bi&p- indusval- 4q14 earnings release

1/18

EARNINGS RELEASE

4th QUARTER 2014

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 7 branches and 2 banking service posts strategically located in economically relevant Brazilian

regions, besides an offshore branch in Cayman Islands, its brokerage house Guide Investimentos operating at the São Paulo Stock, Commodities and Futures Exchange -

BM&FBOVESPA and BI&P Cereais, acquired in April 2011, which originates agricultural bonds.

HighlightsHighlightsHighlightsHighlights

� Expanded Credit PortfolioExpanded Credit PortfolioExpanded Credit PortfolioExpanded Credit Portfolio totaled R$4.1 billion, growing 3.6% in the quarter

and 6.9% from December 2013.

� Loans originatedLoans originatedLoans originatedLoans originated in 4Q14 totaled R$1.4 billion, proof of the tremendous asset

generation capacity of the commercial area.

� Loans rated between AA and BLoans rated between AA and BLoans rated between AA and BLoans rated between AA and B corresponded to 92% of the expanded credit

portfolio (87% in December 2013). Of the loans granted in the quarter, 98%

were rated between AA and B, reflecting the Bank’s focus on preserving the

quality of its loan portfolio.

� The Emerging Companies and Corporate segmentsEmerging Companies and Corporate segmentsEmerging Companies and Corporate segmentsEmerging Companies and Corporate segments accounted for 62% and

38%, respectively, of the expanded credit portfolio, compared to 52% and

47%, respectively, in December 2013.

� FundingFundingFundingFunding totaled R$4.4 billion, up 4.8% in the quarter and 12.6% in the year.

We continued to diversify the funding mix, especially through the issue of agro

notes (LCA) and dispersion of the depositor base, which once again broke the

record of over 11,000 depositors at the end of the quarter (4,000 in

December 2013), through alliances with more than 50 brokerages and

distributors, positively impacting also our funding costs. Free CashFree CashFree CashFree Cash totaled

R$748.6 million at the end of December 2014.

� Income from services rendered and TariffsIncome from services rendered and TariffsIncome from services rendered and TariffsIncome from services rendered and Tariffs totaled R$14.0 million in 4Q14

and R$56.0 million in 2014, down 8.6% in the quarter, due to lower fee

income generated by the commercial banking operation, but was 94.4%

higher than in 2013, mainly due to revenue from the investment banking

operation, which earned fees of R$21.6 million in 2014.

� We announced important strategic alliances in the quarter: with Gran Viver

and Cipasa in the real estate sector, and with Lojas Renner in the retail

segment, which is expected to be concluded in March 2015. In December

2014, loans generated by joinjoinjoinjoint ventures and business associationst ventures and business associationst ventures and business associationst ventures and business associations in the

agricultural and real estate sector, constituted over the last two years and

which are fully operational, already accounted for 12.7% of the expanded

credit portfolio, amounting to R$526.4 million.

� Throughout the year 2014, the investments in technology, review of

processes and the strict control over expensescontrol over expensescontrol over expensescontrol over expenses resulted in the reductions of

17.4% in the Bank’s workforce and 5.8% in personnel expenses when

compared to 2013, including more than R$8 million of severance costs.

Similarly, administrative expenses in 2014 decreased 0.6% from 2013,

despite the inflation rate higher than 6% in 2014.

� The quarterly ResultResultResultResult was R$2.0 million, growing slightly from the previous

quarter and with significant increase when compared to 4Q13, but far below

the Bank’s potential.

IDVL4:IDVL4:IDVL4:IDVL4: R$2.38 per share

Closing: March 5, 2015

Outstanding Shares: 88,991,729

Market Cap: R$211.8 million

Price/Book Value: 0.31

Conference Call / Webcasts Conference Call / Webcasts Conference Call / Webcasts Conference Call / Webcasts

March 05March 05March 05March 05, 201, 201, 201, 2015555

In EnglishIn EnglishIn EnglishIn English

9 a.m. (US EST) | 12 p.m. (Brasília)

Connections

Brazil: +55 11 3193-1001

+55 11 2820-4001

EUA: +1 786 924-6977

Code: Bank BI&P

In PortugueseIn PortugueseIn PortugueseIn Portuguese

8 a.m. (US EST) | 11 a.m. (Brasília)

Number: +55 11 3193-1001

+55 11 2820-4001

Code: Bank BI&P

WebsiteWebsiteWebsiteWebsite

www.bip.b.br/irwww.bip.b.br/irwww.bip.b.br/irwww.bip.b.br/ir

Expanded Credit Portfolio totaled R$4.1 billion, up 3.6% in the quarter and 6.9% in the yearExpanded Credit Portfolio totaled R$4.1 billion, up 3.6% in the quarter and 6.9% in the yearExpanded Credit Portfolio totaled R$4.1 billion, up 3.6% in the quarter and 6.9% in the yearExpanded Credit Portfolio totaled R$4.1 billion, up 3.6% in the quarter and 6.9% in the year

Funding totaled R$4.4 billion, up 4.8% in the quarter and 12.6% in the yearFunding totaled R$4.4 billion, up 4.8% in the quarter and 12.6% in the yearFunding totaled R$4.4 billion, up 4.8% in the quarter and 12.6% in the yearFunding totaled R$4.4 billion, up 4.8% in the quarter and 12.6% in the year

Income from services rendered and Tariffs totaled R$14.0 million in 4Q14 and R$56.0 million in 2014, for growth Income from services rendered and Tariffs totaled R$14.0 million in 4Q14 and R$56.0 million in 2014, for growth Income from services rendered and Tariffs totaled R$14.0 million in 4Q14 and R$56.0 million in 2014, for growth Income from services rendered and Tariffs totaled R$14.0 million in 4Q14 and R$56.0 million in 2014, for growth

of 94.4% from 2013, mainly driven by revenues from investment banking operations of 94.4% from 2013, mainly driven by revenues from investment banking operations of 94.4% from 2013, mainly driven by revenues from investment banking operations of 94.4% from 2013, mainly driven by revenues from investment banking operations

Guide Investimentos already has Guide Investimentos already has Guide Investimentos already has Guide Investimentos already has AUMAUMAUMAUM of R$1.9 billion, growing of R$1.9 billion, growing of R$1.9 billion, growing of R$1.9 billion, growing 25% in t25% in t25% in t25% in the quarter and 126% in the yearhe quarter and 126% in the yearhe quarter and 126% in the yearhe quarter and 126% in the year

2/18 2/18

6666 EARNINGS RELEASE

4th Quarter 2014

SummarySummarySummarySummary

Message from the Management ............................................................................................................................................ 3

Macroeconomic Scenario ....................................................................................................................................................... 5

Key Indicators .......................................................................................................................................................................... 6

Operating Performance ........................................................................................................................................................... 8

Expanded Credit Portfolio .................................................................................................................................................... 10

Funding ................................................................................................................................................................................. 12

Free Cash .............................................................................................................................................................................. 13

Capital Adequacy .................................................................................................................................................................. 13

Credit Ratings ....................................................................................................................................................................... 13

Capital Markets .................................................................................................................................................................... 14

Balance Sheet ...................................................................................................................................................................... 16

Income Statement ................................................................................................................................................................ 18

3/18 3/18


4th Quarter 2014

Message from the ManagementMessage from the ManagementMessage from the ManagementMessage from the Management

During 4Q14, we prepared ourselves for a scenario of sharper economic slowdown in the country over the coming

months by maintaining our focus on generating quality assets, especially through our fully operational joint ventures in

the agricultural and real estate sectors, which have played a pivotal role in driving the healthy growth of our portfolio,

since we benefit from the expertise of our partners in the sectors and regions where they operate while sharing the

credit risk in the operations originated in these joint ventures and associations. Expanded Credit Portfolio Expanded Credit Portfolio Expanded Credit Portfolio Expanded Credit Portfolio totaled totaled totaled totaled

R$4.1 billion, growing 3.6% in the quarter and 6.9% from December 2013R$4.1 billion, growing 3.6% in the quarter and 6.9% from December 2013R$4.1 billion, growing 3.6% in the quarter and 6.9% from December 2013R$4.1 billion, growing 3.6% in the quarter and 6.9% from December 2013. As proof of our tremendous asset

generation capacity, we originated loans of R$1.4 billion in the quarter, of which R$692 million were in loan renewals

and R$731 million in fresh loans, 98% of which were rated between AA and B.

At the end of the quarter, the Corporate segment accounted for 62.0% (61.6% in September 2014 and 52.2% in

December 2013) of the expanded credit portfolio, compared to 37.6% (38.0% and 47.0% in the respective comparison

periods) of the Emerging Companies segment, which is in line with our more conservative approach to lending. Loans

overdue more than 60 days (NPL 60) slightly increased in the quarter to close at 2.1% of the loan portfolio, as against

2.0% in 3Q14. ManagerialManagerialManagerialManagerial expenses with allowance for loan losses in the last 12 months correspondexpenses with allowance for loan losses in the last 12 months correspondexpenses with allowance for loan losses in the last 12 months correspondexpenses with allowance for loan losses in the last 12 months corresponded to 0.97% of the ed to 0.97% of the ed to 0.97% of the ed to 0.97% of the

expanded credit portfolio, in line with Management’s expectationsexpanded credit portfolio, in line with Management’s expectationsexpanded credit portfolio, in line with Management’s expectationsexpanded credit portfolio, in line with Management’s expectations and lower than 1.45% in September 2014, due to

increased loan recoveries in the quarter. Our bet to agribusiness segment has proved successful since it has lower

default rates and higher cross-selling opportunities for our other products. Total deposits, which include agro notes Total deposits, which include agro notes Total deposits, which include agro notes Total deposits, which include agro notes

(LCA), real estate notes (LCI), and bank notes (LF), amounted to R$4.0 billion, growing 6.9% in the quarter and 24.6% (LCA), real estate notes (LCI), and bank notes (LF), amounted to R$4.0 billion, growing 6.9% in the quarter and 24.6% (LCA), real estate notes (LCI), and bank notes (LF), amounted to R$4.0 billion, growing 6.9% in the quarter and 24.6% (LCA), real estate notes (LCI), and bank notes (LF), amounted to R$4.0 billion, growing 6.9% in the quarter and 24.6%

from December 2013from December 2013from December 2013from December 2013. We continued to diversify the funding mix, especially through the issue of LCAs, which increased

12.5% in the quarter and 109.3% in 12 months, and dispersion of the depositor base, which reached over 11,000

depositors at the end of the quarter, through alliances with more than 50 brokerages and distributors. As a result of all

this, in relation to the interbank rate (CDI), cost of funding continued to fall and reached the lowest in our history this

quarter.

Financial intermediation result before managerial expense with allowance for loan losses totaled R$41.8 million,

29.1% higher than in 3Q14 and 1.8% lower than in 4Q13, with the quarterly increase mainly due to the reversal of the

result from the hedge of trade finance operations, which caused a negative impact in the previous quarter and is

booked under income from derivative financial instruments, with no cash effect.

Income from services rendered and TariffsIncome from services rendered and TariffsIncome from services rendered and TariffsIncome from services rendered and Tariffs continued to perform well, totaling R$14.0 million in 4Q14, down 8.6% in

the quarter, due to lower fee income from the commercial banking operation, but totaling R$56.0 million in 2014,

94.4% higher than in 201394.4% higher than in 201394.4% higher than in 201394.4% higher than in 2013, mainly due to revenue from the investment banking operation, which earned fees of R$5.3

million in 4Q14 and R$21.6 million in 4Q14 (R$2.3 million in 2013). M&A and fixed income operations totaling nearly

R$2.0 billion were concluded in the quarter and the number of active proposals/mandates has increased constantly -

we currently have 42 ongoing mandates. In 4Q14, we wish to highlight the acquisition by our client Lactalis of the dairy

division of BRF in continuation of the acquisition of dairy assets of LBR, which is also advised by BI&P; the sale of

control of our client Servtec in the full divestment of its Facilities division to the GPS Group; and advisory services for

Camará Shopping in raising funds for the development of a shopping mall in Camaragibe in the state of Pernambuco.

In 4Q14, we continued making adjustments to our structure, which resulted in a reduction of 6.9% in the Bank’s

workforce in the quarter and of 17.4% in relation to the end of 2013. Personnel expenses decreased 16.8% from

4Q13, proving the effectiveness of the Bank’s cost cutting measures. Similarly, administrative expenses decreased

16.8% from 4Q13 due to our continuous focus on reducing costs, despite the inflation rate higher than 6% in 2014. We

started 2015 with a leaner and more efficient structure, which will certainly result in further decline of these expenses

when compared to those in effect in 2014. We are continuing our investments in Guide, which resulted in

administrative expenses increasing 5.6% in the quarter and 101.6% from 4Q13, while personnel expenses increased

52.9% from 4Q13 but decreased 3.2% in the quarter.

Guide Investimentos, our investment and distribution arm, is one of the biggest distributors of our funding products and

continues to grow significantly: 3,000 new individual accounts were opened in the year, which closed with 5,000

investors and assets under management of R$1.9 billion (compared to R$1.5 billion in September 2014 and R$823

million in December 2013). In 2014, Guide acquired the client portfolios of brokerages Omar Camargo, in the state of

Paraná, and Geraldo Corrêa, in the state of Minas Gerais, as well as Bullmark, a financial consulting firm focused on

asset management services for high net worth individual investors. We continue to study new partnerships with

independent agents from all over Brazil, in line with Guide’s strategy of expanding its client base and geographical

presence throughout the country. Note that Guide ended 2014 as one of the top 10 brokerages in volume traded in the

4/18 4/18


4th Quarter 2014

coffee and cattle segments on the BM&F commodities exchange and in the forward equity market of the Bovespa stock

exchange.

The quarterly ResultResultResultResult was R$2.0 million, growing slightly from the previous quarter and with significant increase when

compared to 4Q13, but much below the Bank’s potential. Note that since 2011, we have invested in building an

agricultural franchiseagricultural franchiseagricultural franchiseagricultural franchise and this strategy has proved successful, both from the fact that this is a strong and important

sector of the country’s economy and from the opportunity to earn fee income and grow the portfolio. As a result, Banco

BI&P is today recognized as a benchmark among banks in this sector.

5/18 5/18


4th Quarter 2014

Macroeconomic ScenarioMacroeconomic ScenarioMacroeconomic ScenarioMacroeconomic Scenario

The fourth quarter of 2014 was marked by presidential elections in Brazil. In the most hotly contested presidential

elections since 1945, Dilma Rousseff was re-elected for a second term with 54.5 million votes (51.64%), as against 51

million votes (48.36%) obtained by Aécio Neves. The election race brought a high level of volatility to the markets,

especially the stock and currency markets. However, from an economic viewpoint the scenario for 2014 had already

been set. The third and fourth quarters of the year were marked by modest economic recovery which, at best,

compensated slightly for the weak results of the first half of the year, resulting in Gross Domestic Product (GDP) growth

in 2014 of close to zero.

Despite weak economic performance, inflation continued its accelerated rise in the final three months of 2014 to close

the year at 6.41%, close to the ceiling of 6.5%. In this scenario, the Brazilian Central Bank (BCB) decided to start a new

monetary tightening cycle, raising the basic interest rate by 0.75 percentage points in the fourth quarter to 11.75% p.a.

According to the BCB, with the intensification of adjustments in relative prices in the economy price, in other words, the

strengthening of the U.S. dollar against the Brazilian real and the increase in administered prices, an adjustment to the

monetary conditions became necessary to ensure a more moderate inflationary scenario in the coming years.

Apart from the stagnation in overall economic activity and the high rate of inflation, worsening public accounts were a

heavy cause of concern during the year. The poor performance of tax collections, reflecting the economic downturn and

tax cuts, combined with high government spending, resulted in a primary deficit of R$32.5 billion, or 0.63% of GDP in

2014, the worst result in the historical series that started in 2002. In this environment, President Dilma Rousseff

officially announced the new economic team in November. The notable name was Joaquim Levy, who replaces Guido

Mantega as the Finance Minister. In his first speech, Mr. Levy committed to a primary surplus in 2015 of R$66.3

billion, or 1.2% of GDP. Though the announcement of the new economic team pleased the markets, the sharp

deterioration in tax collection in recent years poses major challenges for the Finance Minister, raising uncertainties

regarding the government's capacity to achieve the primary surplus target next year.

In Brazil’s national financial system, total loan operations grew 11.3% in the fourth quarter of 2014 to reach R$3.0

trillion. Average loan term increased from 101.6 months in December 2013 to 104.6 months in December 2014.

Credit as a percentage of GDP ended the fourth quarter at 58.86%, slightly higher than 57.38% in the previous quarter.

In the case of free credit operations, individual defaults dropped from 6.7% in the fourth quarter of 2013 to 6.5%

between October and December this year, while corporate defaults increased slightly from 3.1% to 3.4% in the same

comparison base. The still favorable scenario for default rates even in a less favorable economic scenario is the result

of the more selective approach to lending adopted by Brazilian banks.

Macroeconomic DataMacroeconomic DataMacroeconomic DataMacroeconomic Data 4Q4Q4Q4Q14141414 3Q3Q3Q3Q14141414 4444QQQQ13131313 2014201420142014 2015(e)2015(e)2015(e)2015(e)

Real GBP Growth (Q/Previous Q) 0.10%(e) 0.20% 0.50% 0.0%(e) -0.2%

Inflation (IPCA - IBGE) – quarterly change 1.72% 0.83% 2.04% 1.72% 1.86%

Inflation (IPCA - IBGE) – annual change 6.41% 6.75% 5.91% 6.41% 6.80%

FX (US$/R$) – quarterly change 7.05% 10.83% 6.12% 12.51% 9.10%

Interest Rate (Selic) 11.75% 11.00% 10.00% 11.75% 12.50%

e= expected

6/18 6/18


4th Quarter 2014

Key IndicatorsKey IndicatorsKey IndicatorsKey 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 Central Bank rules, except were otherwise stated.

Since 2Q14, Banco BI&P has presented its results through the Managerial Income Statement, which is based on

reclassifications of accounting Income Statement and is provided to help analyses.

MANAGERIAL INCOME STATEMENTMANAGERIAL INCOME STATEMENTMANAGERIAL INCOME STATEMENTMANAGERIAL INCOME STATEMENT 4444QQQQ14141414 3Q3Q3Q3Q14141414 4444QQQQ14/314/314/314/3QQQQ14141414 4Q4Q4Q4Q13131313 4444QQQQ14/414/414/414/4QQQQ13131313 2014201420142014 2013201320132013 2014/20132014/20132014/20132014/2013

Revenues from Loan Operations & Agro bonds Revenues from Loan Operations & Agro bonds Revenues from Loan Operations & Agro bonds Revenues from Loan Operations & Agro bonds 1111 126.3 126.3 126.3 126.3 126.5 126.5 126.5 126.5 ----0.1%0.1%0.1%0.1% 110.7 110.7 110.7 110.7 14.1%14.1%14.1%14.1% 472.1 472.1 472.1 472.1 318.7 318.7 318.7 318.7 48.1%48.1%48.1%48.1%

Revenues Securities (w/o Agro bonds), Derivat. & FX 2 55.2 42.1 31.1% 46.5 18.8% 163.5 184.6 -11.4%

Financial Intermediation Expenses (w/o ALL) 3 (139.7) (136.3) 2.6% (114.6) 21.9% (489.1) (353.0) 38.6%

Result from Financial IntResult from Financial IntResult from Financial IntResult from Financial Intermediationermediationermediationermediation before ALLbefore ALLbefore ALLbefore ALL 41.8 41.8 41.8 41.8 32.3 32.3 32.3 32.3 29.1%29.1%29.1%29.1% 42.5 42.5 42.5 42.5 ----1.8%1.8%1.8%1.8% 146.6 146.6 146.6 146.6 150.3 150.3 150.3 150.3 ----2.5%2.5%2.5%2.5%

Managerial ALL Expense 4 (8.7) (13.2) -34.4% (13.5) -35.9% (36.0) (163.7) -78.0%

Result from Financial IntermediationResult from Financial IntermediationResult from Financial IntermediationResult from Financial Intermediation 33.1 33.1 33.1 33.1 19.1 19.1 19.1 19.1 73.0%73.0%73.0%73.0% 29.0 29.0 29.0 29.0 14.0%14.0%14.0%14.0% 110.6 110.6 110.6 110.6 (13.5)(13.5)(13.5)(13.5) n.c.n.c.n.c.n.c.

Revenues from services rendered and Tariffs 5 14.0 15.3 -8.6% 8.0 75.4% 56.0 28.8 94.4%

Personnel and Administrative Expenses 6 (42.9) (40.5) 5.9% (46.2) -7.1% (168.0) (160.5) 4.7%

Personnel Expenses w/o GuidePersonnel Expenses w/o GuidePersonnel Expenses w/o GuidePersonnel Expenses w/o Guide (22.6) (20.8) 8.3% (27.1) -16.8% (90.8) (96.4) -5.8%

Personnel Expenses Guide (4.1) (4.2) -3.2% (2.7) 52.9% (15.0) (10.0) 49.9%

Administrative Expenses w/o GuideAdministrative Expenses w/o GuideAdministrative Expenses w/o GuideAdministrative Expenses w/o Guide 6666 (11.8) (11.2) 5.0% (14.2) -16.8% (45.8) (46.1) -0.6%

Administrative Expenses Guide 6 (4.5) (4.2) 5.6% (2.2) 101.6% (16.4) (8.0) 104.9%

Other operating income and expenses 7 (3.5) (1.0) 234.3% 0.2 n.c. (1.8) (5.6) -67.3%

Recurring Operating ResultRecurring Operating ResultRecurring Operating ResultRecurring Operating Result 0.7 0.7 0.7 0.7 (7.2)(7.2)(7.2)(7.2) 109.5%109.5%109.5%109.5% (9.0)(9.0)(9.0)(9.0) 107.6%107.6%107.6%107.6% (3.2)(3.2)(3.2)(3.2) (150.7)(150.7)(150.7)(150.7) ----97.9%97.9%97.9%97.9%

Non-Recurring Operating Expenses (0.4) 1.8 -120.1% (3.6) -89.8% (5.2) (33.9) -84.6%

Effect of discontinuance of hedge accounting (0.4) 1.8 -120.1% (3.6) -89.8% (4.2) (32.9) -87.2%

Other non-Recurring Operating Expenses 0.0 0.0 n.c. 0.0 n.c. (1.0) (1.0) -2.9%

Operating ResultOperating ResultOperating ResultOperating Result 0.3 0.3 0.3 0.3 (5.4)(5.4)(5.4)(5.4) 106.0%106.0%106.0%106.0% (12.6)(12.6)(12.6)(12.6) 102.5%102.5%102.5%102.5% (8.4)(8.4)(8.4)(8.4) (184.6)(184.6)(184.6)(184.6) ----95.4%95.4%95.4%95.4%

NonNonNonNon----operating profitoperating profitoperating profitoperating profit 0.9 0.9 0.9 0.9 9.2 9.2 9.2 9.2 ----90.4%90.4%90.4%90.4% (1.3)(1.3)(1.3)(1.3) 168.8%168.8%168.8%168.8% 7.0 7.0 7.0 7.0 (0.8)(0.8)(0.8)(0.8) n.c.n.c.n.c.n.c.

Income tax and social contribution 3.3 1.1 199.5% 5.7 -42.9% 6.3 77.2 -91.8%

Statutory contributions & Profit sharing (2.5) (3.3) -24.9% (1.8) 35.7% (10.1) (11.8) -14.8%

NetNetNetNet Profit (Loss)Profit (Loss)Profit (Loss)Profit (Loss) 2.0 2.0 2.0 2.0 1.7 1.7 1.7 1.7 20.7%20.7%20.7%20.7% (10.0)(10.0)(10.0)(10.0) 120.2%120.2%120.2%120.2% (5.2)(5.2)(5.2)(5.2) (120.0)(120.0)(120.0)(120.0) ----95.7%95.7%95.7%95.7%

1 Excluding the effects of (i) recoveries of loans written off, and (ii) discounts granted upon settlement of loans in the period.

2 Excludes the effect of discontinuance of the designation of hedge accounting in 2Q12. This effect is included in Non-Recurring Operating Expenses.

3 Includes expenses related to financial intermediation, such as (i) expenses related to the joint venture C&BI, (ii) commission paid to the distributors

of our funding products, especially LCAs and LCIs, which are classified under administrative expenses. Excludes the accounting heading Result of

Sale/Transfer of Financial Assets resulting from the shareholders’ agreement at the time of acquisition of Banco Intercap. This account is

considered while calculating the managerial expense with allowance for loan losses.

4 Managerial expense with allowance for loan losses is calculated by adding to the expense with allowance for loan losses, the effects of (i) the

recovery of loans written off and (ii) discounts granted upon settlement of loans in the period. In 2Q14 it also excludes the impacts of the

shareholders’ agreement at the time of acquisition of Banco Intercap in the Income Statement: (i) from the accounting heading Result of

Sale/Transfer of Financial Assets; and (ii) from other operating expenses and income. In 3Q14 it also excludes the impacts of other credit

assignments in the Income Statement in the accounting heading Result of Sale/Transfer of Financial Assets.

5 Includes expenses booked under administrative expenses related to income from services rendered.

6 Excludes (i) non-recurring operating expenses, (ii) expenses related to financial intermediation, and (iii) expenses related to income from services

rendered.

7 Result of the sum of (i) Other operating income and expenses, (ii) taxes and (iii) Result from affiliated companies. Excludes other operating income

and expenses resulting from the shareholders’ agreement at the time of acquisition of Banco Intercap.

n.c. = not comparable (percentage above 300% or below -300%, or number divided by zero).

7/18 7/18


4th Quarter 2014

Key Key Key Key IndicatorsIndicatorsIndicatorsIndicators

The financial and operating information presented in this report are based on consolidated financials prepared in

millions of Real (local currency), according to Brazilian Central Bank rules, except were otherwise stated.

Assets & LiabilitiesAssets & LiabilitiesAssets & LiabilitiesAssets & Liabilities 4444QQQQ14141414 3333QQQQ14141414 4444QQQQ14/314/314/314/3QQQQ14141414 4Q4Q4Q4Q13131313 4444QQQQ14/414/414/414/4QQQQ13131313

Loan Portfolio 2,988.8 2,951.0 1.3% 3,025.2 -1.2%

Expanded Loan PortfolioExpanded Loan PortfolioExpanded Loan PortfolioExpanded Loan Portfolio 1111 4,135.7 4,135.7 4,135.7 4,135.7 3,991.7 3,991.7 3,991.7 3,991.7 3.6%3.6%3.6%3.6% 3,867.1 3,867.1 3,867.1 3,867.1 6.9%6.9%6.9%6.9%

Cash & Short Term Investments 610.9 55.9 n.c. 241.0 153.5%

Securities and Derivatives 1,361.6 1,905.4 -28.5% 1,347.7 1.0%

Securities excl. Agro Sec. & Private Credit Bonds Securities excl. Agro Sec. & Private Credit Bonds Securities excl. Agro Sec. & Private Credit Bonds Securities excl. Agro Sec. & Private Credit Bonds 2 413.9 413.9 413.9 413.9 1,071.1 1,071.1 1,071.1 1,071.1 ----61.4%61.4%61.4%61.4% 684.8 684.8 684.8 684.8 ----39.6%39.6%39.6%39.6%

Total AssetsTotal AssetsTotal AssetsTotal Assets 5,526.7 5,526.7 5,526.7 5,526.7 5,490.5 5,490.5 5,490.5 5,490.5 0.7%0.7%0.7%0.7% 4,936.8 4,936.8 4,936.8 4,936.8 11.9%11.9%11.9%11.9%

Total Deposits 4,010.2 3,751.3 6.9% 3,219.0 24.6%

Open Market 204.9 338.5 -39.5% 85.9 138.6%

Foreign Borrowings 189.6 220.1 -13.8% 364.3 -47.9%

Domestic Onlendings 185.7 214.9 -13.6% 310.0 -40.1%

Shareholders’ EquityShareholders’ EquityShareholders’ EquityShareholders’ Equity 676.6 676.6 676.6 676.6 672.8 672.8 672.8 672.8 0.6%0.6%0.6%0.6% 674.2 674.2 674.2 674.2 0.4%0.4%0.4%0.4%

PerformancePerformancePerformancePerformance 4Q4Q4Q4Q14141414 3Q3Q3Q3Q14141414 4444QQQQ14/314/314/314/3QQQQ14141414 4Q4Q4Q4Q13131313 4444QQQQ14/414/414/414/4QQQQ13131313 2014201420142014 2013201320132013 2014/20132014/20132014/20132014/2013

Free Cash 748.6 717.3 4.4% 758.0 -1.2%

NPL 60 days/ Loan portfolio 2.1% 2.0% 0.0 p.p. 2.3% -0.3 p.p.

NPL 90 days/ Loan portfolio 1.7% 1.5% 0.2 p.p. 1.9% -0.2 p.p.

Basel Index 13.1% 13.2% 0.0 p.p. 14.8% -1.7 p.p.

ROAE 1.2% 1.0% 0.2 p.p. -6.2% 7.4 p.p. -0.8% -19.0% 18.3 p.p.

Net Interest Margin with clients 4.14% 4.12% 0.02 p.p. 3.99% 0.15 p.p. 4.09% 4.04% 0.05 p.p.

Efficiency Ratio 92.7% 97.4% -4.8 p.p. 99.0% -6.3 p.p. 93.5% 102.5% -9.0 p.p.

Efficiency Ratio BI&P group w/o Guide 87.7% 88.2% -0.5 p.p. 98.6% -10.9 p.p. 86.3% 100.2% -13.9 p.p.

Other InformationOther InformationOther InformationOther Information 4444QQQQ14141414 3Q3Q3Q3Q14141414 4444QQQQ14/314/314/314/3QQQQ14141414 4Q4Q4Q4Q13131313 4444QQQQ14/414/414/414/4QQQQ13131313

Number of Corporate Clients 1,198 973 23.1% 1,063 12.7%

Number of Employees 405 427 -5.2% 443 -8.6%

Banco BI&P employees3 309 332 -6.9% 374 -17.4%

Guide Investimentos 96 95 1.1% 69 39.1%

1 Including Guarantees issued, Private Credit Bonds (PNs and Debentures) and Agro Securities (CDA/WA and CPR).

2 Excluding Agro Securities (CPRs and CDA/WA) and Private Credit Bonds (PNs and debentures) for trading.

3 Including BI&P Cereais.

n.c. = not comparable (percentage above 300% or below -300%, or number divided by zero).

8/18 8/18


4th Quarter 2014

Operating PerformanceOperating PerformanceOperating PerformanceOperating Performance

Financial intermediation result before managerial expense with allowance for loan losses totaled R$41.8 million, 29.1%

higher than in 3Q13, mainly due to the reversal of the result from the hedge of trade finance operations, which caused a

negative impact in the previous quarter and is booked under income from derivative financial instruments, with no cash

effect.

Managerial expenses with allowance for loan losses in the last 12 months corresponded to 0.97% of the expanded credit

portfolio (1.05% in 3Q14), lower than Management’s expectations. The decline in the ratio was due to higher loan

recoveries in the quarter, which totaled R$14.0 million, as against R$2.1 million in 3Q14.

The quarterly Result was R$2.0 million, growing slightly from the previous quarter and with significant increase when

compared to 4Q13, but much below the Bank’s potential.

Financial Intermediation ResultFinancial Intermediation ResultFinancial Intermediation ResultFinancial Intermediation Result

before Allowance for Loan Lossesbefore Allowance for Loan Lossesbefore Allowance for Loan Lossesbefore Allowance for Loan Losses Net ResultNet ResultNet ResultNet Result

ProfitabilityProfitabilityProfitabilityProfitability

Financial IntermediationFinancial IntermediationFinancial IntermediationFinancial Intermediation 4444QQQQ14141414 3333QQQQ14141414 4444QQQQ14/314/314/314/3QQQQ14141414 4444QQQQ13131313 4444QQQQ14/414/414/414/4QQQQ13131313 2014201420142014 2013201320132013 2014/20132014/20132014/20132014/2013

Financial Intermediation RevenuesFinancial Intermediation RevenuesFinancial Intermediation RevenuesFinancial Intermediation Revenues 181.5 181.5 181.5 181.5 168.6 168.6 168.6 168.6 7.7%7.7%7.7%7.7% 157.1 157.1 157.1 157.1 15.5%15.5%15.5%15.5% 635.6 635.6 635.6 635.6 503.2 503.2 503.2 503.2 26.3%26.3%26.3%26.3%

Loan Operations and Agro Bonds 126.3 126.5 -0.1% 110.7 14.1% 472.1 318.7 48.1%

Loans, Discount Receivables and Agro Bonds 104.3 105.7 -1.4% 101.2 3.1% 393.8 285.8 37.8%

Financing 22.0 20.8 6.0% 9.5 131.6% 78.2 32.8 138.6%

Other 0.0 0.0 159.5% 0.0 7.1% 0.1 0.0 247.5%

Securities (w/o Agro bonds) 28.8 19.0 51.6% 26.4 9.2% 89.3 77.3 15.6%

Derivatives (11.4) (19.5) -41.6% (2.9) 290.6% (21.2) 23.5 -190.1%

FX Operations Result 37.8 42.7 -11.4% 23.0 64.3% 95.4 83.8 13.8%

Financial Intermediation ExpensesFinancial Intermediation ExpensesFinancial Intermediation ExpensesFinancial Intermediation Expenses (139.7)(139.7)(139.7)(139.7) (136.3)(136.3)(136.3)(136.3) 2.6%2.6%2.6%2.6% (114.6)(114.6)(114.6)(114.6) 21.9%21.9%21.9%21.9% (489.1)(489.1)(489.1)(489.1) (353.0)(353.0)(353.0)(353.0) 38.6%38.6%38.6%38.6%

Money Market Funding (123.2) (110.3) 11.6% (85.8) 43.6% (427.0) (251.1) 70.1%

Time Deposits (66.0) (62.0) 6.4% (59.2) 11.4% (256.8) (181.3) 41.7%

Repurchase Transactions (6.8) (7.0) -2.6% (4.8) 40.5% (18.9) (15.1) 24.6%

Interbank Deposits (0.3) (0.5) -50.8% (0.4) -34.2% (1.8) (3.0) -42.2%

Agro Bonds (LCA), Real Estate (LCI) & Bank Notes (LF) (45.6) (36.3) 25.6% (18.1) 152.7% (133.9) (45.7) 192.7%

Other (4.5) (4.4) 0.8% (3.2) 38.2% (15.7) (5.9) 165.3%

Loans, Assignments & Onlending (16.5) (25.9) -36.3% (28.4) -41.7% (62.0) (100.9) -38.5%

Foreign Borrowings (13.5) (22.2) -39.4% (22.6) -40.3% (47.0) (80.0) -41.3%

Domestic Borrowings & Onlending (3.1) (3.7) -17.4% (5.8) -47.2% (15.0) (20.9) -27.9%

Sales operations/transfer of financial assets (0.1) 0.0 n.c. (0.5) -88.5% (0.1) (1.0) -94.6%

Gross Result from Financial Intermediation before ALLGross Result from Financial Intermediation before ALLGross Result from Financial Intermediation before ALLGross Result from Financial Intermediation before ALL 41.8 41.8 41.8 41.8 32.3 32.3 32.3 32.3 29.1%29.1%29.1%29.1% 42.5 42.5 42.5 42.5 ----1.8%1.8%1.8%1.8% 146.6 146.6 146.6 146.6 150.3 150.3 150.3 150.3 ----2.5%2.5%2.5%2.5%

Managerial ALL Expense (8.6) (13.2) -35.0% (13.5) -36.5% (36.0) (163.7) -78.0%

Gross Result from Financial IntermediationGross Result from Financial IntermediationGross Result from Financial IntermediationGross Result from Financial Intermediation 33.2 33.2 33.2 33.2 19.1 19.1 19.1 19.1 73.5%73.5%73.5%73.5% 29.0 29.0 29.0 29.0 14.3%14.3%14.3%14.3% 110.6 110.6 110.6 110.6 (13.5)(13.5)(13.5)(13.5) n.c.n.c.n.c.n.c.

42.542.542.542.5

29.129.129.129.1

43.343.343.343.3

32.332.332.332.3

41.841.841.841.8

4Q13 1Q14 2Q14 3Q14 4Q14

R$

mill

ion

----10.010.010.010.0 ----9.99.99.99.9

1.11.11.11.1 1.71.71.71.7 2.02.02.02.0

4Q13 1Q14 2Q14 3Q14 4Q14

R$

mill

ion

9/18 9/18


4th Quarter 2014

Net Interest Margin (NIM)Net Interest Margin (NIM)Net Interest Margin (NIM)Net Interest Margin (NIM)

Managerial net interest margin with clients was 4.14% in 4Q14, compared to 4.12% in 3Q14.

Net Interest MarginNet Interest MarginNet Interest MarginNet Interest Margin 4Q144Q144Q144Q14 3Q143Q143Q143Q14 4Q14/3Q144Q14/3Q144Q14/3Q144Q14/3Q14 4Q134Q134Q134Q13 4Q14/4Q134Q14/4Q134Q14/4Q134Q14/4Q13 2014201420142014 2013201320132013 2014/20132014/20132014/20132014/2013

A. Result from Finan. Int. before ALL 41.8 32.3 29.1% 42.5 -1.8% 146.6 150.3 -2.5%

B. Average Interest bearing Assets 4,470.5 4,393.3 1.8% 4,018.5 11.2% 4,323.2 3,735.9 15.7%

Adjustm. for non-remunerated average assets 1 (263.2) (278.5) -5.5% (116.4) 126.1% (197.0) (173.8) 13.3%

B.a. Adjusted Average Interest bearing Assets 4,207.2 4,114.9 2.2% 3,902.1 7.8% 4,126.2 3,562.1 15.8%

Net Interest Margin (Aa/Ba)Net Interest Margin (Aa/Ba)Net Interest Margin (Aa/Ba)Net Interest Margin (Aa/Ba) 4.0%4.0%4.0%4.0% 3.2%3.2%3.2%3.2% 0.8 p.p.0.8 p.p.0.8 p.p.0.8 p.p. 4.4%4.4%4.4%4.4% ----0.4 p.p.0.4 p.p.0.4 p.p.0.4 p.p. 3.6%3.6%3.6%3.6% 4.2%4.2%4.2%4.2% ----0.7 p.p.0.7 p.p.0.7 p.p.0.7 p.p.

Managerial NIM with ClientsManagerial NIM with ClientsManagerial NIM with ClientsManagerial NIM with Clients 4444....14%14%14%14% 4444....12%12%12%12% 0000....02 p.p.02 p.p.02 p.p.02 p.p. 3333....99%99%99%99% 0000....15 p.p.15 p.p.15 p.p.15 p.p. 4444....09%09%09%09% 4444....04%04%04%04% 0000....00005555 p.p.p.p.p.p.p.p.

1 Repos with equivalent volumes, tenors and rates both in assets and liabilities.

EfficiencyEfficiencyEfficiencyEfficiency

During the course of 2014, we exercised strict control over both personnel and administrative expenses at the Bank. In

4Q14, the workforce was reduced by 6.9% in the quarter and 17.4% from December 2013, while personnel expenses

increased 8.3% in the quarter due to the effects of the collective bargaining agreement in the sector, and decreased

16.8% from 4Q13, demonstrating the effectiveness of the efforts employed. Similarly, administrative expenses

increased 5.0% from 3Q14, mainly due to loan recovery expenses, yet decreased 16.8% from 4Q13.

Efficiency Ratio w/o Guide InvestimentosEfficiency Ratio w/o Guide InvestimentosEfficiency Ratio w/o Guide InvestimentosEfficiency Ratio w/o Guide Investimentos 4Q144Q144Q144Q14 3Q143Q143Q143Q14 4Q14/3Q144Q14/3Q144Q14/3Q144Q14/3Q14 4Q134Q134Q134Q13 4Q14/4Q134Q14/4Q134Q14/4Q134Q14/4Q13 2014201420142014 2013201320132013 2014/20132014/20132014/20132014/2013

Personnel Expenses 22.6 20.8 8.3% 27.1 -16.8% 90.8 96.4 -5.8%

Contributions and Profit-sharing 2.2 2.7 -20.2% 1.7 28.0% 8.9 11.2 -20.2%

Administrative Expenses 11.8 11.2 5.0% 14.2 -16.8% 45.8 46.1 -0.6%

Taxes 3.0 2.9 1.1% 3.3 -9.8% 12.8 10.4 22.6%

A. Total Operating ExpensesA. Total Operating ExpensesA. Total Operating ExpensesA. Total Operating Expenses 39.5 39.5 39.5 39.5 37.7 37.7 37.7 37.7 4.7%4.7%4.7%4.7% 46.3 46.3 46.3 46.3 ----14.7%14.7%14.7%14.7% 158.3 158.3 158.3 158.3 164.0 164.0 164.0 164.0 ----3.5%3.5%3.5%3.5%

Gross Income Financial Intermediation (w/o ALL) 37.8 30.8 22.8% 40.5 -6.6% 137.6 145.5 -5.4%

Income from Services Rendered 9.8 10.9 -10.3% 4.7 109.8% 41.3 17.2 140.1%

Other Net Operating Income (2.6) 1.1 n.c. 1.8 -244.7% 4.6 1.0 n.c.

B. Total Operating Income B. Total Operating Income B. Total Operating Income B. Total Operating Income 45.0 45.0 45.0 45.0 42.8 42.8 42.8 42.8 5.1%5.1%5.1%5.1% 46.9 46.9 46.9 46.9 ----4.2%4.2%4.2%4.2% 183.5 183.5 183.5 183.5 163.7 163.7 163.7 163.7 12.1%12.1%12.1%12.1%

Efficiency Ratio (A/B)Efficiency Ratio (A/B)Efficiency Ratio (A/B)Efficiency Ratio (A/B) 87.8%87.8%87.8%87.8% 88.2%88.2%88.2%88.2% ----0.4 p.p.0.4 p.p.0.4 p.p.0.4 p.p. 98.6%98.6%98.6%98.6% ----10.7 p.p.10.7 p.p.10.7 p.p.10.7 p.p. 86.3%86.3%86.3%86.3% 100.2%100.2%100.2%100.2% ----13.9 p.p.13.9 p.p.13.9 p.p.13.9 p.p.

The efficiency ratio of the group, including Guide Investimentos, was higher than the previous ratio because of the

investments made in recent quarters at Guide on account its current phase of structuring and growth.

Efficiency RatioEfficiency RatioEfficiency RatioEfficiency Ratio 4Q144Q144Q144Q14 3Q143Q143Q143Q14 4Q14/3Q144Q14/3Q144Q14/3Q144Q14/3Q14 4Q134Q134Q134Q13 4Q14/4Q134Q14/4Q134Q14/4Q134Q14/4Q13 2014201420142014 2013201320132013 2014/20132014/20132014/20132014/2013

Personnel Expenses 26.7 25.1 6.3% 29.8 -10.5% 105.8 106.4 -0.6%

Contributions and Profit-sharing 2.5 3.3 -24.9% 1.8 35.7% 10.1 11.8 -14.8%

Administrative Expenses 16.3 15.5 5.2% 16.4 -0.7% 62.2 54.1 15.1%

Taxes 3.8 3.6 4.2% 3.8 0.0% 15.5 12.4 25.3%

A. Total Operating ExpensesA. Total Operating ExpensesA. Total Operating ExpensesA. Total Operating Expenses 49.2 49.2 49.2 49.2 47.5 47.5 47.5 47.5 3.6%3.6%3.6%3.6% 51.8 51.8 51.8 51.8 ----5.0%5.0%5.0%5.0% 193.6 193.6 193.6 193.6 184.7 184.7 184.7 184.7 4.8%4.8%4.8%4.8%

Gross Income Financial Intermediation (w/o ALL) 41.8 32.3 29.1% 42.5 -1.8% 146.6 150.3 -2.5%

Income from Services Rendered 14.0 15.3 -8.6% 8.0 75.4% 56.0 28.8 94.4%

Other Net Operating Income (2.7) 1.1 n.c. 1.8 -249.0% 4.6 1.1 n.c.

B. Total Operating Income B. Total Operating Income B. Total Operating Income B. Total Operating Income 53.0 53.0 53.0 53.0 48.8 48.8 48.8 48.8 8.8%8.8%8.8%8.8% 52.3 52.3 52.3 52.3 1.3%1.3%1.3%1.3% 207.2 207.2 207.2 207.2 180.2 180.2 180.2 180.2 14.9%14.9%14.9%14.9%

Efficiency Ratio (A/B)Efficiency Ratio (A/B)Efficiency Ratio (A/B)Efficiency Ratio (A/B) 92.8%92.8%92.8%92.8% 97.4%97.4%97.4%97.4% ----4.6 p.p.4.6 p.p.4.6 p.p.4.6 p.p. 99.0%99.0%99.0%99.0% ----6.2 p.p.6.2 p.p.6.2 p.p.6.2 p.p. 93.5%93.5%93.5%93.5% 102.5%102.5%102.5%102.5% ----9.0 p.p.9.0 p.p.9.0 p.p.9.0 p.p.

* Net of other operating expenses to eliminate the effects of the revenues and costs of the BI&P Cerais operation.

10/18 10/18


4th Quarter 2014

Expanded Credit PortfolioExpanded Credit PortfolioExpanded Credit PortfolioExpanded Credit Portfolio

In December 2014, the Classic Credit Portfolio totaled R$3.0 billion, up 1.3% in the quarter but down 1.2% in 12

months, while the Expanded Credit Portfolio totaled R$4.1 billion, up 3.6% in the quarter and 6.9% in 12 months. We

originated loans of R$1.4 billion, of which R$692 million were loan renewals and R$731 million were fresh loans,

proving the tremendous asset generation capacity of the commercial area.

Expanded Credit Portfolio by Product GroupExpanded Credit Portfolio by Product GroupExpanded Credit Portfolio by Product GroupExpanded Credit Portfolio by Product Group 4Q144Q144Q144Q14 3Q143Q143Q143Q14 4Q14/3Q144Q14/3Q144Q14/3Q144Q14/3Q14 4Q134Q134Q134Q13 4Q14/4Q134Q14/4Q134Q14/4Q134Q14/4Q13

Loans & Financing in Real 1 2,165.9 2,200.0 -1.6% 2,315.5 -6.5%

Assignment of Receivables Originated by our Clients 263.4 228.8 15.1% 308.9 -14.7%

Trade Finance (ACC/ACE/IMPFIN) 517.9 509.3 1.7% 372.2 39.2%

Other 2 41.6 12.9 222.7% 28.7 44.9%

Credit PortfolioCredit PortfolioCredit PortfolioCredit Portfolio 2,988.8 2,988.8 2,988.8 2,988.8 2,951.0 2,951.0 2,951.0 2,951.0 1.3%1.3%1.3%1.3% 3,025.2 3,025.2 3,025.2 3,025.2 ----1.2%1.2%1.2%1.2%

Guarantees Issued (LGs & L/Cs) 199.2 206.5 -3.5% 179.0 11.3%

Agro Bonds (Securities: CPRs & CDA/WA; Credit: CDCAs) 885.1 771.3 14.8% 637.8 38.8%

Private Credit Bonds (Securities: PNs & Debentures) 62.7 63.0 -0.6% 25.2 149.1%

Expanded Credit PortfolioExpanded Credit PortfolioExpanded Credit PortfolioExpanded Credit Portfolio 4,135.7 4,135.7 4,135.7 4,135.7 3,991.7 3,991.7 3,991.7 3,991.7 3.6%3.6%3.6%3.6% 3,867.1 3,867.1 3,867.1 3,867.1 6.9%6.9%6.9%6.9%

1 Starting from March 2014, export credit notes (NCE) and export notes (CCE) originated by Banco Intercap are included in Loans & Financing in

BRL, as well as NCE and CCE originated by Banco BI&P are classified. 2 The Other segment basically consists of Consumer Credit operations for Used Vehicles and financing of non-operating assets.

The Corporate segment (companies with annual revenues of between R$500 million and R$3 billion) accounted for

62% of the expanded credit portfolio while the Emerging Companies segment (companies with annual revenues of

between R$200 million and R$500 million) accounted for 38%, due to the more conservative approach to lending

adopted by the Bank.

Expanded Credit Portfolio Expanded Credit Portfolio Expanded Credit Portfolio Expanded Credit Portfolio

by by by by SegmentSegmentSegmentSegment Expanded Credit Portfolio by Expanded Credit Portfolio by Expanded Credit Portfolio by Expanded Credit Portfolio by

Client ConcentrationClient ConcentrationClient ConcentrationClient Concentration

* The Other segment basically consists of Consumer Credit operations for Used Vehicles and financing of non-operating assets.

In 4Q14, the agro bonds portfolio totaled R$1,022 million, up 11.4% in the quarter and 34.7% in 12 months. Portfolio

growth was driven by the Bank’s investments in joint ventures and new alliances for generating assets. Note that

assets of over R$3.6 billion were generated over the past three years, with annualized losses of 0.03%.

Agro Bonds PortfolioAgro Bonds PortfolioAgro Bonds PortfolioAgro Bonds Portfolio 4Q144Q144Q144Q14 3Q143Q143Q143Q14 4Q14/3Q144Q14/3Q144Q14/3Q144Q14/3Q14 4Q134Q134Q134Q13 4Q14/4Q134Q14/4Q134Q14/4Q134Q14/4Q13

Booked under SecuritiesBooked under SecuritiesBooked under SecuritiesBooked under Securities 885.1 885.1 885.1 885.1 771.3 771.3 771.3 771.3 14.8%14.8%14.8%14.8% 637.8 637.8 637.8 637.8 38.8%38.8%38.8%38.8%

Warrants - CDA/WA 64.2 70.2 -8.6% 15.6 n.c.

Agro Product Certificate - CPR 820.9 701.1 17.1% 622.2 31.9%

BookedBookedBookedBooked under Credit Portfolio under Credit Portfolio under Credit Portfolio under Credit Portfolio ---- Loans & FinancingLoans & FinancingLoans & FinancingLoans & Financing 137.1 137.1 137.1 137.1 146.4 146.4 146.4 146.4 ----6.4%6.4%6.4%6.4% 121.0 121.0 121.0 121.0 13.3%13.3%13.3%13.3%

Agro Credit Rights Certificate - CDCA 137.1 146.4 -6.4% 121.0 13.3%

Agricultural BondsAgricultural BondsAgricultural BondsAgricultural Bonds 1,022.1 1,022.1 1,022.1 1,022.1 917.7 917.7 917.7 917.7 11.4%11.4%11.4%11.4% 758.8 758.8 758.8 758.8 34.7%34.7%34.7%34.7%

47% 43% 40% 38% 38%

52% 56% 59% 62% 62%

1% 1% 1% 0.5% 0.3%

Dec13 Mar14 Jun 14 Sep 14 Dec 14

Emerging Companies Corporate Others*

10%

13%

14%

26%

27%

28%

24%

27%

26%

39%

33%

33%

Dec 13

Sept 14

Dec 14

Top 10 11 - 60 largest 61 - 160 largest Other

11/18 11/18


4th Quarter 2014

Expanded Credit PortfolioExpanded Credit PortfolioExpanded Credit PortfolioExpanded Credit Portfolio by by by by RegionRegionRegionRegion

Expanded Expanded Expanded Expanded Credit PortfolioCredit PortfolioCredit PortfolioCredit Portfolio by Economic Sectorby Economic Sectorby Economic Sectorby Economic Sector

Quality of Expanded Credit PortfolioQuality of Expanded Credit PortfolioQuality of Expanded Credit PortfolioQuality of Expanded Credit Portfolio

In line with the credit policy being adopted since April 2011, we maintained our focus on lending to clients with better

credit standing, which is evident from the high percentage of loans rated between AA and B in 4Q14, which

represented 98% of total lending in the period. The balance of loans classified in the low risk categories (AA to B)

ended the quarter at 92.1% of total loan operations (compared to 90.8% and 87.1% respectively, at the end of 3Q14

and 4Q13), as the following chart shows.

Expanded Credit Portfolio by RatingExpanded Credit Portfolio by RatingExpanded Credit Portfolio by RatingExpanded Credit Portfolio by Rating Coverage RatioCoverage RatioCoverage RatioCoverage Ratio

The increase in operations rated AA is due to collateralized operations in Brazilian real and foreign currencies, which

were provisioned for starting from December 2014. This provision is booked in the Income Statement under the item

Other Operating Expense in the account Expenses with Contingencies in Recourses (Guarantees).

Of the R$193.2 million rated between D and H, R$131.7 million, or 68%, consists of loans whose payments are regular.

The default rate on loans overdue more than 60 days (NPL 60 days) increased slightly by 0.1 p.p. in the quarter but fell

0.2 p.p. in 12 months. Loans overdue more than 90 days (NPL 90) increased 0.2 p.p. in the quarter but fell 0.2 p.p. in

relation to December 2013.

Default by segmentDefault by segmentDefault by segmentDefault by segment 4444Q14Q14Q14Q14 3333Q14Q14Q14Q14

> 60 days> 60 days> 60 days> 60 days > 90 days> 90 days> 90 days> 90 days

4444Q14Q14Q14Q14 3333Q14Q14Q14Q14 4444Q14Q14Q14Q14 3333Q14Q14Q14Q14

Credit PortfolioCredit PortfolioCredit PortfolioCredit Portfolio %%%% NPLNPLNPLNPL %%%% NPLNPLNPLNPL %%%% NPLNPLNPLNPL %%%%

Emerging Companies 1,005.0 991.9 61.2 6.1% 57.2 5.8% 50.3 5.0% 42.0 4.2%

Corporate 1,970.0 1,940.6 0.2 0.0% 2.9 0.2% 0.2 0.0% 2.8 0.1%

Other 13.8 18.5 0.1 0.4% 0.0 0.2% 0.1 0.4% 0.0 0.2%

TOTAL TOTAL TOTAL TOTAL 2,988.82,988.82,988.82,988.8 2,951.02,951.02,951.02,951.0 61.561.561.561.5 2.1%2.1%2.1%2.1% 60.260.260.260.2 2.0%2.0%2.0%2.0% 50.650.650.650.6 1.7%1.7%1.7%1.7% 44.844.844.844.8 1.5%1.5%1.5%1.5%

Allowance for Loan Losses (ALL) 101.5 94.0

Managerial expenses with allowance for loan losses in the last 12 months corresponded to 0.97% of the expanded credit

portfolio (1.05% in 3Q14), in line with Management’s expectations. The drop in the percentage in relation to the previous

quarter was mainly driven by loan recoveries, which totaled R$14 million in the quarter, as against R$2 million in 3Q14.

North1%

Northeast7%

Midwest25%

Southeast52%

South15%

12.5%

1.3%

1.6%

2.2%

2.9%

3.1%

3.3%

3.5%

3.7%

4.0%

4.9%

5.2%

6.0%

8.6%

11.8%

25.6%

Other Sectors (less than 1.3%)

Chemical & Pharmaceutical

Financial Activities

Power Generation & Distribution

Infrastructure

International Commerce

Raw Materials

Transport and Logistics

Textile, Leather and Confection

Commerce - Retail & Wholesale

Automotive

Livestock

Food & Beverage

Oil, Biofuel & Sugar

Real Estate

Agriculture

12/18 12/18


4th Quarter 2014

FundingFundingFundingFunding

Funding totaled R$4.4 billion in December 2014, up 4.8% in the quarter and 12.6% in 12 months. The leading funding

sources were agro notes (LCA), which increased 12.5% in the quarter and 109.3% from December 2013, and real

estate notes (LCI), which increased 60.2% and 63.5% in the respective comparison periods. Also worth highlighting was

the diversification of the depositor base, which totaled more than 11,000 at the end of the quarter, an increase of 22%

from September 2014 and 177% from December 2013. As a result of all this, in relation to the interbank rate (CDI),

cost of funding continued to fall and reached the lowest in our history this quarter.

Total FundingTotal FundingTotal FundingTotal Funding 4Q144Q144Q144Q14 3Q143Q143Q143Q14 4Q14/3Q144Q14/3Q144Q14/3Q144Q14/3Q14 4Q134Q134Q134Q13 4Q14/4Q134Q14/4Q134Q14/4Q134Q14/4Q13

Total DepositsTotal DepositsTotal DepositsTotal Deposits 4,010.2 4,010.2 4,010.2 4,010.2 3,751.3 3,751.3 3,751.3 3,751.3 6.9%6.9%6.9%6.9% 3,219.0 3,219.0 3,219.0 3,219.0 24.6%24.6%24.6%24.6%

Time Deposits 861.0 814.8 5.7% 1,004.2 -14.3%

Insured Time Deposits (DPGE) 1,308.4 1,328.2 -1.5% 1,227.5 6.6%

DPGE I 876.6 914.6 -4.2% 1,153.9 -24.0%

DPGE II 431.8 413.6 4.4% 73.5 n.c.

Agro Notes (LCA) 1,573.5 1,399.1 12.5% 751.7 109.3%

Real Estate Notes (LCI) 181.0 113.0 60.2% 110.7 63.5%

Bank Notes (LF) 25.6 24.8 3.2% 55.6 -54.0%

Interbank Deposits 8.9 15.8 -43.3% 25.6 -65.0%

Demand Deposits and Other 51.8 55.7 -7.1% 43.9 18.1%

Domestic OnlendingDomestic OnlendingDomestic OnlendingDomestic Onlending 185.7 185.7 185.7 185.7 214.9 214.9 214.9 214.9 ----13.6%13.6%13.6%13.6% 310.0 310.0 310.0 310.0 ----40.1%40.1%40.1%40.1%

Foreign BorrowingsForeign BorrowingsForeign BorrowingsForeign Borrowings 189.6 189.6 189.6 189.6 220.1 220.1 220.1 220.1 ----13.8%13.8%13.8%13.8% 364.3 364.3 364.3 364.3 ----47.9%47.9%47.9%47.9%

Trade Finance 189.6 183.3 3.4% 329.1 -42.4%

Other Foreign Borrowings 0.0 36.8 n.c. 35.2 n.c.

TOTALTOTALTOTALTOTAL 4,385.6 4,385.6 4,385.6 4,385.6 4,186.4 4,186.4 4,186.4 4,186.4 4.8%4.8%4.8%4.8% 3,893.3 3,893.3 3,893.3 3,893.3 12.6%12.6%12.6%12.6%

By TypeBy TypeBy TypeBy Type By InvestorBy InvestorBy InvestorBy Investor By MaturityBy MaturityBy MaturityBy Maturity

* Insured time deposits are represented by DPGE. DPGE I and II are two types of time deposits insured by FGC and differ in cost and framework.

Average term of deposits is 568 days from issuance (597 days in September 2014) and 251 days from maturity (270

days in September 2014).

Average Term in daysAverage Term in daysAverage Term in daysAverage Term in days

Type of DepositType of DepositType of DepositType of Deposit from issuancefrom issuancefrom issuancefrom issuance to maturity ¹to maturity ¹to maturity ¹to maturity ¹

Interbank 225 102

Time Deposits 663 504

Time Deposits with Special Guarantee DPGE) 918 236

Agro Notes (LCA) 259 139

Real Estate Letters of Credit (LCI) 217 124

Bank Notes (LF) 1.141 638

Portfolio of DepositsPortfolio of DepositsPortfolio of DepositsPortfolio of Deposits 2222 568568568568 251251251251

1 From December 31, 2014. | 2 Volume weighted average.

Time Deposits

20%

DPGE I *20%

DPGE II *10%

Agro Bonds36%

Bank & Real Estate

Notes5%

BNDES Onlendings

4%

Trade Finance

4%

Interbank & Demand

1%

Institutional Investors

32%

Enterprises14%

National Banks0.2%

Brokers30%

Individuals13%

Other2%

BNDES Onlending

4%Foreign Banks

5%

Demand1%

Up to 90 days32%

91 to 180 days

22%

181 to 360 days

25%

+360 days20%

13/18 13/18


4th Quarter 2014

Free CashFree CashFree CashFree Cash

On December 31, 2014, free cash totaled R$748.6 million, equivalent to 18.7%

of total deposits and 1.1 times 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 (CPR), agribusiness deposit certificates and

warrants (CDA/WA), debentures and promissory notes (NP).

Capital Adequacy Capital Adequacy Capital Adequacy Capital Adequacy

The Basel Accord requires banks to maintain a minimum percentage of the capital weighted by the risk in their

operations. The Brazilian Central Bank stipulates that banks operating in the country should maintain at least 11%,

calculated according to the Basel II and Basel III Accord regulations, which provides greater security to the country’s

financial system against volatile economic conditions.

The following table shows BI&P’s position in relation to the Central Bank’s minimum capital requirements

Basel Basel Basel Basel IndexIndexIndexIndex 4Q144Q144Q144Q14 3Q143Q143Q143Q14 4Q14/3Q144Q14/3Q144Q14/3Q144Q14/3Q14 4Q134Q134Q134Q13 4Q14/4Q134Q14/4Q134Q14/4Q134Q14/4Q13

Total Capital 604.4 604.4 604.4 604.4 599.9 599.9 599.9 599.9 0.8%0.8%0.8%0.8% 643.1 643.1 643.1 643.1 ----6.0%6.0%6.0%6.0%

Tier I 604.4 599.9 0.8% 643.1 -6.0%

Tier II 0.0 0.0 n.c. 0.0 n.c.

Deductions 0.0 0.0 n.c. 0.0 n.c.

Required Capital 505.9 505.9 505.9 505.9 500.8 500.8 500.8 500.8 1.0%1.0%1.0%1.0% 476.9 476.9 476.9 476.9 6.1%6.1%6.1%6.1%

Credit Risk allocation 474.4 467.6 1.5% 444.0 6.9%

Market Risk Allocation 15.2 17.0 -10.5% 17.0 -10.4%

Operating Risk Allocation 16.2 16.2 0.0% 15.9 2.1%

Excess over Required Capital 98.6 98.6 98.6 98.6 99.1 99.1 99.1 99.1 ----0.5%0.5%0.5%0.5% 166.2 166.2 166.2 166.2 ----40.7%40.7%40.7%40.7%

Basel IndexBasel IndexBasel IndexBasel Index 13.1%13.1%13.1%13.1% 13.2%13.2%13.2%13.2% 0.0 p.p.0.0 p.p.0.0 p.p.0.0 p.p. 14.8%14.8%14.8%14.8% ----1.7 p.p.1.7 p.p.1.7 p.p.1.7 p.p.

Risk RatingsRisk RatingsRisk RatingsRisk Ratings

Agency Classification Observation Last

Report

Standard & Poor’s brA / Negative / brA-2

BB- / Negative / B

Local Scale – Brazil

Global Scale August 29, 2014

Moody's Baa2.br / Stable / BR-3

B1 / Stable / Not Prime

Local Scale - Brazil

Global Scale September 8, 2014

FitchRatings BBB- / Stable / F3 Local Scale - Brazil September 3, 2014

RiskBank RiskBank Index: 9,96

Low Risk Short Term Disclosure: Excellent January 9, 2015

748748748748 717717717717 749749749749

Jun 14 Sept 14 Dec 14

R$

mill

ion

14/18 14/18


4th Quarter 2014

Capital MarketsCapital MarketsCapital MarketsCapital Markets

Total Shares and Free Total Shares and Free Total Shares and Free Total Shares and Free FloatFloatFloatFloat

Number of shares as of December 31, 2014

TypeTypeTypeType Corporate CapitalCorporate CapitalCorporate CapitalCorporate Capital Controlling GroupControlling GroupControlling GroupControlling Group ManagementManagementManagementManagement TreasuryTreasuryTreasuryTreasury Free FloatFree FloatFree FloatFree Float %%%%

Common 58,513,218 31,415,436 57,876 - 27,039,906 46.2%

Preferred 31,021,907 673,521 279,362 543,396 29,525,628 95.2%

TOTAL TOTAL TOTAL TOTAL 89898989,,,,535535535535,,,,125 125 125 125 32323232,,,,088088088088,,,,957 957 957 957 337337337337,,,,238 238 238 238 543543543543,,,,396 396 396 396 56565656,,,,565565565565,,,,534 534 534 534 63.63.63.63.2%2%2%2%

Share Buyback ProgramShare Buyback ProgramShare Buyback ProgramShare 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, had the following balances on December 31, 2014:

Stock OptionStock OptionStock OptionStock Option PlanPlanPlanPlan

Date of Date of Date of Date of ApprovalApprovalApprovalApproval

Grace PeriodGrace PeriodGrace PeriodGrace Period Term for Term for Term for Term for ExerciseExerciseExerciseExercise

QuantityQuantityQuantityQuantity

GrantedGrantedGrantedGranted ExercisedExercisedExercisedExercised ExtinctExtinctExtinctExtinct Not ExercisedNot ExercisedNot ExercisedNot Exercised

I 03.26.2008 Three years Five years 2,039,944 229,057 449,123 1,361,764

II 04.29.2011 Three years Five years 1,840,584 - 377,761 1,462,824

III 04.29.2011 Five years Seven years 1,850,786 - - 1,850,786

IV 04.24.2012 Up to five years Five years 867,425 - 54,491 812,935

TotalTotalTotalTotal 6666,,,,598598598598,,,,739 739 739 739 229229229229,,,,057 057 057 057 881881881881,,,,374374374374 5555,,,,488488488488,,,,308308308308

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 ShareholderRemuneration to ShareholderRemuneration to ShareholderRemuneration to Shareholder

During 2014 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 2014.

Share PerformanceShare PerformanceShare PerformanceShare Performance

The preferred shares of Banco BI&P (IDVL4), listed in the Level 2 Corporate Governance segment of BM&FBOVESPA,

closed the quarter at R$2.78, for market cap of R$247.0 million, including the shares existing on December 31, 2014

and excluding treasury stock. The price of IDVL4 shares dropped 34% in the quarter and 54% in the 12 months ended

December 2014. In comparison, the Bovespa Index (Ibovespa) dropped 8% in the quarter and 3% in relation to

December 2013. At the end of 4Q14, the price/book value (P/BV) ratio was 0.37.

15/18 15/18


4th Quarter 2014

Share Share Share Share Price evolution in the last 12 monthsPrice evolution in the last 12 monthsPrice evolution in the last 12 monthsPrice evolution in the last 12 months

Liquidity and Trading VolumeLiquidity and Trading VolumeLiquidity and Trading VolumeLiquidity and Trading Volume

The preferred shares of BI&P (IDVL4) were traded in 98.4% of the sessions in the quarter and 99.2% of the 248

sessions in 2014. The volume traded on the spot market in the quarter was R$1.6 million, involving 511,000 IDVL4

shares in 524 trades. In 2014, the volume of IDVL4 shares traded on the spot market was R$42.7 million, involving

around 10.8 million preferred shares in 3,658 trades.

Shareholder BaseShareholder BaseShareholder BaseShareholder Base

Position as of December 31,2014

#### TYPE OF SHAREHOLDERTYPE OF SHAREHOLDERTYPE OF SHAREHOLDERTYPE OF SHAREHOLDER IDVL3 IDVL3 IDVL3 IDVL3 %%%% IDVL4 IDVL4 IDVL4 IDVL4 %%%% TOTALTOTALTOTALTOTAL %%%%

8 Controlling Group 31,415,436 53.7% 673,521 2.2% 32,088,957 35.8%

4 Management 57,876 0.1% 279,362 0.9% 337,238 0.4%

- Treasury - 0.0% 543,396 1.8% 543,396 0.6%

20 National Investors 1,201,090 2.1% 9,286,081 29.9% 10,487,171 11.7%

5 Foreign Investors 11,964,301 20.4% 17,811,526 57.4% 29,775,827 33.3%

5 Corporate - 0.0% 19,314 0.1% 19,314 0.0%

265 Individuals 13,874,515 23.7% 2,408,707 7.8% 16,283,222 18.2%

303030307777 TOTAL TOTAL TOTAL TOTAL 58585858,,,,513513513513,,,,218218218218 100100100100....0%0%0%0% 31313131,,,,021021021021,,,,907907907907 100100100100....0%0%0%0% 89898989,,,,535535535535,,,,125125125125 100100100100....0%0%0%0%

16/18 16/18


4th Quarter 2014

Balance SheetBalance SheetBalance SheetBalance Sheet

CONSOLIDATEDCONSOLIDATEDCONSOLIDATEDCONSOLIDATED R$ thousand

ASSETSASSETSASSETSASSETS 12/31/201412/31/201412/31/201412/31/2014 9/30/20149/30/20149/30/20149/30/2014 12/31/201312/31/201312/31/201312/31/2013

CurrentCurrentCurrentCurrent 4,434,011 4,434,011 4,434,011 4,434,011 4,415,101 4,415,101 4,415,101 4,415,101 3,759,360 3,759,360 3,759,360 3,759,360

CashCashCashCash 40,688 40,688 40,688 40,688 38,223 38,223 38,223 38,223 38,446 38,446 38,446 38,446

Short-term interbank investmentsShort-term interbank investmentsShort-term interbank investmentsShort-term interbank investments 570,177 570,177 570,177 570,177 17,672 17,672 17,672 17,672 202,571 202,571 202,571 202,571

Open market investments 555,995 - 177,500

Interbank deposits 14,182 17,672 25,071

Securities and derivative financial instrumentsSecurities and derivative financial instrumentsSecurities and derivative financial instrumentsSecurities and derivative financial instruments 1,328,654 1,328,654 1,328,654 1,328,654 1,876,401 1,876,401 1,876,401 1,876,401 1,314,212 1,314,212 1,314,212 1,314,212

Own portfolio 1,055,672 1,316,878 972,249

Subject to repurchase agreements 62,361 341,195 14,039

Linked to guarantees 152,488 161,616 169,468

Subject to the Central Bank 5,027 - 109,250

Derivative financial instruments 53,106 56,712 49,206

Interbank accountsInterbank accountsInterbank accountsInterbank accounts 2,180 2,180 2,180 2,180 6,331 6,331 6,331 6,331 4,412 4,412 4,412 4,412

LoansLoansLoansLoans 1,604,637 1,604,637 1,604,637 1,604,637 1,598,799 1,598,799 1,598,799 1,598,799 1,725,250 1,725,250 1,725,250 1,725,250

Loans - private sector 1,614,919 1,634,772 1,807,228

Loans - public sector - - -

Loans - assignments 24,869 - -

(-) Allowance for loan losses (35,151) (35,973) (81,978)

Other receivablesOther receivablesOther receivablesOther receivables 730,714 730,714 730,714 730,714 730,299 730,299 730,299 730,299 391,013 391,013 391,013 391,013

Credit guarantees honored - - 507

Foreign exchange portfolio 375,753 378,565 292,330

Income receivables 5,196 4,570 433

Negotiation and intermediation of securities 59,093 95,699 72,992

Sundry 297,026 257,708 33,157


Other assetsOther assetsOther assetsOther assets 156,961 156,961 156,961 156,961 147,376 147,376 147,376 147,376 83,456 83,456 83,456 83,456

Other receivables and assets not for own use 161,581 147,622 84,890

(-) Provision for losses (9,441) (9,257) (6,790)

Prepaid expenses 4,821 9,011 5,356

Long termLong termLong termLong term 1,001,081 1,001,081 1,001,081 1,001,081 985,819 985,819 985,819 985,819 1,085,304 1,085,304 1,085,304 1,085,304

Short-term interbank investmentsShort-term interbank investmentsShort-term interbank investmentsShort-term interbank investments - - - - - - - - - - - -

Marketable securities and derivative financial instrumentsMarketable securities and derivative financial instrumentsMarketable securities and derivative financial instrumentsMarketable securities and derivative financial instruments 32,961 32,961 32,961 32,961 29,020 29,020 29,020 29,020 33,518 33,518 33,518 33,518

Own portfolio 14,869 14,494 839


Interbank AccountsInterbank AccountsInterbank AccountsInterbank Accounts 2,639 2,639 2,639 2,639 - - - - 2,966 2,966 2,966 2,966

LoansLoansLoansLoans 642,056 642,056 642,056 642,056 636,331 636,331 636,331 636,331 738,156 738,156 738,156 738,156

Loans - private sector 691,682 686,471 863,993

Loans - public sector - - -

Loans - assignments 5,000 - -

(-) Allowance for loan losses (54,626) (50,140) (125,837) - - -

Other receivablesOther receivablesOther receivablesOther receivables 322,027 322,027 322,027 322,027 319,485 319,485 319,485 319,485 309,720 309,720 309,720 309,720

Trading and Intermediation of Securities 1,563 568 523


Income receivables 454 1,636 -

Sundry 319,549 313,616 312,231


Other assetsOther assetsOther assetsOther assets 1,398 1,398 1,398 1,398 983 983 983 983 944 944 944 944

Permanent AssetsPermanent AssetsPermanent AssetsPermanent Assets 91,646 91,646 91,646 91,646 89,567 89,567 89,567 89,567 92,141 92,141 92,141 92,141

InvestmentsInvestmentsInvestmentsInvestments 38,271 38,271 38,271 38,271 35,030 35,030 35,030 35,030 33,460 33,460 33,460 33,460

Participações em controladas e coligadasSubsidiaries and Affiliates 36,578 33,337 31,767

Other investments 1,849 1,849 1,849

(-) Loss Allowances (156) (156) (156)

Property and equipmentProperty and equipmentProperty and equipmentProperty and equipment 9,096 9,096 9,096 9,096 9,307 9,307 9,307 9,307 13,937 13,937 13,937 13,937

Property and equipment in use - - 1,152

Revaluation of property in use - - 2,634

Other property and equipment 23,900 24,236 24,657

(-) Accumulated depreciation (14,804) (14,929) (14,506)

IntangibleIntangibleIntangibleIntangible 44,279 44,279 44,279 44,279 45,230 45,230 45,230 45,230 44,744 44,744 44,744 44,744

Goodwill 25,592 25,591 25,368

Other intangible assets 27,091 26,960 23,788

(-) Accumulated amortization (8,404) (7,321) (4,412)

TOTAL ASSETSTOTAL ASSETSTOTAL ASSETSTOTAL ASSETS 5,526,738 5,526,738 5,526,738 5,526,738 5,490,487 5,490,487 5,490,487 5,490,487 4,936,805 4,936,805 4,936,805 4,936,805

17/18 17/18


4th Quarter 2014


LIABILITIESLIABILITIESLIABILITIESLIABILITIES 12/31/201412/31/201412/31/201412/31/2014 9/30/20149/30/20149/30/20149/30/2014 12/31/201312/31/201312/31/201312/31/2013

CurrentCurrentCurrentCurrent 3,905,502 3,905,502 3,905,502 3,905,502 3,551,991 3,551,991 3,551,991 3,551,991 2,680,745 2,680,745 2,680,745 2,680,745

DepositsDepositsDepositsDeposits 1,526,024 1,526,024 1,526,024 1,526,024 1,216,260 1,216,260 1,216,260 1,216,260 1,036,371 1,036,371 1,036,371 1,036,371

Cash deposits 51,783 55,712 43,854

Interbank deposits 8,948 15,778 25,564

Time deposits 1,465,293 1,144,770 966,953

Funds obtained in the open marketFunds obtained in the open marketFunds obtained in the open marketFunds obtained in the open market 204,937 204,937 204,937 204,937 338,461 338,461 338,461 338,461 85,905 85,905 85,905 85,905

Own portfolio 61,237 338,461 14,005

Third party portfolio 143,700 - 71,900

Unrestricted Portfolio - - -

Funds from securities issued or acceptedFunds from securities issued or acceptedFunds from securities issued or acceptedFunds from securities issued or accepted 1,696,104 1,696,104 1,696,104 1,696,104 1,456,876 1,456,876 1,456,876 1,456,876 868,884 868,884 868,884 868,884

Agribusiness Letters of Credit, Real Estate Notes & Bank Notes 1,696,104 1,456,876 868,884

Interbank accountsInterbank accountsInterbank accountsInterbank accounts - - - - 188 188 188 188 - - - -

Interdepartamental accountsInterdepartamental accountsInterdepartamental accountsInterdepartamental accounts 17,598 17,598 17,598 17,598 2,635 2,635 2,635 2,635 8,191 8,191 8,191 8,191

BorrowingsBorrowingsBorrowingsBorrowings 189,644 189,644 189,644 189,644 195,804 195,804 195,804 195,804 329,479 329,479 329,479 329,479

Domestic Borrowings - - -

Foreign borrowings 189,644 195,804 329,479

OnlendingsOnlendingsOnlendingsOnlendings 83,039 83,039 83,039 83,039 101,055 101,055 101,055 101,055 122,022 122,022 122,022 122,022

BNDES 43,874 52,541 71,769

FINAME 39,165 42,402 50,253

Federal Treasure - 6,112 -

Other l iabil i tiesOther l iabil i tiesOther l iabil i tiesOther l iabil i ties 188,156 188,156 188,156 188,156 240,712 240,712 240,712 240,712 229,893 229,893 229,893 229,893

Collection and payment of taxes and similar charges 845 557 487


Taxes and social security contributions 10,807 14,544 14,646

Social and statutory liabilities 4,444 1,962 3,606

Negotiation and intermediation securities 93,908 169,014 159,262


Sundry 41,755 20,826 23,660

Long TermLong TermLong TermLong Term 941,020 941,020 941,020 941,020 1,262,029 1,262,029 1,262,029 1,262,029 1,579,460 1,579,460 1,579,460 1,579,460

DepositsDepositsDepositsDeposits 704,113 704,113 704,113 704,113 998,232 998,232 998,232 998,232 1,264,708 1,264,708 1,264,708 1,264,708

Interbank Deposits - - -

Time deposits 704,113 998,232 1,264,708

Funds from securities issued or acceptedFunds from securities issued or acceptedFunds from securities issued or acceptedFunds from securities issued or accepted 83,940 83,940 83,940 83,940 79,956 79,956 79,956 79,956 49,068 49,068 49,068 49,068

Agribusiness Letters of Credit, Real Estate Notes & Bank Notes 83,940 79,956 49,068

Loan obligationsLoan obligationsLoan obligationsLoan obligations - - - - 24,323 24,323 24,323 24,323 34,800 34,800 34,800 34,800

Domestic loans - - -

Foreign loans - 24,323 34,800

Onlending operations - Governmental BureausOnlending operations - Governmental BureausOnlending operations - Governmental BureausOnlending operations - Governmental Bureaus 102,694 102,694 102,694 102,694 113,881 113,881 113,881 113,881 187,959 187,959 187,959 187,959

Federal Treasure 6,065 - 6,893

BNDES 46,433 54,469 89,102

FINAME 50,006 59,222 91,769

Other Institutions 190 190 195

Other l iabil i tiesOther l iabil i tiesOther l iabil i tiesOther l iabil i ties 50,273 50,273 50,273 50,273 45,637 45,637 45,637 45,637 42,925 42,925 42,925 42,925

Taxes and social security contributions 33,683 32,489 30,883

Derivative financial instrument 611 3,717 6,189

Sundry 15,979 9,431 5,853

Future resultsFuture resultsFuture resultsFuture results 3,647 3,647 3,647 3,647 3,706 3,706 3,706 3,706 2,439 2,439 2,439 2,439

Shareholders' EquityShareholders' EquityShareholders' EquityShareholders' Equity 676,569 676,569 676,569 676,569 672,761 672,761 672,761 672,761 674,161 674,161 674,161 674,161

Capital 769,843 769,843 769,843

Capital Reserve 31,123 29,217 23,468

Revaluation reserve - - 1,290

Profit reserve - - -

(-) Treasury stock (4,283) (4,283) (5,859)

Asset valuation Adjustment (139) (49) (124)

Accumulated Profit / (Loss) (120,609) (122,629) (115,272)

Minority Interest 634 662 815

TOTAL LIABILITIESTOTAL LIABILITIESTOTAL LIABILITIESTOTAL LIABILITIES 5,526,738 5,526,738 5,526,738 5,526,738 5,490,487 5,490,487 5,490,487 5,490,487 4,936,805 4,936,805 4,936,805 4,936,805

18/18 18/18


4th Quarter 2014

Income StatementIncome StatementIncome StatementIncome Statement


INCOME STATEMENTINCOME STATEMENTINCOME STATEMENTINCOME STATEMENT 4Q134Q134Q134Q13 3Q143Q143Q143Q14 4Q144Q144Q144Q14 2013201320132013 2014201420142014

Income f rom Financial IntermediationIncome f rom Financial IntermediationIncome f rom Financial IntermediationIncome f rom Financial Intermediation 153,099 153,099 153,099 153,099 171,673 171,673 171,673 171,673 187,227 187,227 187,227 187,227 459,879 459,879 459,879 459,879 639,543 639,543 639,543 639,543

Loan operations 89,624 89,228 96,747 260,679 361,086

Income from securities 46,958 57,518 64,447 124,748 208,463

Income from derivative financial instruments (6,491) (17,737) (11,775) (9,367) (25,416)

Income from foreign exchange transactions 23,008 42,664 37,808 83,819 95,410

Expenses f rom Financial IntermediatonExpenses f rom Financial IntermediatonExpenses f rom Financial IntermediatonExpenses f rom Financial Intermediaton (127,375) (127,375) (127,375) (127,375) (146,298) (146,298) (146,298) (146,298) (155,105) (155,105) (155,105) (155,105) (503,259) (503,259) (503,259) (503,259) (515,649) (515,649) (515,649) (515,649)

Money market funding (82,536) (105,871) (118,680) (245,189) (411,330)

Loans, assignments and onlendings (28,361) (25,942) (16,534) (100,857) (62,008)

Sales operations/transfer of financial assets (469) (19,600) (8,438) (1,005) (32,658)

Allowance for loan losses (16,009) 5,115 (11,453) (156,208) (9,653)

Gross Prof it from Financial InstrumentsGross Prof it from Financial InstrumentsGross Prof it from Financial InstrumentsGross Prof it from Financial Instruments 25,724 25,724 25,724 25,724 25,375 25,375 25,375 25,375 32,122 32,122 32,122 32,122 (43,380) (43,380) (43,380) (43,380) 123,894 123,894 123,894 123,894

Other Operat ing Income (Expense)Other Operat ing Income (Expense)Other Operat ing Income (Expense)Other Operat ing Income (Expense) (38,304) (38,304) (38,304) (38,304) (30,726) (30,726) (30,726) (30,726) (31,803) (31,803) (31,803) (31,803) (141,218) (141,218) (141,218) (141,218) (132,339) (132,339) (132,339) (132,339)

Income from services rendered 9,646 17,498 17,248 34,810 66,043

Income from tariffs 263 191 265 806 846

Personnel expenses (29,815) (25,087) (26,673) (106,417) (105,814)

Other administrative expenses (21,558) (22,294) (24,267) (67,794) (89,732)

Taxes (3,804) (3,648) (3,803) (12,383) (15,511)

Result from affiliated companies 2,175 1,508 2,987 5,675 9,133

Other operating income 20,267 47,568 52,695 26,119 115,866

Other operating expense (15,478) (46,462) (50,255) (22,034) (113,170)

Operat ing Prof itOperat ing Prof itOperat ing Prof itOperat ing Prof it (12,580) (12,580) (12,580) (12,580) (5,351) (5,351) (5,351) (5,351) 319 319 319 319 (184,598) (184,598) (184,598) (184,598) (8,445) (8,445) (8,445) (8,445)

Non-Operating Prof itNon-Operating Prof itNon-Operating Prof itNon-Operating Prof it (1,285) (1,285) (1,285) (1,285) 9,217 9,217 9,217 9,217 884 884 884 884 (835) (835) (835) (835) 7,047 7,047 7,047 7,047

Earnings before taxes and profit-sharingEarnings before taxes and profit-sharingEarnings before taxes and profit-sharingEarnings before taxes and profit-sharing (13,865) (13,865) (13,865) (13,865) 3,866 3,866 3,866 3,866 1,203 1,203 1,203 1,203 (185,433) (185,433) (185,433) (185,433) (1,398) (1,398) (1,398) (1,398)

Income tax and social contribut ionIncome tax and social contribut ionIncome tax and social contribut ionIncome tax and social contribut ion 5,741 5,741 5,741 5,741 1,095 1,095 1,095 1,095 3,279 3,279 3,279 3,279 77,234 77,234 77,234 77,234 6,307 6,307 6,307 6,307

Income tax 1,243 (1,788) 1,783 7,549 1,578

Social contribution 757 (1,027) 1,269 4,588 1,143

Deferred fiscal assets 3,741 3,910 227 65,097 3,586

Statutory Contribut ions & Profit SharingStatutory Contribut ions & Profit SharingStatutory Contribut ions & Profit SharingStatutory Contribut ions & Profit Sharing (1,826) (1,826) (1,826) (1,826) (3,300) (3,300) (3,300) (3,300) (2,477) (2,477) (2,477) (2,477) (11,819) (11,819) (11,819) (11,819) (10,064) (10,064) (10,064) (10,064)

Net Prof it for the PeriodNet Prof it for the PeriodNet Prof it for the PeriodNet Prof it for the Period (9,950) (9,950) (9,950) (9,950) 1,661 1,661 1,661 1,661 2,005 2,005 2,005 2,005 (120,018) (120,018) (120,018) (120,018) (5,155) (5,155) (5,155) (5,155)

bi&p- indusval- 4q14 earnings release

Investor Relations

4q14 totaled r

tariffs totaled r

fees of r

corporate finance

commercial banking operation

business associations

loan portfolio

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