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Results Presentation
1st Quarter 2012
Disclaimer

    This presentation may contain references and statements representing future expectations,
    plans of growth and future strategies of BI&P. These references and statements are based on
    the Bank’s assumptions and analysis and reflect the management’s beliefs, according to
    their experience, to the economic environment and to predictable market conditions.
    As there may be various factors out of the Bank’s control, there may be significant
    differences between the real results and the expectations and declarations herewith
    eventually anticipated. Those risks and uncertainties include, but are not limited to our
    ability to perceive the dimension of the Brazilian and global economic aspect, banking
    development, financial market conditions, competitive, government and technological
    aspects that may influence both the operations of BI&P as the market and its products.
    Therefore, we recommend the reading of the documents and financial statements available
    at the CVM website (www.cvm.gov.br) and at our Investor Relations page in the internet
    (www.bip.b.br/ir) and the making of your own appraisal.




1
Highlights
•   Expanded Credit Portfolio grows 8.9% during 1Q12 and 38.4% in 12 months, reaching R$2.8 billion.
    Corporate segment already responds for 35% of Credit Portfolio.
•   Continuous improvement in credit quality: Loans rated from AA to B up from 69.9% in 4Q11 to 75.3% in
    1Q12 (vs. 62.3% in 1Q11).
•   Agro Bonds Portfolio (CPR, CDA/WA e CDCA) reaches R$230 million, up 77.6% in the quarter, and
    contributes to a more efficient funding mix through the issuance of Agribusiness Letters of Credit (LCAs).
•   Funding follows the credit portfolio growth adding up to R$2.7 billion. The higher volume of funds obtained
    through the issuance of LCAs and a marginal decline in cost of our time deposits (CDB) contributed to a
    reduction in funding costs in Real of 0.9% of CDI during the quarter.
•   Income from Services (Fees) grew by 90.1% compared to same quarter last year totaling R$6.6 million in the
    quarter, reflecting the trend to add up higher value added products to our client offering.
•   Net Profit in the quarter was R$5.0 million. This result is yet below the potential of the bank but it is aligned
    to the Management’s forecast taking into consideration our leverage level, the seasonality of the first
    quarter and the increased allowance for loan losses expenses of R$14.4 million in the period, still derived
    from loans originated before 2011. The Efficiency Ratio and NIM followed the positive trend of the previous
    quarters.
•   Our Basel Ratio at 18.1% (Tier 1) is still one of the highest in the industry, allowing a high portfolio growth in
    2012.
•   On March 1st, our shares started trading at Level 2 Corporate Governance at BM&FBOVESPA.

2
Expanded Credit Portfolio
Growth with a broader product range



                                                                                                   2,759
                                                                                2,534
                                                             2,248
                   1,994               2,109
    R$ million




                    1Q11                2Q11                 3Q11                4Q11              1Q12

                 Loans & Discounted Receivables in Reais             Trade Finance
                 Garantuees Issued (L/G and L/C)                     Agricultural Bonds (CPR, CDA/WA and CDCA)
                 Private Credit Bonds (PNs and Debentures)


3
Expanded Credit Portfolio Evolution
Increasing volume of new operations

                                                            646        2,759
             2,534     (281)
                                    (85)      (55)
R$ million




             4Q11 Credits received Credit   Write Offs     New           1Q12
                      and not       exits                operations
                     renewed                                                               New Operations
                                                                                                        656    646
                                                                                                 498
                                                                                          414


                                                                      R$ miliion
                                                                                   298


                                                                                   1Q11   2Q11   3Q11   4Q11   1Q12




4
With Multiproduct Offering
50+ Financial Products Portfolio

                                   •   New products launched in the
                                       quarter:
                                       – Offshore Loan
                                       – Real State Letter of Credit (LCI)
                                       – Cash Flow Swap
                                       – Commodities Options

                                   • Revenues from Services (Fees), up
                                     90% compared to 1Q11, to R$6.6
                                     million in the quarter.

                                   • Fee income from products launched
                                     in the last year represented 25% of
                                     revenues from services rendered in
                                     1Q12, and 5% in 4Q11.




5
Expanded Credit Portfolio
Breakdown by Product Group
                                                                • Loans & Discounted Receivables in Real ended the
                                                                  quarter at R$1.5 billion.
                                                                • Trade Finance portfolio totaled R$442.8 million
 Loans &                                                          (US$243.0 million), slightly contracted in the
Discounts
                                                   Trade          quarter due to changes in the foreign exchange
  in Real
    56%                                           Finance         rate.
                                                    16%
                                                                • BNDES Onlendings amounted to R$231.1 million,
                                                                  up 11.6% in 1Q12, mainly in Corporate segment.
                                                     BNDES
                                                   Onlendings   • Guarantees and Letters of Credit issued totaled
                                                       9%
                                                                  R$163.8 million, increasing 17.2% in 1Q12.
                                                  Receivables
                                                   Aquired      • Agricultural Bonds portfolio (Agro Product
                                            Other
            Private                           1%     from         Certificate - CPR, Inventory Financing - CDA/WA,
                      Agricultural                Customers       and Certificate of Agro Credit Rights - CDCA),
            Credit
                        Bonds        Guarantees       3%
            Bonds                                                 started in 1Q11, increasing by 77.6% in the
                          8%           Issued
              1%
                                         6%                       quarter, amounting to R$229.7 million.
                                                                • Private Credit Bonds (Promissory Notes and
                                                                  Debentures) totaled R$25.5 million, up 145%
                                                                  compared to the previous quarter.

6
Agricultural Bonds Portfolio
    Specializing in Agribusiness


                                                                    • Agricultural bonds activity started in 1Q11 through
                          Agricultural Bonds                          the acquisition of the portfolio of the subsidiary
                                                     230
                                                                      Serglobal.
                                            129                     • Due to their negotiability, Agro Product Certificate
R$ million




                                    52                                (CPR) and Inventory Financing (CDA/WA) are
              28           37
                                                                      classified as Marketable Securities, in available-for-
                                                                      sale category; and Certificate of Agro Credit Rights
             1Q11         2Q11    3Q11     4Q11     1Q12
                                                                      (CDCA) are recorded in Loans & Discounted
                   CPR       Warrant (CDA/WA)     CDCA                Receivables in the credit portfolio.




                         That activity is directly related to the performance of Brazilian agribusiness, with high
                          growth prospects and contribution to the expansion and profitability of our business,
                         including the reduction in funding cost through the Agribusiness Letters of Credit (LCA).


7
Credit Portfolio
Strategy for equilibrium between Corporate and Middle Market segment maintained

                                 Middle Market
                    companies with annual revenues between
                                                                                       • Middle Market segment accounts for 63% of
                        R$40 million and R$400 million                                   Credit Portfolio (69% in 4Q11), down 4.5% in the
                                                                                         quarter and 3.4% in 12 months.
                  1,554      1,604       1,593      1,572      1,501

                                                                                       • Corporate clients accounts for 35% of Credit
    R$ million




                                                                                         Portfolio (28% in 4Q11), increasing by 29.5% in
                                                                                         1Q12 and 210.9% in 12 months.

                  1Q11       2Q11        3Q11       4Q11       1Q12
                                                                                       • Average Exposure by Client:
                                     Corporate                                            – Middle Market = R$2.9 million
                                                                                          – Corporate = R$5.6 million
                    companies with annual revenues between
                         R$400 million and R$2 billion
                                                                                         The previously disclosed strategy of maintaining
                                                                831
                                                                                        the Corporate / Middle Market credit portfolio mix
    R$ million




                                                     641
                              322         436
                   267                                                                    at 45% / 55% until the end of 2012 maintained.

                  1Q11       2Q11        3Q11       4Q11       1Q12

                 Note: In addition to the Agro Bonds, the Private Credit Bonds, the Guarantees Issued and the above operations in Middle Market and
                 Corporate portfolios, the Credit Portfolio also includes Other Credits (CDC Vehicles, Acquired Loans and Financing, and Non-Operating
                 Asset Sales Financing), which totaled R$54.2 million in 1Q12.
8
Credit Portfolio + Agricultural Bonds
Significant presence of Agribusiness and Food related activities

                                                           Agribusiness
                             7%                            Agribusiness - Agricultural Bonds
                      1%1%          16%
                    1%                                     Civil Construction
                  2%
             2%                                            Food & Beverage
           2%                                              Automotive
                                                           Pulp & Paper
          3%
                                                           Textile, Apparel and Leather
                                              9%
      3%                                                   Transportation & Logistics
                                                           Chemical & Pharmaceutical
     3%
                                                           Metal Industry
                                                           Power Generation & Distribution
     3%                                                    Financial Institutions
                                                           Education
      3%                                                   Oil & Biofuel
                                              13%
                                                           Financial Services
           4%                                              Advertising and Publishing
                                                           Retail & Wholesale
                4%
                                                           Individuals
                     4%                                    Non-Financial Holdings
                             5%   13%
                                                           Other Industries




9
Credit Portfolio
Exposure by Client and Term of Transations

            Client Concentration                                        Maturity

                           10 largest
        Other                 16%                          +360 days
         25%                                                 26%
                                                                                          Up 90 days
                                                                                             40%


                                   11 - 60
                                   largest              181 to 360
     61 - 160                                             days
     largest                         33%
                                                           16%                       91 to 180
       26%                                                                             days
                                                                                       18%



                 Top 60 borrowers remain at 49% of Credit Portfolio (52% in 1Q11).

                         74% of Credit Portfolio to mature up to 360 days.



10
Credit Portfolio Quality
 Higher quality of new operations
                           Rating                                               NPL / Credit Portfolio
                            92%
                                                                              6.8%
1Q12   4%      39%                    32%             17%    8%     6.1%                 6.3%
                                                                                                      5.0%
                           90%
                                                                              6.3%                               3.2%
4Q11   2%      40%                   28%          20%       10%
                                                                    4.6%                              4.7%
                                                                                         4.1%
                           85%                                                                                   2.7%
1Q11   2%    35%              25%               23%         15%
                                                                   1Q11       2Q11       3Q11        4Q11        1Q12

             AA        A         B          C         D-H                       NPL 60 days        NPL 90 days


        •   92% of Credit Portfolio are classified between AA and C, out of which 75% between AA e B.
        •   97% of the operations disbursed in 1Q12 were classified between AA and B.
        •   At the end of 1Q12, credits rated between D and H included:
            – R$119.5 million in normal payment course = 5.0% of credit portfolio, and
            – R$75.1 million overdue more than 60 days = 3.2% of credit portfolio.
        •   Allowance for Loan Losses covers 156% of credits overdue more than 90 days.
        •   R$55 million of fully provisioned H rated loans were written off during the quarter.

 11
Funding
       Cost reduction through diversified sources


                                                             2,736        •   Funding volume increased 8% in the quarter, to
                                      2,420      2,533
             2,247        2,230                                               R$2.7 billion, highlighting time deposits (CDBs).

                                                                          •   Funding from Agribusiness Letters of Credit (LCA)
R$ million




                                                                              increased by 36% in 1Q12 due to the growth in
                                                                              agricultural bonds portfolio (Agro Product
                                                                              Certificate - CPRs).
             1Q11         2Q11        3Q11       4Q11        1Q12
                     in Reais       in Foreign Currency                   •   Reduction of 0,9% of CDI (benchmark rate) in local
                                                                              funding cost during the quarter, for higher volume
                                                     Insured
                                                                              of LCAs issued and marginal drop in time deposits
                Time                                   Time                   (CDB) cost derived from depositor base
               Deposits                              Deposits
                (CDB)                                                         diversification with improved risk perception.
                                                      (DPGE) Agro &
                 30%                                   29%    Financial
                                                                Notes
                                                                          •   90% of foreign currency funding is related to Trade
                                                              (LCA/LF)        Finance portfolio.
                                                                 11%
               Onlendings                               Demand
                   9%                         Interbank Deposits
                                 Foreign
                                Borrowings     Deposits   2%
                                   15%            4%
        12
Performance
NIM and Efficiency Ratio
                                 NIM
                                                                                        • NIM remained unchanged since credit portfolio
                                 6.3%             6.6%             6.6%                   growth occurred mainly at the end of the
5.9%
                5.2%
                                                                                          quarter, with increased Corporate segment
                                                                                          share in the portfolio.
4.6%                             4.6%             4.8%             4.9%
                3.7%
1Q11            2Q11             3Q11             4Q11            1Q12                  • Improvement of Efficiency Ratio, given that the
                                                                                          standardized ratio dropped by 3.0 pp. Despite
                           NIM           NIM(a) *
                                                                                          the positive trend, the ratio still remains high by
                                                                                          (i) the low leverage and (ii) fee income still
                           Efficiency Ratio                                               under the expected level for next quarters.

78.6%           78.6%                            77.6%
                                 71.2%                            68.1%
                                                                                              No significant headcount additions are
73.3%           76.1%
                                 71.0%           70.9%            68.0%                     forecasted, thus business growth tends to
                                                                                                    dilute administrative expenses.
1Q11            2Q11             3Q11             4Q11            1Q12

        Efficiency Ratio         Standardized Efficiency Ratio **


         * NIM(a) adjusts remunerated average assets by repos with equivalent volumes, tenors and rates both in assets and liabilities.
         ** Standardized Efficiency Ratio includes management adjustments in order to (i) eliminate non-recurring revenues and
         expenses; (ii) standardize personnel expenses, contributions and profit-sharing pro rata temporis; and (iii) exclude sales
         revenues and costs of agricultural commodities from the activity of the acquired subsidiary of Sertrading to determine the
 13      efficiency ratio of the financial activity.
Profitability
                            Net Profit                    • Net Profit does not yet evidence the credit portfolio
                                                            growth and it was particularly affected by the
                                                            increase in expenses with allowance for loan losses
                                                            for there was no relevant credit recoveries over the
                                          10.3
                                7.3                         quarter.
R$ million




                      5.1                          5.0
                                                          • 1Q11 result was mainly affected by the increase of
                                                            R$101.6 million in allowance for loan losses in that
             1Q11    2Q11      3Q11       4Q11     1Q12     quarter, in order to protect Bank’s future profitability
             -31.7                                          from expected default.


               Return on Average Equity (ROAE) %                   Retorn on Average Assets (ROAA) %


                                         7.3
                                                                                              1.0
                               5.2                                                   0.7
                      3.6                        3.5                       0.5                         0.5


              1Q11   2Q11     3Q11       4Q11    1Q12            1Q11      2Q11     3Q11     4Q11      4Q11




 14
Capital Structure
                      Shareholders’ Equity                                Leverage
                                                                 Expanded Credit Portfolio /
             563.7   566.5   577.5     577.1   590.5                Shareholders’ Equity
                                                                                     4.4x      4.6x
                                                          3.5x     3.7x     3.9x
R$ million




             1Q11    2Q11     3Q11     4Q11    1Q12      1Q11      2Q11     3Q11     4Q11      1Q12



                       Basel Index (Tier I)

             23.7%                                     • Capital Adequacy Index (Basel II) and low
                     21.6%    21.1%
                                       18.2%   18.1%     leverage allow healthy portfolio growth.

                                                       • Disciplined strategy and business goals
                                                         monitoring for efficient and profitable growth.

              1Q11    2Q11    3Q11     4Q11    1Q12



15
Ratings

         Agency                     Rating                 Last Report

                             Global: BB/ Estável/ B
     Standard & Poor’s                                    December 2011
                         National: brA+/ Stable/ brA-1

                         Global: Ba3/ Stable/ Not Prime
         Moody’s                                          November 2011
                         National: A2.br/ Stable/ BR-2

       FitchRatings        National: BBB/ Stable/ F3      December 2011

                                 Índice: 10,08
         RiskBank                                           April 2012
                             Low risk to short term




16
Shares and Capital Distribution

                                                Number of Shares                          Shareholders’ Distribution
            Class
                                 Common             Preferred       Total            Individuals
                                                                                        20%                         Controlling
Capital Social                    36,945,649         26,160,044    63,105,693                                         Group
                                                                                                                       34%
Controlling Group                  20,743,333           630,626    21,373,959
Management                              277,307          60,125       337,432
                                                                                                                        Management
Treasury                                        -       734,515       734,515                                                1%
                                                                                     Foreign
Free Float                         15,925,009        24,734,778    40,659,787       Investors                              Treasury
                                                                                       30%                                    1%
Free Float                              43.1%            94.6%         64.4%                                    Institutional
                                                                                                                  Investors
Position as of March 31, 2012.
                                                                                                                     14%


                                                                            2008         2009           2010              2011
 Outstanding Shares 1                                               43,000,001      42,048,101     40,466,187        62,358,840

 IOE gross amount (R$ million)                                               25.5         27.0           25.1              27.8

 IOE gross amount per share (R$ million)                                     0.59         0.64           0.61              0.53

 Price to Book Value                                                         0.38         0.81           0.75              0.73

 Market Value (R$ million)                                                  171.6        348.6          321.7             420.9
1 Issued   Shares (-) Treasury Shares


17
Share Performance
       110

       100


        90

        80


        70

                                                   IBOVESPA      IDVL4         IDVL4 adjusted for earnings
        60




     IDVL4                                              IDVL4
     Share Price 12.29.2011             R$ 6.75         Average Daily Volume
     Share Price 03.30.2012             R$ 8.60          - in March 2012                          R$ 156,782
     Change in the period               + 27.4%          - in 1Q12                                R$ 193,840

     Maximum Share Price                R$ 8.90          - in 12 months                           R$ 216,676

     Minimum Share Price                R$ 6.41
     Market Value in 03.30.2012   R$ 536,286,024
     Price to Book Value                     0.9

18
1Q12 Results Presentation

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1Q12 Results Presentation

  • 2. Disclaimer This presentation may contain references and statements representing future expectations, plans of growth and future strategies of BI&P. These references and statements are based on the Bank’s assumptions and analysis and reflect the management’s beliefs, according to their experience, to the economic environment and to predictable market conditions. As there may be various factors out of the Bank’s control, there may be significant differences between the real results and the expectations and declarations herewith eventually anticipated. Those risks and uncertainties include, but are not limited to our ability to perceive the dimension of the Brazilian and global economic aspect, banking development, financial market conditions, competitive, government and technological aspects that may influence both the operations of BI&P as the market and its products. Therefore, we recommend the reading of the documents and financial statements available at the CVM website (www.cvm.gov.br) and at our Investor Relations page in the internet (www.bip.b.br/ir) and the making of your own appraisal. 1
  • 3. Highlights • Expanded Credit Portfolio grows 8.9% during 1Q12 and 38.4% in 12 months, reaching R$2.8 billion. Corporate segment already responds for 35% of Credit Portfolio. • Continuous improvement in credit quality: Loans rated from AA to B up from 69.9% in 4Q11 to 75.3% in 1Q12 (vs. 62.3% in 1Q11). • Agro Bonds Portfolio (CPR, CDA/WA e CDCA) reaches R$230 million, up 77.6% in the quarter, and contributes to a more efficient funding mix through the issuance of Agribusiness Letters of Credit (LCAs). • Funding follows the credit portfolio growth adding up to R$2.7 billion. The higher volume of funds obtained through the issuance of LCAs and a marginal decline in cost of our time deposits (CDB) contributed to a reduction in funding costs in Real of 0.9% of CDI during the quarter. • Income from Services (Fees) grew by 90.1% compared to same quarter last year totaling R$6.6 million in the quarter, reflecting the trend to add up higher value added products to our client offering. • Net Profit in the quarter was R$5.0 million. This result is yet below the potential of the bank but it is aligned to the Management’s forecast taking into consideration our leverage level, the seasonality of the first quarter and the increased allowance for loan losses expenses of R$14.4 million in the period, still derived from loans originated before 2011. The Efficiency Ratio and NIM followed the positive trend of the previous quarters. • Our Basel Ratio at 18.1% (Tier 1) is still one of the highest in the industry, allowing a high portfolio growth in 2012. • On March 1st, our shares started trading at Level 2 Corporate Governance at BM&FBOVESPA. 2
  • 4. Expanded Credit Portfolio Growth with a broader product range 2,759 2,534 2,248 1,994 2,109 R$ million 1Q11 2Q11 3Q11 4Q11 1Q12 Loans & Discounted Receivables in Reais Trade Finance Garantuees Issued (L/G and L/C) Agricultural Bonds (CPR, CDA/WA and CDCA) Private Credit Bonds (PNs and Debentures) 3
  • 5. Expanded Credit Portfolio Evolution Increasing volume of new operations 646 2,759 2,534 (281) (85) (55) R$ million 4Q11 Credits received Credit Write Offs New 1Q12 and not exits operations renewed New Operations 656 646 498 414 R$ miliion 298 1Q11 2Q11 3Q11 4Q11 1Q12 4
  • 6. With Multiproduct Offering 50+ Financial Products Portfolio • New products launched in the quarter: – Offshore Loan – Real State Letter of Credit (LCI) – Cash Flow Swap – Commodities Options • Revenues from Services (Fees), up 90% compared to 1Q11, to R$6.6 million in the quarter. • Fee income from products launched in the last year represented 25% of revenues from services rendered in 1Q12, and 5% in 4Q11. 5
  • 7. Expanded Credit Portfolio Breakdown by Product Group • Loans & Discounted Receivables in Real ended the quarter at R$1.5 billion. • Trade Finance portfolio totaled R$442.8 million Loans & (US$243.0 million), slightly contracted in the Discounts Trade quarter due to changes in the foreign exchange in Real 56% Finance rate. 16% • BNDES Onlendings amounted to R$231.1 million, up 11.6% in 1Q12, mainly in Corporate segment. BNDES Onlendings • Guarantees and Letters of Credit issued totaled 9% R$163.8 million, increasing 17.2% in 1Q12. Receivables Aquired • Agricultural Bonds portfolio (Agro Product Other Private 1% from Certificate - CPR, Inventory Financing - CDA/WA, Agricultural Customers and Certificate of Agro Credit Rights - CDCA), Credit Bonds Guarantees 3% Bonds started in 1Q11, increasing by 77.6% in the 8% Issued 1% 6% quarter, amounting to R$229.7 million. • Private Credit Bonds (Promissory Notes and Debentures) totaled R$25.5 million, up 145% compared to the previous quarter. 6
  • 8. Agricultural Bonds Portfolio Specializing in Agribusiness • Agricultural bonds activity started in 1Q11 through Agricultural Bonds the acquisition of the portfolio of the subsidiary 230 Serglobal. 129 • Due to their negotiability, Agro Product Certificate R$ million 52 (CPR) and Inventory Financing (CDA/WA) are 28 37 classified as Marketable Securities, in available-for- sale category; and Certificate of Agro Credit Rights 1Q11 2Q11 3Q11 4Q11 1Q12 (CDCA) are recorded in Loans & Discounted CPR Warrant (CDA/WA) CDCA Receivables in the credit portfolio. That activity is directly related to the performance of Brazilian agribusiness, with high growth prospects and contribution to the expansion and profitability of our business, including the reduction in funding cost through the Agribusiness Letters of Credit (LCA). 7
  • 9. Credit Portfolio Strategy for equilibrium between Corporate and Middle Market segment maintained Middle Market companies with annual revenues between • Middle Market segment accounts for 63% of R$40 million and R$400 million Credit Portfolio (69% in 4Q11), down 4.5% in the quarter and 3.4% in 12 months. 1,554 1,604 1,593 1,572 1,501 • Corporate clients accounts for 35% of Credit R$ million Portfolio (28% in 4Q11), increasing by 29.5% in 1Q12 and 210.9% in 12 months. 1Q11 2Q11 3Q11 4Q11 1Q12 • Average Exposure by Client: Corporate – Middle Market = R$2.9 million – Corporate = R$5.6 million companies with annual revenues between R$400 million and R$2 billion The previously disclosed strategy of maintaining 831 the Corporate / Middle Market credit portfolio mix R$ million 641 322 436 267 at 45% / 55% until the end of 2012 maintained. 1Q11 2Q11 3Q11 4Q11 1Q12 Note: In addition to the Agro Bonds, the Private Credit Bonds, the Guarantees Issued and the above operations in Middle Market and Corporate portfolios, the Credit Portfolio also includes Other Credits (CDC Vehicles, Acquired Loans and Financing, and Non-Operating Asset Sales Financing), which totaled R$54.2 million in 1Q12. 8
  • 10. Credit Portfolio + Agricultural Bonds Significant presence of Agribusiness and Food related activities Agribusiness 7% Agribusiness - Agricultural Bonds 1%1% 16% 1% Civil Construction 2% 2% Food & Beverage 2% Automotive Pulp & Paper 3% Textile, Apparel and Leather 9% 3% Transportation & Logistics Chemical & Pharmaceutical 3% Metal Industry Power Generation & Distribution 3% Financial Institutions Education 3% Oil & Biofuel 13% Financial Services 4% Advertising and Publishing Retail & Wholesale 4% Individuals 4% Non-Financial Holdings 5% 13% Other Industries 9
  • 11. Credit Portfolio Exposure by Client and Term of Transations Client Concentration Maturity 10 largest Other 16% +360 days 25% 26% Up 90 days 40% 11 - 60 largest 181 to 360 61 - 160 days largest 33% 16% 91 to 180 26% days 18% Top 60 borrowers remain at 49% of Credit Portfolio (52% in 1Q11). 74% of Credit Portfolio to mature up to 360 days. 10
  • 12. Credit Portfolio Quality Higher quality of new operations Rating NPL / Credit Portfolio 92% 6.8% 1Q12 4% 39% 32% 17% 8% 6.1% 6.3% 5.0% 90% 6.3% 3.2% 4Q11 2% 40% 28% 20% 10% 4.6% 4.7% 4.1% 85% 2.7% 1Q11 2% 35% 25% 23% 15% 1Q11 2Q11 3Q11 4Q11 1Q12 AA A B C D-H NPL 60 days NPL 90 days • 92% of Credit Portfolio are classified between AA and C, out of which 75% between AA e B. • 97% of the operations disbursed in 1Q12 were classified between AA and B. • At the end of 1Q12, credits rated between D and H included: – R$119.5 million in normal payment course = 5.0% of credit portfolio, and – R$75.1 million overdue more than 60 days = 3.2% of credit portfolio. • Allowance for Loan Losses covers 156% of credits overdue more than 90 days. • R$55 million of fully provisioned H rated loans were written off during the quarter. 11
  • 13. Funding Cost reduction through diversified sources 2,736 • Funding volume increased 8% in the quarter, to 2,420 2,533 2,247 2,230 R$2.7 billion, highlighting time deposits (CDBs). • Funding from Agribusiness Letters of Credit (LCA) R$ million increased by 36% in 1Q12 due to the growth in agricultural bonds portfolio (Agro Product Certificate - CPRs). 1Q11 2Q11 3Q11 4Q11 1Q12 in Reais in Foreign Currency • Reduction of 0,9% of CDI (benchmark rate) in local funding cost during the quarter, for higher volume Insured of LCAs issued and marginal drop in time deposits Time Time (CDB) cost derived from depositor base Deposits Deposits (CDB) diversification with improved risk perception. (DPGE) Agro & 30% 29% Financial Notes • 90% of foreign currency funding is related to Trade (LCA/LF) Finance portfolio. 11% Onlendings Demand 9% Interbank Deposits Foreign Borrowings Deposits 2% 15% 4% 12
  • 14. Performance NIM and Efficiency Ratio NIM • NIM remained unchanged since credit portfolio 6.3% 6.6% 6.6% growth occurred mainly at the end of the 5.9% 5.2% quarter, with increased Corporate segment share in the portfolio. 4.6% 4.6% 4.8% 4.9% 3.7% 1Q11 2Q11 3Q11 4Q11 1Q12 • Improvement of Efficiency Ratio, given that the standardized ratio dropped by 3.0 pp. Despite NIM NIM(a) * the positive trend, the ratio still remains high by (i) the low leverage and (ii) fee income still Efficiency Ratio under the expected level for next quarters. 78.6% 78.6% 77.6% 71.2% 68.1% No significant headcount additions are 73.3% 76.1% 71.0% 70.9% 68.0% forecasted, thus business growth tends to dilute administrative expenses. 1Q11 2Q11 3Q11 4Q11 1Q12 Efficiency Ratio Standardized Efficiency Ratio ** * NIM(a) adjusts remunerated average assets by repos with equivalent volumes, tenors and rates both in assets and liabilities. ** Standardized Efficiency Ratio includes management adjustments in order to (i) eliminate non-recurring revenues and expenses; (ii) standardize personnel expenses, contributions and profit-sharing pro rata temporis; and (iii) exclude sales revenues and costs of agricultural commodities from the activity of the acquired subsidiary of Sertrading to determine the 13 efficiency ratio of the financial activity.
  • 15. Profitability Net Profit • Net Profit does not yet evidence the credit portfolio growth and it was particularly affected by the increase in expenses with allowance for loan losses for there was no relevant credit recoveries over the 10.3 7.3 quarter. R$ million 5.1 5.0 • 1Q11 result was mainly affected by the increase of R$101.6 million in allowance for loan losses in that 1Q11 2Q11 3Q11 4Q11 1Q12 quarter, in order to protect Bank’s future profitability -31.7 from expected default. Return on Average Equity (ROAE) % Retorn on Average Assets (ROAA) % 7.3 1.0 5.2 0.7 3.6 3.5 0.5 0.5 1Q11 2Q11 3Q11 4Q11 1Q12 1Q11 2Q11 3Q11 4Q11 4Q11 14
  • 16. Capital Structure Shareholders’ Equity Leverage Expanded Credit Portfolio / 563.7 566.5 577.5 577.1 590.5 Shareholders’ Equity 4.4x 4.6x 3.5x 3.7x 3.9x R$ million 1Q11 2Q11 3Q11 4Q11 1Q12 1Q11 2Q11 3Q11 4Q11 1Q12 Basel Index (Tier I) 23.7% • Capital Adequacy Index (Basel II) and low 21.6% 21.1% 18.2% 18.1% leverage allow healthy portfolio growth. • Disciplined strategy and business goals monitoring for efficient and profitable growth. 1Q11 2Q11 3Q11 4Q11 1Q12 15
  • 17. Ratings Agency Rating Last Report Global: BB/ Estável/ B Standard & Poor’s December 2011 National: brA+/ Stable/ brA-1 Global: Ba3/ Stable/ Not Prime Moody’s November 2011 National: A2.br/ Stable/ BR-2 FitchRatings National: BBB/ Stable/ F3 December 2011 Índice: 10,08 RiskBank April 2012 Low risk to short term 16
  • 18. Shares and Capital Distribution Number of Shares Shareholders’ Distribution Class Common Preferred Total Individuals 20% Controlling Capital Social 36,945,649 26,160,044 63,105,693 Group 34% Controlling Group 20,743,333 630,626 21,373,959 Management 277,307 60,125 337,432 Management Treasury - 734,515 734,515 1% Foreign Free Float 15,925,009 24,734,778 40,659,787 Investors Treasury 30% 1% Free Float 43.1% 94.6% 64.4% Institutional Investors Position as of March 31, 2012. 14% 2008 2009 2010 2011 Outstanding Shares 1 43,000,001 42,048,101 40,466,187 62,358,840 IOE gross amount (R$ million) 25.5 27.0 25.1 27.8 IOE gross amount per share (R$ million) 0.59 0.64 0.61 0.53 Price to Book Value 0.38 0.81 0.75 0.73 Market Value (R$ million) 171.6 348.6 321.7 420.9 1 Issued Shares (-) Treasury Shares 17
  • 19. Share Performance 110 100 90 80 70 IBOVESPA IDVL4 IDVL4 adjusted for earnings 60 IDVL4 IDVL4 Share Price 12.29.2011 R$ 6.75 Average Daily Volume Share Price 03.30.2012 R$ 8.60 - in March 2012 R$ 156,782 Change in the period + 27.4% - in 1Q12 R$ 193,840 Maximum Share Price R$ 8.90 - in 12 months R$ 216,676 Minimum Share Price R$ 6.41 Market Value in 03.30.2012 R$ 536,286,024 Price to Book Value 0.9 18