Earnings Presentation

3rd 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

1. Allowance for Loan Losses (ALL), net of revenues from recovery of written-off loans

Consistent

Net Income

Net Income of R$ 137M in 3Q15, compared to R$ 146M in 2Q15 and R$ 135M do 3Q14

Net income totaled R$ 405M in 9M15, compared to R$ 428M in 9M14

Conservative

approach

to credit

Expanded credit portfolio decreased 3.0% in the last 12 months and 0.7% in the last quarter

Income from Services and Insurance rose in 3Q15/2Q15 and 9M15/9M14...

...but the NII decreased, reflecting the conservative approach to credit and the increase of Selic (higher

funding cost). The NII reduction in 3Q15/2Q15 is also explained by the drop in Wholesale income

Delinquency

under control

90-day NPL dropped 0.6 p.p.in the last 12 months, to 5.3% in Sept/15 (Sept/14: 5.9%)

• Consumer Finance: 90-day NPL of 5.4% (Jun/15: 5.4%; Sept/14: 6.1%)

• Wholesale: 90-day NPL of 5.0% (Jun/15: 4.8%; Sept/14: 5.4%)

Additional

strengthening of

the balance sheet

Prudential strengthening of credit provisions – in view of the uncertainties of the macroeconomic

scenario – increased 90-day Coverage Ratio to 155% (Jun/15: 141%; Sept/14: 126%)

In Consumer Finance, despite the challenging scenario, ALL¹ expenses reduced¹ 23% YoY

Effective cost

management

Personnel and administrative expenses decreased 3.4% in 9M15/9M14, in spite of the inflation

over the past 12 months (IPCA: 9.5%)

Efficiency Ratio for the last twelve months remains below 40% (Sept/15: 39.6%)

Highlights of Banco Votorantim’s results

Net Income of R$ 137M in 3Q15 (R$ 405M in 9M15) Consistent results in the last quarters, despite the challenging scenario

Executive summary

3

137146

122

75

135140152

3Q14

+1.3%

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

Net Income evolution (R$M)

The net income of 3Q15 confirms the consistency

of Banco Votorantim’s results

R$ 428M

Net Income of R$ 137M in 3Q15 (R$ 405M in 9M15) Consistent results in the last quarters, even with the challenging scenario

R$ 405M

Consolidated results

Change agenda Earnings growth agenda

• Profitability

• Operational Efficiency

• Synergies with Banco do Brasil Focus in the

short term

4

Net Interest Income (A) 1,303 1,247 1,134 -9.0% 3,892 3,604 -7.4%

ALL expenses¹ (B) (451) (448) (1,075) 139.8% (1,688) (1,941) 15.0%

Net Financial Margin (A+B) 851 799 59 -92.6% 2,204 1,663 -24.6%

Operating Income/Expenses (665) (593) (555) -6.4% (1,775) (1,733) -2.4%

Income from Services and Banking Fees 249 220 232 5.7% 699 695 -0.6%

Personnel and Administrative expenses (661) (596) (563) -5.5% (1,811) (1,748) -3.4%

Tax expenses (118) (94) (102) 7.9% (338) (328) -2.9%

Equity in Income of Associated Companies and Subsidiaries 36 39 39 -0.6% 111 116 4.6%

Other Operating Income/Expenses (171) (162) (162) -0.3% (436) (468) 7.1%

Operating Income (Loss) 187 205 (496) - 429 (70) -

Non-Operating Income (Loss) (27) (15) (9) -35.8% 115 (27) -

Income Tax and Profit Sharing (24) (45) 642 - (116) 502 -

-

Net Income 135 146 137 -6.2% 428 405 -5.3%

9M15Var. 9M15

/9M142Q15 3Q15

Var. 3Q15

/2Q159M143Q14(R$ million)

Highlights of Results Consistent net income, with prudential strengthening of provisions and cost base under control

1. Allowance for Loan Losses (ALL), net of revenues from recovery of written-off loans

Managerial Income Statement (R$M)

Tax credit increase

(Social Contribution Rate of 20%)

Consolidated results

5

Prudential provisions of R$ 681M in the 3Q15 Conservatism given the uncertainties in the macroeconomic scenario

Disregarding prudential provisions, in 3Q15

the Net Margin would have been R$ 618M... ...and the Operating Income R$ 185M

558

618

59

3Q15’ Prudential

Provisions

3Q15

558

2,2221,663

9M15’ Prudential

Provisions

9M15

185

3Q15’ Prudential

Provisions

681

3Q15

(496)

611

9M15’ Prudential

Provisions

681

581

100

9M15

(70)

Restructuring

provisions

Prudential provisions were formed to strengthen the

quality of Banco Votorantim’s balance sheet

Net Financial Margin (R$M) Operating Income (Loss) (R$M)

3Q15

9M15

Consolidated results

6

Consistent revenue generation from services and insurance NII decreased, reflecting the conservative approach to credit and the contraction of Wholesale revenues

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

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

NII decreased in the 3Q15/2Q15, reflection of

volume contraction of Wholesale revenues

Income from Services and Insurance

rose 4.4% in the 3Q15/2Q15

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

Average

interest-earning

assets¹ (R$B) 95.3 95.9

54 54

274

220

+4.4%

3Q15

286

232

2Q15

Insurance

(Commission)

Services and

Fees

-9.0%

3Q15

1,134

2Q15

1,247

NIM² (% p.y.) 5.3% 4.8%

Lower income with

structured operations

+1.5%

9M15

855

695

160

9M14

842

699

143

-7.4%

9M15

3,604

9M14

3,892

Portfolio’s reduction

and increase of Selic

94.5

5.1%

92.8

5.6%

Grew due to the

impact of exchange

rate variation

Net Interest Income

7

Sept/15

66.2

28.1

4.0

28.2

4.7 1.1

Jun/15

66.7

27.3

4.3

28.8

5.1 1.1

Sept/14

68.2

26.2

-3.0% -0.7%

Large Companies

Mid-sized

Companies¹

Auto Finance

Payroll

Credit Cards

6.0

29.3

5.5 0.9

Maintenance of the conservative approach to credit Credit portfolio retraction is a result of the focus on profitability and asset quality

1. Mid-sized companies are those with annual revenues up to R$600M

Wholesale (CIB) 2.8%

-2.0%

∆Sept15

/Jun15

-6.7%

-7.7%

5.4%

7.0%

-3.8%

∆Sept15

/Sept14

-14.8%

-34.3%

23.2%

Credit portfolio by segment

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

Gradual reduction in

the “lower middle”

Focus on profitability (vs. asset growth)

8

378 358 402

672

3Q15

1,075

R$ 627M

2Q15

448

90

3Q14

451

74

1,941

346

+15.0%

9M15

909

1,031

9M14

1,688

1,342

155%

141%

126%

4,114

2,727

Sept/15

3,843 4,212

Jun/15

2,712 3,273

Sept/14

90-day NPL balance (R$M)

Allowance for Loan Losses balance (R$M)

Prudential strengthening of ALL increased Coverage Ratio Prudential increase in ALL expenses in view of the uncertainties of the macroeconomic scenario

Credit provision expenses in Consumer

Finance reduced 23.2% in the 9M15/9M14 Prudential increase of credit provisions

increased Coverage Ratio² to 155%

Consumer

Finance

∆9M15

/9M14

-23.2%

163.0%

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

Wholesale

Prudential

strengthening of ALL

ALL elevation was prudential,

since delinquency is under control

90-day NPL balance

relatively stable

90-day Coverage Ratio² (%)

90-day

Coverage ratio

Credit provision expenses – ALL¹ (R$M)

Credit indicators – ALL and 90-day Coverage

9

Total

90-day NPL dropped 0.6 p.p.in the last 12 months 90-day NPL ratio closed Sept.15 at 5.3%, while Cars’ delinquency remains stable in 5.1%

Wholesale

5.3%

5.2%

6.5%

5.7%

5.9%

Sept/15

5.0%

Jun/15

4.8%

Mar/15

9.0%

Dec/14

6.2%

Sept/14

5.4%

Consumer

Finance

Cars 5.1%

5.4%

5.1%

5.4%

5.1%

5.3%

5.2%

5.5% 5.9%

6.1%

Consumer

Finance

90-day NPL / Managed loan portfolio (%)

Credit indicators – Delinquency

10

Sept/15

0.9

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

2.0

Mar/10 Sept/09

1.5

Auto finance: maintenance of quality in auto finance

origination over the last 4 years

Inad 30¹ (by vintage)

Used car dealers

New car dealers

3%11%

27%

48%

Sept/15 Dec/14 Dec/13 Dec/12

4 years

June09-

June10

average

Lower quality vintages /

Managed auto finance portfolio² Lower quality vintages

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

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

Origination with better quality has contributed

to the favorable trend in delinquency

Consumer Finance – Auto Finance

11

4Q10

7.8

4.1

(52%)

3.7

Used

Cars

Other

Vehicles¹

3Q15

3.0

2.5

(84%)

0.5

2Q15

3.0

2.5

(83%)

0.5

26%41% 42%

444452

3Q15 2Q15 4Q10

Auto finance: greater focus on used cars and maintenance

of tight credit origination standards

Greater focus on used cars Maintenance of conservatism in lending

-9%

9M15

9.3

7.7

(83%)

1.6

9M14

10.2

8.2

(80%)

2.0

Proposals with automatic credit decision (% do total)

Process automation and efficiency gains

Sept/15

82%

Dec/14

78%

Dec/13

65%

Dec/12

45%

Banco Votorantim is one of the leading players

in the auto financing market

Origination of auto loans (R$B) Down payment (%) and Average term (months)

Average term

Down payment

1. New cars, trucks and motorcycles; Note: In Sept/15, the average ticket size was R$ 18,000, and the average vehicle age was 4.7 years (portfolio)

Consumer Finance – Auto Finance

12

814 844

679 690

317 214

1,748

9M14 9M15

1,811

-3.4%

298 282 288

241 233 237

12181

Other

563

661

2Q15

38

596

3Q14

Labor

Claims¹

-5.5%

Administrative

3Q15

Effective cost management Personnel and administrative expenses decreased 5.5% in 3Q15/2Q15 and 3.4% in 9M15/9M14

Note: The IPCA price index reached 9.49% in the last 12 months. Excluding labor claims, personnel and administrative expenses increased 2.7% in 9M15/9M14.

1. Include indemnities and provisions for labor contingencies, mainly linked to the restructuring process ended in 2014; 2. Excludes expenses with labor lawsuits.

3.6%

1.6%

-32.4%

∆ 3Q15/2Q15

2.1%

1.8%

∆ 9M15/9M14

-52.9%

-9.1%

-12.4%

39.6 34.6 38.6

Personnel and administrative expenses

Personnel and administrative expenses (R$M)

Personnel

Efficiency ratio –

last 12 months² (%)

13

137146135

59

618799851

3Q15 2Q15 3Q14

Net Interest Income (NII) Credit provision expenses – ALL

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

Summary: Net Income of R$137M in 2Q15 and R$405M in 9M15 Highlight for the reduction of ALL expenses in Consumer Finance and control of the cost base

1,1341,2471,303

3Q15 2Q15 3Q14

-7.4%

9M15

3,604

9M14

3,892

298 282 288

362 314 275

596

Admin.

563

Personnel

3Q15 2Q15 3Q14

661

814 844

997 905

1,748

9M14

-3.4%

9M15

1,811

405

9M14

2,204

428

9M15

2,222

1,663

378 358 402

672

3Q15

1,075

2Q15

448

74 90

3Q14

451

+15.0%

9M15

1,941

1,342 1,031

909

9M14

1,688

346

-26.4%

182.9%

Net income

Net Margin

Net Margin without prudential provisions

R$ million

Wholesale

Consumer

Finance

Consolidated results

14

Funding profile improved over the last quarters Bills and Credit Assignments accounted for 44% out of the total funding sources

Funding

16.2

13.4

74.2

8.3

Sept/15

17.0

8.1

Jun/15

74.0

16.5

3.2 2.9

7.2

2.0

14.4

16.6

6.8

Sept/14

72.4

6.8

7.2

16.0

15.5

6.1

14.3

3.7 3.2

6.5

7.0

1.8

21% 22%

20% 18%

8% 11%

9% 11%10%

9%

22%

Sept/14

4%

72.4

5% 4%

22%

3%

Bills (LF, LCA and LCI)

Loans securitized to

Banco do Brasil²

Time deposits (CD)

Loans and onlendings

Debêntures

(BV Leasing)

74.2

Securities abroad

Sub debt

Sept/15

100%

LF: R$13.4B

LCA and LCI: R$3.2B

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

Other¹

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

15

Total Capital 11,190 10,967 10,866

Tier I Capital 7,344 7,105 6,828

Common Equity Tier I 7,344 7,105 6,828

Additional Tier I - - -

Tier II Capital 3,847 3,862 4,038

Risk Weighted Assets (RWA) 73,223 73,786 75,457

Credit risk 66,967 66,293 67,384

Market risk 2,067 3,087 3,294

Operational risk 4,188 4,407 4,780

Minimum Capital Requirement 8,055 8,116 8,300

Basel Ratio (Capital/RWA) 15.28% 14.86% 14.40%

Tier I Capital Ratio 10.03% 9.63% 9.05%

Common Equity Tier I Ratio 10.03% 9.63% 9.05%

Additional Tier I Ratio - - -

Tier II Capital Ratio 5.25% 5.23% 5.35%

BASEL RATIO

(R$ Million)Sept.14 Sept.15Jun.15

Basel Ratio of 14.4% in Sept/15 Tier I Capital of 9.05%, entirely composed of Common Equity

Capital structure

16

Appendix

17

103

143

160

178

613867

909

1,119

1,144

1,402

Votorantim Safra

Santander

BTG Pactual

Bradesco

HSBC

BNDES

CEF

Itaú

Banco do Brasil

State-owned

National privately-held

Foreign

30

53

55

69

254357

406

526

642

670

Votorantim Banrisul

Safra

HSBC Santander

Itaú

BNDES

CEF

Bradesco

Banco do Brasil

State-owned

Foreign

National privately-held

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...

...and also in terms of loan portfolio

10 largest Banks in Jun/15 – Loan Portfolio¹ (R$B)

10 largest Banks in Jun/15 - Total Assets (R$B)

9th

10th

Shareholder

50% Total

Banco Votorantim - Overview

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

1.On-balance loan portfolio according to Bacen’s Resolution 2,682

18

Banco do Brasil Grupo Votorantim +

R$ 66.2B

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$ 34.2B

R$ 28.2B R$ 5.9B

Wealth

Mgmt. & BVEP

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

R$ 46.6B 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$ 32.0B

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

Strategy

1. Assets under management 2. Includes guarantees provided by the Bank and private securities Note: In Sept/15, the outstanding volume of loans (off-balance) securitized with recourse prior to Resolution 3,533 totaled R$ 0.4B (versus R$ 0.7B in Jun/15)

Shareholders

Pillars

Expanded² credit portfolio

19

Balance Sheet

Balance Sheet

Sept.15/Jun.15 Sept.15/Sept.14

CURRENT AND LONG-TERM ASSETS 97,606 102,935 109,839 6.7 12.5

Cash and cash equivalents 150 221 224 1.5 49.0

Interbank funds applied 11,217 18,208 16,190 (11.1) 44.3

Securities and derivative financial instruments 24,958 24,330 30,091 23.7 20.6

Derivative financial instruments 1,515 1,423 3,199 124.8 111.2

Interbank accounts or relations 67 59 90 52.2 34.6

Loan Operations, Leases and Others receivables 52,624 51,675 51,276 (0.8) (2.6)

Alowance for loan losses (4,027) (3,824) (4,200) 9.8 4.3

Tax credit 6,414 6,732 7,773 15.5 21.2

Others 4,688 4,113 5,196 26.3 10.9

NON-CURRENTS 411 400 472 18.1 15.0

Investments 263 234 285 22.0 8.4

Fixed assets 95 94 102 9.3 7.7

Intangible and deferred charges 53 73 85 17.2 61.5

TOTAL ASSETS 98,016 103,335 110,313 6.8 12.5

Sept.15/Jun.15 Sept.15/Sept.14

CURRENT AND LONG-TERM LIABILITIES 90,297 95,457 102,495 7.4 13.5

Deposits 5,312 5,034 4,826 (4.1) (9.1)

Money market borrowings 24,415 27,937 30,087 7.7 23.2

Acceptances and endorsements 23,700 23,691 24,912 5.1 5.1

Interbank accounts 27 57 222 - -

Borrowings and onlendings 6,452 6,820 8,111 18.9 25.7

Derivative financial instruments 1,721 1,648 3,785 129.7 119.9

Others obligations 28,671 30,270 30,553 0.9 6.6

Subordinated debts 7,047 7,168 6,797 (5.2) (3.5)

Credit transactions subject to assignment 15,470 17,015 16,163 (5.0) 4.5

Others obligations 6,154 6,086 7,593 24.7 23.4

DEFERRED INCOME 36 31 40 28.3 11.3

SHAREHOLDERS’ EQUITY 7,683 7,847 7,778 (0.9) 1.2

Capital 7,126 7,484 7,484 0.0 5.0

Capital reserves 387 397 411 3.4 6.2

Equity evaluation adjustments (242) (302) (508) 68.4 109.5

Other 428 268 391 46.1 (8.5)

TOTAL LIABILITIES 98,016 103,335 110,313 6.8 12.5

BALANCE SHEET | Assets

(R$ Million)Sept.14 Jun.15 Sept.15

Variation %

BALANCE SHEET | Liabilities

(R$ Million)Sept.14 Jun.15 Sept.15

Variation %

20

46.643.841.340.641.7

Sept/15 Jun/15 Mar/15 Dec/14 Sept/14

110.3103.3105.598.798.0

Sept/15

+6.8%

Jun/15 Mar/15 Dec/14 Sept/14

Financial highlights

36.0 36.0 35.8 35.1 34.2

17.3 17.5 18.5 16.7 17.0

Consumer

Finance

-1.2%

CIB

Sept/15

51.1

Jun/15

51.8

Mar/15

53.5 54.3

Sept/14 Dec/14

53.3

Dec/14 Mar/15

7.55 7.68 7.85

Sept/14 Jun/15

7.68

Sept/15

7.78

-0.9%

R$ billion

Total Assets Assets under Management¹

On-balance loan portfolio Shareholders’ Equity

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

Financial highlights

21

Net Interest Margin (NIM)

Financial highlights - NIM

Net Interest Income (A) 1,303 1,247 1,134 -9.0% 3,892 3,604 -7.4%

Average Interest-Earning Assets (B) 89,222 95,337 95,883 0.6% 92,769 94,533 1.9%

Compulsory Reserves (Bacen) 56 43 36 -15.6% 75 42 -43.8%

Interbanks Funds Applied 8,888 16,475 17,199 4.4% 10,374 14,129 36.2%

Securities 26,839 25,783 27,210 5.5% 28,203 27,697 -1.8%

Loan Portfolio 53,439 53,036 51,438 -3.0% 54,117 52,665 -2.7%0

NIM (A/B) 6.0% 5.3% 4.8% -0.5 p.p. 5.6% 5.1% -0.5 p.p.

2Q15 3Q15 9M159M14Var. 9M15

/9M143Q14

Var. 3Q15

/2Q15

NET INTEREST MARGIN (NIM)

(R$ million)

22

Total Personnel¹ and Administrative expenses (A) 540 515 525 2.0% 1,494 1,534 2.7%

Total Revenues (B) 1,416 1,344 1,244 -7.4% 4,266 3,947 -7.5%

Net Interest Income (NII) 1,303 1,247 1,134 -9.0% 3,892 3,604 -7.4%

Fee/Banking Fee Income 249 220 232 5.7% 699 695 -0.6%

Equity in Income of Associated Companies and Subsidiaries 36 39 39 -0.6% 111 116 4.6%

Other Operating Income/Expenses (171) (162) (162) -0.3% (436) (468) 7.1%

Efficiency Ratio (A/B) 38.1% 38.3% 42.2% 3.9 p.p. 35.0% 38.9% 3.8 p.p.

Efficiency Ratio - last 12 months 34.6% 38.6% 39.6% 1.0 p.p. 34.6% 39.6% 5.0 p.p.

2Q15 3Q15Var.

3Q15/2Q15

Var. 9M15

/9M149M14 9M153Q14

EFFICIENCY RATIO (ER)

(R$ million)

Efficiency Ratio

1. Excludes expenses with labor lawsuits

Financial highlights - ER

23

4,092 4,174 3,843 4,2124,114

8.2%7.3%7.5%7.4%7.4%

Sept/15 Jun/15 Mar/15 Dec/14 Sept/14

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

Credit quality indicators

AA-C

D-H

Sept/15

89.7%

10.3%

Jun/15

89.8%

10.2%

Mar/15

89.5%

10.5%

Dec/14

89.6%

10.4%

Sept/14

89.2%

10.8%

148 157 166 151169

3Q15 2Q15 1Q15 4Q14 3Q14

623 508 412683 669

5.3%5.3%3.0%3.7%4.5%

3Q15 2Q15 1Q15 4Q14 3Q14

Net Loss/Managed loan portfolio Net loss

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

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

1. According to Bacen’s Resolution 2,682

Credit portfolio

24

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

Financial Institutions 4,113 15.7% 4,448 18.1% 4,697 19.3%

Sugar and Ethanol 2,251 8.6% 2,290 9.3% 2,331 9.6%

Telecom 2,026 7.7% 1,708 7.0% 1,761 7.2%

Petrochemical 1,003 3.8% 1,365 5.6% 1,570 6.4%

Agribusiness 1,135 4.3% 1,288 5.3% 1,041 4.3%

Retail 642 2.5% 923 3.8% 834 3.4%

Pulp and Paper 638 2.4% 706 2.9% 771 3.2%

Government 459 1.8% 587 2.4% 705 2.9%

Mining 582 2.2% 508 2.1% 703 2.9%

Electricity Generation 926 3.5% 667 2.7% 684 2.8%

Railw ays 727 2.8% 627 2.6% 671 2.8%

Residential Construction 746 2.9% 668 2.7% 632 2.6%

Metallurgy 785 3.0% 631 2.6% 572 2.3%

Automotive 469 1.8% 515 2.1% 545 2.2%

Road Cargo Transportation 651 2.5% 460 1.9% 503 2.1%

Heavy Construction 834 3.2% 556 2.3% 482 2.0%

Services 541 2.1% 645 2.6% 471 1.9%

Agro Trading 992 3.8% 508 2.1% 303 1.2%

Slaughterhouses 438 1.7% 288 1.2% 292 1.2%

Oil & Gas 468 1.8% 201 0.8% 201 0.8%

Other sectors 5,805 22.2% 4,940 20.1% 4,582 18.8%

Total 26,233 100.0% 24,532 100.0% 24,351 100.0%

Wholesale - Sectoral concentrationSept/14 Sept/15Jun/15

Wholesale has a diversified credit portfolio Top 20 sectors account from 81% of the Wholesale credit exposure

Credit portfolio

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

25

Banco Votorantim’s main ratings

Ratings

RATING AGENCIES Fitch Ratings Moody’s Standard & Poor's

International

Long-term BB+ Ba1 BB+

Short-term B NP B

National

Long-term AA+(bra) Aa2.br brAA

Short-term F1+(bra) BR-1 brA-1

Note: International includes local and foreign currency