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Annual Sustainability Report - 2017

Message from CEO

Dear investors, clients, employees and analysts,

Today, we are a different bank, entirely professional and increasingly digital. Through this annual report, we want to show our stakeholders our quarterly figures as well as our transformation and development story and the evolution of the strategy we implemented, in addition to the important advances we had in our business model over the period.

The year of 2017 was marked as a period of important achievements and changes at the Bank. We implemented a series of new products and services throughout the year, aimed at bringing new clients to our client base. Thus, in addition to offering traditional structured products, we began to offer standardized products that meet our clients’ immediate cash requirements. This initiative will enable us to serve both new and old clients more completely, in addition to further reducing average ticket volumes and transaction terms. To support this strategy, we substantially expanded our origination team with the hiring of new officers who are dedicated to serving companies with annual revenues below R$ 500 million and we also expanded our product portfolio via the internet banking channel.

In addition to new products and services, our portfolio diversification strategy has proven to be very effective. Throughout the year, we increased the number of transactions with average tickets of under R$ 10 million, grew our client base with the entrance of new clients and priced new transactions more adequately. We understand that once this strategy has been fully implemented and reflected in our credit portfolio, it will bring greater resilience to our business model in the future.

One of the great highlights of 2017 was the beginning of the digitalization process of our businesses and this was reflected by the launching of our Pine Online investment platform. We created an internal Digital Channels division, which is exclusively dedicated towards exploring growth opportunities for products and services offered via the digital platform. Additionally, we also made important advances in our internal operational processes with the implementation of systems and technology that allowed the Bank to greater scale, security and agility.

We will continue to advance in our digitization process, always seeking partnership opportunities and developing more intelligent and cost-effective ways to serve our clients.

Finally, we executed changes to our management team, not only at the Executive Board but also at the Board of Directors and Audit Committee, with the objective of further corroborating to the Bank’s commitment with best Corporate Governance practices and higher levels of business management efficiency.

In terms of results, the Brazilian economy presented a recovery in 2017, recording a 1% growth after two years of a deep recession in the country (-3.8% in 2015 and -3.6% in 2016), which together resulted in GDP levels similar to the levels recorded in the first half of 2011, that is, the recession negatively impacted growth for six years.

We split the Bank’s management approach between corporate portfolio and monitored portfolio to better understand the evolution dynamics of indicators such as profitability and portfolio quality. The corporate portfolio includes credits in normal conditions and largely reflects new originations, while the monitored portfolio includes the revalued portfolio in the period, with clients classified within the E-H rating ranges.

The results of this revaluation, added to the provisions made during 2017, had a negative balance sheet impact of approximately R$ 450 million, of which R$ 375 million alone was due to allowances for doubtful accounts. As a result, Pine has increased its levels of credit portfolio coverage, both as a result of the revaluation carried out and the improved performance of the portfolio produced by the new management model.

In terms of expenses, in September 2017 we contracted Falconi Consulting’s Zero-Base Budget (OBZ) project with the objective of improving efficiency indicators and optimizing operational processes during the same period in which the Bank, and the banking industry, undergoes a technological transformation. We understand that this project will bring positive results throughout 2018.

We are certain that all these initiatives adopted during the year will give us competitive advantages to capture the improvement in the corporate segment and will create the conditions for us to safely increase the resilience of our business model in addition to efficiently regain theBank’s monetization.

Enjoy your reading!

2017 Highlights

Diversified Origination Strategy

  • Higher penetration increased our client base
  • Average tickets under R$10 million
  • New products and services

Beginning of the Business Digitalization Process

  • Launching of Pine Online
  • Internet Banking for the Corporate segment
  • Digitalization of operational processes

Portfolio Revaluation

  • Launching of Pine Online
  • Internet Banking for the Corporate segment
  • Digitalization of operational processes

PINE4

  • Block trade
  • Reframing Free Float to the minimum 25% level

Corporate Governance

  • Election of two independent members to the Board of Directors (50% of independent members)
  • Election of two technical members to the Audit Committee

Corporate Profile

We are a wholesale bank specialized in providing credit and financial services to the corporate market. Our strategy is to establish long-term relationships and to thoroughly understand each client, its business and potential in order to build and offer tailored solutions and alternatives that generate value and meet their specific needs.

We believe our trademarks include the agility in analyzing and approving proposals, along with the creativity and proximity in which we serve our clients. Such abilities are attainable because of our management model, which is characterized by a lean internal structure, with few hierarchical levels, and a culture that is based on meritocracy and privileges the outstanding performances of our employees’ talents, which combined has marked our growth pace since the beginning of our operations, back in 1997.

Our business platforms are geographically distributed in the country’s key economic centers through 7 branches located in: Campinas, Curitiba, Porto Alegre, Ribeirão Preto, Rio de Janeiro, São José do Rio Preto and São Paulo (headquarters).

Our business model has three main action fronts:

Corporate Credit

offers traditional credit products to the corporate segment.

Client Desk

offers companies hedge products with the objective of protecting and managing their balance sheet market risks, as well as specialized sales of complementary products, such as investments, insurance, means of payments partnerships, simple and linked billing.

Pine Investimentos

a unit of Pine Investment Bank, offering customized solutions in the Capital Markets, Financial Advisory and Project & Structured Finance areas

Our Products – Corporate Market

We offer a complete range of financial products and services, both in the domestic and international markets, through standard and tailored solutions. We seek the best alternatives to support each client's sustainable growth plan.

Derivatives

Swap

NDF

Options

Foreign Exchange

ACC/ACE

Credit Letters

Documental Collecting

Finimp

Export Financing

Forfaiting

Export Pre-payment

Standby Letter of Credit

Spot Foreign Exchange

Investments

CDB

COE

Committed Positions

LF

LCA

LCI

Services

Billing

Ewally

Insurance

Elementary Segments

Benefits

Auto

Credit

Working Capital

NCE/CCE

Guaranteed Account

Corporate Checks

Discounts

Credit Grants

Confirming

Guarantees

Funcafé

CPR

Credit with receivable guarantees

Treasury

Interest

Currency

Commodities

Structured Transactions

Capital Markets

Mergers & Acquisitions

Project Finance

Distribution Desk

Pine Online - for Individuals

Pine Online, our digital investment platform, offers fixed income products such as Agribusiness Credit Letters (LCA), Real Estate Credit Letter (LCI) and Bank Deposit Certificate (CDB) for individuals, with a minimum investment starting from R$ 1,000.00.

The platform can be accessed through the website www.pineonline.com.br and has detailed procedures necessary to open a totally digital and simplified account, free of cost, in addition to having a profitability simulation calculator for the products available.

Our History

Throughout our 20-year history, we faced cycles that served as guidelines for our business. Our first cycle was the foundation of the Bank by Mr. Noberto Pinheiro, a member of the prominent and traditional Pinheiro family, present in the financial markets since the 1930's. Our second cycle was our growth path, which mainly occurred after the IPO in 2007 and finally, our current cycle consists in the governance and strategic turnaround changes that has allowed the Bank to become more professional and efficient.

1939

Banco Central do Nordeste was founded by the Pinheiro family

1975

Norberto Pinheiro becomes one of the controlling shareholders of Banco BMC

1997

Norberto Pinheiro sales his stake and founds Pine

Corporate Governance

Corporate Structure

According to the Brazilian Corporations Law and the Company’s Bylaws, the Board of Directors is the highest body within the corporate hierarchy and is responsible for determining the general guidelines and policies for the business. The Executive Board executes the daily administration and the implementation of the general guidelines and policies established by the Board of Directors.

Board of Directors

According to the Company’s Bylaws, the Board of Directors is composed of at least five, and at most eleven, members, all of whom are elected by the General Shareholders’ Meeting, with a unified mandate of two years and are entitled for a possible re-election.

On January 1, 2012, an Extraordinary General Meeting was held in which two new independent members were elected to the Board of Director, being them Fábio Dutra, an executive with vast experience in important financial institutions in the areas of products, innovation, commercial and market development and with a technological knowledge that adds value to the Bank’s digital transformation process and Sérgio Machado Zica de Castro, an executive with vast experience in leadership positions within the financial markets who has also been a member of the Pine Audit Committee since 2013.

As a result, Banco Pine's Board of Directors is now composed by 50% of independent members, above the regulatory minimum requirement of 20%, which guarantees higher professionalism and independence for the Company’s decision-making process.

The current composition of our Board of Directors is as follows:

Member Position
Noberto Nogueira Pinheiro Chairman
Rodrigo Esteves Pinheiro Vice-President
Igor Esteves Pinheiro Member
Norberto Zaiet Junior Member
Maílson Ferreira da Nóbrega Independent Member
Gustavo Diniz Junqueira Independent Member
Fábio Mendes Dutra Independent Member
Sergio Machado Zica de Castro Independent Member

Statutory Committees

In view of the objective to ensure the strategic management and orientation of specific and relevant aspects of the business, the Board of Directors has the support of three formal committees which assist in identifying relevant issues and report directly to the Board of Directors.

Audit Committee

According to the Bank's Bylaws and in addition to the duties provided for in laws and regulations, the Audit Committee is responsible for: (i) the quality and integrity of the financial statements; (ii) compliance with legal and regulatory requirements; (iii) the performance, independence and quality of work done by independent auditors; (iv) the performance, independence and quality of work done by the internal audit; and (v) the quality and effectiveness of internal control and risk management systems.

In a further step towards the improving our governance practices, on January 08, 2018, we held a Board of Directors Meeting in which two new members were elected to the Audit Committee: Lavínia Junqueira, a professional with over 20 years of experience in financial institutions and in auditing, in addition to being recognized by the market for her solid knowledge in regulatory, tax and legal issues, and Carlos Elder Aquino, an executive with over 20 years of experience in leadership positions in financial institutions and auditing, as well as extensive knowledge in structuring and also participated in audit committees, boards of directors and fiscal councils.

At the same Board meeting, William Pereira Pinto, a member of the Audit Committee since 2012, was appointed as Chairman of the Committee.

Committee Members Position
William Pereira Pinto Chairman
Carlos Elder Maciel de Aquino Member
Lavínia Moraes de Almeida Nogueira Junqueira Member

Compensation Committee

The attributions of the Compensation Committee include: (i) ensure compliance with the Institutional Compensation Policy (benefits, fixed compensation, short and long term variable compensation); (ii) propose the total management compensation to be submitted to the general shareholders’ meeting; (iii) ensure that the compensation policy is competitive with market practices and at the same time compatible with the risk management policy; (iv) periodically report information on management practices and compensation structures that may be requested by regulatory bodies.

Committee Members Position
Rodrigo Pinheiro Member
Norberto Zaiet Junior Member
Ivan Marc Farber Member

Capital Risk Management Committee

The purpose of the Capital Risk Management Committee is to support the Board of Directors in carrying out its responsibilities related to the Company’s risk and capital management in all its dimensions, from integrated risk and capital management structures to the definition of the adequate capital risk appetite for the exercise of its activities, seeking to be fully aligned with the business strategy and the Institution’s perpetuity of the Institution.

Committee Members Position
Norberto Zaiet Junior Chairman
Rodrigo Esteves Pinheiro Member
João Vicente Peregrino de Brito Member
Mauro Sanchez Member
Jefferson Dias Micelli Member
José Aparecido da Silva Member
Raquel Andrade Varela Member
Jose do Socorro Assis Member

Internal Committees

The internal committees are created to monitor and discuss relevant issues of the Bank’s areas. We currently have eleven committees, as illustrated below:

Committees

Executive

Monitor the Bank’s results and performance by business division, ensuring alignment with strategic planning and possible redirections.

Assets and Liabilities

Discuss strategies to be used while conducting Asset, Funding and Treasury operations.

Credit

Resolve on the proposed limits and/or analyze the credit operations presented by the Corporate and Investment Banking areas.

Human Resources

Resolve on matters related to the Bank's human resources policies and personnel strategy.

Technology

Approve Technology Planning and systematically monitor such planning, ensuring its alignment with the Bank's business strategy.

Compliance and PLD

Supervise Compliance activities in general, as well as Prevention of Money Laundering Crimes (PLD) and other legislation related to Internal Controls issued by the Central Bank.

Products

Submit new products for approval and review products already implemented.

Performance Evaluation

Discuss the annual performance of employees based on indicators and targets agreed by each area.

Treasury

Monitor the Market Risk indicators, such as Position Limits, Market Risk Capital Consumption, Var, Var back test and variations in previous dates, in addition to P&L results of the Treasury and Institutional portfolios.

Portfolio & Credit Risk

Responsible for analyzing and monitoring the Loan Portfolio and providing credit risk guidelines.

Special Assets

Monitor the evolution of billing actions, analyze renegotiations of operations and present and discuss the status of procedures of the main actions.

Operational Risk

Assess and monitor the guidelines involving Operational and Legal Risk, among others.
Committees

Executive

Assets and
Liabilities

Credit

Human
Resources

Technology

Compliance
e PLD

Products

Performance
Evaluation

Treasury

Portfolio &
Credit Risk

Special
Assets

Operational
Risk

Monitor the Bank’s results and performance by business division, ensuring alignment with strategic planning and possible redirections.
Discuss strategies to be used while conducting Asset, Funding and Treasury operations.
Resolve on the proposed limits and/or analyze the credit operations presented by the Corporate and Investment Banking areas.
Resolve on matters related to the Bank's human resources policies and personnel strategy.
Approve Technology Planning and systematically monitor such planning, ensuring its alignment with the Bank's business strategy.
Supervise Compliance activities in general, as well as Prevention of Money Laundering Crimes (PLD) and other legislation related to Internal Controls issued by the Central Bank.
Submit new products for approval and review products already implemented.
Discuss the annual performance of employees based on indicators and targets agreed by each area.
Monitor the Market Risk indicators, such as Position Limits, Market Risk Capital Consumption, Var, Var back test and variations in previous dates, in addition to P&L results of the Treasury and Institutional portfolios.
Responsible for analyzing and monitoring the Loan Portfolio and providing credit risk guidelines.
Monitor the evolution of billing actions, analyze renegotiations of operations and present and discuss the status of procedures of the main actions.
Assess and monitor the guidelines involving Operational and Legal Risk, among others.

Executive Board

Our Executive Board is responsible for the daily administration and implementation of policies and guidelines defined by the Board of Directors. We currently have nine experienced executive directors who responsible for administrating the business and specific activities.

Directors Area
Norberto Zaiet Junior CEO
João Vicente Peregrino de Brito Vice President of Financial, Credit and Risk
Mauro Sanchez Vice President of Corporate and Investment Banking
Jefferson Dias Micelli Legal, Compliance, PLD and SI Director
Raquel Varela Bastos IR Officer and Controller
Sergio Luis Patricio Client Desk Director
Eduardo Fonseca Corporate and Investment Banking Director
Eugenio Fabbri Technology Director
José Aparecido Accounting and Tax Director

Shareholder Structure

At the end of 2017, we carried out a block trade where approximately 3.8 million preferred shares issued by Pine were sold, surpassing the minimum lot by more than 45%. This transaction allowed us to reframe our free float to the minimum mandatory level of 25%, as required by the Level 2 regulation issued by B3.

Accordingly, our shareholding structure is distributed as follows:

Base: March 31, 2018

People Management

We believe that our professionals are our greatest asset and thus we seek to invest in the development of our human capital through training, performance evaluations and feedbacks to ensure their alignment with the bank's performance strategy. In 2017, we consolidated some of our products and reviewed internal tools to meet the current management and development needs of the Bank’s employees.

Employee Profile

Employees by Type of Employment Contract (*)

Female Headcount Male Headcount
Temporary employees
Full-time (Fixed, CLT) 89 181
Self-employed
Interns 12 20
Trainees 1 5
Legal Entities
Total 102 206

(*) exclude board members

Employees by Position

Female Male TOTAL
Headcount % Headcount %
Board Members 1 0.3% 8 2.6% 2.9%
Executive Directors 1 0.3% 8 2.6% 2.9%
Managers 18 5.8% 67 21.8% 27.6%
Coordinators 7 2.3% 9 2.9% 5.2%
Administrative 62 20.1% 89 28.9% 49.0%
Trainee 1 0.3% 5 1.6% 1.9%
Interns 12 3.9% 20 6.5% 10.4%
Total 102 33.1% 206 66.9% 100%

Employees by Age Group

Female Male
Under 30 years old 42 65
Between 30 and 50 years old 53 119
Above 50 years old 7 22
Total 102 206

Employees by Educational Background

Female Male TOTAL
Headcount % Headcount %
PhD
Masters 6 1.9% 1.9%
Post-undergraduate 22 7.1% 34 11.0% 18.2%
MBA 8 2.6% 34 11.0% 13.6%
Undergraduate 43 14.0% 93 30.2% 44.2%
Undergraduate (in course) 20 6.5% 27 8.8% 15.3%
Undergraduate (incomplete) 4 1.3% 4 1.3% 2.6%
High School 5 1.6% 8 2.6% 4.2%
Total de profissionais 102 33.1% 206 66.9% 100%

100% of Pine’s employees are part of collective bargaining agreements

Meritocracy

Position and Salary Structures

Our position and salary structures are strategically standardized and was created to encourage all our professionals. Positions at the Bank are divided into three levels: operational, tactical and strategic with different salary levels within each level.

Having meritocracy as one of our main relationship pillars with our professionals, we believe that we must offer full employee support for them to evolve at the Bank and, on the other hand, we expect employees to engage in our corporate culture parameters and demonstrate consistent performance to be recognized by the Institution.

Performance Evaluation

The performance evaluation process is the main mechanism that guides our professionals and provides them with more transparency and equal actions for meritocratic recognition.

Having professionals with profiles that adhere with our corporate culture is one of the main objectives of the Human Resources area. To do so, the Bank's entire Attraction & Selection process is conducted internally by a team with head hunting expertise.

Talent Bank

In order to strengthen our employer brand in the market and attract potential candidates, we launched the Bank’s Careers Page in 2017, a space in which we share information on our history, structure and values. Through this channel we also communicate our internal job opportunities to the market.

Through proactive interviews and market mappings, we gain agility and assertiveness in talent Attraction & Selection process by assessing, in addition to the required know-how and skills for the open positions, alignment with our corporate culture.

In 2017, we hired 114 employees with an average time of 38 days to fill the open job positions. We use online tools, social networks and indications by our professionals with our executive networking as main talent attraction channel.

In addition, we created an exclusive space in our corporate intranet to disclose internal job opportunities, seeking to fill our vacancies with professionals already at the Bank and interested in taking on new challenges in other areas. In 2017, 24 internal employee changes were carried out by our Internal Recruitment Program, hiring of trainees and switches of employees among areas.

Youth Talent Program

The Young Talent Program aims to develop professionals who are beginning their careers by providing them with experiences in their daily work environment, enhancing their skills and engaging them in the Bank's values and corporate culture. The three main actions are:

Trainee Program – over a 15-month period, a group of high-potential professionals have the opportunity to develop technical and behavioral skills through training, job rotation, mentoring and career guidance, focusing on the Bank's Business areas, such as Corporate Banking, Investment Banking and Client Desk.

Internship Program – Pine's internship program is ongoing, which meaning the process is open year-round with several job positions available in different areas. In addition to daily on-the-job learning experiences, interns participate in specific technical and behavior training (in person and distance learning) during the 24-month internship period. At the end of the internship and according to the intern’s performance evaluation, they can apply to open job positions.

Additionally, different approach actions are carried out throughout the year with renowned educational institutions in the country, aiming at attracting young talents who are interested in working in the financial market.

Talent Management

We have a simple and structured process to identify and managing the Bank's talents with the objective of getting to know their career expectations and motivations, aiming at implementing eventual development and retention actions, priorities in internal job opportunities, new challenges and management positions. Throughout 2017, a follow-up process with these professionals was carried out, in addition to the identification of new professional talents.

Training

We believe that each professional is responsible for their own development and thus our Corporate University has as its main objective to provide support towards the technical and behavior development of our employees by offering the necessary conditions to ensure that the learning process is ongoing and diversified, by means of tools that are appropriate for our culture and that create value to the business and individuals.

A total of 66 training actions were carried out, totaling more than 1.000 hours dedicated to the learning process of professionals, both in person and through distance learning modules. This total amount represents approximately 4 hours of training per professional. We invested approximately R$ 145,000 for the qualification of our professionals.

Work Environment Survey

With the intention of understanding the demands of the Bank’s internal audience and implementing a structured process of internal environment and engagement, we carried out a new climate survey in 2017.

The results were presented to the Executive Committee, which defined action plans to be implemented throughout the institution.

Compensation

Our compensation policy was elaborated according to four pillars: Culture, Business Objectives, Market Practices and Risk Management.

The compensation of our professionals is defined through the analysis of factors such as the complexity of the functions, individual performance evaluations and the compatibility with salaries offered in the market.

In addition to the fixed compensation, all our professionals are eligible to receive profit sharing according to the criteria defined by a collective bargaining agreement, as well as the Bank’s own profit-sharing program.

The employee variable compensation is calculated using the following criteria: individual performance evaluation, performance committees, performance curve and individual amounts objectively calculated through mathematical formulas.

The overall amounts of the profit-sharing program are calculated by using specific formulas which are determined according to each business division and also considers predefined percentages of the total results of each area and the institution as a whole.

Quality of Life and Benefits

We constantly seek initiatives that offer our professionals more quality of life, satisfaction and well-being at work. In 2017, we maintained the following actions:

Quality of Life: In 2017, the quality of life campaign was held in October and offered massages, nutritionist appointments, discussions on health issues, partnerships offering exclusive discounts and free gifts.

  • Vaccination Campaign: Held in April and included vaccinations for the H1N1 virus to our employees and their dependents.
  • Gym Partnerships: os profissionais têm descontos exclusivos nas redes GymPass, Total Pass e Bodytech Shopping Eldorado.
  • Pine Run: The Bank encouraged its employees to participate in the Pão de Açúcar Relay Marathon, registereing them and offering a training day,  T-shirts and on-the-ground support tent with fruits, isotonic drinks and massage for the competitors. Thus, the Bank promoted the improvement  in its employees’ quality of life through sports incentives.
  • Casual Day: Fosters a lighter and relaxed work environment on Fridays and mid-holiday business days.

Risk Management

We have an integrated risk management framework through institutional policies for credit, market, liquidity, operational and capital management risks approved by senior management. Policies and controls were established in accordance with current regulations, with an integrated risk control model that guides decisions through periodic decision-making committees in order to ensure adequate capital management and risk assessments.

Integrated Risk Management Structure:

Credit Risk

Credit risk is defined as the possibility of losses arising from the lack of compliance with payment obligations by the borrowers of diverse lines of credit.

The purpose of the credit risk management is to support credit management in the decision-making process, defining strategies and policies, establishing operational limits, mechanisms of risk mitigation and procedures designed to maintain exposure to credit risk in accordance with the appropriate risk appetite considered by the Bank's management.

Socio-environmental Risk

Socio-environmental risk is defined as the possibility of losses due to social and environmental damages. The socio-environmental risk management observes the applicable environmental legislation, as well as evaluates and monitors the socio-environmental aspects with which the client is involved in order to subsidize the decision to provide credit when it is possible to previously identify the purpose for the use of resources.

Operational Risk

Operational risk management is fundamental at Pine, due to the increased sophistication of products, services and technologies, regulatory changes and increased complexity of banking activities. The identification and monitoring of operational risks are vital for the prevention of losses, long-term business sustainability, assisting in the stability of profits, the preservation of organizational values and reputation.

Market Risk

Market risk is defined as the possibility of losses arising from changes in the market value of the positions held by the financial institution, including the risks of exchange variation, interest rates, stock prices and commodities.

Market risk management is responsible for monitoring indicators and simulating scenarios to assess the risks of exchange rate variations, benchmark rates and asset prices, controlling the risk levels and keeping them in line with the risk appetite defined by senior management.

Liquidity Risk

Liquidity risk is defined as the possibility that the institution will not be able to efficiently honor its expected and unexpected current and future liabilities, including those arising from collateralization, without affecting daily operations or incurring significant losses, and the possibility that the Bank will not to be able to negotiate a position at market prices due to a position’s large volume in relation to the normal transaction volume. or market discontinuity.

Liquidity risk management is responsible for monitoring indicators and forecasting scenarios to assess the risks of mismatched flows, controlling risk levels and keeping them in line with the risk appetite defined by senior management.

Sustainable Managment

We have a special role in the economy since we provide credit to various sectors and, therefore, we have a responsibility to act in an ethical and transparent way with our society. We face social and environmental issues in our business, considering the needs of our clients, employees, society and regulators.

For this, we have a Social-Environmental Responsibility Policy ("PRSA") that establishes the principles and guidelines for the social and environmental actions of our business. Thus, our social-environmental management system aims to mitigate the risk we assume when financing activities that may not comply with our policies or that represent elevated risk levels. Upon granting credit, we analyze the potential client to verify the possibility of engagement and level of socio-environmental risk it represents.

Credits

GENERAL COORDINATION

Pine - Investor Relations

Text Design, Proofreading and Production

Luz Publicidade

Banco PINE S.A.

Edifício Eldorado Business Tower

Av. Nações Unidas, 8.501, 30º andar

Postal Code: 05425-070

São Paulo - SP - Brasil

Phone number: 55 (11) 3372-5343

E-mail adress: ri@pine.com

Pine contacts for further information on sustainability and this report:

Eduardo Magalhães Fonseca - CFO

Caio Schmidt Duarte Vaz - IR Manager

Andressa Nunes - IR Analyst

Tel.: 55 (11) 3372-5409

E-mail adress: ri@pine.com

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