Earnings Presentation

2nd Quarter, 2016

Disclaimer: This presentation may include references and statements on expectations, planned synergies, growth estimates, projections of results, and future strategies for Banco

Votorantim, it’s associated and affiliated companies, and subsidiaries. Although these references and statements reflect the management’s belief, they also involve imprecision and

risks that are highly difficult to be foreseen. Consequently, they may conduct to different results from those anticipated and discussed here. These expectations are highly dependent on

market conditions, on Brazil’s economic and banking system performances, as well as on international market conditions. Banco Votorantim is not responsible for bringing up to date

any estimate in this presentation.

2

Net Income of R$ 108M in 2Q16 Consistent results, with delinquency under control and nominal reduction of cost base

Executive summary

Net Income

of R$ 108M

Net Income of R$ 108M in 2Q16, compared to R$ 86M in 1Q16

• In 1H16, the net income totaled R$ 194M (R$ 268M in 1H15)

Shareholders’ equity reached R$ 8.28B in Jun/16 (R$ 8.08B in Mar/16)

Consistent

revenue

generation

Income from Services and Insurance increased 12.3% in 1H16/1H15, to R$ 639M...

...which virtually offset the 3.0% decrease observed in the Net Interest Income in the same period,

due to the conservatism in credit underwriting and demand retraction

Conservative

approach

to credit

Expanded credit portfolio decreased 10.9% in the last 12 months and 4.0% in 2Q16, to R$ 59.4B

• CIB led the portfolio reduction in the 2Q16 (Jun/16: R$ 26.3B; Mar/16: R$ 28.4B)

• In Consumer Finance, the Vehicles portfolio remained practically flat in 2Q16 (R$ 27.5B)

Delinquency

under control

90-day NPL of 4.6%, stable in comparison to Mar/16

• Wholesale (CIB): 90-day NPL dropped to 2.0% (Mar/16: 2.4%)

• Consumer Finance: 90-day NPL of 5.7%, 10 bps higher than Mar/16 (5.6%)

Coverage Ratio of 148% in Jun/16, against 145% in Mar/16

Effective cost

management

Personnel and administrative expenses decreased nominally 0.7% in 1H16/1H15¹

Efficiency Ratio for the last 12 months remains below 40% (Jun/16: 39.7%)

Highlights of results

1. Despite inflation in the period (the IPCA price index reached 8.8% in the last 12 months)

3

Net Income of R$ 108M in 2Q16

Consolidated results

108

86

137146

122

77

+25.5%

2Q16 1Q16 4Q15 3Q15 2Q15 1Q15

R$194M

Net Income (R$M)

2Q16 profit confirms the consistency

of Banco Votorantim’ s results

R$268M

R$482M

4

Net Interest Income (A) 1,291 1,233 1,163 -5.7% 2,470 2,397 -3.0%

ALL expenses¹ (B) (448) (508) (457) -10.0% (866) (965) 11.4%

Net Financial Margin (A+B) 843 726 706 -2.7% 1,604 1,432 -10.7%

Operating Income/Expenses (638) (551) (547) -0.7% (1,178) (1,098) -6.8%

Income from Services and Banking Fees 220 257 264 3.0% 463 521 12.6%

Personnel and Administrative expenses (584) (556) (601) 8.1% (1,165) (1,157) -0.7%

Tax expenses (94) (96) (96) 0.1% (227) (191) -15.6%

Income from subsidiaries² 39 43 47 11.0% 77 90 16.6%

Other Operating Income/Expenses (219) (199) (162) -18.3% (326) (361) 10.6%

Operating Income (Loss) 205 175 159 -8.8% 426 334 -21.6%

Non-Operating Income (Loss) (15) (0) 6 - (17) 6 -

Income Tax and Profit Sharing (45) (88) (57) -35.3% (141) (145) 3.1%

Net Income 146 86 108 25.5% 268 194 -27.4%

1H161Q16 2Q16Var.

2Q16/1Q161H15(R$ Million)

Var.

1H16/1H152Q15

Highlights of Results 2Q16: ALL expenses reduction. 1H16: consistent revenue generation and reduction of cost base

Consolidated results

1. Allowance for Loan Losses (ALL), net of revenues from recovery of written-off loans; 2. Subsidiaries accounted by the equity method

Managerial Income Statement (R$M)

5

Consistent revenue generation 1H16 x 1H15: reduction in NII offset by the growth of income from services and insurance sales

NII decreased in 2Q16/1Q16,

reflecting the conservative approach to credit

Income from Services and Insurance

grew QoQ and YoY

Insurance

(Commission)

Services and

Fees

-5.7%

2Q16

1,163

1Q16

1,233

257 264

54 64

+5.6%

2Q16

328

1Q16

311

Auto finance

origination (R$B)

Expanded credit

portfolio² (R$B)

-3.0%

1H16

2,397

1H15

2,470

463521

106

118

+12.3%

1H16

639

1H15

569

61.9 59.4 66.7 59.4

- 4.0% -10.9%

2.9 3.1 6.3 6.0 5.1% 4.9% 5.3% 5.0% NIM¹ (% p.y.)

Net Interest Income – NII (R$M) Income from Services, Fees and Insurance3 (R$M)

1. Ratio between Net Interest Income and Average Interest-Earning Assets; 2. Includes guarantees provided and private securities;

3. Result of the stake in Votorantim Corretora de Seguros (insurance brokerage) is recognized using the equity method.

Revenues

6

-10.9% -4.0%

Corporate &

Investment

Banking (CIB)

Auto Finance

Payroll

Credit Cards

Jun/16

59.4

27.5

4.2 1.4

Mar/16

61.9

28.4

27.7

4.4 1.3

Jun/15

66.7

31.6

28.8

5.1 1.1

26.3

Maintenance of the conservative approach to credit Total credit portfolio decreased 4.0% in 2Q16, while the Vehicles portfolio remained virtually flat

Portfolio contraction drives the continued focus on

asset quality and profitability

-7.5%

-0.7%

∆Jun16

/Mar16

-5.1%

+6.2%

-16.8%

-4.5%

∆Jun16

/Jun15

-17.4%

+27.6%

Expanded credit portfolio (R$B) (includes guarantees provided and private securities)

Credit portfolio by segment

7

358 402285 348 341

90

672

168159 116

-10.0%

2Q16

457

1Q16

508

4Q15

453

3Q15

1,075

2Q15

448

Credit provision expenses reduced 10% in 2Q16/1Q16 Provision expenses reduced both in Consumer Finance and Wholesale (CIB)

Credit provision expenses

reduced 10% in 2Q16/1Q16

90-day CR remains in a conservative level,

ending Jun/16 at 148%

1. Allowance for Loan Losses, net of income from recovery of written-off loans; 2. Ratio between the balance of ALL and the balance of loans past due over 90 days

148%145%

150%

163%

146%

2,254

Mar/16

3,271

Dec/15

2,923

4,387

Sept/15

2,712

4,425

Jun/15

2,727

3,979

Jun/16

2,174

3,221

90-day NPL balance (R$M)

Allowance for Loan Losses balance (R$M)

Wholesale

(CIB)

Consumer

Finance

-2.0%

-27.5%

∆2Q16/

1Q16

Prudential

strengthening of ALL

90-day

Coverage Ratio (CR)

90-day Coverage Ratio² (%) – Managed portfolio Credit provision expenses – ALL¹ (R$M)

Credit indicators – ALL and 90-day Coverage

8

5.38%

5.7%

5.33%

5.6%

5.35%

5.7%

5.33%

5.4%

5.32%

5.4%

Total

90-day NPL ratio of 4.6%, stable compared to Mar/16 In 2Q16, Wholesale’s delinquency improved 40 bps and Vehicles’ remained practically stable

Wholesale

(CIB)

4.6% 4.6%

5.7% 5.3% 5.2%

Jun/16

2.0%

Mar/16

2.4%

Dec/15

5.8%

Sept/15

5.0%

Jun/15

4.8%

Consumer

Finance

Vehicles Consumer

Finance 90-day market¹ NPL

increased 60bps over

the last 12 months

1. National Financial System. 90-day NPL obtained in the historical series released on the Central Bank website

90-day NPL ratio of the managed loan portfolio (%)

Credit indicators – Delinquency

9

Jun/16

1.0

1.2%

Jun/15 Jun/14 Jun/13

1.0

Jun/12 Jun/11

1.8

Jun/10 Jun/09

1.1

Auto finance: maintenance of quality in auto finance

origination, focusing on used cars

Lower quality vintages

Inad 30¹ (by vintage)

Used car dealers

New car dealers

1. First payment default, or % of each month’s production with first installment past due over 30 days

Participation in the

portfolio was practically

zero in Jun/16

Auto Finance – Origination by channel (R$B) and first payment default by vintage – Inad 30¹ (%)

Consumer Finance – Auto Finance

Steady quality in auto finance origination has contributed

to the favorable trend in delinquency

10

1H16

6.0

4.9

(82%)

1.1

1H15

6.3

5.2

(82%)

1.1

Used

Cars

Other

Vehicles¹

2Q16

3.1

2.5

0.6

1Q16

2.9

2.4

0.5

2Q15

3.0

2.5

0.5

Auto finance: continued focus on used cars and

maintenance of tight credit origination standards

1. New cars, trucks and motorcycles; 2. Benchmark interest rate (Central Bank). Note: In Jun/16, the average ticket size was R$ 21,000, and the average vehicle age was 4.8 years (portfolio)

Focus on used cars, which

represented 82% of 1H16 origination Maintenance of conservative lending standards

D Cars Market:

• New cars: -32%

• Used cars: -10%

-5.1%

-6.1%

∆1H16

/1H15 41% 41% 42%

444444

2Q16 1Q16 2Q15

Down payment

Average term

Jun/16 Mar/16

14.25 14.25

29.1

Jun/15

26.5

13.75

27.3

Selic

BV Financeira

Banco Votorantim is one of the leading players

in the auto financing market

Down payment (%) and Average term (months)

Auto finance interest rate x Selic² rate (% p.y.)

Origination of auto loans (R$B)

Consumer Finance – Auto Finance

11

270 257 304

314 299297

Administrative

Personnel

2Q16

601

1Q16

556

2Q15

584

1. Excludes expenses with labor lawsuits

Note: The IPCA price index reached 8.8% in the last 12 months. In 2Q16 labor lawsuits summed up R$ 75M against R$ 92M in the 1Q16

Efficiency ratio –

last 12 months¹ (%) 39.7 38.5

Effective cost management Administrative and personnel expenses showed a nominal reduction by 0.7% in 1H16/1H15

39.1

535 561

630 596

-0.7%

1H16

1,157

1H15

1,165

+18.2%

-0.6%

∆2Q16

/1Q16

Higher expenses with

collection (success fees)

and technology

Personnel and administrative expenses (R$M)

Personnel and administrative expenses

12

10886146

706726843

2Q16 1Q16 2Q15

NII and Income from Services¹ and Insurance Credit provision expenses – ALL

Personnel and Administrative expenses Net Income and Net Margin (post provisions)

R$ Million

Consolidated results

Summary: Net Income of R$ 108M in 2Q16 Highlight to the consistent revenue generation and effective cost base management

274 311 328

2Q16

1,491

1,163

1Q16

1,544

1,233

2Q15

1,565

1,291

270 257 304

314 299297

Admin.

Personnel

2Q16

601

1Q16

556

2Q15

584

358 348 341

90 159116

Consumer

Finance

Wholesale

2Q16

457

1Q16

508

2Q15

448

Net Margin Net income

569 639

-0.1%

1H16

3,036

2,397

1H15

3,038

2,470

-0.7%

1H16

1,157

561

596

1H15

1,165

535

630

1H16

965

690

275

1H15

866

629

237

194

268

1H16

1,432

1H15

1,604

Net Interest

Income

Services¹

and Insurance

1. Income from services and banking fees

13

Funding profile improved over the last years Bills and Credit Assignments account for almost half (R$ 33.5B) of the total funding sources

Funding

Additionally, Banco Votorantim has a stand-by credit

facility of ~R$ 7B from BB, which has never been tapped

Loans securitized to

Banco do Brasil

Debentures

(BV Leasing)

Sub Debt

Loans and onlendings

Time deposits (CD)

Securities abroad

Other¹

Jun/16

67.5

17.8

(26%)

15.7

(23%)

16.2

6.4

6.2 1.8 1.5

17.4

6.2

6.7 2.4

6.6 1.4

Bills (LF, LCA and LCI)

Mar/16

72.3

17.5

(24%)

16.5

(23%)

16.7

6.6

7.0 2.3

3.3 2.2

Dec/15

78.0

17.2

15.7

17.9

6.9

7.9 2.2 8.1 2.0

Dec/14

72.3

16.3

(23%)

15.2

(21%)

1. Includes cash and interbank deposits and Structured finance certificates (“COEs”); 2. Excludes guarantees provided.

Note: International funding is 100% hedged for BRL

LF: R$ 14.8B

LCA and LCI: R$ 3.0B

Funding evolution (R$B)

Expanded credit portfolio²/

Total Funding 72% 81% 75%

2Q16: +R$ 1.7B

76%

Bond of R$ 0.7B

matured in May/16

14

Total Capital 10,967 9,742 9,675

Tier I Capital 7,105 6,587 6,892

Common Equity Tier I 7,105 6,587 6,892

Additional Tier I - - -

Tier II Capital 3,862 3,155 2,782

Risk Weighted Assets (RWA) 73,786 67,714 64,839

Credit risk 66,293 59,714 57,168

Market risk 3,087 1,984 1,654

Operational risk 4,407 6,016 6,016

Minimum Capital Requirement 8,116 6,687 6,403

Basel Ratio (Capital/RWA) 14.86% 14.39% 14.92%

Tier I Capital Ratio 9.6% 9.7% 10.6%

Common Equity Tier I Ratio 9.6% 9.7% 10.6%

Additional Tier I Ratio - - -

Tier II Capital Ratio 5.2% 4.7% 4.3%

Jun.16Mar.16Jun.15BASEL RATIO

(R$ Million)

Basel III Ratio of 14.9% in Jun/16 Tier I Capital ratio rose to 10.6%, entirely composed of Common Equity

Capital structure

Note: In 2016, the minimum capital requirement was changed to 10.50% (11.00% in 2015), including 0.63% for maintenance capital. For Tier I Capital, it is 6.0% and

for Principal Capital it is 4.5%.

15

Appendix

16

Banco Votorantim is one of the leading banks in Brazil “Top 10” in total assets, with strong shareholders and shared governance

Banco Votorantim is one of the largest

privately-held Brazilian banks in total assets...

Banco Votorantim – Overview

Shareholder

50% Total

10 largest Banks in Mar/16 - Total Assets (R$B)

...and also in terms of loan portfolio

141

175

222676

923

925

110Votorantim Safra

HSBC

BTG Pactual Santander

BNDES

Bradesco

CEF 1,205 Itaú 1,242

Banco do Brasil 1,443

10 largest Banks in Mar/16 – Loan Portfolio¹ (R$B)

State-owned

Foreign

National privately-held

45

49

58

67

247378

410

497

679

687

Safra

Votorantim

BTG Pactual

HSBC Santander

BNDES

Bradesco

Itaú

CEF

Banco do Brasil

State-owned

Foreign

National privately-held

1.On-balance loan portfolio according to Bacen’s Resolution 2,682. Note: CADE (Conselho Administrativo de Defesa Econômica) approved in Jun/16 the acquisition of HSBC in Brazil by Bradesco

Equal

representation

of each

shareholder Board of

Directors

Executive board

Fiscal

Council

Audit

Committee

Compensation

& HR

Committee

Products &

Marketing

Committee

Finance

Committee

Total: 50.00%

Voting: 49.99%

Non-voting: 50.01%

Total: 50.00%

Voting: 50.01%

Non-voting: 49.99%

Votorantim Group Banco do Brasil

Ownership Structure

Corporate Governance Structure

9th

10th

17

Shareholders

Pillars

Banco do Brasil Grupo Votorantim +

R$ 59.4B

XX Expanded² credit portfolio

Strategy

Consumer Finance

Auto

Finance

To originate portfolios with quality, scale and profitability

To focus on used auto finance (multi-brand dealers), where BV has a history of leadership and expertise

Other

Businesses

Payroll loans: to focus on

INSS (portfolio refinancing)

and Private (portfolio growth)

Credit cards, insurance,

individual loans and

CrediCasa (home equity): to

leverage the existing client

base

Other synergies with BB:

Promotiva, mortgage, etc.

R$ 33.1B

R$ 27.5B R$ 5.6B

Wealth

Mgmt. & BVEP

Asset: 9th largest in the market, with innovative products and growing synergies with BB

R$ 51.2B in AuM¹

Private: focus on estate management through tailor-made solutions

BVEP: investment in real estate projects

Wealth Mgmt.

Corporate &

IB (CIB)

To be the best wholesale bank to our target clients, focused on:

• Long-term relationships

• Capturing synergies in the origination and structuring of financial solutions

• Efficient capital management

Wholesale R$ 26.3B

Diversified business portfolio Focus on increasing business profitability, operating efficiency and synergies with BB

1. Assets under management 2. Includes guarantees provided by the Bank and private securities

18

Consumer Finance: increased focus on used auto

finance and INSS payroll loans (retirees and pensioners)

Payroll Loans Auto finance

Consumer Finance Businesses

Loan portfolio (R$B) Loan portfolio (R$B)

Consumer Finance businesses

Among market leaders in auto financing, with the following

advantages:

• Capillarity: presence in ~13,000 car dealerships nationwide

• Agility: 84% of proposals with automatic credit decision

• Expertise: continuous improvement of management tools

(pricing, credit, collection etc.)

• Long-term relationship: first access to customer record

Used

New

Jun/16

27.5

23.9

(87%)

3.6

Mar/16

27.7

23.9

3.8

Jun/15

28.8

24.0

(83%)

4.8

Focus on refinancing the INSS payroll loan portfolio

(retirees and pensioners)…

...and on increasing the private payroll loan portfolio

Selective operation in public payroll agreements

Continuous improvement of management tools

(pricing, credit, collection etc.)

5.1

3.4

0.8

0.9

(18%)

INSS

Private

Public

Jun/16

4.2

2.8

0.8

0.5

(13%)

Mar/16

4.4

3.0

0.8

0.6

(14%)

Jun/15

States: 40%

19

8.9 (34%)

7.8 (30%)

4.7 (18%)

3.3 (12%)

0.8 0.8

Highlights and strategy Corporate & Investment Bank (CIB)

Wholesale: continued focus on improving return on capital

and on strengthening the product portfolio

Wholesale Business (CIB)

Expanded credit portfolio (R$B and %)

Wholesale business

1. Includes debentures and promissory notes; 2. Includes export credit notes, working capital and Loan Offshore; 3. Rural Financing e Advances on Exchange Contracts; 4. “Ranking Anbima de Distribuição – Renda Fixa Consolidado (Jun/16)”

Additional strengthening of the balance sheet

• Prudential strengthening of credit provisions in view of the

uncertainties of the macroeconomic scenario

• 90-day Coverage Ratio exceeds 300% (261% in Mar/16)

Conservative approach to credit

• Focus on profitability (vs. asset growth)

Increased relevance of BV to its target clients

• Focus on 400 Corporate groups with credit exposure and

better risk profile, plus Financial Institutions

Exit of non-core clients

Focus on capturing synergies in the origination and

structuring of Credit, IB, Derivatives and FX

Local Fixed Income Distribution Ranking4

7th 3rd

Loans2

Onlending

Financ Export / Import Other3

Guarantees provided

Private

securities1

Expanded credit

portfolio

R$ 26.3B

Diversified portfolio of

wholesale products 1H16

0.8

1H15

0.6

Distributed

amount (R$B)

20

Balance Sheet

Balance Sheet

Jun.16/Mar.16 Jun.16/Jun.15

CURRENT AND LONG-TERM ASSETS 102,935 108,890 107,564 (1.2) 4.5

Cash and cash equivalents 221 210 141 (32.7) (36.0)

Interbank funds applied 18,208 17,030 19,855 16.6 9.0

Securities and derivative financial instruments 24,330 31,117 27,458 (11.8) 12.9

Derivative financial instruments 1,423 2,929 4,231 44.5 197.3

Interbank accounts or relations 59 442 619 40.2 -

Loan Operations, Leases and Others receivables 51,675 48,363 46,477 (3.9) (10.1)

Alowance for loan losses (3,824) (3,046) (2,989) (1.9) (21.8)

Tax credit 6,732 7,273 7,260 (0.2) 7.9

Others 4,113 4,572 4,511 (1.3) 9.7

NON-CURRENTS 400 417 463 11.2 15.9

Investments 234 216 262 21.1 12.0

Fixed assets 94 98 95 (3.3) 1.0

Intangible and deferred charges 73 103 107 4.2 47.7

TOTAL ASSETS 103,335 109,307 108,028 (1.2) 4.5

Jun.16/Mar.16 Jun.16/Jun.15

CURRENT AND LONG-TERM LIABILITIES 95,457 101,186 99,709 (1.5) 4.5

Deposits 5,034 4,491 3,708 (17.4) (26.3)

Demand deposits 78 78 76 (1.5) (2.5)

Interbank deposits 1,771 2,086 1,795 (14.0) 1.3

Time deposits 3,184 2,327 1,837 (21.0) (42.3)

Money market borrowings 27,937 36,653 38,070 3.9 36.3

Acceptances and endorsements 23,691 20,860 19,276 (7.6) (18.6)

Interbank accounts 57 35 32 (8.2) (44.3)

Borrowings and onlendings 6,820 7,032 6,209 (11.7) (9.0)

Derivative financial instruments 1,648 2,776 3,856 38.9 134.0

Others obligations 30,270 29,339 28,559 (2.7) (5.7)

Subordinated debts 7,168 6,648 6,426 (3.3) (10.4)

Credit transactions subject to assignment 17,015 16,538 15,690 (5.1) (7.8)

Others obligations 6,086 6,153 6,443 4.7 5.9

DEFERRED INCOME 31 41 36 (12.9) 15.5

SHAREHOLDERS’ EQUITY 7,847 8,080 8,282 2.5 5.5

TOTAL LIABILITIES 103,335 109,307 108,028 (1.2) 4.5

BALANCE SHEET | Liabilities

(R$ Million)Jun.15 Mar.15 Jun.16

Variation %

BALANCE SHEET | Assets

(R$ Million)Jun.15 Mar.15 Jun.16

Variation %

21

51.251.247.446.643.8

Jun/16 Mar/16 Dec/15 Sept/15 Jun/15

Total Assets Assets under Management¹

On-balance loan portfolio

108.0109.3110.2110.3103.3

Jun/16 Mar/16 Dec/15 Sept/15 Jun/15

Financial highlights

35.1 34.2 33.6 33.5 33.1

16.7 17.0 17.4 15.2 13.7

46.9

Consumer

Finance

Wholesale

Jun/16 Mar16

48.7

Dec/15

51.0

Sept/15

51.1

Jun/15

51.8

Financial highlights

R$ Billion

Shareholders’ Equity

1. Includes onshore funds (ANBIMA criteria) and private clients resources. Note: Shareholders’ Equity includes the destination of dividends (R$ 114 million) in Dec/15

+8.7%

Jun/16

8.28

Mar/16

8.08

Dec/15

7.62

Sept/15

7.78

Jun/15

7.85

22

Net Interest Income (A) 1,291 1,233 1,163 -5.7% 2,470 2,397 -3.0%

Average Interest-Earning Assets (B) 95,337 97,909 95,988 -2.0% 93,570 96,864 3.5%

Compulsory Deposits (Bacen) 43 206 489 137.0% 47 333 -

Interbanks Funds Applied 16,475 17,109 18,443 7.8% 13,442 18,024 34.1%

Securities 25,783 30,771 29,288 -4.8% 26,900 29,667 10.3%

Loan Portfolio 53,036 49,823 47,769 -4.1% 53,182 48,840 -8.2%

NIM (A/B) 5.5% 5.1% 4.9% -0.2 p.p. 5.3% 5.0% -0.3 p.p.

NET INTEREST MARGIN (NIM)

(R$ Million)

Var.

2Q16/1Q161H161H15

Var.

1H16/1H151Q162Q15 2Q16

Net Interest Margin (NIM)

Financial highlights – NIM

23

Total Personnel¹ and Administrative expenses (A) 503 464 526 13.3% 989 990 0.1%

Total Revenues (B) 1,332 1,334 1,313 -1.6% 2,683 2,647 -1.4%

Net Interest Income (NII) 1,291 1,233 1,163 -5.7% 2,470 2,397 -3.0%

Fee/Banking Fee Income 220 257 264 3.0% 463 521 12.6%

Income from subsidiaries² 39 43 47 11.0% 77 90 16.6%

Other Operating Income/Expenses (219) (199) (162) -18.3% (326) (361) 10.6%

Efficiency Ratio (A/B) - period 37.7% 34.8% 40.1% 5.3 p.p. 36.9% 37.4% 0.5 p.p.

Efficiency Ratio - last 12 months 38.5% 39.1% 39.7% 0.6 p.p. 38.5% 39.7% 1.0 p.p.

EFFICIENCY RATIO (ER)

(R$ Million)

Var.

2Q16/1Q16

Var.

1H16/1H151H15 1H161Q162Q15 2Q16

Efficiency Ratio

1. Excludes expenses with labor lawsuits; 2. Subsidiaries accounted by the equity method

Financial highlights - ER

24

Jun/16

3,221

6.9%

2,989

232

Mar/16

3,271

6.7%

3,046

225

Dec/15

4,387

8.6%

4,152

235

Sept/15

4,425

8.6%

4,200

225

Jun/15

3,979

7.6%

3,824

155

All balance / Managed loan portfolio

Especific + Additional

Generic²

ALL Balance (R$M) Managed loan portfolio rated by risk level¹ (%)

1. According to Bacen’s Resolution 2,682; 2. Considers balance of R$ 232M of “generic” credit provisions recognized as Liabilities in the "Other“ line (see Note #18d of

2Q16 Financial Statements)

Credit quality indicators

Credit portfolio

90.2%

9.8%

Mar/16

90.6%

9.4%

Dec/15

88.8%

11.2%

Sept/15

89.7%

10.3%

Jun/15

89.8%

10.2%

AA-C

D-H

Jun/16

151 170 197141 140

639693

838834

2Q16 1Q16

1,215

4Q15 3Q15 2Q15

Credit Recovery (R$M) Net Loss (R$M)

683 669495 500

2Q16

4.3%

1Q16

9.1%

1,074

4Q15

3.9%

3Q15

5.3%

2Q15

5.3%

Net Loss/Managed loan portfolio Net Loss Write-off Credit Recovery

25

1.15% 1.07%

1.75% 1.57%

-0.12%

1.90%

0.98% 0.67%

1.64% 2.24%

0.94% 1.04%

1.36%

0.82

2Q16

0.64 0.56

1Q16

1.22

0.55

4Q15 2Q15

0.83

-0.07

1Q15

0.58

1.05

4Q14

0.67 0.55

3Q14

0.77

0.38

2Q14

0.86 0.96

1Q14

0.87

1.36

4Q13

0.87

0.58

3Q13

0.90 0.66

2Q13

1.34

0.90 0.69

3Q15

0.90 0.84

New NPL rate

1. Variation in the balance of 90-day NPL balance + loans written-off to loss in the quarter, divided by loan portfolio by the end of the immediately preceding quarter

New NPL

rate

Write-off (R$B)

New NPL (R$B)

Credit portfolio

Managed Loan Portfolio (A) 63,546 61,281 60,539 58,281 56,806 55,712 55,231 55,422 52,505 51,576 51,250 48,799 46,925

90-day NPL Balance 3,616 3,373 3,081 3,563 3,662 3,273 3,154 3,628 2,727 2,712 2,923 2,254 2,174

90-day NPL Quarterly Variation (B) (439) (244) (292) 482 99 (388) (119) 474 (902) (14) 211 (669) (80)

Write-off (C) 1,339 902 869 874 857 771 666 578 834 838 693 1,215 639

New NPL (D=B+C) 900 659 578 1,356 955 383 547 1,052 (67) 823 903 546 560

New NPL Rate¹ (D/A) 1.36% 1.04% 0.94% 2.24% 1.64% 0.67% 0.98% 1.90% -0.12% 1.57% 1.75% 1.07% 1.15%

2Q161Q16NEW NPL

(R$ Million)3Q151Q14 2Q14 3Q14 4Q14 1Q15 2Q152Q13 3Q13 4Q13 4Q15

26

Wholesale has a diversified credit portfolio Top 20 sectors account for 84% of the Wholesale credit exposure

1. Numbers exclude private securities and are net of credit provisions. Note: Does not consider application of Credit Conversion Factor of 50% in transactions relating to

some specific guarantees provided.

Credit portfolio

R$M Part.(%) R$M Part.(%) R$M Part.(%)

Financial Institutions 4,448 18.1% 3,800 17.3% 3,752 18.2%

Sugar and Ethanol 2,290 9.3% 2,033 9.2% 1,823 8.9%

Telecom 1,708 7.0% 1,568 7.1% 1,606 7.8%

Petrochemical 1,365 5.6% 1,558 7.1% 1,567 7.6%

Retail 923 3.8% 1,440 6.5% 1,236 6.0%

Mining 508 2.1% 889 4.0% 883 4.3%

Railw ays 627 2.6% 810 3.7% 781 3.8%

Agribusiness 1,288 5.3% 908 4.1% 762 3.7%

Eletricity Generation 667 2.7% 751 3.4% 605 2.9%

Government 587 2.4% 616 2.8% 565 2.7%

Road Cargo Transportation 460 1.9% 527 2.4% 507 2.5%

Residential Construction 668 2.7% 462 2.1% 459 2.2%

Electricity Distribution 643 2.6% 448 2.0% 426 2.1%

Food Industry 316 1.3% 423 1.9% 411 2.0%

Oil & Gas 201 0.8% 401 1.8% 401 1.9%

Pulp and Paper 706 2.9% 606 2.8% 361 1.8%

Automotive 515 2.1% 391 1.8% 324 1.6%

Services 508 2.1% 304 1.4% 314 1.5%

Slaughterhouses 288 1.2% 292 1.3% 286 1.4%

Beverages 382 1.6% 235 1.1% 271 1.3%

Other sectors 5,432 22.1% 3,544 16.1% 3,235 15.7%

Total¹ 24,532 100.0% 22,005 100.0% 20,576 100.0%

Wholesale - Sectoral concentrationJun.15 Jun.16Mar.16

27

Banco Votorantim’s main ratings

Ratings

RATING AGENCIES Internacional National

Local Foreign Local

Moody’s

Long-term Ba2 Ba3 Aa3.br

Short-term NP NP BR-1

Standard & Poor’s

Long-term BB brA+

Short-term B brA-1

Brazil

Sovereign rating

Ba2

BB