revision of economic growth projections for 2013 and 2014. On the positive side, the notable developments were the auctions for infrastructure concessions held in the closing months of the year, which will encourage investments in highways, ports and airports. Even in an environment of moderate economic activity, inflation remains at uncomfortably high levels, with the Extended National Consumer Price Index (IPCA) well above the center of the target of 4.5%. Despite the price controls implemented by the government, IPCA ended 2013 up 5.91%, higher than the 5.84% in 2012. The main items behind the increase in prices during the year were Food and Beverages, and Personal Expenses. In this scenario, the Central Bank of Brazil continued its monetary tightening policy, raising the basic interest rate (Selic) by one more percentage point in the quarter to close December at 10% p.a. In the foreign exchange market, October to December saw a highly volatile U.S. dollar due to the uncertainties about fiscal management in Brazil and the U.S. Federal Reserve’s decision to reduce purchases of treasury bonds and mortgage-backed bonds by US$10 billion. These oscillations and the consequent depreciation of the Brazilian real against the dollar led the Central Bank of Brazil to announce the extension of the foreign exchange auction program, with a few adjustments, to at least until June 30, 2014. In January, the Bank started scaling down the foreign exchange swap offering from US$500 million to US$200 million daily. Despite these measures, the dollar rose 6.1% in the last three months of 2013 to close the year R$2.36/US$. Credit volume in Brazil’s national financial system grew 14.6% in the year to reach R$2.715 trillion. Average loan term increased from 87.5 months in December 2012 to 101.6 months in December 2013. Credit as a percentage of GDP ended December at 56.5%, higher than 55.1% at the end of September, and has remained above 50% since May 2012. Default in the individuals segment dropped from 8.0% in 4Q12 to 6.7% in 4Q13, while corporate default declined from 3.7% to 3.1%. These marginal improvements in default rates are the result of the more selective approach to credit adopted by Brazilian banks. Macroeconomic Data 4Q13 3Q13 4Q12 2013 2014(e) 0.0%(e) -0.50% 0.90% 2.1%(e) 1.50% Inflation (IPCA - IBGE) – quarterly change 2.00% 0.60% 2.00% 5.90% 6.00% Inflation (IPCA - IBGE) – annual change 5.90% 5.90% 5.80% 5.90% 6.00% FX (US$/R$) – quarterly change 6.10% -0.40% 1.10% 15.40% 3.40% 10.00% 9.00% 7.25% 10.00% 11.00% Real GBP Growth (Q/Previous Q) Interest Rate (Selic) e= expected 4/20

Key Indicators The financial and operating information presented in this report are based on consolidated financials prepared in millions of Real (local currency), according to Brazilian GAAP (BRGAAP), except were otherwise stated. Results 4Q13 Loan Operations & Agro Bonds (CPR) adjusted 1 110.7 78.0 41.9% 60.8 81.9% 318.6 267.4 19.2% (0.5) 1.4 -133.0% 7.1 -106.5% (10.5) 10.8 -196.4% Effect of recoveries and discounts 3Q13 4Q13/3Q13 4Q12 4Q13/4Q12 2013 2012 2013/2012 Revenues from Securities (w/o CPR), Derivatives & FX 46.5 46.9 -1.0% 49.5 -6.2% 184.6 325.2 -43.2% Effect of discontinuance of hedge accounting (3.6) (0.1) n.c. 6.2 -157.4% (32.9) 36.6 -189.8% Financial Intermediation Expenses (w/o ALL) (111.4) (80.2) 38.8% (75.2) 48.1% 41.7 46.0 -9.2% 48.5 -14.0% 112.8 207.4 -45.6% (16.0) (6.7) 140.0% (7.9) 103.8% (156.2) (56.7) 175.3% (7.0) (6.7) 5.7% (7.9) -10.2% (147.2) (56.7) 159.6% (9.0) 0.0 n.c. 0.0 n.c. (9.0) 0.0 n.c. 25.7 39.3 -34.5% 40.7 -36.8% (43.4) 150.6 -128.8% (140.2) (118.7) 18.1% Result from Financial Int. before ALL ALL Expenses 2 ALL Expenses - Banco BI&P ALL Expenses - Banco Intercap 3 Result from Financial Intermediation Net Operating Expenses (38.3) (32.3) 18.5% (33.8) (12.6) 7.0 -280.3% 6.9 0.0 (0.7) n.c. 0.0 Operating Result (12.6) 6.3 -299.4% Net Profit (Loss) (10.0) 2.0 n.c. Recurring Operating Result Non-Recurring Operating Expenses Assets & Liabilities 4Q13 Loan Portfolio 3,025.2 Expanded Loan Portfolio 4 3Q13 4Q13/3Q13 2,549.0 3,867.1 3,355.2 Cash & Short Term Investments 18.7% 13.2% -283.6% (183.6) n.c. (1.0) (0.3) 274.7% 6.9 -283.6% (184.6) 31.7 n.c. 3.6 n.c. (120.0) 14.2 n.c. n.c. 4Q12 4Q13/4Q12 2,624.3 15.3% 15.3% 3,067.9 26.1% 241.0 Securities excl. Agro. & Private Credit Bonds5 Total Assets 179.8 34.1% 447.8 1,278.7 5.4% 731.3 84.3% 684.8 673.1 1.7% 445.9 53.6% 18.4% 4,022.0 22.7% 4,936.8 4,171.0 Total Deposits -19.8% 31.9 1,347.7 Securities and Derivatives (347.1) (432.7) -46.2% 3,219.0 2,391.2 34.6% 2,274.6 41.5% 85.9 107.5 -20.1% 241.9 -64.5% Foreign Borrowings 364.3 365.3 -0.3% 388.6 -6.3% Domestic Onlendings 310.0 325.4 -4.7% 335.5 -7.6% Shareholders’ Equity 674.2 574.5 17.4% 587.2 14.8% Performance 4Q13 3Q13 4Q13/3Q13 4Q12 4Q13/4Q12 Free Cash 758.0 657.9 15.2% 571.1 32.7% NPL 60 days/ Loan portfolio 2.3% 2.9% -0.6 p.p. 1.5% 0.8 p.p. Open Market NPL 90 days/ Loan portfolio 2012 2013/2012 1.9% 6 Efficiency Ratio -0.8 p.p. 1.2% 0.7 p.p. 14.5% 0.4 p.p. 14.9% -0.1 p.p. -6.2% ROAE 2.6% 14.8% Basel Index Adjusted Net Interest Margin (NIMa) 2013 1.4% -7.6 p.p. 2.5% -8.7 p.p. -19.0% 2.4% 0.0 p.p. 5.0% 5.6% -0.6 p.p. 5.2% -0.2 p.p. 4.7% 5.7% -1.0 p.p. 101.0% 84.0% 17.0 p.p. 78.4% 22.6 p.p. 130.1% 68.7% 61.4 p.p. Other Information 4Q13 Number of Corporate Clients 1,063 865 22.9% 851 443 432 2.5% 436 1.6% 372 371 0.3% 401 -7.2% 71 61 16.4% 35 102.9% Number of Employees Banco BI&P and Voga employees Brokerage house and Serglobal employees 3Q13 4Q13/3Q13 4Q12 4Q13/4Q12 24.9% n.c. = not comparable (percentage above 300% or below -300%, or number divided by zero). Details in the respective sections of this report: 1 Excluding (i) revenues from recovery of loans written off, and (ii) discounts granted upon settlement of operations in the period. More details in the Profitability section of this report. 2 Including additional provisions. 3 More details are included on page 7 of this report. 4 Including Guarantees issued, Private Credit Bonds (PNs and Debentures) and Agro Securities (CDCA, CDA/WA and CPR). 5 Excluding Agro Securities (CPRs and CDA/WA) and Private Credit Bonds (PNs and debentures) for trading. 6 Excluding (i) repos with equivalent volumes, tenors and rates both in assets, and (ii) effects of the discontinuance of the treatment of hedge accounting, and also discounts granted in operations settled in the period. 5/20

Operating Performance Financial Intermediation Result before Allowance for Loan Losses 47.7 46.0 44.8 41.7 47.5 R$ million 44.3 R$ million 48.5 Net Profit 26.9 22.8 2.4 4Q12 1Q13 2Q13 3Q13 14.2 3.6 2.0 4Q12 4Q13 Financial Intermediation Result before ALL Financial Intermediation Result before ALL adjusted * 1Q13 -91.4 2Q13 3Q13 -20.6 Expanded Credit Portfolio 4Q13 2012 2013 -10.0 -120.0 Funding 29.8% 3.0 2Q13 3Q13 3.9 3.9 3.0 3.2 3.1 4Q12 1Q13 2Q13 3.1 R$ biliion R$ billion 3.4 1Q13 3.1 3.2 4Q12 4Q13 Private Credit Bonds (PNs and Debentures) Agro Bonds (CPR, CDA/WA and CDCA) Guarantees Issued Trade Finance Loans and Financing in Real 3Q13 4Q13 Trade Finance & Foreign Borrowings Domestic Onlending Interbank & Demand Deposits Agro Bonds, Bank & Real Estate Notes Insured Time Deposits (DPGE) Time Deposits Profitability Financial Intermediation 4Q13 3Q13 4Q13/3Q13 4Q12 4Q13/4Q12 Financial Intermediation Revenues 153.1 126.2 21.3% 123.7 23.7% 459.9 640.0 110.7 78.0 41.9% 60.8 81.9% 318.6 267.4 19.2% (0.5) 1.4 -133.0% 7.1 -106.5% (10.5) 10.8 -196.4% 110.2 79.4 38.8% 68.0 62.1% 308.2 278.2 10.8% 99.0 68.7 44.0% 52.5 88.6% 264.6 225.2 17.5% Financing 9.5 7.7 23.7% 7.5 26.3% 32.8 29.3 11.8% Other 1.7 3.0 -43.3% 8.0 -78.6% 10.7 23.7 -54.7% Securities (w/o Agro bonds) 26.4 21.4 23.4% 23.0 14.7% 77.3 245.1 -68.5% Derivatives (6.5) 2.9 n.c. 15.6 -141.7% (9.4) 22.1 -142.4% 23.0 22.4 2.6% 17.2 33.6% 83.8 94.6 -11.4% 48.1% (347.1) (432.7) -19.8% Loan Operations and Agro Bonds adjusted ** Effects recoveries and discounts ** Loan Operations and Agro Bonds Loans, Discount Receivables and Agro bonds (CPR) FX Operations Result Financial Intermediation Expenses Money Market Funding Time Deposits Repurchase Transactions Interbank Deposits Agro (LCA), Real Estate (LCI) & Bank Notes (LF) Loans, Assignments & Onlending Foreign Borrowings Domestic Borrowings & Onlending (111.4) (80.2) 38.8% (75.2) 2013 2012 2013/2012 -28.1% (82.5) (56.4) 46.2% (56.4) 46.2% (245.2) (330.3) (59.2) (40.8) 45.2% (40.0) 48.2% (181.3) (163.3) -25.8% 11.0% (4.8) (2.7) 82.5% (8.4) -42.3% (15.1) (129.7) -88.3% (0.4) (0.6) -29.1% (1.6) -74.9% (3.0) (10.5) -71.1% (18.1) (12.4) 45.2% (6.5) 177.8% (45.7) (26.8) 70.5% (28.4) (23.2) 22.1% (18.8) 51.2% (100.9) (102.4) -1.5% (22.6) (18.3) 22.9% (14.5) 55.7% (80.0) (84.7) -5.6% (4.7) (4.9) -4.4% (4.3) 9.3% (19.7) (17.6) 11.9% Sales operations/transfer of financial assets (0.5) (0.5) -12.5% 0.0 n.c. (1.0) 0.0 n.c. Gross Result from Financial Interm. before ALL 41.7 46.0 -9.2% 48.5 -14.0% 112.8 207.4 -45.6% (16.0) (6.7) 140.0% (7.9) 103.8% (156.2) (56.7) 175.3% ALL Expenses - Credits from Banco BI&P (7.0) (6.7) 5.7% (7.9) -10.2% (147.2) (56.7) 159.6% ALL Expenses - Credits from Banco Intercap (9.0) 0.0 n.c. 0.0 n.c. (9.0) 0.0 n.c. 25.7 39.3 -34.5% 40.7 -36.8% (43.4) 150.6 -128.8% Allowance for Loan Losses (ALL) Gross Result from Financial Intermediation * Excluding the effects of (i) discounts granted upon settlement of loans in the peri, and (ii) by the discontinuance of the designation of hedge accounting, more details in the Profitability section of this report. ** Excluding the effects of (i) recoveries from operations written off, and (ii) discounts granted upon settlement of loans in the period. 6/20

Financial Intermediation Result before allowance for loan losses closed 4Q13 at R$41.7 million, as against R$46.0 million in 3Q13, down 9.2% mainly due to the following: (i) in the item derivative financial instruments, by the discontinuance of the designation of hedge accounting, adopted in 2Q12, of operations to protect cash flows, which continue to be protected by hedge operations (with no cash effect), and (ii) in the item loan operations, by the discounts granted on loans settled during the period. Adjusted Revenue from Loan Operations and CPR, from which the impact of discounts granted upon settlement of loans and recoveries of loans written off is excluded to enable better comparison, as shown below, increased 41.9% in 4Q13 and 19.2% in 2013, reflecting the increase in the average balance of the loan portfolio and CPR in the periods. Adjusted Revenues from Loan Operations and CPR 4Q13 3Q13 4Q13/3Q13 4Q12 4Q13/4Q12 2013 2012 2013/2012 A. Revenues from Loan Operations and Agro Bonds (CPR) 110.2 79.4 38.8% 68.0 62.1% 308.2 278.2 10.8% 1.7 3.0 -43.3% 8.0 -78.6% 10.7 23.7 -54.7% (21.2) B. Recoveries of written-off operations C. Discounts granted upon settlement of operations (2.2) (1.6) 36.8% (0.8) 164.6% (12.8) 65.1% Adj. Revenues from Loan Operations and CPR (A-B-C) 110.7 78.0 41.9% 60.8 81.9% 318.6 267.4 19.2% Revenue from Securities, with offset in funding expenses, totaled R$47.0 million, up 31.0% in the quarter. As in the previous quarter, revenue from securities was mainly driven by revenue from fixed-income securities, especially CPRs and government bonds. The result from derivative financial instruments includes results from operations involving swaps, forwards, futures and options used to hedge against exchange and interest rate exposure for funding operations indexed to the inflation indexes, as well as foreign borrowings (non-trade related), hedging of commodity prices resulting from CPR operations and indexers of federal government bonds held in the securities portfolio, in addition to the directional portfolio. This item was an expense of R$6.5 million in the quarter. Excluding the effects of the discontinuance of the designation of hedge accounting, which has no cash effect and which, since 2Q12, has been affecting this item in the Income Statement instead of Shareholders’ Equity, the item would be a negative R$2.9 million in the quarter. Both income from foreign exchange transactions and expenses with foreign borrowings were especially affected by the oscillation in the dollar (US$)/real (R$) exchange rate and by the decline in customer demand. Expenses with Time Deposits increased in the quarter, mainly due to the following: (i) increase in the average balance of time deposits in the period, of R$120.7 million, in both CDBs and DPGEs, and (iii) the consecutive hikes in the basic interest rate (Selic) during the period. The decrease in Expenses with Interbank Deposits is directly related to the decline in the average balances of interbank deposits, while Expenses with Agribusiness Letters of Credit, Real Estate Notes and Bank Notes increased, mainly due to the increase in their average balances. The managerial expense with allowance for loan losses in the quarter, which includes similar expense at Banco Intercap, and considering the discounts granted upon loan settlements, recovery of loans written off and reimbursement by the former controllers of Banco Intercap totaled R$13.3 million, which corresponds to 0.95% (annualized) of the expanded credit portfolio. Note that at the time of merger of Banco Intercap with Banco BI&P, the controlling shareholders of both banks agreed that the allowance for loan losses on loans originated at Banco Intercap and absorbed by Banco BI&P in the first year after the merger will not exceed R$6.0 million and that Banco BI&P will be reimbursed by the former controlling shareholders of Banco Intercap if this expense is higher than the ceiling established for the period. In 4Q13, the first quarter of this period, the loans originated by Banco Intercap generated an expense higher than the ceiling and the reimbursement was booked under Other Operating Income. Result from Financial Intermediation totaled R$25.7 million in the quarter, compared to R$39.3 million in 3Q13, mainly due to the above-mentioned effects. 7/20

Net Interest Margin (NIM) As described in the section on Profitability, considering the effects on the result from financial intermediation from the discontinuance of the designation of hedge accounting and discounts granted upon settlement of loans, adjusted NIM was 5.0% in 4Q13, as the following table shows: Net Interest Margin A. Result from Finan. Int. before ALL adjusted 4Q13 1 3Q13 4Q13/3Q13 4Q12 4Q13/4Q12 2013 2012 2013/2012 47.5 47.7 -0.5% 43.1 10.0% 166.9 183.6 -9.1% 41.7 46.0 -9.2% 48.5 -14.0% 112.8 207.4 -45.6% 4,018.5 3,657.9 9.9% 3,891.0 3.3% 3,735.9 4,106.4 -9.0% (116.4) (154.4) -24.6% (505.2) -77.0% (173.8) (870.8) -80.0% 3,902.1 3,503.5 11.4% 3,385.8 15.2% 3,562.1 3,235.6 10.1% Net Interest Margin (Aa/Ba) 4.3% 5.4% -1.0 p.p. 5.9% -1.5 p.p. 3.2% 6.4% -3.2 p.p. Adjusted Net Interest Margin (A/Ba) 1 5.0% 5.6% -0.6 p.p. 5.2% -0.2 p.p. 4.7% 5.7% -1.0 p.p. Managerial NIM with Clients 4.0% 4.1% -0.1 p.p. 4.4% -0.4 p.p. 4.0% 4.1% 0.0 p.p. A.a. Result from Finan. Interm. before ALL B. Average Interest bearing Assets Adjustm. for non-remunerated average assets 2 B.a. Adjusted Average Interest bearing Assets 1 Excluding (i) effects of the discontinuance of the treatment of hedge accounting, adopted in 2Q12, for booking hedges of cash flows, which continue to be protected by hedge, and (ii) discounts granted in operations settled in the period. 2 Repos with equivalent volumes, tenors and rates both in assets and liabilities. Managerial Interest Margin with Clients, which consists of revenues from loan operations, derivatives, CPR operations and guarantees issued to clients, and excludes discounts granted upon settlement of loans, remained stable in the quarter. In twelve months, margin declined 0.4 p.p., as a result of a more conservative profile of the portfolio. Efficiency The efficiency ratio in the quarter was 101.0%, up 17.0% p.p. in relation to 3Q13. Efficiency Ratio Personnel Expenses Contributions and Profit-sharing 4Q13 29.8 3Q13 4Q13/3Q13 24.1 23.8% 4Q12 4Q13/4Q12 23.7 2013 25.8% 106.4 2012 2013/2012 89.8 18.5% 1.8 1.9 -2.2% 1.8 -0.3% 11.8 9.2 28.6% 21.6 17.2 25.5% 13.3 61.7% 67.8 53.1 27.6% 3.8 2.9 29.2% 4.3 -12.1% 12.4 12.6 -1.9% A. Total Operating Expenses 57.0 46.1 23.7% 43.2 32.0% 198.4 164.8 20.4% Gross Income Financial Intermediation (w/o ALL) Administrative Expenses Taxes 41.7 46.0 -9.2% 48.5 -14.0% 112.8 207.4 -45.6% Income from Services Rendered 9.6 10.1 -4.3% 6.7 43.0% 34.8 26.4 32.1% Income from Banking Tariffs 0.3 0.2 42.9% 0.2 36.3% 0.8 0.7 10.1% Other Net Operating Income * 4.8 (1.4) n.c. (0.4) n.c. 4.1 5.4 -23.9% B. Total Operating Income 56.4 54.9 2.8% 55.1 2.5% 152.5 239.8 -36.4% 101.0% 84.0% 22.6 p.p. 130.1% 68.7% 61.4 p.p. Efficiency Ratio (A/B) 17.0 p.p. 78.4% (*) Net of other Operating Expenses to offset the cost of acquisition and income on sale of commodities in the activity of Serglobal Cereais. Net Profit The operating income in the quarter was -R$12.6 million, and after (i) the non-operating profit from the sale of properties and non-operating assets of the -R$1.3 million, (ii) taxes and contributions of the +R$5.7 million, and (iii) profit sharing of the -R$1.9 million, resulted in a loss of R$10.0 million in the quarter. 8/20

Credit Portfolio Expanded Credit Portfolio In December 2013, the expanded credit portfolio totaled R$3.9 billion, growing 15.3% in the quarter (9.0% organic growth) and 26.1% in the year (19.2% organic). The expanded credit portfolio includes loan and financing operations in Brazilian real and trade finance operations, both detailed in note 6(a) to the financial statements, as well as: (i) guarantees issued (sureties, guarantees and letters of credit), (ii) agro bonds generated by the absorption of the operations of Serglobal Cereais (CPR and CDA/WA), and (iii) private credit bonds (promissory notes and debentures). Items (ii) and (iii) are both booked under securities (TVM) as per Central Bank regulations. Expanded Credit Portfolio by Product Group 4Q13 Loans & Financing in Real 3Q13* 4Q13/3Q13 4Q12 4Q13/4Q12 2,156.6 1,803.1 19.6% 1,602.5 34.6% Assignment of Receivables Originated by our Customers 308.9 186.5 65.6% 478.1 -35.4% Trade Finance (ACC/ACE/IMPFIN) 410.1 404.9 1.3% 426.0 -3.7% Guarantees Issued (LGs & L/Cs) 179.0 185.4 -3.5% 158.2 13.1% Agro Bonds (Securities: CPRs & CDA/WA; Credit: CDCAs) 758.8 701.4 8.2% 327.1 132.0% Private Credit Bonds (Securities: PNs & Debentures) 25.2 29.5 -14.8% 40.1 -37.2% Other 28.7 44.4 -35.4% 35.9 -20.0% 3,867.1 3,355.2 15.3% 3,067.9 26.1% Expanded Credit Portfolio * Including R$97.2 of loans assigned to Banco Intercap in 3Q13. Expanded Credit Portfolio 1% 1% 1% 1% 51% 51% 50% 52% 39% 47% 48% 49% 47% 4Q12 1Q13 2Q13 2% 59% Emerging Companies 3Q13* Corporate 4Q13 The Emerging Companies segment consists of companies with annual revenue between R$80 million and R$400 million, while the Corporate segment includes companies with annual revenue between R$400 million and R$2 billion. The Other segment basically consists of Consumer Credit operations for Used Vehicles and financing of nonoperating assets. Other * Including the loans assigned to Banco Intercap. Loans and financing in real, which also include discounted receivables, totaled R$2.2 billion, up 19.6% in the quarter and 34.6% in 12 months, of which R$184.7 million were originated by Banco Intercap. Receivables originated by our customers, which corresponded to 8.0% of the expanded credit portfolio in 4Q13, increased 65.6% in the quarter, mainly due to the reallocation of assets originated by Banco Intercap, which were settled in the quarter to better quality assets, but decreased 35.4% in twelve months, in line with our strategy. At the end of 4Q13, trade finance operations corresponded to 10.6% of the expanded credit portfolio, totaling R$410.1 million, up 1.3% in the quarter but down 3.7% in 12 months, of which R$7.0 million were originated by Banco Intercap. These operations consist of import and export financing, which accounted for 32.8% and 67.2%, respectively. Guarantees issued (sureties, guarantees and import letters of credit) totaled R$179.0 million (R$0.2 million originated by Banco Intercap), corresponding to 4.6% of the expanded credit portfolio. In 4Q13, the agro bonds portfolio totaled R$758.8 million, growing 8.2% in the quarter and 132.0% in 12 months, as a result of joint ventures and alliances entered into over the past two years. 9/20

Agro Bonds Portfolio 4Q13 Booked under Securities 637.8 Warrants - CDA/WA 3Q13* 4Q13/3Q13 591.3 7.9% 4Q12 4Q13/4Q12 245.3 160.0% 15.6 Booked under Credit Portfolio - Loans & Financing 11.5 36.2% 8.0 95.8% 622.2 Agro Product Certificate - CPR 579.9 7.3% 237.4 162.1% 121.0 110.1 9.8% 81.8 47.9% Agro Credit Rights Certificate - CDCA 121.0 110.1 9.8% 81.8 47.9% EXPANDED CREDIT PORTFOLIO 758.8 701.4 8.2% 327.1 132.0% * Including R$15.3 of CPR assigned to Banco Intercap in 3Q13. The private credit bonds portfolio totaled R$25.2 million in the quarter and consists of debentures, which are classified under ‘held for sale’ marketable securities in the balance sheet in accordance with Central Bank regulations due to their tradability. Our Expanded Credit Portfolio breakdown is as follows: By Economic Activity Commerce 30% By Region Other Services 28% Other 1% Southeast 54% South 20% Corporate 52% North 2% Individuals 2% Financial Institutions 2% Industry 38% By Customer Segment Northeast 4% Emerging Companies 47% Midwest 20% By Economic Sector Agriculture Real Estate Oil, Biofuel & Sugar Food & Beverage Automotive Power Generation & Distribution Livestock Infrastructure Commerce - Retail & Wholesale Transportation & Logistics Textile, apparel & Leather Financial Instituitions Chemical & Pharmaceutical Raw Materials Metal Industry Education Machinery and Equipments International commerce Other industries* 9.4% 7.6% 6.6% 6.4% 4.2% 3.9% 3.9% 3.8% 3.8% 2.7% 2.3% 2.3% 2.3% 2.1% 2.0% 1.7% 1.6% 11.4% By Product 22.1% Trade Finance 10% BNDES Onlending 8% Agro Bonds 19% Guarantees Issued 5% Debentures 1% Other 1% Loans & Discounts 56% 10/20

Credit Portfolio The classic credit portfolio ended 4Q13 at R$3.0 billion, growing 18.7% in the quarter and 15.3% in 12 months, of which R$2.6 billion were loans in real and R$410.1 million were foreign currency loans. At the end of the quarter, the Emerging Companies segment accounted for 44.9% (47.5% in 3Q13) of the credit portfolio, while the Corporate segment accounted for 54.1% (51.5% in 3Q13). Loans classified as Others, which include financing of non-operating assets and the balance of the direct consumer credit - used vehicles (CDC) portfolio, corresponded to 1.0% of the total portfolio (1.1% in 3Q13). Credit Portfolio By Client Segment 4Q13 BNDES / FINAME Foreign Currency 1,209.8 12.2% 1,101.9 23.2% 1,001.4 14.8% 882.0 30.4% 866.5 18.3% 737.4 39.1% 0.0 1.2 n.c. 0.0 n.c. 124.7 Assignment of Receivables Originated by our Customers 4Q13/4Q12 1,025.4 Loans & Discounted Receivables 4Q12 1,150.1 Local Currency - Real 4Q13/3Q13 1,357.9 Emerging Companies 3Q13* 133.8 -6.8% 144.7 -13.8% 207.8 Local Currency - Real 208.4 -0.3% 219.9 -5.5% 1,636.5 Corporate 1,311.6 24.8% 1,479.8 10.6% 1,434.3 1,115.1 28.6% 1,273.7 12.6% Loans & Discounted Receivables 953.5 739.8 28.9% 1,083.0 -12.0% Assignment of Receivables Originated by our Customers 308.9 185.3 66.7% 0.0 n.c. BNDES / FINAME 171.9 190.0 -9.5% 190.7 -9.9% Foreign Currency 202.3 196.5 3.0% 206.1 -1.9% Other 30.8 27.6 11.7% 42.6 -27.7% 0.0 0.0 -79.1% 0.6 -98.4% Consumer Credit – used vehicles Acquired Loans & Financing 2.1 -13.4% 6.7 -68.6% 25.1 14.3% 35.3 -18.7% 3,025.2 CREDIT PORTFOLIO 2.4 28.7 Non-Operating Asset Sales Financing 2,549.0 18.7% 2,624.3 15.3% * Including R$81.9 of loans assigned to Banco Intercap in 3Q13. By Collateral By Customer Concentration Receivables 22% Pledge / Lien 5% Aval PN 56% Top 10 13% 11 - 60 30% By Maturity 91 to 180 days 19% 181 to 360 days 18% Property 8% Monitored Pledge 4% Vehicles 2% Securities 3% Other 32% 61 - 160 25% Up 90 days 32% +360 days 31% 11/20

Quality of Credit Portfolio B C D E F Required Provision % 0% 0,5% 1% 3% 10% 30% 50% 114.5 1,226.8 1,196.8 146.3 4Q13 A Outstanding Loans 3Q13 AA Outstanding Loans 2Q12 Rating Outstanding Loans Allowance for Loan Losses 70% 100% 136.8 28.0 32.9 24.8 8.4 16.4 17.3 118.2 877.4 1,032.5 183.0 Additional ALL 118.2 13.7 6.1 0.0 12.0 130.7 25.7 41.0 6.9 13.1 7.7 20.5 4.8 0.0 919.8 344.7 65.0 82.2 27.1 8.5 20.4 6.5 24.7 13.6 6.0 - 3,025.2 113.5 20.4 10.3 5.5 9.2 10.3 ALL/ Credit Portfolio % TOTAL 23.8 113.5 5.5 4.4 53.4 1,103.2 Allowance for Loan Losses H 4.4 0.0 56.3 Allowance for Loan Losses G 7.3% 220.4 - 2,467.0 30.6 8.5% 210.4 - 2,624.3 0.0 3.7% 96.1 We maintained our focus on lending to customers with better credit standing, which is evident from the high percentage of loans rated between AA and B, which represented 99% of all lending in 4Q13. The balance of loans classified in the low risk categories (AA to B) ended the quarter at 83.9% of the total loan operations (compared to 79.7% and 81.4% respectively, at the end of 3Q13 and 4Q12), as the following chart shows: 83.9% 4Q13 3.8% 40.6% 39.6% 4.8% 11.3% 79.7% 3Q13 2.3% 35.6% 41.9% 7.4% 12.9% 79.1% 4Q12 2.0% 42.0% 35.0% AA A B 13.1% C 7.7% D-H In December 2013, after consolidating Banco Intercap’s portfolio, loans amounting to R$340.7 million were rated between D and H (R$317.8 million in September 2013 and R$203.2 million in December 2012), out of which R$270.5 million were loans whose payments are regular, equivalent to 79% of the total portfolio (78% in September 2013 and 81% in December 2012). The balance 21% corresponds to overdue loans and is detailed below: Default by segment 4Q13 3Q13 Credit Portfolio > 60 days 4Q13 NPL Emerging Companies 1,357.9 1,168.4 Corporate 1,636.5 1,271.0 30.8 27.6 3,025.2 2,467.0 220.4 % 51.9 > 90 days 3Q13 NPL TOTAL Allowance for Loan Losses (ALL) ALL / NPL ALL / Loan Portfolio 7.3% 11.0 0.7% 7.3 23.8% 70.3 2.3% % 51.6 NPL 4.4% 1.0% 7.2 26.1% 71.7 2.9% % 38.5 12.9 3Q13 NPL % 210.4 Other 3.8% 4Q13 2.8% 46.6 4.0% 10.5 0.6% 11.1 0.9% 7.3 23.7% 7.2 26.1% 56.3 1.9% 64.9 2.6% 313.7% 8.5% 293.6% 391.8% 324.0% - - - - The default rate on loans overdue more than 60 days (NPL 60 days) decreased 0.6 p.p. in the quarter but increased 0.8 p.p. in 12 months. Loans overdue more than 90 days (NPL 90 days) decreased 0.8 p.p. in the quarter but increased 0.7 p.p. in relation to 4Q12. 12/20

NPL 60 days/ Credit Portfolio Ratio 4Q13 3Q13 4Q13/3Q13 4Q12 4Q13/4Q12 NPL 60 days/ Credit Portfolio 2.3% 2.9% -0.6 p.p. 1.5% 0.8 p.p. 0.3% 0.6% -0.3 p.p. 0.4% -0.1 p.p. 10.3% 14.0% -3.6 p.p. 4.9% 5.4 p.p. Clients upon the new credit policy Clients upon the previous credit policy (acquired before April 2011) The credit portfolio coverage index remained high in 4Q13 at around 7.3% (8.5% in 3Q13). The balance allowance for loan losses of R$220.4 million provided coverage of 3.1 times the NPL 60 balance and 3.9 times the NPL 90 balance at the end of December 2013. The managerial expense with allowance for loan losses (ALL), including Banco Intercap’s portfolio, corresponded to 0.95% of the expanded credit portfolio, in line with the conservative credit policy adopted by the Bank. There were no fresh provisions for the balance of loans granted prior to April 2011 and we still have an additional allowance (not allocated) of R$ 23.8 million. 13/20

Funding Funding totaled R$3.9 billion at the end of December 2013, including R$495.6 million raised by Banco Intercap, increasing 26.3% from September 2013 and 29.8% from December 2012. Bank deposit certificates (CDB) and time deposits with special guarantee (DPGE), booked under the item “time deposits”, remain the principal funding sources, jointly accounting for 57.3% of total funding. Funding through agribusiness letters of credit (LCA), which are backed by agribusiness operations, a segment in which Banco BI&P specializes, continues to increase its share of total funding, accounting for 19.3% of total funding (18.8% in 3Q13). Real estate letters of credit (LCI) and bank notes (LF) too have been increasing their share, jointly accounting for 4.3% of total funding in 4Q13, compared to 3.3% in 3Q13. Foreign currency funding is especially allocated to trade finance operations and its balance is impacted by foreign exchange variations. Total Funding 4Q13 3Q13 4Q13/3Q13 4Q12 4Q13/4Q12 Total Deposits 3,219.0 2,391.2 34.6% 2,274.6 41.5% Time Deposits 1,004.2 719.4 39.6% 707.0 42.0% Insured Time Deposits (DPGE) 1,227.5 939.9 30.6% 1,007.4 21.8% Agro Notes (LCA) 751.7 578.1 30.0% 364.4 106.2% Real Estate Notes (LCI) 110.7 65.8 68.2% 12.1 n.c. Bank Notes (LF) 55.6 34.8 59.9% 29.5 88.5% Interbank Deposits 25.6 15.7 63.1% 98.0 -73.9% 43.9 37.6 16.8% 56.1 -21.9% Domestic Onlending Demand Deposits and Other 310.0 325.4 -4.7% 335.5 -7.6% Foreign Borrowings 364.3 365.3 -0.3% 388.6 -6.3% 329.1 332.1 -0.9% 337.4 -2.5% 35.2 33.2 6.1% 51.2 -31.2% 3,893.3 3,081.9 26.3% 2,998.7 29.8% Trade Finance Other Foreign Borrowings TOTAL By Type Time Deposit 26% Demand 1% Interbank 1% By Investor Enterprises 17% Insured Time Dep. (DPGE) 32% By Maturity National Banks 6% Brokers 7% Individuals 11% demand 1% 91 to 180 days 19% Other 2% Trade Finance 8% Bank & Real Estate Notes 4% BNDES Onlendings 8% Agro Bonds 19% Institutional Investors 40% Foreign Banks 9% BNDES Onlending 8% Up 90 days 29% +360 days 39% 181 to 360 days 12% The average term of deposits stood at 775 days from issuance (757 days in September 2013) and 393 days from maturity (324 days in September 2013). Average Term in days from issuance to maturity 1 Interbank Time Deposits Time Deposits with Special Guarantee (DPGE) Agro Notes (LCA) Real Estate Letters of Credit (LCI) Bank Notes (LF) 221 748 1.211 193 223 834 148 561 456 125 144 281 Portfolio of Deposits 2 775 393 Type of Deposit 1 2 From September 30, 2013. | Volume weighted average. 14/20

Free Cash 758 658 571 R$ million On December 31, 2013, the free cash position totaled R$758.0 million, equivalent to 23.5% of total deposits and 1.1x shareholders’ equity. The calculation considers cash, short-term interbank investments and securities less funds raised in the open market and debt securities classified under marketable securities, comprising rural product certificates (CPRs), agribusiness deposit certificates and warrants (CDAs/WAs), debentures and promissory notes (NPs). 4Q12 3Q13 4Q13 Capital Adequacy The Basel Accord requires banks to maintain a minimum percentage of the capital weighted by the risk in their operations. In this context, the Central Bank of Brazil has stipulated that banks operating in the country should maintain a minimum percentage of 11%, calculated according to the Basel II and Basel III Accord regulations, which provides greater security to Brazil’s financial system against oscillations in economic conditions. The following table shows BI&P’s position in relation to the Central Bank’s minimum capital requirements: Basel Index 4Q13 3Q13 4Q13/3Q13 4Q12 4Q13/4Q12 Total Capital 643.1 554.9 15.9% 583.3 10.2% 643.1 555.8 15.7% 584.3 10.1% 0.0 1.3 n.c. 1.3 n.c. Tier I Tier II Deductions 0.0 (2.3) n.c. (2.3) n.c. 476.9 421.6 13.1% 430.8 10.7% Credit Risk allocation 444.0 362.6 22.4% 372.9 19.1% Market Risk Allocation 17.0 42.5 -60.0% 38.2 -55.6% Required Capital Operating Risk Allocation 15.9 16.5 -3.6% 19.7 -19.4% Excess over Required Capital 166.2 133.3 24.7% 153.1 8.6% 14.8% 14.5% 0.4 p.p. 14.9% -0.1 p.p. Basel Index Risk Ratings Agency Classification Observation Last Report Financial Data Standard & Poor’s BB / Negative / B brA+ / Negative / brA-1 Global Scale Local Scale - Brazil August 6, 2013 March 31, 2013 Moody's Ba3 / Negative / Not Prime A2.br / Negative / BR-1 Global Scale Local Scale - Brazil July 4, 2013 March 31, 2013 FitchRatings BBB / Stable / F3 Local Scale - Brazil September 5, 2013 June 30, 2013 RiskBank 9.82 Ranking: 49 RiskBank Index Low Risk Short Term (under review) January 10, 2014 September 30, 2013 15/20

Capital Market Total Shares and Free Float Number of shares as of December 31, 2013 Type Corporate Capital Controlling Group Common 44,410,897 24,608,810 57,876 Preferred 31,021,907 513,788 279,489 734,515 75,432,804 25,122,598 337,365 734,515 TOTAL Management Treasury Free Float 19,744,211 44,5% 29,494,115 - % 95,1% 49,238,326 65,3% Share Buyback Program The following Stock Option Plans, approved for the Company’s executive officers and managers, as well as individuals who provide services to the Company or its subsidiaries, had the following balances on December 31, 2013: Quantity Stock Option Plan I II Date of Approval Grace Period Term for Exercise Granted Exercised Extinct Not Exercised 03.26.2008 04.29.2011 Three years anos Three years Five years Five years 2,039,944 1,840,584 37,938 - 457,662 367,243 1,544,344 1,473,341 III 04.29.2011 Five years Seven years 1,850,786 - - 1,850,786 IV 04.24.2012 Up to five years Five years 605,541 - 37,852 567,689 6,336,855 37,938 862,757 5,436,160 The aforementioned Stock Options Plans are filed in the IPE system of the Securities and Exchange Commission of Brazil (CVM) and are also available in the Company’s IR website. Remuneration to Shareholder During 2013 the Bank neither provisioned nor paid interest on equity, calculated based on the Long-Term Interest Rate (TJLP) and towards the minimum dividend for fiscal year 2013. Share Performance The preferred shares of BI&P (IDVL4), listed in the Level 2 Corporate Governance segment of BM&FBOVESPA, closed December 2013 at R$5.99, for market cap of R$447.4 million, including the shares existing on December 31, 2013 and excluding treasury stock. The price of IDVL4 shares decreased 4.9% in the quarter and 24.7% in the 12 months ended December 2013. In comparison, the Bovespa Index (Ibovespa) dropped 1.6% in the quarter and 15.5% in relation to the closing of 2012. At the end of 4Q13, the price/book value (P/BV) was 0.66. 16/20

Share Price evolution in the last 12 months 110 100 90 80 70 IBOVESPA IDVL4 60 Liquidity and Trading Volume The preferred shares of BI&P (IDVL4) were traded in 88.5% of the sessions in the quarter and 95.6% of the 248 sessions in the past 12 months. The volume traded on the spot market in the quarter was R$14.0 million, involving 2.4 million IDVL4 shares in 433 trades. In the 12 months ended in December 2013, the volume traded on the spot market was R$30.1 million, involving around 4.7 million preferred shares in 2,889 trades. Shareholder Base Position as of December 31,2013 # Type of Shareholder 8 Controlling Group 5 Management - Treasury IDVL3 % IDVL4 % TOTAL % 24,608,810 55.4% 513,788 1.7% 25,122,598 33.3% 57,876 - 0.1% 279,489 0.9% 337,365 0.4% 0.0% 734,515 2.4% 734,515 1.0% 23 National Investors 1,201,090 2.7% 7,905,681 25.5% 9,106,771 12.1% 11 Foreign Investors 24.1% 17,763,852 57.3% 28,445,189 37.7% 9 Corporate 10,681,337 - 0.0% 600,812 1.9% 600,812 0.8% 276 Individuals 7,861,784 17.7% 3,223,770 10.4% 11,085,554 14.7% 100.0% 75,432,804 100.0% 332 TOTAL 44,410,897 100.0% 31,021,907 17/20

Balance Sheet Consolidated R$ thousand ASSETS 12/31/12 09/30/13 12/31/13 Current 3,063,804 3,131,671 3,759,360 18,250 36,653 38,446 Short-term interbank investments Open market investments Interbank deposits 429,535 377,495 52,040 143,122 117,499 25,623 202,571 177,500 25,071 Securities and derivative financial instruments Own portfolio Subject to repurchase agreements Linked to guarantees Subject to the Central Bank Derivative financial instruments 671,587 473,468 26,654 150,415 21,050 1,236,149 954,523 25,871 210,730 45,025 1,314,212 972,249 14,039 169,468 109,250 49,206 Cash Interbank accounts Loans Loans - private sector Loans - public sector (-) Allowance for loan losses Other receivables Credit guarantees honored Foreign exchange portfolio Income receivables Negotiation and intermediation of securities Sundry (-) Allowance for loan losses Other assets Other assets (-) Provision for losses Prepaid expenses Long term Short-term interbank investments Marketable securities and derivative financial instruments Own portfolio Derivative financial instruments Interbank Accounts 938 2,545 4,412 1,495,533 1,515,490 (19,957) 1,269,980 1,342,186 (72,206) 1,725,250 1,807,228 (81,978) 390,712 363,445 67 14,356 17,300 (4,456) 375,392 507 323,650 1,058 37,418 22,611 (9,852) 391,013 507 292,330 433 72,992 33,157 (8,406) 57,249 59,695 (4,277) 1,831 67,830 59,227 8,603 83,456 84,890 (6,790) 5,356 906,467 951,854 1,085,304 - - - 59,737 42 59,695 42,525 31 42,494 33,518 839 32,679 4,083 3,066 2,966 Loans Loans - private sector Loans - public sector (-) Allowance for loan losses 693,561 756,459 (62,898) 630,239 755,413 (125,174) 738,156 863,993 (125,837) Other receivables Credit guarantees honored Trading and Intermediation of Securities Foreign exchange portfolio Income receivables Sundry (-) Allowance for loan losses 148,536 778 524 156,024 (8,790) 248,551 498 251,246 (3,193) 309,720 523 1,171 817 311,414 (4,205) 550 27,473 944 Other assets Permanent Assets 51,711 87,522 92,141 Investments Subsidiaries and Affiliates Other investments (-) Loss Allowances 24,980 23,294 1,842 (156) 31,630 29,939 1,847 (156) 33,460 31,767 1,849 (156) Property and equipment Property and equipment in use Revaluation of property in use Other property and equipment (-) Accumulated depreciation 13,648 1,210 2,634 19,660 (9,856) 13,639 1,210 2,634 22,739 (12,944) 13,937 1,152 2,634 24,657 (14,506) Intangible Goodwill Other intangible assets (-) Accumulated amortization 13,083 2,276 13,100 (2,293) 42,253 25,030 20,945 (3,722) 44,744 25,368 23,788 (4,412) 4,021,982 4,171,047 4,936,805 TOTAL ASSETS 18/20

Consolidated R$ thousand LIABILITIES 12/31/12 09/30/13 12/31/13 Current 2,123,097 2,547,624 2,680,745 Deposits Cash deposits Interbank deposits Time deposits 839,973 56,145 97,867 685,961 959,086 37,559 15,674 905,853 1,036,371 43,854 25,564 966,953 Funds obtained in the open market Own portfolio Third party portfolio Unrestricted Portfolio 241,904 26,745 106,200 108,959 107,500 25,800 81,700 - 85,905 14,005 71,900 - Funds from securities issued or accepted Agribusiness Letters of Credit, Real Estate Notes & Bank Notes 376,325 376,325 645,621 645,621 868,884 868,884 - 391 391 - 9,168 9,168 11,811 11,811 8,191 8,191 Borrowings Foreign borrowings 388,626 388,626 332,193 332,193 329,479 329,479 Onlendings BNDES FINAME 119,575 77,426 42,149 122,375 80,798 41,577 122,022 71,769 50,253 Other liabilities Collection and payment of taxes and similar charges Foreign exchange portfolio Taxes and social security contributions Social and statutory liabilities Negotiation and intermediation securities Derivative financial instruments Sundry 147,526 509 46,177 4,682 10,320 70,082 7,604 8,152 368,647 565 24,771 15,920 2,188 219,743 67,325 38,135 229,893 487 5,941 14,646 3,606 159,262 22,291 23,660 1,310,648 1,046,932 1,579,460 1,028,553 110 1,028,443 753,396 753,396 1,264,708 1,264,708 29,751 29,751 33,095 33,095 49,068 49,068 - 33,072 33,072 34,800 34,800 215,876 8,407 118,477 88,780 212 203,037 6,956 111,416 84,461 204 187,959 6,893 89,102 91,769 195 36,468 29,598 2,620 4,250 24,332 7,853 7,253 9,226 42,925 30,883 6,189 5,853 1,036 2,035 2,439 587,201 572,396 14,886 1,340 3,512 (5,859) 926 574,456 662,384 22,223 1,302 (5,859) (2) (106,406) 814 674,161 769,843 23,468 1,290 (5,859) (124) (115,272) 815 4,021,982 4,171,047 4,936,805 Interbank accounts Receipts and payment pending settlement Interdepartamental accounts Third party funds in transit Long Term Deposits Interbank Deposits Time deposits Funds from securities issued or accepted Agribusiness Letters of Credit, Real Estate Notes & Bank Notes Loan obligations Foreign loans Onlending operations - Governmental Bureaus Federal Treasure BNDES FINAME Other Institutions Other liabilities Taxes and social security contributions Derivative financial instrument Sundry Future results Shareholders' Equity Capital Capital Reserve Revaluation reserve Profit reserve (-) Treasury stock Asset valuation Adjustment Accumulated Profit / (Loss) Minority Interest TOTAL LIABILITIES 19/20

Income Statement Consolidated INCOME STATEMENT 4Q12 3Q13 4Q13 2012 R$ thousand 2013 123,742 62,343 28,626 15,554 17,219 126,177 64,950 35,848 2,944 22,435 153,099 89,624 46,958 (6,491) 23,008 640,033 258,285 265,057 22,087 94,604 459,879 260,679 124,748 (9,367) 83,819 Expenses from Financial Intermediaton Money market funding Loans, assignments and onlendings Sales operations/transfer of financial assets Allowance for loan losses 83,055 56,444 18,756 7,855 86,883 56,440 23,237 536 6,670 127,375 82,536 28,361 469 16,009 489,413 330,328 102,353 56,732 503,259 245,189 100,857 1,005 156,208 Gross Profit from Financial Instruments 40,687 39,294 25,724 150,620 (43,380) (33,835) 6,747 193 (23,700) (13,331) (4,326) 991 5,473 (5,882) (32,986) 10,077 184 (24,091) (17,171) (2,945) 2,311 1,501 (2,852) (38,304) 9,646 263 (29,815) (21,558) (3,804) 2,175 20,267 (15,478) (118,958) 26,357 732 (89,818) (53,118) (12,625) 4,146 20,236 (14,868) (141,218) 34,810 806 (106,417) (67,794) (12,383) 5,675 26,119 (22,034) 6,852 6,308 (12,580) 31,662 (184,598) (1,616) 367 (1,285) (1,115) (835) Earnings before taxes ad profit-sharing 5,236 6,675 (13,865) 30,547 (185,433) Income tax and social contribution Income tax Social contribution Deferred fiscal assets 220 (4,553) (2,722) 7,495 (2,805) (1,400) (683) (722) 5,741 1,243 757 3,741 (7,136) (12,631) (7,504) 12,999 77,234 7,549 4,588 65,097 (1,831) (1,868) (1,826) (9,192) (11,819) 3,625 2,002 (9,950) 14,219 (120,018) Income from Financial Intermediation Loan operations Income from securities Income from derivative financial instruments Income from foreign exchange transactions Other Operating Income (Expense) Income from services rendered Income from tariffs Personnel expenses Other administrative expenses Taxes Result from affiliated companies Other operating income Other operating expense Operating Profit Non-Operating Profit Statutory Contributions & Profit Sharing Net Profit for the Period 20/20

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