4. 4/37Investor Relations | 2Q17 |
Pine
Specialized in providing financial solutions for corporate clients…
Credit Portfolio by Annual Client Revenues Customer Profile
Bank Profile
Focused on establishing long-term relationships
Fast response | Specialized services
Customized products | Product diversity
R$ 6,582 million in Loan Portfolio
R$ 1,127 million in Shareholders’ Equity
Long-term National Rating at A by Fitch
Business is structured along three primary business lines:
Corporate Credit: credit and financing products
FICC: instruments for hedging and risk
management
Pine Investimentos: Capital Markets, Financial
Advisory, Project & Structured Finance and
Research
Large Corporate (> R$ 2.000 millions)
Corporate (R$ 500 - R$ 2.000 millions)
Companies (R$ 50 - R$ 500 millions)
Retail (PFs e small companies)
Balance sheets audited by third parties, corporate governance,
well defined hedging policies, and the lower risk profileOver R$2
billion
38%
R$500 million
to R$2 billion
26%
Up to R$500
million
36%
5. 5/37Investor Relations | 2Q17 |
...with extensive knowledge of Brazil’s corporate credit cycle.
History
1997
Noberto Pinheiro sell
his stake in BMC and
found Pine
1939
Pinheiro Family
founds
Banco Central do
Nordeste
1975
Noberto Pinheiro
becomes one of
BMC’s controlling
shareholders
Devaluati-
on of the
real
NasdaqSept. 11 Brazilian
Elections
(Lula)
Subprime
Russian
Crisis
European
Community
2007
Discontinuation of the payroll-deductible loan
business, with changes in the corporate business
strategy. Hence, there was a creation of Pine
Investimentos, besides the opening of the Cayman
branch
October, 2011
Subscription of Pine’s capital by DEG
August, 2012
Subscription of Pine’s capital by DEG, Proparco, Controlling Shareholder and Management
2015
Portfolio deleveraging strategy due to an political and economic scenario
March, 2007
IPO
May, 2017
20 years
2005
Noberto Pinheiro
became Pine’s
controller
2H2016
The turning point of the Bank’s portfolio
Car-Wash
155 184 222 341 521 620 755 663 761
1,214
2,854 3,108
4,195
5,763
6,963
7,911
9,920 9,826
6,933
6,445 6,582
18
62
121 126 140 136 152 171
209
335
801
827 825
867
1,015
1,220
1,272 1,256
1,163 1,148
1,127Dec-97
Dec-98
Dec-99
Dec-00
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Jun-17
Corporate Credit Portfolio (R$ Million)
Shareholders' Equity (R$ Million)
7. 7/37Investor Relations | 2Q17 |
Competitive Landscape
Pine serves a niche market of companies with few options for banks.
100% focused on providing complete service
to companies, offering customized products
100% Corporate
Large Multi-Services banks
Market
Consolidation of the banking sector has decreased
the supply of credit lines and financial instruments
for corporate
Foreign banks are in a deleveraging process
PINE
Full service Bank – Credit, Hedging, and Investment
Bank products – with room for growth
~15 clients per officer
Competitive Advantages:
Focus
Fast response: Strong relationship with
clients, with the credit committee meeting
once a week ensures rapid return to customer
needs
Specialized services
Tailor-made solutions
Product diversity
Foreign and
Investment Banks
SME & Retail
Corporate e SME
Retail
8. 8/37Investor Relations | 2Q17 |
Focus Always on the Client
Products tailored to meet the needs of each individual client.
In addition to the
headquarters located in the
city of São Paulo, Pine has 6
branches throughout Brazil, in
the States of Mato
Grosso, Paraná,
Pernambuco, Rio de Janeiro,
Rio Grande do Sul, and
São Paulo. The origination
network also counts with a
Cayman Branch, especially for
Trade Finance transactions.
9. 9/37Investor Relations | 2Q17 |
Corporate Credit
Actions Credit Committee
Strong track record and solid credit origination and approval process.
Credit Approval: Electronic Process
Origination
Officers
Credit origination
Credit analysis, visit to
clients, data updates,
interaction with internal
research team
Credit Analysts
Regional Heads of
Origination and
Credit Analysis
Presentation to the Credit
Committee
Directors and
Analysts of Credit
Centralized and
unanimous decision
making process
CREDIT
COMMITTEE
Meets once a week – reviewing on ~ 25 proposals
Mandatory Quorum: 5 members
Committee Members:
President
Vice-President for Business
Vice-President Administrative
Vice-President for Corporate and Investment Banking
Credit Superintendent
Superior Committee Members:
Two members of the Board
Participants:
FICC Director
Credit Analysts Team
Other members of the Corporate Banking origination
team
Personalized and agile service, working closely with clients and
keeping a low client to account officer ratio: each officer
handles ~15 economic groups
Geographic coverage of clients, providing the bank with local
and extremely up-to-date credit intelligence and information
Established long term relationships with more than 500
economic groups
Pine has approximately 20 professionals in the credit analysis
area, assuring that analysis is fundamentally driven and based
on industry-specific intelligence
Efficient loan and collateral processes, documentation, and
controls, which has resulted in a low NPL track record
Discussion on sizing,
collateral, structure etc.
Superior
Committee
Approval
Tickets over R$ 15 MM
10. 10/37Investor Relations | 2Q17 |
September 30rd, 2016
Currencies (89%): Dollar, Euro, Yen, Pound, Canadian
Dollar, Australian Dollar
Commodities (8%): Sugar, Soybean ( Grain, Meal and Oil),
Corn, Cotton, Metals, Energy
Fixed income (3%): Fixed, Floating, Inflation, Libor
FICC
Solid trackrecord.
Market Segments Competitive Advantages
One Stop Shop: credit and risk mitigation
Every transaction demands prior credit approval
Collaterals surpass approved derivative’s limits
Agility| Client Focused| Diversification
Average of 30 days to close a derivative transaction
(domestic large banks average - 90 days)
Sample Transaction
Trader prices the
transaction, including spread
Treasury hedges the
transaction
Transaction closed
Treasury informs the spot
price
Global Derivatives
Agreement
(ISDA Master Agreement)
• Limits
• Types of Derivatives
• Collaterals
• Market Risk: 100% Hedged
• Limits
PINE
Credit Analysis
Process
FICC
• Credit Analysis
• Collaterals
• Cross-selling opportunity
• Credit Committee Approval
Client
1st
2nd
Margin Calls ManagementDerivatives
11. 11/37Investor Relations | 2Q17 |
Pine Investimentos
5th player in volume of CRI’s origination and 7th place in number of short-term fixed income operations
Operating Model
Selected Transactions
Pine Investimentos
Financial AdvisoryCapital Markets
Project
Finance
Fixed Income (CRIs, CRAs)
Infrastructure Debentures
Equities
Securitization
Hybrid capital
transactions
Project & Structured
Finance
Investidores
Family Offices
Individuals
Companies
Asset Managers
Financial Institutions
Pension Funds
Foreign Investors
Hedge Funds
January, 2017
Structure Credit
Facility
R$ 6,000,000
Lead Coordinator
January, 2017
Structure Credit
Facility
R$ 15,000,000
Lead Coordinator
March, 2017
CCBI
R$ 15,000,000
Lead Coordinator
March, 2017
Promissory Note
R$ 35,000,000
Coordinator
March, 2017
CRI
R$ 47,000,000
Lead Coordinator
March, 2017
Structure Credit
Facility
R$ 90,000,000
Lead Coordinator
May, 2017
R$ 60,000,000
Bond
May, 2017
Promissory Note
R$ 40,000,000
Lead Coordinator
May, 2017
BRDE Bank Guarantee
R$ 10,000,000
12. 12/37Investor Relations | 2Q17 |
Strategic Partnerships
About DEG
About PROPARCO
Group Structure
Group Structure
DEG and PROPARCO
Founded in 1962 in Germany, DEG is one of the largest
institutions in Europe that contribute to growth and
development of private companies in emerging market
It belongs to the KFW Bankengruppe, Germany's largest public
development bank
Promotes development of private enterprises in emerging
markets through long-term financing
Consolidated Assets
EUR 5.8 billion
December, 2016
Founded in 1977 in Paris, started it´s activities in Brazil in
2006
Proparco is the subsidiary of Agence Francaise de
Dévelopement ( AFD)
Focused on emergence of a strong and innovative private
sector with aim of supporting growth and sustainability in
Emerging Market
Consolidated Assets
EUR 5.4 billion
December, 2016
57%
French
Financial
Institutions
International
Financial
Organisations
French
Companies
Investment
funds &
Foundations
26% 13% 3% 1%
14. 14/37Investor Relations | 2Q17 |
Organizational Structure
Non-bureaucratic Culture, entrepreneurial and meritocratic with a flat hierarchy
INTERNAL AUDIT
COMPENSATION
COMMITTEE
AUDIT COMMITTEE
EXTERNAL AUDIT
PWC
Rodrigo Pinheiro Igor Pinheiro Noberto Pinheiro Norberto Zaiet Gustavo Junqueira Mailson de Nóbrega
Vice Chairman Member Chairman Member
Independent
Member
Independent
Member
BOARD OF DIRECTORS
RISKS COMMITTEE
Corporate & IB
Mauro Sanchez
Finances
Welinton Gesteira
Operations
Ulisses Alcantarilla
Business
João Brito
Structuring- DCM
Investment Banking
Corporate Banking
Assets and Liabilities
Back-office
Collaterals Management
Management Special
Assets
Middle Office
Exchange
Services
Register
Sales & Trading
International
Research Macro /
Commodities/ Companies
Funding & Distribution
Marketing
Investor Relations
Structured Products
ALM e FLOW
Accounting and Tax
Planning
Market and Liquidity
Risks
Strategic Planning and
P&L
Commercial Planning and
Valuation
CEO
Norberto Zaiet Jr.
IT
Eugenio Fabbri
HR
Camilla Suave
Credit
Marcelo Camargo
Legal & Compliance
Jefferson Miceli
15. 15/37Investor Relations | 2Q17 |
Corporate Governance
Pine is committed to best corporate governance practices
Two Independent Members on the Board of Directors
Mailson Ferreira da Nóbrega: Brazil’s Finance Minister from 1988 to 1990
Gustavo Junqueira: Former Head of Pine Investimentos, Member of the Board of Directors at EZTEC, Financial
Advisor at Arsenal Investimentos and CFO at Gradiente Eletrônica
São Paulo Stock Exchange (BM&FBOVESPA) Level 2 Corporate Governance
Audit and Compensation Committee reporting directly to the Board of Directors
100% tag along rights for all shareholders, including non-voting shares
Arbitration procedures for fast settlement of litigation cases
16. 16/37Investor Relations | 2Q17 |
Social Investment and Responsibility
Focus on the short, medium and long term.
Social Investment Recognition
Partnerships
Most Green Bank
Recognized by the International Finance Corporation (IFC), private
agency programs of the World Bank as the most "green" bank as a result
of its transactions under the Global Trade Finance Program (GTFP) and
its onlending to companies focused on renewable energy and ethanol
Efficiency Energy
Recognition by World Bank for support in the Energy Efficiency sector.
Responsible Credit
“Lists of Exceptions”: the Bank does not finance projects or those
organizations that damage the environment, are involved in illegal
labor practices or produce, sell or use products, substances or activities
considered prejudicial to society.
System of environmental monitoring, financed by the IADB and
coordinated by FGV, and internally-produced sustainability reports for
corporate loans
Protocolo Verde – “Green Protocol”, an agreement
between FEBRABAN and the Ministry of the Environment
to support development that does not compromise future
generations.
Exhibition and sponsorship of Brazilian artists, for instance Paulo von Poser and
Miguel Rio Branco, in addition to sponsoring and supporting films and
documentaries such as Quebrando o Tabu (Fernando Henrique Cardoso on the
drug war), O Brasil deu certo, e agora? (idealized by Mailson da Nóbrega), Além
da Estrada (Charly Braun) and others.
Sustainability Annual Report
Seventh consecutive year disclosing the
Sustainability Report in the GRI
standard. The 2015 report, with its high
level of clarity, transparency and quality
was recognized with the fourth place in
the Abrasca Annual Report Award,
considering its category of companies
with net income to R$3 billion.
22. 22/37Investor Relations | 2Q17 |
Highlights
Liquid balance sheet with a cash position of R$1.4 billion, above 1.0x Shareholders’ Equity.
Excess capital, with a BIS ratio of 14.6%, being 14.2% Tier I Capital.
Loan portfolio coverage ratio over 7% as a result of the significant increase in provisions in the previous periods.
Pine Investimentos: 5th player in volume of CRI’s origination.
Continuous liability management with a diversified portfolio and adequate terms.
Pine launched its digital investment platform, Pine Online.
23. 23/37Investor Relations | 2Q17 |
7,409 6,859
Sept-15 Dec-15
Total Funding
-7.4%
1,181 1,163
Sept-15 Dec-15
Shareholders' Equity
-1.5%
3.5% 3.6%
3Q15 4Q15
ROAE
0.1 p.p
2.9% 3.2%
3Q15 4Q15
NIM Evolution
0.33 p.p.
10 10
3Q15 4Q15
Net Income
Financial Highlights
1 Includes Stand by LCs, Bank Guarantees, Credit Securities to be Received and Securities (bonds, CRIs, eurobonds and fund shares)
R$ million
7,691 6,933
Sept-15 Dec-15
Total Loan Portfolio
1
-9.9%
6,271 6,465 6,582
Jun-16 Mar-17 Jun-17
Total Loan Portfolio1
+ 1.8%
+ 5.0%
1
-21
1H16 1H17
-2.4%
0.2%
-7.3%
2Q16 1Q17 2Q17
ROAE
-490 bps.
- 750 bps.
0.2%
-3.6%
1H16 1H17
ROAE
-380 bps
2.0%
3.4%
2.9%
2Q16 1Q17 2Q17
NIM
+ 90 bps.
- 50 bps.
24. 24/37Investor Relations | 2Q17 |
Revenue Mix
Product and Revenue Diversification
Business Lines
Credit
68.0%
FICC
15.9%
Pine
Investimentos
7.8%
Treasury
8.3%
1H17
Credit
66.8%
FICC
20.6%
Pine
Investimentos
6.1%
Treasury
6.5%
1H16
26. 26/37Investor Relations | 2Q17 |
3,139 3,275 3,468 3,673 3,773
659 520
437
370 298
2,122 2,104 2,120 2,022 2,123
351 339
419 399 388
Jun-16 Sept-16 Dec-16 Mar-17 Jun-17
Trade finance: 5.9%
Bank Guarantees: 32.3%
BNDES Onlending : 4.5%
Working Capital: 57.3%
6,238
6,445 6,465
6,271
6,582
1 Includes Stand by LC
2 Includes debentures, CRIs, Hedge Fund Shares, Eurobonds, Credit Portfolio acquired from financial institutions with recourse and Individuals
R$ million
Loan Portfolio
The portfolio amounted to R$6.6 billion...
1
+ 5.0%
+ 1.8%
2
27. 27/37Investor Relations | 2Q17 |
New Operations
... facing lower average ticket and better quality for the new operations...
Ratings Sectors
Average Ticket Evolution (R$ thousand)
17,694
15,000
17,000
19,000
21,000
23,000
25,000
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
Average Ticket Evolution
25,953
Energy
20%
Chemical and
petrochemical
17%
Real Estate
11%
Agriculture
9%Transportation
and logistics
9%
Sugar and
ethanol
8%
Engineering
6%
Others
40%
AA-B
91%
C
9%
28. 28/37Investor Relations | 2Q17 |
Continuous Loan Portfolio Management
Sectors Rebalance
...always focusing on sector diversification.
Diversified growth (lower tickets and increased number of clients).
The composition of the portfolio of the 20 largest clients changed by over 30% in the past twelve months.
The share of wallet of the 20 largest clients remained at around 30%, in line with market peers.
Real Estate
12%
Sugar and Ethanol
11%
Agriculture
11%
Energy
11%
Engineering
10%
Transportation
and Logistics
6%
Telecom
5%
Specialized
Services
4%
Retail
3%
Foreign Trade
3%
Metallurgy
2%
Construction
Material
2%
Mining
2%
Vehicles and Parts
2%
Food Industry
1%
Meatpacking
1%
Other
11%
39%37%38%40%44%
6%7%7%5%
5%
10%10%9%8%
7%
11%12%12%12%
11%
11%10%10%10%7%
11%12%12%12%14%
12%12%12%13%12%
Jun-17Jun-16Jun-15Jun-14Jun-13
Real Estate
Sugar and Ethanol
Agriculture
Energy
Engineering
Transportation
and Logistics
Others
29. 29/37Investor Relations | 2Q17 |
1D-H Portfolio: D-H Portfolio / Loan Portfolio Res. 2,682
2Coverage of Total Portfolio: Provisions / Loan Portfolio Res. 2,682
June 30th, 2017
Contracts Overdue: total amount of the contracts overdue for more than 90 days / Loan Portfolio
excluding Bank Guarantees and Stand-by Letters of Credit.
Loan Portfolio Quality
-85% of the loan portfolio is classified between AA-C ratings.
Loan Portfolio Quality – Res. 2,682
Credit Coverage
Non Performing Loans > 90 days (Total Contract)
Collaterals
1 2
3.7%
0.7%0.6%
1.5%1.3%
0.7%
1.7%
1.2%
1.8%
Jun-17Mar-17Dec-16Sept-16Jun-16Mar-16Dec-15Sept-15Jun-15
Tangible
Movable
Property
31%
Receivables
8%
Real State
55%
Financial
Assets
6%
AA-A
28.5%
B
23.6%
C
34.2%D-E
5.9%
F-H
7.8%
13.8%
15.5%
13.7%
5.9% 5.9%
7.1%
00%
02%
04%
06%
08%
10%
12%
00%
02%
04%
06%
08%
10%
12%
14%
16%
18%
Jun-16 Mar-17 Jun-17
D-H Portfolio Coverage of Total Portfolio
30. 30/37Investor Relations | 2Q17 |
R$ million
Funding
Diversified sources of funding.
648 617 460 464 446
261 376
384 460 421
1,939
2,600 2,980
3,241
3,893
156
133
46
72
114
19
29
17
11
27
668
530 454
383
331
296
198 213
240
203
734
259 247
203
176
216 206 204
86
89
718 698 448
386
403
270 262
239 150
1785,925 5,908
5,692 5,697
6,280
Jun-16 Sept-16 Dec-16 Mar-17 Jun-17
Trade Finance: 2.8%
Multilateral Lines: 6.4%
International Capital Markets:
1.4%
Financial Letter : 2.8%
Local Capital Markets: 3.2%
Onlending: 5.3%
Demand Deposits: 0.4%
Interbank Time Deposits: 1.8%
High Net Worth Individual Time
Deposits: 62%
Corporate Time Deposits: 6.7%
Institutional Time Deposits:
7.1%
31. 31/16Relações com Investidores | 2T17 |
PINE ONLINE
Pine launched its digital investment plataform, Pine Online
Products: CDBs, LCAs e LCIs
Website: www.pineonline.com.br
App: IOS and Android
32. 32/37Investor Relations | 2Q17 |
Leverage: Expanded Loan Portfolio / Shareholders’ Equity
Expanded Loan Portfolio excluding Bank Guarantees and Stand-by Letters of Credit /
Shareholders’ Equity
Credit over Funding ratio: Loan Portfolio excluding Bank Guarantees and Stand-by Letters of
Credit / Total Funding
Asset & Liability Management
Matching assets’ and liabilities’ duration.
Leverage Credit over Funding Ratio
Total Deposits over Total Funding
R$ millionR$ billion
Asset and Liability Management (ALM)
5.4x 5.4x 5.6x 5.6x 5.8x
3.6x 3.6x 3.8x 3.8x 4.0x
-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
Jun-16 Sept-16 Dec-16 Mar-17 Jun-17
Expanded loan Porfolio
Loan Portfolio excluding
Bank Guarantees
70% 70%
76% 78%
71%
Jun-16 Sept-16 Dec-16 Mar-17 Jun-17
1.1
1.1
5.8
0.00.5
0.5
Assets
0.1
0.7
4.0
2.7
0.2
1.3
Liabilities
9.0 9.0
Coverage
of 145%
Cash and cash equivalents
Assets financed through REPOs
Other assets
Credit Portfolio
Trading portfolio assets
Illiquid assets
Secured funding
Other liabilities
Unsecured funding
Demand deposits
Equity
REPO Financing
51%
64% 68%
75% 78%
49%
36% 32%
25% 22%
Jun-16 Sept-16 Dec-16 Mar-17 Jun-17
Total Deposits Others
5,6975,925 5,908 5,692 6,277
33. 33/37Investor Relations | 2Q17 |
Capital Adequacy Ratio (BIS), Basel III
BIS ratio of 14.6%, being 14.2% in Tier I Capital.
15.4% 15.3% 15.0% 14.7% 14.2%
0.5% 0.5% 0.4% 0.4% 0.4%
Jun-16 Sept-16 Dec-16 Mar-17 Jun-17
Tier II Tier I
Minimum Regulatory
Capital (10.5%)
14.6%
15.1%15.4%15.8%15.9%
34. 34/37Investor Relations | 2Q17 |
Rating
Foreign
andLocal
Currency
Long Term B+ BB- B1
National
Long Term BBB+ A Baa2
36. 36/37Investor Relations | 2Q17 |
Managerial Income Statement
(overhedge effect)
R$ million
2Q17 1Q17 2Q16 1H17 1H16
Income from financial intermediation 242 173 71 416 164
Lending transactions 131 118 114 249 235
Securities transactions 72 75 79 147 156
Derivative financial instruments 10 14 (67) 23 (139)
Foreign exchange transactions 30 (33) (55) (3) (88)
Expenses with financial intermediation (251) (145) (74) (396) (161)
Funding transactions (159) (137) (113) (296) (237)
Borrowings and onlendings (42) 10 72 (32) 135
Provision for loan losses (50) (17) (33) (67) (60)
Gross income from financial intermediation (8) 29 (4) 20 3
Other operating (expenses) income (31) (22) (23) (53) (46)
Fee income 20 20 15 40 32
Personnel expenses (22) (21) (21) (43) (41)
Other administrative expenses (19) (18) (16) (37) (32)
Tax expenses (4) (4) (5) (8) (12)
Other operating income 3 37 15 40 25
Other operating expenses (8) (36) (11) (45) (18)
Operating income (39) 6 (26) (33) (44)
Non-operating income 2 0 3 3 12
Income before taxes and profit sharing (37) 7 (23) (30) (31)
Income tax and social contribution 20 (0) 18 20 40
Profit sharing (4) (6) (2) (11) (7)
Net income (21) 1 (7) (21) 1
37. 37/37Investor Relations | 2Q17 |
Income Statement
R$ million
2Q17 1Q17 2Q16 1H17 1H16
Income from financial intermediation 239 182 92 421 224
Lending transactions 131 118 114 249 235
Securities transactions 72 75 79 147 156
Derivative financial instruments 6 22 (46) 28 (79)
Foreign exchange transactions 30 (33) (55) (3) (88)
Expenses with financial intermediation (251) (145) (74) (396) (161)
Funding transactions (159) (137) (113) (296) (237)
Borrowings and onlendings (42) 10 72 (32) 135
Provision for loan losses (50) (17) (33) (67) (60)
Gross income from financial intermediation (12) 37 18 25 63
Other operating (expenses) income (31) (22) (23) (53) (46)
Fee income 20 20 15 40 32
Personnel expenses (22) (21) (21) (43) (41)
Other administrative expenses (19) (18) (16) (37) (32)
Tax expenses (4) (4) (5) (8) (12)
Other operating income 3 37 15 40 25
Other operating expenses (8) (36) (11) (45) (18)
Operating income (43) 15 (5) (28) 16
Non-operating income 2 0 3 3 12
Income before taxes and profit sharing (40) 15 (1) (25) 28
Income tax and social contribution 23 (8) (4) 15 (20)
Profit sharing (4) (6) (2) (11) (7)
Net income (21) 1 (7) (21) 1
38. 38/37Investor Relations | 2Q17 |
This report may contain forward-looking statements concerning the business prospects, projections of operating and financial results and growth outlook of PINE. These are merely projections and as such
are based solely on management’s expectations regarding the future of the business. These statements depend substantially on market conditions, the performance of the sector and the Brazilian economy
(political and economic changes, volatility in interest and exchange rates, technological changes, inflation, financial disintermediation, competitive pressures on products and prices and changes in tax
legislation) and therefore are subject to change without prior notice.
Investor Relations
Norberto Zaiet Junior
CEO
João Brito
CFO
Raquel Varela Bastos
Head of Investor Relations, Local Funding and Communication
Luiz Maximo
Investor Relations Manager
Kianne Paganini
Investor Relations Analyst
Phone: (55 11) 3372-5343
ir.pine.com
ir@pine.com