Earnings Presentation

1st Quarter, 2015

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$ 122M in 1Q15 Consistent revenue generation, drop in credit provisions and reduction of cost base

Executive summary

Net Profit of

R$ 122M

Net income totaled R$ 122M in 1Q15, compared to R$ 75M in 4Q14 and R$ 152M in 1Q14

Shareholders' equity reached R$ 7.68B in Mar/15

Consistent

revenue

generation

Net Interest Income (NII) reached R$ 1.2B in 1Q15, stable compared to 4Q14

Net Interest Margin¹ (NIM) of 5.4% p.y. in 1Q15, down by 10 bps compared to 4Q14 due to the

increase in interest-earning assets (driven by exchange rate effects and assignments with recourse)

Drop in

delinquency

Consumer Finance: 90-day NPL dropped to 5.3% in Mar/15, lowest level since June/11

Wholesale: 90-day NPL at 9.0% (6.2% in Dec/14) mostly impacted by loans that already had a high

allowance level. In contrast, the 15-90 day NPL ratio decreased from 4.1% to 2.4% in 1Q15

Reduction in

credit provisions

Credit provision expenses² reduced 17.3% over 4Q14 and 41.5% compared to 1Q14

• Reduction in credit provision expenses occurred both in Consumer Finance and Wholesale segments

• Credit provision expenses of 1Q15 (R$ 417M) correspond to the lowest level since 1Q11

Cost base

reduction

Personnel and administrative expenses decreased 3.8% over 4Q14 and 6.2% compared to 1Q14

12-month Efficiency Ratio (ER) reached 37.8% (Mar/14: 37.9%)

Highlights of Banco Votorantim’s results

1. Ratio between Net Interest Income (NII) and Average Interest-Earning Assets; 2. Allowance for Loan Losses (ALL), net of income from recovery of written-off loans

3

Banco Votorantim – Overview

1Q15 Results

Appendix

Agenda

4

29

45

53

56

207314

333

390

597

645

BNDES

Itaú

CEF

Banco do Brasil

Votorantim

Banrisul

Safra

HSBC Santander Bradesco

99141

155

168598

871

883

HSBC Santander

BNDES

Bradesco

CEF 1,065 Itaú 1,118

Banco do Brasil 1,324

BTG Pactual Safra

Votorantim

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 Dec/14¹ - Total Assets (R$B)

...and also in terms of loan portfolio

10 largest Banks in Dec/14¹ – Loan Portfolio² (R$B)

1.Mar/15 Central Bank (“Bacen”) data unavailable by the preparation of this presentation; 2. On-balance loan portfolio according to Bacen’s Resolution 2,682

10th

8th

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

National privately-held

Foreign

State-owned

Público

Estrangeiro

Brasileiro e privado

5

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

Shareholders

Pillars

Banco do Brasil Votorantim Group +

R$ 68.7B

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: BV

Promotora, mortgage, etc.

R$ 35.8B

R$ 29.4B R$ 6.4B

Wealth

Mgmt. & BVEP

Asset: 10th largest in the market, with innovative products and growing synergies with BB

R$ 41.3B in AuM¹

Private: focus on estate management through taylor-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$ 32.9B

1. Assets under management 2. Includes guarantees provided by the Bank and private securities Note: In Mar/15, the outstanding volume of loans (off-balance) securitized with recourse prior to Resolution 3,533 totaled R$ 1.1B (versus R$ 1.8B in Dec/14)

6

Highlights Corporate & Investment Bank (CIB)

Wholesale: continued focus on improving return on capital

and on strengthening the product portfolio

Wholesale Business

Expanded¹ credit portfolio (R$B) Disciplined approach to capital usage

• Credit selectivity

• Focus on services and products with low capital

consumption (FX, IB, derivatives)

• Gradual reduction to the “lower middle market”

– Focus on companies with annual revenues > R$200M

Increased relevance of BV to its target clients, thru

• Strengthening of the product portfolio

• Enhancement of international distribution (NY and London)

Focus on capturing synergies in the origination and

structuring of Credit, Capital Markets, Derivatives and

FX operations

Wholesale business

∆Mar15

/Dec14

Guarantees

provided

Loans

Large

companies

Mid-sized

companies

Mar/15

32.9

28.1

4.8

Dec/14

32.7

27.0

5.7

Mar/14

32.9

25.8

7.1

+0.5%

2014

3.8

2013

1.3

Local Fixed Income Distribution Ranking²

Distributed

amount (R$B)

7th

4th

1. Includes loans, guarantees provided (by the bank), and private securities; 2. “Ranking Anbima de Distribuição – Renda Fixa Consolidado” (Dec/14) Note: Mid-sized companies are those with annual revenues up to R$600M

+4.0%

-16.4%

9.9 9.9

17.5 17.5

8.9

18.5

7

Consumer Finance: increased 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)

Consumer Finance businesses

Among market leaders in auto financing

Operates as an extension of Banco do Brasil in auto

financing (outside BB´s branch network)

• Presence in ~20,000 car dealerships nationwide

Average ticket size: R$ 18,000

Continuous improvement of credit processes

Focus on refinancing the INSS payroll loan portfolio

(retirees and pensioners)…

...and on increasing the private payroll loan portfolio

Continuous improvement of credit processes

Used/

Total¹ 82% 76%

INSS/

Total¹ 66% 63%

∆Mar15

/Dec14

∆Mar15

/Dec14

32.7

29.7

3.1

On-

balance

Off-

balance

-1.8%

Dec/14

30.6

Mar/15

0.7

29.4 29.4

1.2

Mar/14

30.1

Dec/14

5.9

5.4

0.5

-4.3%

Mar/14

7.0

6.0

1.1

Mar/15

0.4

On-

balance

Off-

balance 5.6

5.3

1. Only on-balance portfolio

-41.7%

-0.1%

-25.2%

-2.3%

8

Highlights

Wealth Management & Services

Wealth Management: Asset focused on high value-added

products and Private Bank focused on estate management

Assets under management¹ (R$B)

+1.7%

40.6

Mar/15

41.3

Dec/14

40.6

Mar/14

Asset Management

• Focus on high value-added structured products

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

• Synergies with BB: R$ 5.0B AuM of partnership funds, e.g.

– BB Votorantim Highland Infraestrutura4 (FIDC) – 2013

– BB Progressivo II (FII) – 2012

– BB Renda Corporativa (FII) – 2011

– BB Votorantim Energia Sustentável (FIP) – 2011

Private Bank

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

• Integrated estate management, through differentiated and

custom-made solutions

BVEP – BV Empreendimentos e Participações

• Focus on real estate, residential, commercial

and logistic projects (SP, RJ and MG)

Wealth Management Businesses

Wealth Management businesses

ANBIMA

ranking² 10th 10th 10th

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; 4. Infrastructure fund launched that raised R$ 300M at the time of launch

9

Banco Votorantim – Overview

1Q15 Results

Appendix

Agenda

10

Net income of R$ 122M in 1Q15 BV continues to advance in the implementation of its earnings growth agenda

Earnings growth agenda Net Income evolution (R$M)

BV completed its restructuring process in 2014

In 2015, earnings growth is expected

122

75

135140152121

-159-196

-278

+62%

1Q15 4Q14 3Q14 2Q14 1Q14 4Q13 3Q13 2Q13 1Q13

R$-512M R$ 502M

Increase profitability of

current and new

businesses

Increase operational

efficiency

Strengthen synergies with

Banco do Brasil

Consolidated results

11

Net Interest Income (A) 1,296 1,220 1,223 0.3%

ALL expenses¹ (B) (714) (505) (417) -17.3%

Net Financial Margin (A+B) 583 715 806 12.7%

Operating Income/Expenses (504) (686) (585) -14.8%

Income from Services and Banking Fees 244 276 243 -12.1%

Personnel and Administrative expenses (628) (613) (590) -3.8%

Tax expenses (111) (104) (132) 26.9%

Equity in Income of Associated Companies and Subsidiaries 41 37 38 2.4%

Other Operating Income/Expenses (51) (282) (143) -49.2%

Operating Income (Loss) 78 29 221 -

Net Income 152 75 122 62.7%

4Q14Var. 1Q15

/4Q141Q151Q14(R$ million)

Continued evolution of results’ fundamentals, with higher

Net Financial Margin (post-provisions) and lower expenses

Highlights of Results Consistent revenue generation, drop in credit provisions and reduction of cost base

Consolidated results

Managerial Income Statement

1. Allowance for loan losses: Includes expenses related to credit assignments with recourse (on and off-balance), as well as revenues from credit recovery previously written

off as uncollectible. Note: The costs associated with the production from lending operations were reclassified from NII to Other Operating Expenses.

1

2

3

12

Consistent revenue generation

1. Ratio between Net Interest Income and Average Interest-Earning Assets; 2. Sum of reserve requirements, interbank transactions, securities and loan portfolio; 3. Result of

the stake in Votorantim Corretora de Seguros is recognized using the equity method

Net Interest Income

Net Interest Income (NII) of R$ 1.2B in 1Q15,

flat compared to 4Q14

Income from Services flat QoQ, despite

the decrease in auto finance origination

Net Interest Income (R$M) e NIM¹ (% p.y.) Income from Services, Fees and Insurance³ (R$M)

Average interest-

earning assets³ (R$B)

1

89.8 96.4 93.2

Increased in 1Q15 due to Real depreciation and

securitizations with recourse, impacting the NIM

-3% 3.9 3.4 Auto finance

origination

(R$B)

3.3 -16%

1Q14

5.5%

1,296

5.5% 5.4%

1,223 1,220

1Q15 4Q14

NIM

244 276243

4755

52

1Q15

295

4Q14

332

1Q14

292 Insurance

(comission)

Services

and Fees

∆1Q15/

1Q14

1%

10%

-1%

∆1Q15/

4Q14

-11%

-6%

-12%

13

Maintenance of the conservative approach to credit Expanded credit portfolio of R$ 68.7B in Mar/15, flat compared to Dec/14

Credit portfolio by segment

1. Credit cards and individual loans Note: Mid-sized companies are those with annual revenues up to R$600M

1

+4.0%

-0.1%

∆Mar15

/Dec14

-2.3%

-16.4%

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

Gradual reduction in

the “lower middle”

Focus on profitability (vs. asset growth)

29.4

5.4

Sept/14

68.2

26.2

6.0

29.3

5.5

June/14

68.8

25.7

6.6

29.6

5.8

Mar/14

25.6

7.3

29.7

6.0

69.6

Dec/14

5.3

68.7

27.0

5.7

28.1

Auto Finance

Mar/15

Mid-sized

companies

Large

companies

68.7

0.0%

29.4

4.8

-1.2%

Payroll

Wholesale (CIB)

Others¹

14

Auto Finance: loan origination with quality over the past

42 months, focusing on used cars (multi-brand dealers)

Consumer Finance – Auto Finance 2

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

Growing participation of the better quality vintages has

contributed to reduce credit provision expenses

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

2.0

Mar/10 Sept/09 Mar/15 Sept/14

1.2

Mar/14 Sept/13

0.9

Mar/13 Sept/12

0.7

Mar/12 Sept/11 Mar/11 Sept/10

Lower quality vintages

Inad 30¹ (by vintage)

Used car dealers

New car dealers Lower quality vintages /

Managed auto finance portfolio²

8%11%

27%

48%

Mar/15 Dec/14 Dec/13 Dec/12

42 months

June09-

June10

average

15

Consumer Finance – auto finance

Banco Votorantim is one of the leading players

in the auto financing market

1. New cars, trucks and motorcycles; 2. Benchmark interest rate (Central Bank). Note: In Mar/15, the average ticket size was R$ 18,000, and the average vehicle age was 4.7 years (portfolio)

Auto finance: greater focus on used cars and maintenance

of tight credit origination standards

2

Greater focus on used cars Conservatism in lending

Process automation

and efficiency gains

-3%

Used

cars

Other

vehicles¹

1Q15

3.3

2.7

(82%)

0.6

4Q14

3.9

3.2

(80%)

0.8

1Q14

3.4

2.7

(80%)

0.7

Origination of auto loans (R$B)

Mar/15

12.75

27.5

Dec/14

11.75

26.7

Dec/10

10.75

24.6

Down payment

Average term

Down payment (%) and

Average term (months)

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

26%40% 40%

444452

4Q14 1Q15 4Q10

BV Financeira

Selic

Proposals with automatic

credit decision (%)

Headcount in credit underwriting

(Dec/11: base 100)

Mar/15

76%

Dec/11

28%

42

Mar/15 Dec/11

100

16

Credit provision expenses reduced 17% in 1Q15 / 4Q14 Reduction of allowance for loans losses expenses both in Consumer Finance and Wholesale

1. Allowance for Loan Losses (ALL), net of income from recovery of written-off loans; 2. Coverage Ratio: ratio between ALL balance and balance of operations past

due over 90 days; 3. Beginning of Banco Votorantim’s adjustment process, which was concluded in 2014

Credit provision expenses

reduced 17.3% in 1Q15 / 4Q14 90-day CR² reached 115% due to delinquency

of loans that already had a high level of ALL

Credit indicators – ALL and 90-day Coverage

78% in

Sept/11³

2

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

557

293 271

156

212147

-17.3% -41.5%

1Q15

417

4Q14

505

1Q14

714

Wholesale

Consumer

Finance

∆1Q15

/4Q14

-7.6%

-30.8%

∆1Q15

/1Q14

-51.4%

-6.1%

130%

124%

Mar/15

3,628

4,174

115%

Dec/14

3,154

4,092

Mar/14

3,563

4,421

90-day NPL balance (R$M)

ALL balance (R$M)

90-day

Coverage ratio

17

Credit provision expenses at the lowest level since 1Q11 Ratio “Credit Provision Expenses / Credit Portfolio" reduced to 0.75% in 1Q15

Credit indicators– ALL

Note: “Managed loan portfolio” Includes on-balance loans and off-balance loans securitized with recourse

2

417505451

523714761

959889951950

860

403

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

1.2%

1Q15 4Q13 4Q14

1,266

0.9%

3Q14

2.1%

0.8%

3Q13 2Q14

0.9%

1Q14

1.2%

0.75%

1.1%

1Q11

0.6% 1,294

1.6%

1.2%

3Q11 2Q11

Credit provision expenses / Loan portfolio (%)

Credit provision expenses (R$M)

Credit provision expenses / Managed loan portfolio (%)

Specific

Wholesale case

3,564M 5,092M 3,875M 1,688M

18

Consumer Finance 90-day NPL down to 5.3%in Mar/15 Excluding a specific case with 90% provisioning, the Bank’s 90-day NPL ended Mar/15 at 5.5%

1. Specific Wholesale case that, by the end of Mar/15, was classified in the “G” risk level according to Resolution 2,682, with 90% of provisioning (or R$ 541M)

Note: the Wholesale 15-90-day NPL reduced from 4.1% in Dec/14 to 2.4% in Mar/15

Credit indicators – Delinquency 2

Increase in the Wholesale 90-day NPL is largely explained

by cases that already had high level of provisioning

0

1

2

3

4

5

6

7

8

9

10

%

1.9%

5.1%

6.5%

Sept/13 June/13

2.4%

5.7%

7.1%

Mar/13 Mar/15

9.0%

6.5%

5.3%

Dec/14

6.2%

5.7%

5.5%

Sept/14 June/14

6.2%

6.4%

6.5%

Mar/14 Dec/13

90-day NPL / Managed loan portfolio (%)

Total

Wholesale

Consumer Finance

5.2%

2.8%

2.1%

Mar/14 June/14

4.8%

Sept/14

1.6%

4.7%

2.9%

5.4%

Dec/14

5.5%

5.9%

Mar/15

Excluding specific Wholesale case¹

Lowest NPL

since June/11

19

Balance Provision Part.% Balance Provision Part.% Balance Provision Part.%

AA 4,283 - 7.3% 4,678 - 8.5% 3,520 - 6.4%

A 30,797 154 52.8% 27,779 139 50.3% 27,355 137 49.4%

B 9,162 92 15.7% 9,777 98 17.7% 10,278 103 18.5%

C 7,317 220 12.6% 7,264 218 13.2% 8,463 254 15.3%

D 1,637 164 2.8% 1,215 122 2.2% 1,183 118 2.1%

E 757 227 1.3% 741 222 1.3% 814 244 1.5%

F 846 425 1.5% 402 201 0.7% 386 193 0.7%

G 1,339 998 2.3% 1,346 1,062 2.4% 1,392 1,094 2.5%

H 2,142 2,142 3.7% 2,030 2,030 3.7% 2,030 2,030 3.7%

TOTAL 58,281 4,421 100.0% 55,231 4,092 100.0% 55,422 4,174 100.0%

AA-C 51,559 465 88.5% 49,498 455 89.6% 49,617 493 89.5%

D-H 6,722 3,956 11.5% 5,734 3,637 10.4% 5,805 3,680 10.5%

RISK

(R$ Million)

Mar.14 Dec.14 Mar.15

Loan portfolio quality improved in the last 12 months 89.5% of loans rated between “AA-C” in Mar/15 (88.5% in Mar/14)

1. Specific Wholesale case that, by the end of Mar/15, was classified in the “G” risk level according to Resolution 2,682, with 90% of provisioning (or R$ 541M)

Note: From 1Q15, Banco Votorantim ceased to rate Consumer Finance loans at risk level “AA”

Managed loan portfolio rated by risk level – Resolution 2,682/CMN

Excluding a specific Wholesale case¹ rated as "G",

the percentage of "AA-C" would be 90.5% in Mar/15

2 Credit indicators – Loan portfolio quality

20

Cost base reduction Personnel and administrative expenses decreased 3.8% over 4Q14 and 6.2% compared to 1Q14

Personnel and administrative expenses

1. They include indemnities and provisions for labor contingencies, mainly linked to the restructuring process ended in 2014

Note: The IPCA price index reached 8,1% in the last 12 months

3

Expenses recorded a new nominal reduction,

despite inflation Personnel expenses are still affected

by labor claims

-3.8% -6.2%

1Q15

590

274

316

4Q14

613

291

321

1Q14

628

284

345

Personnel and Admin expenses (R$M) Personnel expenses (R$M)

Personnel

Admin

1Q15

316

221

94

(30%)

4Q14

321

233

89

(28%)

1Q14

345

222

123

(36%)

-1.8% -8.5%

∆1Q15

/4Q14

-6.0%

-1.8%

Labor

claims¹

Personnel – Other

∆1Q15

/4Q14

-5.0%

6.6%

37.9 Efficiency ratio –

12 months (%) 37.8

21

Summary: Net Income of R$ 122M in 1Q15 Consistent revenue generation, drop in ALL expenses and reduction in cost base

Net Interest Income (NII) Credit provision expenses – ALL

Personnel and Administrative expenses Net income and Net Financial Margin

R$ million

Consolidated results

557293 271

156

212 147

-17.3%

Consumer Finance

Wholesale

1Q15

417

4Q14

505

1Q14

714

-31%

-8%

∆1Q15

/4Q14

12275

152

806715

583

1Q15 4Q14 1Q14

Net Margin (post-provisions) Net Income

284 291 274

345 321 316

-3.8%

Admin

Personnel

1Q15

590

4Q14

613

1Q14

628

+0.3%

1Q15

1,223

4Q14

1,220

1Q14

1,296

22

Funding profile improved over the past 12 months Bills and Credit Assignments represent 44% of total funding (40% in Mar/14)

Funding

Funding evolution (R$ billions) Funding evolution (mix %)

Additionally, Banco Votorantim has a stand-by credit

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

1. Includes cash and interbank deposits and Structured finance certificates (“COEs”); 2. Funding from loans assigned with recourse under Resolution 3,533

Note: International funding is 100% swapped for BRL

+4.1%

Mar/15

75.2

17.2

15.9

15.4

7.1 3.2

1.8

Dec/14

72.3

16.3

15.2

17.4

6.2 2.4 1.4

Mar/14

74.7

15.9

13.9

16.7

7.5

4.3 4.3

6.0

6.1

6.6

6.7

7.2

7.5

19% 21%

22%21%

8%10%

8%10%

10%9%

Bills (LF, LCA and LCI)

Loans securitized to

Banco do Brasil²

Debentures

(BV Leasing)

Sub debt

Time deposits (CD)

Mar/15

75.2

23%

4% 2%

Mar/14

74.7

21%

6% 6%

Securities abroad

Loans and onlendings

Other¹ 100%

23

Total Capital 10,770 11,276 10,523

Tier I Capital 7,029 7,159 6,873

Common Equity Tier I 7,029 7,159 6,873

Additional Tier I - - -

Tier II Capital 3,741 4,117 3,651

Risk Weighted Assets (RWA) 74,299 75,375 76,289

Credit risk 68,624 67,932 68,988

Market risk 1,513 3,255 2,894

Operational risk 4,162 4,188 4,407

Minimum Capital Requirement 8,173 8,291 8,392

Basel Ratio (Capital/RWA) 14.5% 15.0% 13.8%

Tier I Capital Ratio 9.5% 9.5% 9.0%

Common Equity Tier I Ratio 9.5% 9.5% 9.0%

Additional Tier I Ratio - - -

Tier II Capital Ratio 5.0% 5.5% 4.8%

Dec.14 Mar.15Mar.14BASEL RATIO

(R$ Million)

Basel Ratio of 13.8% in Mar/15 (15.0% in Dec/14) Tier I Capital of 9.0%, entirely composed of Common Equity

Capital structure

Restrainer of sub debts

issued prior to Resolution

4,192 (80% to 70%)

BIS III deductions

(from 20% to 40%)

24

Banco Votorantim – Overview

1Q15 Results

Appendix

Agenda

25

Balance sheet

Balance sheet

Mar.15/Dec.14 Mar.15/Mar.14

CURRENT AND LONG-TERM ASSETS 104,272 98,227 105,142 7.0 0.8

Cash and cash equivalents 90 190 124 (35.0) 36.8

Interbank funds applied 12,015 7,374 14,743 99.9 22.7

Securities and derivative financial instruments 27,846 29,133 27,236 (6.5) (2.2)

Derivative financial instruments 1,105 1,505 2,227 48.0 101.5

Interbank accounts or relations 171 77 67 (13.3) (61.0)

Loan Operations, Leases and Others receivables 53,245 52,783 53,619 1.6 0.7

Alowance for loan losses (4,214) (3,999) (4,117) 2.9 (2.3)

Tax credit 6,559 6,657 6,825 2.5 4.1

Others 7,454 4,508 4,419 (2.0) (40.7)

NON-CURRENTS 346 455 369 (18.9) 6.7

Investments 187 300 195 (35.1) 3.8

Fixed assets 93 94 101 8.0 9.1

Intangible and deferred charges 66 62 73 18.8 11.4

TOTAL ASSETS 104,617 98,682 105,511 6.9 0.9

Mar.15/Dec.14 Mar.15/Mar.14

CURRENT AND LONG-TERM LIABILITIES 97,247 91,096 97,803 7.4 0.6

Deposits 6,917 3,811 4,928 29.3 (28.8)

Demand deposits 176 149 86 (42.5) (51.3)

Interbank deposits 2,472 1,230 1,636 33.0 (33.8)

Time deposits 4,268 2,432 3,206 31.9 (24.9)

Money market borrowings 29,350 27,986 29,227 4.4 (0.4)

Acceptances and endorsements 23,457 22,914 24,409 6.5 4.1

Interbank accounts 41 36 177 - -

Borrowings and onlendings 6,126 6,662 7,500 12.6 22.4

Derivative financial instruments 1,390 1,674 2,746 64.0 97.5

Others obligations 29,966 28,013 28,816 2.9 (3.8)

Subordinated debts 7,512 6,240 7,079 13.5 (5.8)

Credit transactions subject to assignment 13,856 15,250 15,873 4.1 14.6

Others obligations 8,597 6,524 5,863 (10.1) (31.8)

DEFERRED INCOME 32 32 29 (9.2) (6.6)

SHAREHOLDERS’ EQUITY 7,339 7,554 7,679 1.7 4.6

TOTAL LIABILITIES 104,617 98,682 105,511 6.9 0.9

BALANCE SHEET | Assets

(R$ Million)Mar.14 Dec.14 Mar.15

Variation %

BALANCE SHEET | Liabilities

(R$ Million)Mar.14 Dec.14 Mar.15

Variation %

26

Total Assets Assets under Management¹

On-balance loan portfolio

Financial highlights

Financial highlights

R$ billion

Shareholders’ Equity

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

+6.9%

Mar/15

105.5

Dec/14

98.7

Sept/14

98.0

June/14

96.3

Mar/14

104.6

+1.6%

Consumer

Finance

CIB

Mar/15

54.3

35.8

18.5

Dec/14

53.5

36.0

17.5

Sept/14

53.3

36.0

17.3

June/14

53.6

36.4

17.2

Mar/14

54.2

36.7

17.5

+1.7%

Mar/15

41.3

Dec/14

40.6

Sept/14

41.7

June/14

40.6

Mar/14

40.6

+1.7%

Mar/15

7.68

Dec/14

7.55

Sept/14

7.68

June/14

7.59

Mar/14

7.34

27

Net Interest Income (A) 1,296 1,220 1,223 0.3% -5.7%

ALL Expenses (714) (505) (417) -17.3% -41.5%

Net Financial Margin 583 715 806 12.7% 38.3%

Average Interest-Earning Assets (B) 96,317 89,774 93,183 3.8% -3.3%

Compulsory Reserves (Bacen) 94 52 48 -7.3% -48.6%

Interbanks Funds Applied 11,860 9,295 11,059 19.0% -6.8%

Securities 29,568 27,046 28,184 4.2% -4.7%

Loan Portfolio 54,794 53,381 53,892 1.0% -1.6%

NIM (A/B) - quarter 5.5% 5.5% 5.4% -0.1 p.p. -0.1 p.p.

Var. 1Q15

/4Q14

Var. 1Q15

/1Q14

NET INTEREST MARGIN (NIM)

(R$ million)1Q14 1Q154Q14

Net Interest Margin (NIM)

Financial highlights

28

Credit quality indicators

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

90-day NPL / Managed loan portfolio (%) 15-90-day NPL / Managed loan portfolio (%)

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

Credit portfolio

5.3%5.5%

6.1%6.5%6.6% 6.5%

9.0%

6.2%

5.4%6.2%

5.0%

Mar/15 Dec/14

5.7%

Sept/14

5.9%

June/14

6.4%

Mar/14

6.1%

Wholesale Total Consumer Finance

8.2%7.3%7.9%

9.4%9.7%

5.4%5.0%5.5%7.7%

2.4%

4.1%2.6%

1.5%2.9%

Mar/15 Dec/14 Sept/14 June/14

6.6%

Mar/14

Wholesale Total Consumer Finance

4,421 4,308 4,114 4,092 4,174

7.5%7.4%7.4%7.6%7.6%

Mar/15 Dec/14 Sept/14 June/14 Mar/14

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

3,563 3,662 3,273 3,154 3,628

115%130%126%

118%124%

Mar/15 Dec/14 Sept/14 June/14 Mar/14

90-day NPL balance 90-day coverage ratio

29

1.90%

0.98% 0.67%

1.64% 2.24%

0.94% 1.04% 1.36%

1.00% 0.95% 1.36% 1.60%

1.88%

1Q13

1.15

0.68

4Q12

1.43

0.68

3Q12

1.27

1.01

2Q12

1.08 1.23

1Q12

0.69

1.49

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

New NPL rate

Write-off (R$B)

New NPL (R$B) Impact of specific

Wholesale case

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

Credit portfolio

New NPL

rate

Managed Loan Portfolio (A) 76,775 74,185 71,481 68,169 65,923 63,546 61,281 60,539 58,281 56,806 55,712 55,231 55,422

90-day NPL Balance 5,390 5,539 5,276 4,520 4,056 3,616 3,373 3,081 3,563 3,662 3,273 3,154 3,628

90-day NPL Quarterly Variation (B) 793 149 (262) (756) (465) (439) (244) (292) 482 99 (388) (119) 474

Write-off (C) 693 1,079 1,269 1,439 1,144 1,339 902 869 874 857 771 666 578

New NPL (D=B+C) 1,486 1,228 1,007 683 680 900 659 578 1,356 955 383 547 1,052

New NPL Rate¹ (D/A) 1.88% 1.60% 1.36% 0.95% 1.00% 1.36% 1.04% 0.94% 2.24% 1.64% 0.67% 0.98% 1.90%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15NEW NPL

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

30

Net loss kept downward trend Annualized “net loss / loan portfolio” ratio of 3.0% in 1Q15

412508

623633755

Net loss / Loan portfolio (%)

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

Net loss (R$M)

1,600

1,200

800

400

0

1Q15

3.0%

4Q14

3.7%

3Q14

4.5%

2Q14

4.5%

1Q14

5.3%

119 Credit recovery (R$M) 223 148 157 166

Credit portfolio

31

Wholesale has a diversified credit portfolio Top 20 sectors account from 82% of the Wholesale credit exposure

Credit portfolio

Note: numbers exclude private securities and are net of credit provisions

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

Financial Institutions 4,609 17.6% 4,201 16.0% 4,297 16.5%

Sugar and Ethanol 2,439 9.3% 2,160 8.2% 2,522 9.7%

Telecom 1,575 6.0% 2,066 7.9% 1,687 6.5%

Agribusiness 1,343 5.1% 1,323 5.1% 1,375 5.3%

Petrochemical 1,071 4.1% 1,078 4.1% 1,310 5.0%

Retail 1,036 4.0% 1,898 7.2% 1,234 4.7%

Agro Trading 934 3.6% 984 3.8% 800 3.1%

Eletricity Generation 878 3.4% 828 3.2% 777 3.0%

Oil & Gas - 0.0% 525 2.0% 772 3.0%

Heavy Construction 918 3.5% 640 2.4% 749 2.9%

Metallurgy 865 3.3% 748 2.9% 735 2.8%

Services 647 2.5% 665 2.5% 713 2.7%

Railw ays 619 2.4% 731 2.8% 705 2.7%

Pulp and Paper 632 2.4% 700 2.7% 662 2.5%

Road Cargo Transportation 708 2.7% 663 2.5% 649 2.5%

Government 448 1.7% 524 2.0% 600 2.3%

Automotive 349 1.3% 503 1.9% 533 2.0%

Mining 638 2.4% 590 2.3% 480 1.8%

Slaughterhouses 519 2.0% 446 1.7% 460 1.8%

Residential Construction 0 0.0% 364 1.4% 381 1.5%

Other sectors 5,925 22.7% 4,548 17.4% 4,669 17.9%

Total 26,151 100.0% 26,185 100.0% 26,110 100.0%

1. Excludes private securities

Wholesale - Sectoral concentrationMar/14 Mar/15Dec/14

32

Banco Votorantim’s main ratings

Ratings

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

Baa3 P-3 Baa3 P-3 Aa1.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