Earnings Presentation

4th 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$ R$ 426M in 2016 Consistent revenue generation, drop in credit provisions and cost base under control

Net Income

of R$ 426M

Net Income of R$ 426M in 2016, compared to R$ 482M in 2015

• In 4Q16, the Net Income totaled R$ 119M (R$ 112M in 3Q16)

Shareholders’ equity reached R$ 8.43B in Dec/16

Consistent

revenue

generation

Income from Services and Insurance increased 17.3% in 2016/2015, more than offsetting the 1.3%

decrease observed in the Net Interest Income, due to the conservatism in credit underwriting

Net Financial Margin grew 11.0% in 2016, to R$ 2.56B, reflecting the drop in credit provisions

Conservative

approach

to credit

Expanded credit portfolio of R$ 60.9B in Dec/16 – down 7.1% in 2016, but up of 1.4% in 4Q16

• Wholesale: portfolio of R$ 27.4B, up by 2.4% in 4Q16

• Auto Finance: portfolio of R$ 28.2B, an increase of 1.3% compared to Sept/16

Drop in

delinquency

90-day NPL of 5.5%, flat in the quarter, and 20bps lower than Dec/15

• Wholesale: 90-day NPL of 5.6% (Dec/15: 5.8%)

• Consumer Finance: 90-day NPL of 5.5% (Dec/15: 5.7%). Vehicles’ NPL dropped to 5.1% (Dec/15: 5.3%)

Effective cost

management

Personnel and admin. expenses grew 2.0% in 2016, compared to IPCA of 6.3% in the last 12 months

• Disregarding labor claims, the expenses would have reduced 0.4% in 2016/2015, despite inflation

Efficiency Ratio for the last 12 months reached 38.8% in Dec/16 (Dec/15: 39.4%)

Executive summary

Highlights of results

3

Net Income of R$ 426M in 2016

119112108

8677

137146

122

+6.5%

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

R$482M R$426M

Consolidated results

Net Income (R$M)

4Q16 profit confirms the consistency

of Banco Votorantim’ s results

4

]Net Interest Income (A) 1,098 1,172 1,072 -8.6% 4,702 4,641 -1.3%

ALL expenses¹ (B) (453) (492) (623) 26.7% (2,394) (2,079) -13.1%

Net Financial Margin (A+B) 645 681 449 -34.0% 2,308 2,562 11.0%

Operating Income/Expenses (543) (483) (575) 19.1% (2,276) (2,156) -5.3%

Income from Services and Banking Fees 266 281 321 14.6% 961 1,123 16.8%

Personnel and Administrative expenses (608) (547) (674) 23.2% (2,332) (2,378) 2.0%

Tax expenses (88) (87) (94) 7.7% (417) (372) -10.8%

Income from subsidiaries² 40 55 50 -9.0% 163 194 19.4%

Other Operating Income/Expenses (152) (184) (179) -3.0% (651) (724) 11.1%

Operating Income (Loss) 102 198 (126) - 32 406 -

Non-Operating Income (Loss) (2) 3 (8) - (29) 1 -

Income Tax and Profit Sharing (23) (89) 253 - 479 19 -96.1%

Net Income 77 112 119 6.5% 482 426 -11.6%

(R$ Million) 3Q16Var.

4Q16/3Q16

Var.

2016/2015201620154Q15 4Q16

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

Banco Votorantim continues advancing in the profitability of its

businesses, operational efficiency, and revenue diversification

Consolidated results

Managerial Income Statement (R$M)

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

5

Consistent revenue generation Reduction in NII offset by the growth of income from services and insurance sales

NII decreased in 2016/2015, reflecting the

conservative approach to credit

Income from Services grew 17.3% in 2016,

reflecting the higher auto finance origination

Insurance

(Commission)

Services and

Fees

-8.6%

4Q16

1,072

3Q16

1,172

281 321

7464

+8.9%

4Q16

385

3Q16

354

-1.3%

2016

4,641

2015

4,702

214

256

961

+17.3%

2016

1,378

1,123

2015

1,175

3.5 3.8 12.4 13.3 5.1% 4.7% 4.9% 4.9% NIM¹ (% a.a.)

60.0 60.9 65.5 60.9

Revenues

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

Auto finance

origination (R$B)

Average interest

earning assets (R$B)

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.

6

-7.1% +1.4%

Wholesale

Auto Finance

Payroll

Credit Cards

Dec/16

60.9

27.4

28.2

3.6 1.6

Sept/16

60.0

26.8

27.8

3.9 1.5

Jun/16

59.4

26.3

27.5

4.2 1.4

Mar/16

61.9

28.4

27.7

4.4 1.3

Dec/15

65.5

31.9

27.7

4.6 1.3

Maintenance of the conservative approach to credit Expanded credit portfolio of R$ 60.9B in Dec/16, growth of 1.4% compared to Sept/16

+2.4%

+1.3%

∆Dec16

/Sept16

-7.1% +9.7%

-14.1%

+1.6%

∆Dec16

/Dec15

-20.6% +26.4%

Credit portfolio by segment

Focus on profitability (vs. growth)

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

7

285 313 370

168 179

252

4Q16

623

3Q16

492

4Q15

453

Credit provision expenses reduced 13% in 2016/2015 90-day Coverage Ratio reached 140% in Dec/16

Credit provision expenses

reduced 13,1% in 2016/2015

90-day CR remains in a conservative level,

ending Dec/16 at 140%

140%127%

150%

Dec/16

2,638

3,684

Sept/16

2,567

3,267

Dec/15

2,923

4,387

90-day NPL balance (R$M)

Allowance for Loan Losses balance (R$M)

Wholesale

Consumer

Finance

-13.1%

2016

2,079

1,373

706

2015

2,394

1,316

1,077

+4.3%

-13.1%

∆2016

/2015

Credit indicators – ALL and 90-day Coverage

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

90-day

Coverage

Ratio (CR)

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

8

5.1%

5.50%

5.2%

5.54%

5.4%

5.74%

5.3%

5.62%

5.3%

5.67%

Banco

Votorantim

90-day NPL flat in the quarter, and 20bps lower than Dec/15 Auto Finance: delinquency declined to 5,1% in Dec/16 (Dec/15: 5,3%)

Wholesale

5.5% 5.5%

4.6% 4.6%

5.7%

Dec/16

5.6%

Sept/16

5.3%

Jun/16

2.0%

Mar/16

2.4%

Dec/15

5.8%

Consumer

Finance

Auto

Finance

Consumer

Finance

90-day market¹ NPL increased

40bps over the last 12 months

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

Credit indicators – Delinquency

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

9

Dec/16

1.3

1.3%

Jun/16 Dec/15

1.1

Jun/15 Dec/14

1.3

Jun/14 Dec/13

1.3

Jun/13 Dec/12

1.1

Jun/12 Dec/11

1.0

Jun/11 Dec/10

2.1

Jun/10 Dec/09

1.5

Lower quality vintages

Inad 30¹ (by vintage)

Used cars dealers

New cars dealers

Consumer Finance – Auto Finance

Participation in the portfolio

zeroed in Sept/16

Steady quality in auto finance origination has contributed

to the favorable trend in delinquency

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

Auto finance: maintenance of quality in auto finance

origination, focusing on used cars

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

10

+6.9%

2016

13.3

10.9

(82%)

2.3

2015

12.4

10.3

(83%)

2.2

Used

Cars

Other

Vehicles¹

4Q16

3.8

3.1

0.6

3Q16

3.5

2.9

0.7

4Q15

3.1

2.6

0.6

Auto finance: continued focus on used cars and

maintenance of tight credit origination standards

Origination of auto loans (R$B)

Focus on used cars, which

represented 82% of 2016 origination Maintenance of conservative

lending standards

D Cars Market:

• New cars: -27%

• Used cars: -3%

+6.6%

+8.3%

∆2016

/2015 41% 41% 41%

454544

4Q16 3Q16 4Q15

Dec/16

26.2

Sept/16

26.7

Dec/15

29.3

Consumer Finance – Auto Finance

Down payment (%) and Average term (months)

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

Down payment

Average term

Banco Votorantim is one of the leading players

in the auto financing market

1. New cars, trucks and motorcycles Note: In Dec/16, the average ticket size was R$ 21,000, and the average vehicle age was 4.9 years (portfolio)

11

303 283 304

226 217 236

79134

Administrative

Personnel - Other

Labor claims

4Q16

674

3Q16

547

47

4Q15

608

1. Excludes expenses with labor lawsuits Note: The IPCA price index reached 6.29% in the last 12 months.

Effective cost management Personnel and administrative expenses increased 2.0% in 2016, below inflation (IPCA of 6.3%)

916 883

294 347

+2.0%

2016

2,378

1,148

2015

2,332

1,123

+7.6%

+8.6%

∆4Q16

/3Q16

+2.3%

-3.6%

∆2016

/2015

Personnel

38.8 39.4 Efficiency ratio –

last 12 months¹ (%)

-0.4%

+186.5%

+18.1%

Personnel and administrative expenses (R$M)

Personnel and administrative expenses

12

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

11911277

449645 681

4Q16 3Q16 4Q15

Summary: Net Income of R$ 426M in 2016 Highlight to the Net Margin growth and effective cost base management

354 385

4Q16

1,457

1,072

3Q16

1,526

1,172

4Q15

1,419

1,098

321

303 283 304

305 264370

Admin.

Personnel

4Q16

674

3Q16

547

4Q15

608

285 313 370

168 179252

Consumer

Finance

Wholesale

4Q16

623

3Q16

492

4Q15

453

Net Margin Net income

+2.4%

2016

6,019

4,641

1,378

2015

5,877

4,702

1,175

+2.0%

2016

2,378

1,148

1,230

2015

2,332

1,123

1,210

-13.1%

2016

2,079

1,373

706

2015

2,394

1,316

1,077

426482

2016

2,562

2015

2,308

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

Net Interest

Income

Services¹

and Insurance

1. Income from services and banking fees

Consolidated results

13

Funding profile improved over the last years Bills and Credit Assignments account for 50% (R$ 34.3B) of the total funding sources

Bills (LF, LCA and LCI)

Loans securitized to

Banco do Brasil

Debentures (BV Leasing)

Sub Debt

Loans and onlendings

Time deposits (CD)

Securities abroad

Other¹

Dec/16

67.3

20.5

(30%)

13.8

(20%)

16.0

6.0

5.2 2.5 1.3

Sept/16

65.7

17.5

(27%)

13.2

(20%)

17.5

6.3

5.5 2.3 1.1

Dec/15

78.0

17.2

15.7

17.9

6.9

2.2

8.1

Dec/14

72.3

16.3

(23%)

7.9

17.4

6.2

6.7 2.4 6.6

15.2

(21%)

LF: R$17.6B

LCA and LCI: R$2.9B

12.9 13.2

244% 251%

Funding and Liquidity

Funding evolution (R$B)

High Quality Liquidity Assets (HQLA) (R$B)

Liquidity Coverage Ratio (LCR) – Pro Forma²

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; 2. Ratio of total high quality liquid assets (HQLA) and the total cash inflows for a 30 days period. Considers stand-by credit facility

with Banco do Brasil. Excluding it, the LCR regulatory reported the Central Bank in Dec/16 was 165% and the regulatory minimum of 70%.

14

Total Capital 10,742 9,737 9,219

Tier I Capital 6,686 6,894 6,837

Common Equity Tier I 6,686 6,894 6,837

Additional Tier I - - -

Tier II Capital 4,056 2,843 2,382

Risk Weighted Assets (RWA) 70,549 61,626 61,207

Credit risk 62,926 56,871 55,922

Market risk 2,843 1,130 670

Operational risk 4,780 3,625 4,615

Minimum Capital Requirement 7,760 6,086 6,044

Basel Ratio (Capital/RWA) 15.2% 15.8% 15.1%

Tier I Capital Ratio 9.5% 11.2% 11.2%

Common Equity Tier I Ratio 9.5% 11.2% 11.2%

Additional Tier I Ratio - - -

Tier II Capital Ratio 5.7% 4.6% 3.9%

Sept.16 Dec.16BASEL RATIO

(R$ Million)Dec.15

Basel Ratio of 15.8% in Dec/16 Tier I Capital ratio of 11.2%, entirely composed of Common Equity

Capital structure

Note: In 2016, the minimum capital requirement was changed to 10.50% (11.00% in 2015), 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 Sept/16 - Total Assets (R$B)

...and also in terms of loan portfolio

81104

143

195665

955

Bradesco 1,062

CEF 1,231 Itaú 1,319

Banco do Brasil 1,483

Safra

BTG Pactual

Citibank Votorantim

Santander BNDES

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

National privately-held

State-owned

Foreign

29

44

47

47

246362

446

553

657

691

Santander

Safra

BTG Pactual

Votorantim

BNDES

Bradesco

Itaú

CEF

Banco do Brasil

Banrisul

State-owned

National privately-held

Foreign

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

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 S.A. Banco do Brasil

Ownership Structure

Corporate Governance Structure

7th

9th

17

Banco do Brasil Votorantim S.A. +

R$ 60.9B

XX

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

R$ 28.2B

Other Businesses

Payroll loans: to focus on

INSS (portfolio refinancing)

and Private (portfolio growth)

Credit Card, Insurance,

Student and Individual loans

and CrediCasa (home equity):

to leverage the existing client

base and diversify revenues

Other synergies with BB:

Promotiva, consortium, etc

R$ 5.3B

Consumer Finance R$ 33.5B

Corporate Bank

Business approach focused on long-term relationships

• Agility to serve

• Customer knowledge

Capital discipline

• Active portfolio management

Corporate bank: growth

• Leverage customer base

• Increase spread and cross-sell

Large Corporate: profitability

Wealth

Management

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

R$ 53.8B in AuM¹

Private: tailor-made solutions

Atacado

R$ 27.4B

Strategy

Diversified business portfolio Focus on increasing business profitability, operating efficiency and diversifying revenues

Shareholders

Pillars

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

Expanded² credit portfolio

18

Consumer Finance Businesses

Used

New

Dec/16

28.2

24.7

(88%)

3.4

Sept/16

27.8

24.3

(87%)

3.5

Dec/15

27.7

23.7

(85%)

4.1

INSS

Private

Public

Dec/16

3.6

2.4

0.8

0.4

(12%)

Sept/16

3.9

2.6

0.8

0.5

Dec/15

4.6

3.1

0.8

0.7

(16%)

Consumer Finance businesses

Consumer Finance: increased focus on used auto

finance and INSS payroll loans (retirees and pensioners)

Payroll Loans Auto finance

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

Among market leaders in auto financing, with the following

advantages:

• Capillarity: presence in ~12,000 car dealerships nationwide

• Agility: 83% of proposals with automatic credit decision

• Expertise: continuous improvement of management tools

(pricing, credit, collection etc.)

• Long-term relationship: first access to customer record

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.)

19

9.4 (34%)

7.8 (29%)

5.4 (20%)

3.3 (12%)

0.6

0.8

Highlights and strategy Corporate Bank

Wholesale: continued focus on improving return on capital Leverage Corporate customer base, increasing spread and cross-sell

Wholesale Business (CIB)

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 (Dec/16)

Business approach focused on long-term relationships

• Deep customer knowledge

• Agility in the interaction with clients and market

Discipline in capital allocation

• Risk x return management

• Active portfolio management

Grow in Corporate bank (R$ 300M to R$ 1.500M)

• Leverage customer base

• Increase spread and cross-sell (FX, derivatives, DCM, M&A)

• Deconcentrate risk

Increase profitability in Large Corporate (ex: unfunded )

Explore competitive advantages, such as DCM:

Loans2

Onlending

(BNDES)

Financ Export / Import Other3

Guarantees provided

Private

Securities¹

Expanded credit

portfolio

R$ 27.4B

Diversified portfolio of

wholesale products 2016

1.8

2015

1.3

Local Fixed Income Distribution Ranking4

7th 6th

Wholesale business

Expanded credit portfolio (R$B and %)

Distributed

amount (R$B)

20

Dec.16/Sept.16 Dec.16/Dec.15

CURRENT AND LONG-TERM ASSETS 109,700 103,201 102,338 (0.8) (6.7)

Cash and cash equivalents 180 176 184 4.4 2.0

Interbank funds applied 17,187 17,093 17,116 0.1 (0.4)

Securities and derivative f inancial instruments 30,424 28,225 28,480 0.9 (6.4)

Derivative f inancial instruments 2,550 3,398 2,685 (21.0) 5.3

Interbank accounts or relations 72 330 341 3.1 -

Loan Operations, Leases and Others receivables 51,135 46,542 47,401 1.8 (7.3)

Alow ance for loan losses (4,148) (3,069) (3,671) 19.6 (11.5)

Tax credit 7,833 7,238 7,411 2.4 (5.4)

Others 4,466 3,268 2,391 (26.8) (46.5)

NON-CURRENTS 522 603 660 9.5 26.5

Investments 324 406 456 12.3 40.5

Fixed assets 97 90 98 8.2 0.8

Intangible and deferred charges 100 106 106 (0.2) 6.2

TOTAL ASSETS 110,221 103,804 102,998 (0.8) (6.6)

Dec.16/Sept.16 Dec.16/Dec.15

CURRENT AND LONG-TERM LIABILITIES 102,556 95,349 94,535 (0.9) (7.8)

Deposits 4,206 4,535 4,578 0.9 8.8

Demand deposits 81 60 88 45.5 8.2

Interbank deposits 1,933 2,153 1,997 (7.2) 3.4

Time deposits 2,192 2,322 2,492 7.3 13.7

Money market borrow ings 32,800 38,840 35,673 (8.2) 8.8

Acceptances and endorsements 25,323 18,661 21,802 16.8 (13.9)

Interbank accounts 83 103 100 (2.8) 19.8

Borrow ings and onlendings 7,893 5,454 5,203 (4.6) (34.1)

Derivative f inancial instruments 2,914 2,967 2,708 (8.7) (7.1)

Others obligations 29,337 24,790 24,471 (1.3) (16.6)

Subordinated debts 6,928 6,316 6,046 (4.3) (12.7)

Credit transactions subject to assignment 15,677 13,208 13,756 4.2 (12.3)

Others obligations 6,732 5,267 4,669 (11.3) (30.6)

DEFERRED INCOME 48 38 38 (1.9) (22.2)

SHAREHOLDERS’ EQUITY 7,617 8,416 8,426 0.1 10.6

TOTAL LIABILITIES 110,221 103,804 102,998 (0.8) (6.6)

BALANCE SHEET | Liabilities

(R$ Million)Dec.15 Sept.16 Dec.16

Variation %

BALANCE SHEET | Assets

(R$ Million)Dec.15

Variation %Sept.16 Dec.16

Balance Sheet

Balance Sheet

21

+13.4%

Dec/16

53.8

Sept/16

53.1

Jun/16

51.2

Mar/16

51.2

Dec/15

47.4

-6.6%

Dec/16

103.0

Sept/16

103.8

Jun/16

108.0

Mar/16

109.3

Dec/15

110.2

Financial highlights

-6.6%

Consumer

Finance

Wholesale

Dec/16

47.6

33.5

14.2

Sept/16

47.0

33.2

13.8

Jun/16

46.9

33.1

13.7

Mar/16

48.7

33.5

15.2

Dec/15

51.0

33.6

17.4

1. Includes onshore funds (ANBIMA criteria) and private clients resources. Note: Shareholders’ Equity includes the destination of dividends (R$ 101 million) in Dec/16.

+10.6%

Dec/16

8.43

Sept/16

8.42

Jun/16

8.28

Mar/16

8,08

Dec/15

7,62

Financial highlights

R$ Billion

Total Assets Assets under Management¹

Loan portfolio Shareholders’ Equity

22

Net Interest Income (A) 1,098 1,172 1,072 -8.6% 4,702 4,641 -1.3%

Average Interest-Earning Assets (B) 98,020 93,721 93,112 -0.6% 95,350 95,363 0.0%

Compulsory Deposits (Bacen) 24 458 335 -26.7% 38 334 -

Interbanks Funds Applied 16,689 18,474 17,105 -7.4% 14,740 17,656 19.8%

Securities 30,258 27,842 28,352 1.8% 28,243 29,141 3.2%

Loan Portfolio 51,049 46,947 47,319 0.8% 52,329 48,232 -7.8%

NIM (A/B) 4.6% 5.1% 4.7% -0.4 p.p. 4.9% 4.9% 0.0 p.p.

2015 2016NET INTEREST MARGIN (NIM)

(R$ Million)3Q164Q15 4Q16

Var.

4Q16/3Q16

Var.

2016/2015

Net Interest Margin (NIM)

Financial highlights – NIM

23

Total Personnel¹ and Administrative expenses (A) 529 500 541 8.0% 2,039 2,031 -0.4%

Total Revenues (B) 1,252 1,323 1,264 -4.5% 5,174 5,234 1.2%

Net Interest Income (NII) 1,098 1,172 1,072 -8.6% 4,702 4,641 -1.3%

Income from Services and Banking Fees 266 281 321 14.6% 961 1,123 16.8%

Income from subsidiaries² 40 55 50 -9.0% 163 194 19.4%

Other Operating Income/Expenses (152) (184) (179) -3.0% (651) (724) 11.1%

Efficiency Ratio (A/B) - period 42.3% 37.8% 42.8% 5.0 p.p. 39.4% 38.8% -0.6 p.p.

Efficiency Ratio - last 12 months 39.4% 38.7% 38.8% 0.1 p.p. 39.4% 38.8% -0.6 p.p.

2016Var.

2016/2015

EFFICIENCY RATIO (ER)

(R$ Million)4Q15 3Q16 4Q16

Var.

4Q16/3Q162015

Efficiency Ratio

Financial highlights - ER

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

24

Dec/16

3,684

7.7%

3,671

13

Sept/16

3,267

6.9%

3,069

198

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

All balance / Managed loan portfolio

Specific + Additional

Generic²

1. According to Bacen’s Resolution 2,682; 2. Considers credit provisions recognized as Liabilities in the "Other“ line (see Note #18d of Financial Statements)

Credit quality indicators

AA-C

D-H

Dec/16

88.3%

11.7%

Sept/16

90.2%

9.8%

Jun/16

90.2%

9.8%

Mar/16

90.6%

9.4%

Dec/15

88.8%

11.2%

197141 140 176

262

469624639693

4Q16 3Q16 2Q16 1Q16

1,215

4Q15

495 500 448207

4Q16

1.7%

3Q16

3.9%

2Q16

4.3%

1Q16

9.1%

1,074

4Q15

3.9%

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

Credit portfolio

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

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

25

Managed Loan Portfolio (A) 60,539 58,281 56,806 55,712 55,231 55,422 52,505 51,576 51,250 48,799 46,925 47,031 47,620

90-day NPL Balance 3,081 3,563 3,662 3,273 3,154 3,628 2,727 2,712 2,923 2,254 2,174 2,567 2,638

90-day NPL Quarterly Variation (B) -292 482 99 (388) (119) 474 (902) (14) 211 (669) (80) 393 71

Write-off (C) 869 874 857 771 666 578 834 838 693 1,215 639 624 469

New NPL (D=B+C) 578 1,356 955 383 547 1,052 (67) 823 903 546 560 1,017 540

New NPL Rate¹ (D/A) 0.94% 2.24% 1.64% 0.67% 0.98% 1.90% -0.12% 1.57% 1.75% 1.07% 1.15% 2.17% 1.15%

4Q162Q14NEW NPL

(R$ Million)4Q13 1Q14 3Q161Q16 2Q163Q14 4Q14 1Q15 2Q15 3Q15 4Q15

1.15%

2.17%

1.15%

1.07% 1.75%

1.57%

-0.12%

1.90%

0.98%

0.67%

1.64%

2.24%

0.94%

4Q16

0.47 0.54

3Q16

0.62

1.02

2Q16

0.64 0.56

1Q16

1.22

0.55

4Q15

0.69 0.90

3Q15

0.84 0.82

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

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

rate¹

Write-off (R$B)

New NPL (R$B)

Credit portfolio

26

Wholesale has a diversified credit portfolio Top 20 sectors account for 86% of the Wholesale credit exposure

Credit portfolio

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.

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

Financial Institutions 5,229 21.3% 4,133 20.1% 4,523 21.9%

Sugar and Ethanol 2,252 9.2% 1,996 9.7% 1,831 8.9%

Telecom 1,675 6.8% 1,624 7.9% 1,633 7.9%

Petrochemical 1,684 6.8% 1,575 7.7% 1,395 6.8%

Retail 1,313 5.3% 945 4.6% 1,332 6.5%

Mining 1,006 4.1% 861 4.2% 891 4.3%

Railways 771 3.1% 775 3.8% 723 3.5%

Agribusiness 1,001 4.1% 768 3.7% 710 3.4%

Eletricity Generation 683 2.8% 591 2.9% 542 2.6%

Automotive 404 1.6% 450 2.2% 539 2.6%

Government 705 2.9% 573 2.8% 525 2.5%

Electricity Distribution 461 1.9% 420 2.0% 419 2.0%

Residential Construction 522 2.1% 415 2.0% 416 2.0%

Oil & Gas 401 1.6% 401 2.0% 401 1.9%

Road Cargo Transportation 533 2.2% 467 2.3% 372 1.8%

Pulp and Paper 755 3.1% 357 1.7% 355 1.7%

Steel industry 189 0.8% 270 1.3% 311 1.5%

Slaughterhouses 284 1.2% 263 1.3% 258 1.3%

Food industry 215 0.9% 330 1.6% 245 1.2%

Services 414 1.7% 289 1.4% 232 1.1%

Other sectors 4,106 16.7% 3,029 14.8% 2,958 14.3%

Total¹ 24,604 100.0% 20,532 100.0% 20,614 100.0%

Wholesale

Sectorial concentration

Dec.15 Sept.16 Dec.16

27

Banco Votorantim’ s main ratings

Ratings

RATING AGENCIES International 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