Earnings Presentation

2nd Quarter, 2014

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$ 140M in 2Q14 and R$ 292M in 1H14 In 2H14, BV will keep working to consolidate net profit

Executive summary

Profit of

R$ 140M

in 2Q14

Net income of R$ 140M in 2Q14 – third consecutive quarter of positive results, with net profit

in each of the last nine months

In 1H14, net income totaled R$ 292M (R$-474M in 1H13)

Consistent

revenue

generation

Net Interest Income increased 4.8% in 2Q14/1Q14 and 4.7% in 1H14/1H13, despite the reduction in

the expanded credit portfolio, reflecting the focus on profitability (vs. growth)

Net Interest Margin¹ (NIM) of 5.4% p.y. – improvement of 0.5 p.p. vs. 1Q14 and 1.1 p.p. vs. 2Q13

Maintained

asset quality

BV has been originating auto finance with quality and scale for more than 30 months

• Better quality vintages reached 81% of the managed auto finance loan portfolio (62% in June/13)

Consumer Finance’s 90-day NPL at 6.6%, stable compared to Mar/14 and 0.5 p.p. below June/13

Reduced credit

provisions

ALL expenses² dropped by 26.7% in 2Q14/1Q14 and 33.1% (R$ 611M) in 1H14/1H13

• Expenses with credit provisions in 2Q14 (R$ 523M) were the lowest since 1Q11

90-day Coverage Ratio reached 118% in June/14 (June/13: 111%; Sept/11³: 78%)

Reduction in

the cost base

Personnel and Administrative expenses reduced 13.0% in 2Q14/1Q14 and 10.6% in 1H14/1H13

• Administrative expenses dropped almost 25% (R$ 177M) in the 1H14/1H13 comparison

Efficiency Ratio for the last 12 months reached 36.0% (Mar/14: 37.9%; June/13: 46.3%)

Highlights of 2Q14 results

1. Ratio between Net Interest Income and Average Interest-Earning Assets; 2. Net of income from recovery of written-off loans; includes ALL expenses of the portfolios assigned with recourse; 3. Beginning of the restructuring process

3

Banco Votorantim – Overview

2Q14 Results

Appendix

Agenda

4

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/14¹ - Total Assets (R$B)

...and also in terms of loan portfolio

105125

132

167503

765

791

910

Votorantim BTG Pactual

Safra

HSBC Santander

BNDES

Bradesco

CEF Itaú 1,034

Banco do Brasil 1,281

10 largest banks in Mar/14¹ – Loan Portfolio² (R$B)

Público

Estrangeiro

Brasileiro e privado

26

46

54

194285

296

353

512

592

54

HSBC

Banrisul

Safra Votorantim

Santander BNDES

Bradesco

Itaú

CEF

Banco do Brasil

Estrangeiro

Brasileiro e privado

Público

1.June/14 Central Bank (“Bacen”) data unavailable by the preparation of this presentation; 2. On-balance portfolio according to Bacen’s Res. 2,682

10th

8th

Equal

representation

of each

shareholder Board of

Directors

Executive Committee

Fiscal

Council

Audit

Committee

Compensation

& HR

Committee

Statutory

Products &

Marketing

Committee

Finance

Committee

Operating Committees &

Commissions

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

Governance Structure

5

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

Shareholders

Pillars

Banco do Brasil Votorantim Group +

R$ 68.2B

Expanded credit portfolio²

Off-balance portfolio¹

R$ 2.8B

R$ 0.4B

Assigned to BB

Assigned to FIDCs

Strategy

Consumer Finance

Auto

Finance

To originate portfolios with quality, scale and

profitability

To focus on used auto finance (multi-brand dealers)

To advance in new auto finance origination in

partnership with BB (new car dealers)

Other

Businesses

In Payroll loans, focus on

INSS (retirees and

pensioners) and refinancing

To expand synergic

businesses (credit cards,

insurance sales)

To explore new opportunities

together with BB (e.g.

syndicated loans, real

estate, “Mais BB”)

R$ 35.9B

R$ 29.6B R$ 6.3B

Wealth

Mgmt. & BVEP

Asset: 10th largest in the market, with innovative

products

R$ 40.6B AuM

Increase synergies with BB

Private: focus on estate management through

custom-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 integrated financial solutions

• Efficient management of capital allocation and

expenses

Wholesale R$ 32.3B

1. Securitization with substantial risk retention before entry in force of Bacen’s Res. 3,533; 2. Includes guarantees provided and private securities

6

Highlights Corporate & Investment Bank (CIB)

Wholesale: continued focus on return on capital and

on strengthening the product portfolio

Wholesale Businesses

Large

companies

Medium

companies

June/14

32.3

25.7

6.6

Mar/14

32.7

25.8

6.9

June/13

37.0

28.2

8.8

Expanded credit portfolio¹ (R$B)

-4.3%

-0.4%

∆June14

/Mar14

-1.2%

Disciplined approach to capital usage

• Credit selectivity

• Focus on products with low capital consumption (FX, IB)

• Active management of the credit portfolio

• Reduced exposure to the “lower middle market”

– Portfolio in June/14: R$ 1.3B (Mar/14: R$ 1.8B)

Increased relevance of BV to its target clients

• Strengthening of the product portfolio

• Enhancing international distribution (NY and London)

Focus on capturing synergies in the origination and

structuring of Credit, Capital Markets, Derivatives and

FX operations

• 2nd place in the 2Q14 Local Fixed Income Distribution

ranking² (3rd place in the 1H14)

Thorough monitoring of key credit operations in

“financial distress”, focused on debt restructuring

Wholesale Businesses

Guarantees

provided 10.1 12.1 9.9

1. Includes on-balance portfolio (loans), guarantees provided (sureties and endorsements) and private securities; 2. “Ranking Anbima de Distribuição – Renda Fixa Consolidado” (June/14)

Loans 17.2 18.6 17.3

7

Consumer Finance: intensified focus on used auto

finance and INSS payroll loans (retirees and pensioners)

Payroll Loans Auto Finance

Consumer Finance Businesses

Managed Loan Portfolio (R$B) Managed Loan Portfolio (R$B)

On-

balance

Off-

balance

June/14

32.0

29.6

2.4

Mar/14

33.0

30.0

3.1

June/13

35.7

29.7

6.0

On-

balance

Off-

balance

June/14

6.6

5.8

0.9

Mar/14

7.1

6.0

1.1

June/13

8.8

7.0

1.8

Used/

Total¹ 78% 72%

INSS/

Total¹ 63% 59%

Consumer Finance Businesses

Among market leaders in auto financing

Operates as an extension of Banco do Brasil in auto

financing outside of the branch network

Continuous improvement of credit processes

• 72%² automated credit decisions in June/14

(Dec/13: 65%; Jan/12: 28%)

1. Only on-balance portfolio; 2. Refers to light vehicles; 3. Banco Votorantim estimate; 4. Banking correspondents

7th largest³ player in the payroll loan market

Focus on INSS (retirees and pensioners)

Focus on refinancing (vs. growth)

Selective operation in private and public agreements

Res. 4,292 (May/14): Credit portability

Res. 4,294 (Jan/15): Deferred Cobans4 payment

-22.8%

-1.3%

∆June14

/Mar14

-18.8%

-4.2%

-3.3%

∆June14

/Mar14

-6.4%

8

Auto finance: origination amounted to R$ 6.6B in 1H14 Increased focus on used light vehicles and maintained conservative credit concession

Auto finance: financing of used light vehicles,

BV’s focus, increased 9.0% on 1H13

BV maintained the focus on quality and

profitability of originated new vintages

June/14

11.0

26.3

Mar/14

10.75

26.8

Dec/13

10.0

25.5

Dec/10

10.75

24.6

1. New light vehicles, trucks and motorcycles; 2. Market’s benchmark interest rate (Bacen)

Down

payment

Average term

Consumer Finance Businesses – Auto Finance

Banco Votorantim is one of the leading players

in the auto financing market

Auto finance origination (R$B) Down payment (%) and average term (months)

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

+0.2%

Used light

vehicles

Other

vehicles¹

1H14

6.6

5.3

(80%)

1.3

1H13

6.6

4.9

(74%)

1.8 26%

38% 39% 39%

44444552

2Q14 1Q14 4Q13 4Q10

-24.2%

∆1H14/

1H13

+9.0% BV Financeira

(vehicles)

Selic

9

Highlights

Wealth Management & Services

Wealth Management: Asset focused on high value-added

products and Private focused on estate management

Assets under Management¹ (R$B)

June/14

40.6

Mar/14

40.6

June/13

42.7

Asset Management

• Focus on high value-added structured products

• “Top Gestão 2014 – Renda Fixa³”: Fixed Income award

• Continuous expansion of synergies with BB

– Volume of partnership funds: R$ 4.6B

– BB Votorantim Highland Infraestrutura, infrastructure

fund launched in June/14, raised R$ 300M

Private Bank

• Focus on High and Ultra High clients (assets > R$ 25M)

• Integrated estate management, through differentiated and

custom-made solutions

• ISO 9001:08 certification

BVEP – BV Empreendimentos e Participações

• Focus on real estate, residential, commercial

and logistic projects (SP, RJ, MG and DF)

Wealth Management Businesses

Wealth Management Businesses

ANBIMA²

ranking 10th 9th 10th

VWM&S aims at being one of the best in structuring

and managing high value-added products 1. Includes onshore funds (ANBIMA criteria) and private clients’ assets (fixed income, equities and offshore funds); 2. Managers’ ranking; 3. Awarded by the Valor Investe magazine, along with Standard & Poor’s, in the “largest asset managers” category

10

Banco Votorantim – Overview

2Q14 Results

Appendix

Agenda

11

140152121

-159-196

-278

2Q14 1Q14 4Q13 3Q13 2Q13 1Q13

Net income of R$ 140M in 2Q14 and R$ 292M in the semester Third consecutive quarter of positive results, with net profit in each of the last nine months

Consolidated results

2014 is the year of profit consolidation and

2015 will be focused on increasing ROE

Net Income evolution (R$M)

R$11,4B R$-474 R$ 292 R$+766

12

Net Interest Income (A) 1.142 1.197 4,8% 2.235 2.339 4,7%

ALL expenses¹ (B) (714) (523) -26,7% (1.848) (1.237) -33,1%

Net Financial Margin (A+B) 428 674 57,3% 386 1.102 185,2%

Operating Income/Expenses (350) (510) 45,5% (1.198) (860) -28,2%

Income from Services and Banking Fees 244 206 -15,7% 491 450 -8,3%

Personnel Expenses (345) (290) -16,0% (597) (634) 6,3%

Other Administrative Expenses (284) (257) -9,3% (718) (541) -24,7%

Despesas Tributárias (111) (110) -0,6% (257) (220) -14,3%

Other Operating Income/Expenses² 144 (59) -140,9% (117) 85 -

Operating Income (Loss) 78 164 110,3% (811) 242 -

Net Income (Loss) 152 140 -7,9% (474) 292 -

Var. 1H14

/1H131Q14 2Q14

Var. 2Q14

/1Q141H13 1H14(R$ Million)

In the 2H14, BV will continue working to

consolidate net profit

Managerial Income Statement

Highlights of 2Q14 results Increase in Net Interest Income (NII), reduction in ALL expenses, and optimized cost base

Consolidated results

1. Includes expenses related to credit assignments with recourse (both on and off-balance), as well as revenues from write-off recovery; 2. Includes Other Operating

Income/Expenses, as well as Equity in Income of Associated Companies and Subsidiaries

1

2

3

13

Consistent revenue generation NIM increased in the last quarters, reflecting the focus on profitability of the portfolio

1. Ratio between Net Interest Income and Average Interest-Earning Assets; 2. Includes guarantees provided and private securities; 3. Sum of income from loans and from sales

or transfer of financial assets; 4. Expenses with the prepayment of credit assignments (before res. 3,533) amounted to R$42M in 1H14 (R$158M in 1H13)

Net Interest Income

Net Interest Income expanded 7.7%

in 2Q14 compared to 2Q13...

...despite the 7.9% reduction in the expanded

credit portfolio in the same period

Net Interest Income (R$M) and NIM¹ (% p.y.)

+7.7%

2Q14

1,197

5.4%

1Q14

1,142

4.9%

2Q13

1,112

4.3% -7.9%

June/14

68.2

Mar/14

69.2

June/13

74.1

Expanded² credit portfolio (R$B)

Growth of Consumer Finance’s loan³ revenues

Reduced funding expenses

Reduction in expenses with prepayment of assignments4

Focus on profitability (vs. growth)

Disciplined approach to capital usage

NIM

1

Net Interest

Income (NII)

14

Maintenance of the conservative approach to credit Credit portfolio retraction associated with the focus on business profitability (vs. growth)

Expanded portfolio (interest-earning)

reduced 1.4% compared to Mar/14 Reduction in off-balance securitization

explains greater drop in managed portfolio

3.2 7.8 4.1

Credit portfolio by segment

-6.4%

-3.3%

-0.4%

∆June14

/Mar14 -7.9% -1.4%

Large

Companies

Medium

Companies

Auto Finance

Payroll

Loans

Others¹

June/14

25.7

6.6

29.6

5.8

Mar/14

69.2

25.8

6.9

30.0

6.0

June/13

74.1

28.2

8.8

29.7

7.0 68.2

6.6

25.7

71.4

June/14

-12.8% -2.6%

32.0

6.6

Mar/14

73.3

25.8

6.9

33.0

7.1

June/13

81.9

28.2

8.8

35.7

8.8

-0.4%

-4.2%

-1.3%

∆June14

/Mar14

1. Credit cards and individual loans; 2. Reduction from R$ 1.8B in Mar/14 to R$ 1.3B in June/14

Net Interest Income increase,

despite retraction of the credit portfolio

1

-4.3% -4.3%

“Lower middle²”

portfolio dropped by

R$ 0.5B in 2Q14

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

Expanded managed credit portfolio (R$B) (includes off-balance securitization with substantial risk retention)

CIB

Off-balance securitization

(pre-Resolution 3,533)

15

June/14

1.0

Dec/13

1.3

June/13 Dec/12

1.1

June/12 Dec/11

1.0

June/11 Dec/10

2.1

June/10 Dec/09

1.5

June/09

Auto Finance: BV has been originating quality auto

finance for over 30 months, focused on used light vehicles

Vintages indicating lower quality

Inad 30¹ (by vintage)

Multi-brand dealers

New car dealers

Consumer Finance – Auto Finance

June09-

June10

average

Growing participation of better quality vintages has

contributed to reduce ALL expenses

Lower quality vintages /

Managed auto finance portfolio²

19%38%

62%

June/14 June/13 Dec/11

2

Light vehicles – Origination by channel (R$B) and 1st payment default¹ (%)

1. % of each month’s production with first installments past due over 30 days; 2. Includes securitization with substantial risk retention before Bacen’s Res. 3,533

16

99%100%101%99%94%

118%124%

147%

111%

221%

201%205%

182%

June/14 Mar/14 Dec/13 Sept/13

178%

119%

June/13

ALL expenses reduced 26.7% in the 2Q14 / 1Q14 comparison

1. Includes expenses related to credit assignments with recourse, as well as revenues from write-off recovery; 2. Includes impact of specific case that was classified in the

“G” risk level in June/14, with 90% of provisioning (or R$ 541M); 3. Ratio between ALL balance and balance of operations past due over 90 days

Note: the consolidated and Consumer Finance 90-day Coverage Ratios were 78% and 68%, respectively in Sept/11 (beginning of the adjustment process)

Expenses¹ with credit provisions (R$M)

ALL expenses reduced 45.5% compared

to 2Q13 and 26.7%, to 1Q14

Coverage Ratio still at an appropriate level,

well above Sept/11 (beginning of adjustment)

Credit indicators – ALL and Coverage

733 669563

417557

407

156 290

199 156

116

-45.5% -26.7%

2Q14

523

1Q14

714

4Q13

1,266

849²

3Q13

761

2Q13

959

1Q13

889

Wholesale

Cons.

Finance

-25.9%

-26.9%

∆2Q14

/1Q14

Managed loan portfolio’s 90-day Coverage Ratio³ (%)

78% in

Sept/114

2

CIB Total Cons. Finance R$1,848 R$ 1,237 R$-611

17

In 2Q14, ALL expenses were in the lowest level since 1Q11 “ALL expenses / loan portfolio” ratio reduced to 0.9% in 2Q14

Credit indicators – ALL

523714761

959889951950893

426

2Q14

0.9%

1Q14

1.2%

4Q13

1,266

2.1%

3Q13

1.2%

2Q13

1.5%

1Q13

1.3%

4Q12

1.4%

3Q12

1,286

1.8%

2Q12

1,398

1.9%

1Q12

1,456

1.9%

4Q11

1,294

1.6%

3Q11

1.2%

1Q11

1.2%

2Q11

0.6%

2

ALL expenses / loan portfolio (%)

ALL expenses (R$M)

ALL expenses / Managed loan portfolio (%)

Note: Managed loan portfolio includes on-balance portfolio and off-balance credit assignments with recourse (pre-Resolution 3,533)

18

1

2

3

4

5

6

7

8

9

10

%

June/14

6.3% 6.5%

6.6%

Mar/14

5.0%

6.2%

6.6%

Dec/13

1.9%

5.1%

6.6%

Sept/13

2.1%

5.5%

6.9%

June/13

2.4%

5.7%

7.1%

Mar/13

2.3%

6.2%

7.7%

Dec/12

2.4%

6.6%

8.3%

Sept/12

2.4%

7.4%

9.4%

June/12

2.0%

7.5%

9.6%

Consumer Finance delinquency remained stable in 2Q14 Consolidated 90-day NPL rate impacted by Wholesale cases, previously provisioned

1. Specific case that, by the end of June/14, was classified in the “G” risk level, with 90% of provisioning (R$ 541M)

Note: the % of the Wholesale portfolio classified between AA-C (Resolution 2,682) increased from 83.1% in Mar/14, to 84.1% in June/14

90-day NPL / Managed loan portfolio (%)

Wholesale Total Consumer Finance

New delinquency cases in Wholesale were

provisioned in previous quarters

June/14

2.8%

5.5%

Mar/14

1.6%

5.2%

Dec/13

1.9%

5.1%

Excluding specific

Wholesale case¹

Credit indicators – Delinquency 2

19

718

541

427

438

170

196

1H14

1,175

1H13

1,315

∆ 1H14/1H13

% R$M

351284 257

219

222216

12374

-13.0%

Administrative

Others

Labor

Lawsuits

2Q14

547

1Q14

628

2Q13

595

25

Reduction in the cost base Administrative expenses dropped by 24.7% (or R$ 177M) in the 1H14/1H13 comparison

Personnel and Administrative expenses

Personnel and Administrative expenses (R$M)

Note: in the last 12 months, the inflation rates IPCA and IGP-M reached 6.52% and 6.25%, respectively

3

-24.7%

+2.6%

-10.6%

+15.7%

-177

+11

-140

+26

Cost base reduction has contributed to the

improvement of BV’s operational efficiency

Personnel

20

Total Personnel¹ and Administrative expenses (A) 570 584 627 506 473 -6.6%

Total Revenues (B) 1,291 1,354 1,859 1,531 1,344 -12.2%

Net Interest Income (NII) 1,112 1,154 1,226 1,142 1,197 4.8%

Fee/Banking Fee Income 253 257 282 244 206 -15.7%

Equity in Income of Associated Companies and Subsidiaries 20 30 35 41 34 -17.6%

Other Operating Income/Expenses (93) (86) 315 103 (93) -190.1%

Efficiency Ratio - quarter (A/B) 44.2% 43.1% 33.8% 33.1% 35.2% 2.1 p.p.

Efficiency Ratio - 12 months 48.3% 46.2% 40.5% 37.9% 36.0% -1.9 p.p.

4Q13 1Q14 2Q14Var. 2Q14

/1Q142Q13 3Q13

EFFICIENCY RATIO (ER)

(R$ Million)

Efficiency Ratio (12 months) reached 36.0% in 2Q14,

benefited by the reduction in the cost base

Efficiency Ratio

2Q14

36.0²

1Q14

37.9

4Q13

40.5

3Q13

46.2

2Q13

46.3

1. Personnel Expenses exclude expenses with Labor Lawsuits; 2. Considering expenses with Labor Lawsuits in the ratio’s numerator, 2Q14 Efficiency Ratio (12 months) would be of 40.0%

Evolution of the Efficiency Ratio – 12 months (%)

3

21

1H14

292

1,102

1H13

-474

386

140152

-196

674

428

153

2Q14 1Q14 2Q13

Summary: Net income of R$ 140M in 2Q14 Consistent revenue generation and reduction in both ALL expenses and the cost base

Net Interest Income (NII) Expenses with credit provisions (ALL)

Personnel and Administrative expenses Net Income and Net Financial Margin

R$ Million

Consolidated Results

4.8%

2Q14

1,197

1Q14

1,142

2Q13

1,112

351 284 257

244 345290

-13.0%

Admin.

Personnel

2Q14

547

1Q14

628

2Q13

595

669 557 407

290

-26.7%

Cons.

Finance

Wholesale

2Q14

523

116

1Q14

714

156

2Q13

959

Net Margin (post provisions) Net Income

+4.7%

1H14

2,339

1H13

2,235

-33.1%

1,402

1H14

1,237

965

272

1H13

1,848

446

-10.6%

634

1H14 1H13

1,175

541

1,315

718

597

-39.1%

-31.2%

∆1H14

/1H13

22

Funding profile improved over the past 12 months Bills and Credit Assignments represent 40% of total funding (33% in June/13)

Funding

13.2

7.7

5.7

6.1 3.7

3.7

Mar/14

74.7

16.7

15.9

13.9

7.5

6.1

6.0

-4.1%

4.3

June/13

76.1

16.4

14.3

10.3

7.0

8.5

7.5

6.9

5.3

June/14

71.7

15.8

15.8

4.3

19% 22%

14%18%

9%

11%11%

8%10%9%

9%

7%5%

5%

June/13

76.1

21% Debentures

(repos)

Bills (LF, LCA e LCI)

Credit Assignments²

Subordinated debt

Loans and onlendings

Private securities

Time deposits (CD)

Others¹

June/14

71.7

22%

Funding evolution in R$ billions Funding evolution in % share

Additionally, Banco Votorantim has a stand-by credit

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

1. Includes other deposits, debenture issuances, and box of options; 2. Credits assigned with substantial risk retention to FIDCs e to other FI, under Res. 3,533 (i.e. does not

include off-balance credit assignments) Note: International funding is 100% swapped for BRL

23

Total Capital 10,793 10,770 11,052

Tier I Capital 7,400 7,029 7,256

Common Equity Tier I 7,400 7,029 7,256

Additional Tier I - - -

Tier II Capital 3,393 3,741 3,796

Risk Wighted Assets (RWA) 77,653 74,299 73,119

Credit risk 72,654 68,624 66,709

Market risk 2,435 1,513 2,248

Operational risk 2,565 4,162 4,162

Minimum Capital Requirement 8,542 8,173 8,043

Basel Ratio (Capital/RWA) 13.9% 14.5% 15.1%

Tier I Capital Ratio 9.5% 9.5% 9.9%

Common Equity Tier I Ratio - 9.5% 9.9%

Additional Tier I Ratio - - -

Tier II Capital Ratio 4.4% 5.0% 5.2%

June/14Mar/14BASEL RATIO

(R$ Million)June/13

Basel Ratio ended June/14 in 15.1% Tier I Capital of 9.9% by the end of 2Q14, composed entirely by Common Equity

Capital structure

24

Banco Votorantim – Overview

2Q14 Results

Appendix

Agenda

25

June/14

40.6

Mar/14

40.6

Dec/13

39.4

Sept/13

42.7

June/13

42.7

Total Assets Assets under Management¹

On-balance loan portfolio

June/14

96.3

Mar/14

104.6

Dec/13

105.5

Sept/13

110.7

June/13

112.0

Financial highlights

-1.4%

Cons.

Finance

CIB

June/14

53.1

35.9

17.2

Mar/14

53.8

36.5

17.3

Dec/13

54.9

36.6

18.2

Sept/13

54.9

36.9

18.0

June/13

55.7

37.1

18.6

Appendix

R$ billion

Shareholders’ Equity

Mar/14

+3.4%

June/14

7.59 7.34

Dec/13

7.14

Sept/13

7.10

June/13

7.13

1. Includes onshore funds (ANBIMA criteria) and private clients resources

26

Net Interest Income (A) 1,112 1,142 1,197 4.8% 2,235 2,339 4.7%

Average Interest-Earning Assets (B) 105,840 95,872 91,065 -5.0% 107,284 93,380 -13.0%

Compulsory Reserves (Bacen) 491 94 62 -34.0% 720 84 -88.3%

Interbanks Funds Applied 15,492 11,860 9,287 -21.7% 15,915 10,093 -36.6%

Securities 33,719 29,568 28,283 -4.3% 34,239 29,285 -14.5%

Loan Portfolio 56,138 54,350 53,433 -1.7% 56,410 53,918 -4.4%

NIM (A/B) - quarter 4.3% 4.9% 5.4% 0.5 p.p. 4.2% 5.1% 0.9 p.p.

NET INTEREST MARGIN (NIM)

(R$ Million)

Var. 1H14

/1H132Q13 1Q14 2Q14

Var. 2Q14

/1Q141H13 1H14

Net Interest Margin (NIM)

Appendix

NIM evolution in last quarters reflects the focus on

profitability (vs. growth) and the improved asset quality

27

7.5%

4,514

Sept/13

6.5%

4,003

June/13

6.3%

3,996

June/14

7.7%

4,308

Mar/14

7.6%

4,421

Dec/13

118%124%

147%

119%111%

June/14

3,662

Mar/14

3,563

Dec/13

3,081

Sept/13

3,373

June/13

3,616

ALL balance / Managed portfolio ALL balance (R$M)

June/14

6.2%

6.5%

6.6%

Mar/14

5.0%

6.2%

6.6%

Dec/13

1.9%

5.1%

6.6%

Sept/13

2.1%

5.5%

6.9%

June/13

2.4%

5.7%

7.1%

June/13

2.4%

5.9%

7.6%

June/14

6.2%

6.7%

6.9%

Mar/14

5.0%

6.3%

6.9%

Dec/13

1.9%

5.2%

6.9%

Sept/13

2.1%

5.7%

7.4%

NPL Balance (R$M) Coverage Ratio

Wholesale Total Cons. Finance

Credit quality indicators

Appendix

ALL Balance (R$M) 90-day Coverage ratio¹ (%)

NPL 90 / Managed loan portfolio (%) NPL 90 / Credit loan portfolio (%)

1. Ratio between ALL balance and balance of operations past due over 90 days

Note: refers to managed loan portfolio (includes credits assigned with substantial risk retention until Dec/11 (before Res. 3,533))

Cons. Finance Total Wholesale

28

Managed Loan Portfolio (A) 76,775 74,185 71,481 68,169 65,923 63,546 61,281 60,006 57,925 56,273

NPL 90 Balance 5,390 5,539 5,276 4,520 4,056 3,616 3,373 3,081 3,563 3,662

NPL 90 Quarterly Variation (B) 793 149 (262) (756) (465) (439) (244) (292) 482 99

Write-off (C) 693 1,079 1,269 1,439 1,144 1,339 902 869 832 860

New NPL (D=B+C) 1,486 1,228 1,007 683 680 900 659 578 1,314 959

New NPL Rate¹ (D/A) 1.88% 1.60% 1.36% 0.95% 1.00% 1.36% 1.04% 0.94% 2.19% 1.65%

3Q13NEW NPL

(R$ Million)1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 4Q13 1Q14 2Q14

1.65% 2.19%

1.36% 1.60% 1.88%

0.94% 1.04% 1.36%

1.00% 0.95%

1Q12

0.69

1.49

3Q13

1.27 1.01

2Q12

1.08 1.23

2Q14

0.86 0.96

1Q14

0.83

1.31

4Q13

0.87 0.58

0.90 0.66

2Q13

1.34

0.90

1Q13

1.15

0.68

4Q12

1.43

0.68

3Q12

New NPL rate

New NPL

rate

Write-off (R$B)

New NPL (R$B)

Appendix

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

2. Specific case that was classified in the “G” risk level in June/14, with 90% of provisioning (or R$ 541M)

29

Banco Votorantim’s main ratings

Appendix

RATING

AGENCIES

International National

Long-Term Short-Term Long-Term Short-Term Long-Term Short-Term

Fitch Ratings Local Currency Foreign Currency National

BBB- F3 BBB- F3 AA+(bra) F1+(bra)

Moody’s Local Currency Deposits Foreign Currency Deposits National

Baa2 P-2 Baa2 P-2 Aaa.Br BR-1

Standard & Poor's Local Currency Foreign Currency National

BB+ B BB+ B brAA+ braA-1

Banco Votorantim is rated Investment Grade by Fitch & Moody’s

Note: in Mar/14, S&P downgraded Brazil’s sovereign rating from “BBB” to “BBB-”. Next, S&P revised Brazil’s BICRA (Banking Industry Country Risk Assessment) from “4” to “5”, which impacted the ratings of several financial institutions. In May/14, S&P revised Banco Votorantim’s rating from “BBB-” to “BB+”, with a stable outlook)